# What is MetaTrader (MT4 and MT5)? Source: https://pipsync.io/en/what-is-metatrader Last updated: 2026-06-08 MetaTrader is a family of retail trading platforms developed by MetaQuotes, available in two versions: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). It is the most widely used software for trading forex and CFDs, and most brokers and prop firms offer it as their standard execution platform. MT4, released in 2005, is built around forex and uses the MQL4 language for Expert Advisors (EAs); it operates in hedging mode only. MT5, released in 2010, is a separate platform that supports more asset classes, additional order and timeframe types, both netting and hedging account modes, and the newer MQL5 language. Despite the version numbers, MT5 is not a drop-in upgrade of MT4: they are distinct products with incompatible scripting languages. ## MetaTrader at a glance | | | |---|---| | Definition | Retail trading platform family (MT4 and MT5) developed by MetaQuotes for forex and CFD trading | | Developer | MetaQuotes Software | | Versions | MetaTrader 4 (MT4, 2005) and MetaTrader 5 (MT5, 2010) | | Account modes | MT4 is hedging-only; MT5 supports both netting and hedging | | Automation language | MQL4 (EAs on MT4); MQL5 (EAs on MT5) — the two are not compatible | | Typical use | Standard execution platform offered by most forex brokers and prop firms | | Price | Free plan at $0; paid plans from USD 24/month, billed at checkout | ## What is the difference between MT4 and MT5? MT4 and MT5 are separate platforms, not successive versions of the same one. MT4 was designed primarily for forex and runs only in hedging mode, where each trade is an independent position. MT5 came later and supports more asset classes, more order types and timeframes, and both netting and hedging account modes; in netting mode all trades on one symbol are aggregated into a single position. Their automation languages also differ. MT4 uses MQL4 and MT5 uses MQL5, and an Expert Advisor written for one will not run on the other without being rewritten. This is why a broker or strategy may be tied specifically to MT4 or to MT5 rather than to MetaTrader in general. - MT4: forex-focused, hedging-only, MQL4 EAs, released 2005 - MT5: multi-asset, netting and hedging, MQL5 EAs, supports partial fills, released 2010 - MQL4 and MQL5 are incompatible; EAs must be written for the specific platform ## What is an Expert Advisor in MetaTrader? An Expert Advisor (EA) is an automated trading program that runs inside the MetaTrader terminal and can place or manage orders according to coded rules. EAs are written in MQL4 for MT4 or MQL5 for MT5 and execute on the chart of the symbol they are attached to. Because an EA runs locally inside the terminal, the platform normally has to stay open and connected for the EA to keep working. Traders often run the terminal on a VPS so that automation continues when their own computer is off. MetaTrader also supports manual indicators and scripts alongside EAs. ## Why do brokers and prop firms standardize on MetaTrader? Brokers and prop firms standardize on MetaTrader because it is familiar to most retail traders, integrates with their back-office and liquidity systems, and supports the EAs and indicators that traders expect. Offering MT4 and MT5 lowers the learning curve for new clients and reduces the support burden of a proprietary platform. For prop firms in particular, MetaTrader provides the charting, order types and reporting needed to run evaluations and track funded accounts. Many firms list MT4, MT5 or both, and each firm sets its own rules about which automated or copied execution is permitted, so traders should always confirm the firm's policy before automating. ## How does MetaTrader fit into automated and copy trading? MetaTrader is the execution endpoint where orders are ultimately placed, while signals to be executed can originate elsewhere, such as a Telegram channel, a Discord server, a TradingView alert or a custom system. Traditionally those signals reach MetaTrader through an EA installed in the terminal, which means keeping the platform and a VPS running. An alternative is a cloud execution layer that connects to MetaTrader through an API bridge instead of an EA. PipSync is one example of this approach: it parses incoming signals and routes orders to MT5 (netting and hedging, partial fills, MQL5) without a terminal, EA or VPS kept open; MT4 (hedging-only, MQL4) support is coming soon. The platform itself is unchanged; only the way orders arrive differs. ## Is MetaTrader the same as a broker? No. MetaTrader is the software you trade through, while the broker is the company that holds your account, provides market prices and executes your orders. The same MetaTrader platform can be offered by many different brokers, each with its own spreads, symbols, leverage and account terms. This separation is why two MT5 accounts at different brokers can show different symbol names, contract sizes or fees even though the platform looks identical. When automating, the exact symbol name used by your broker matters, because orders must reference the broker's precise symbol. ## FAQ ### What does MetaTrader stand for? MetaTrader is the brand name of the trading platform family from MetaQuotes Software. It does not stand for an acronym; the name simply identifies the product, which ships in two versions, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). ### Is MT5 better than MT4? MT5 is newer and supports more asset classes, more order types and both netting and hedging modes, while MT4 is focused on forex and hedging only. Neither is universally better; the right choice depends on what you trade and what your broker or prop firm offers, since the two use incompatible automation languages. ### Is MetaTrader free to use? The MetaTrader terminal itself is typically provided free of charge by brokers that offer it, and a demo account lets you practice without funding. You still pay normal trading costs such as spreads, commissions and any fees set by your broker. ### Do I need to keep MetaTrader open to run an Expert Advisor? Yes. A traditional Expert Advisor runs inside the MetaTrader terminal, so the platform usually has to stay open and connected, which is why many traders use a VPS. Cloud execution layers that connect through an API bridge can place orders on MetaTrader without keeping a terminal or EA running. ### Can MetaTrader trade more than forex? MT4 is built mainly for forex and CFDs, while MT5 adds support for additional asset classes such as stocks, indices and futures, depending on what the broker provides. The exact instruments available always depend on the individual broker's offering. ### Does PipSync replace MetaTrader? No. PipSync is signal execution infrastructure, not a trading platform; it routes parsed signals to MT5 (MT4 is coming soon) and other destinations through a cloud API bridge. It is not a signal provider, not a strategy vendor, and it does not give investment advice. ### