Released in mid 2010, MetaTrader 5 is the latest version of the market-leading MetaTrader trading software.

Like MetaTrader 4, MetaTrader 5 allows users to access the forex market through a broker, but it also provides additional access to CFDs, stocks and futures. This also means being a more valuable asset for brokers as it allows them to reach a wider client base – this has resulted in a notable increase in the number of brokers owning MetaTrader 5, sometimes replacing MT4 altogether.

MT5 comes with a new writing language, MQL5 which is more efficient than MQL4. Although the interface is similar to the previous MT4 platform, MetaTrader 5 has more advanced graphical tools, including 12 more timeframes and more built-in technical indicators.

The MT5 also allows the use of an unlimited amount of charts, shows Depth of Market and has a built-in Economic Calendar. It also has more pending orders than MetaTrader 4 and has a built-in chat system.

Should I Use MetaTrader 5?

The answer to this question depends on what you want from your platform and your commercial experience.

If you want to trade other CFDs as well as forex but want to be an independent client then MT5 platform is a good choice. If you just want to trade forex on a simpler platform then it's a good idea to start with MetaTrader 4. See here best MT4 brokers.

If you already have some experience with MetaTrader 4 and are thinking about changing, it really depends on your reasons. The only significant reason to switch platforms is if you want to trade in other markets. The significant reason not to change is that programs written for MT4 will not work in MetaTrader 5, you will lose all your EAs, indicators and automated scripts on transition.

The question is how much longer MetaTrader 4 will be used by big brokers. It is unquestionably the industry standard today and recent updates to the MQL4 language have made it almost as easy and efficient as MQL5 to create automated trading scripts.

That said, more brokers are always offering MetaTrader 5 and some have opted to only have MT5 in their tools.

Conclusion

MetaTrader 5 will eventually surpass MT4 as an industry standard. The fact that MetaTrader 5 is more complete, supports trading on all financial markets, and allows advanced testing makes it very attractive for both traders and users. Allowing risk coverage for non-US users was the removal of a major obstacle to adherence to MT5.

The only problem that remains is the lack of backwards compatibility with robots. MT4 and EAs – and this is a problem that will never go away.

If you use MetaTrader 4 and it meets your trading needs, stick with it as it will remain the gold standard for some time – unless you want to trade in other financial markets. If you are new to the market, it is worth considering going directly to MetaTrader 5.