MetaQuotes stopped issuing new MT4 licences to brokers in 2022. The decision did not retire MT4 — existing licensed brokers continued operating their MT4 servers — but it set a multi-year migration trajectory toward MT5 that has substantially played out by 2026. Most major retail brokers now offer MT5 as the primary platform for new client onboarding, with MT4 maintained as a legacy option for existing clients or specific account types. Some brokers have fully retired MT4. A meaningful share of established brokers maintain both platforms with deliberate parallel operation reflecting their existing client base distribution.
For active traders choosing between platforms in 2026, the decision framework is substantively different than it was in 2018-2020 when both platforms had broadly equivalent broker support. The migration trajectory means MT4 access for new accounts is narrower, MT5 is the default option at most brokers, and the platform feature differences (which were initially the rationale for MT4's persistence) have compressed as MT5's broker-side support and EA ecosystem have matured.
This piece walks through the practical platform differences as they actually operate in 2026, the broker availability picture across major broker categories, and what the choice between platforms means for execution, EA development, and broader workflow.
The Broker Availability Picture
Specific broker availability through Q1 2026.
Tier 1 brokers (IC Markets, Pepperstone, FP Markets, ThinkMarkets, others). Both MT4 and MT5 typically available for new accounts. Specific account types may default to one platform.
Major retail brokers (XM, FBS, FXTM, Tickmill, Exness, others). Both platforms typically available. MT5 is increasingly the marketed primary option.
Specialised brokers and ECN-focused operators. MT5 dominates as primary platform. MT4 sometimes available for specific account types.
Newer brokers (post-2022 launch). Typically MT5-only given the new-licence restriction. Many newer brokers also offer cTrader or proprietary platforms alongside MT5.
Specific regional brokers. Coverage varies materially by region. Specific Asian and Middle Eastern brokers maintain both platforms; specific European brokers (post-ESMA regulation) lean toward MT5.
The pattern is one of MT5 dominance for new account access with MT4 maintained where specific established broker relationships and client base support continued operation.
Why MetaQuotes Made the Migration Decision
The 2022 decision to stop new MT4 licences reflected MetaQuotes' multi-year strategic positioning around MT5. Several factors shaped the decision.
MT5 architecture advantages. MT5 was built with multi-asset capability (forex, equities, futures, options) where MT4 was forex-CFD focused. The architectural difference enables broker product expansion that MT4 cannot match.
64-bit and modern processing. MT5 is 64-bit native, supports modern multi-core processing, and has materially better performance characteristics for complex EA operation.
Programming language migration. MT5's MQL5 is a more capable programming language than MT4's MQL4, supporting object-oriented patterns and modern development practices.
Server-side architecture. MT5 server-side architecture is more flexible and supports broker operational requirements that MT4 cannot match.
Regulatory accommodation. Specific regulatory frameworks (depth-of-market display, specific reporting, hedging vs netting models) are more native in MT5.
The combined factors made MetaQuotes' strategic preference for MT5 clear. The 2022 decision operationalised the preference by setting the migration trajectory.
Practical Platform Differences in 2026
For traders choosing between platforms in 2026, several specific differences matter.
Hedging vs netting. MT4 supports hedging by default (multiple positions per instrument). MT5 supports both hedging and netting account types — broker selection determines which is available. For traders who want hedging, MT5 hedging accounts work but specific broker availability matters.
Multi-asset capability. MT5 supports multi-asset operation in unified workflow. MT4 is forex-CFD focused with limited multi-asset extension. For traders working across forex and other asset classes, MT5 is materially more capable.
EA ecosystem. MT4's EA ecosystem accumulated through 2010-2022 is substantially larger than MT5's. Specific established EAs are MT4-only. For traders depending on specific established EAs, MT4 availability matters.
MQL4 vs MQL5. Programming language differences mean EAs require migration when moving between platforms. The migration is non-trivial — it is not a simple recompile.
Backtesting capability. MT5's backtesting framework is more capable than MT4's, supporting multi-symbol strategies, multi-timeframe testing, and tick-data accuracy that MT4 cannot match.
Depth-of-market display. MT5 supports full DOM display where MT4 has limited DOM extension. For traders using DOM in execution, MT5 is materially more capable.
Charting and analysis tools. MT5 has more capable native charting and analysis tools. MT4's are functional but more limited.
Mobile app. Both platforms have mobile apps. The mobile apps are functionally similar for typical retail use but specific feature differences exist.
Calendar and news integration. MT5 has more capable native economic calendar integration. MT4 typically requires plugin-based integration.
The combined differences favour MT5 for most use cases that have emerged or matured through 2022-2026. The remaining MT4 advantages cluster around legacy EA compatibility and specific broker relationships.
Execution Quality Comparison
Both platforms route orders through the broker's execution infrastructure. Platform itself is not typically the determining factor in execution quality — broker-side liquidity provision and routing are. However, specific platform characteristics affect execution.
Order processing speed. MT5's modern architecture supports somewhat faster order processing than MT4 in benchmark scenarios. The difference is typically not material at retail trade frequency.
Bulk operation capability. MT5 better supports bulk operations (closing multiple positions, managing portfolio-level changes). For traders managing many positions, this matters.
Slippage and rejections. Pattern is broker-dependent rather than platform-dependent.
Server location latency. Both platforms expose server location to traders. Latency depends on broker server location and trader connection rather than platform choice.
For execution-sensitive workflows, the platform itself is a smaller variable than broker selection, account type, and infrastructure choices.
Comparison Table
| Dimension | MT4 | MT5 |
|---|---|---|
| New broker licensing | Stopped 2022 | Available |
| Broker availability for new accounts | Narrowing | Broad |
| Architecture | 32-bit | 64-bit |
| Programming language | MQL4 | MQL5 |
| Account type | Hedging only | Hedging or netting |
| Multi-asset | Limited | Native |
| EA ecosystem | Larger established base | Growing, modern |
| Backtesting | Functional | Substantially better |
| DOM display | Limited | Full |
| Mobile app | Functional | Functional, modern |
| Long-term outlook | Legacy maintenance | Strategic platform |
The pattern across most dimensions favours MT5. The specific situations where MT4 retains advantage cluster around specific established EA dependence and specific broker relationships.
Migration Considerations for Existing MT4 Users
For traders currently operating on MT4, several specific migration considerations apply.
EA migration. MQL4 EAs do not run on MT5 directly. Migration requires either rewrite to MQL5 or use of MQL5 conversion services (with specific compatibility limitations).
Indicator migration. Custom indicators face similar migration requirement.
Account history migration. Specific brokers offer history migration; others require fresh start on MT5 account.
Workflow recalibration. Specific workflow elements (chart templates, profile setups, EA configurations) need to be recreated on MT5.
Backtesting redo. Established backtest results don't transfer; strategies need re-validation on MT5 backtester.
Account funding considerations. Migration may require closing existing MT4 account and opening fresh MT5 account, depending on broker process.
The combined migration requirement is non-trivial for traders with substantial MT4 setup. The investment is typically worthwhile given the long-term platform trajectory but should be planned rather than rushed.
Specific Scenarios
Several specific scenarios shape platform choice.
New trader, no existing setup. MT5 is the natural choice. Broader broker availability, modern architecture, longer-term platform support.
Established MT4 user with substantial EA library. MT4 continues to function. Migration timing depends on broker continuity, EA dependence, and specific personal threshold. Many traders migrate gradually rather than abruptly.
Multi-asset trader. MT5 substantially better. Specific equity, futures, or options operations are MT5-native.
Pure forex scalper with simple workflow. Both platforms work. Broker selection and execution-side considerations dominate over platform choice.
Algorithmic trader with custom development. MT5's MQL5 is materially more capable for modern development. Long-term investment in MQL5 codebase is preferable.
Specific broker dependence. If specific broker relationship requires MT4, MT4 use continues. The constraint is broker-driven rather than platform-driven.
Specific 2026 Outlook
For the rest of 2026 and into 2027, several specific developments are likely.
Continued MT4 narrowing. Specific brokers will likely retire MT4 fully through 2026-2027. The trajectory is set.
MT5 ecosystem maturation. MT5's EA ecosystem will continue maturing as MQL5 development continues.
Alternative platform development. cTrader, TradingView, and proprietary platforms continue developing as alternatives to both MT4 and MT5.
Mobile-first development. Both platforms continue mobile feature development. Specific 2026 mobile improvements affect mobile-native workflow.
Specific MetaQuotes platform updates. MT5 platform updates continue through 2026.
The structural direction is toward MT5 dominance with continued MT4 maintenance for legacy support and specific broker relationships.
The Decision Reading
For active traders making platform decisions in 2026, MT5 is the default appropriate choice for new account opening. MT4 remains a reasonable choice for traders with substantial established setup and specific dependencies that justify continued maintenance. The strategic direction is clear — MT5 is the long-term platform — but the operational transition can be staged based on individual circumstances.
For broker selection, platform choice is one consideration alongside spread structure, execution quality, regulatory framework, and specific account features. Platform availability is a constraint rather than typically the decisive factor.
Honest Limits
The platform descriptions and broker availability patterns in this piece reflect typical patterns observable through Q1-Q2 2026. Specific broker policies and platform features change. Individual broker support for specific platform versions varies. None of this constitutes broker recommendation or specific platform endorsement.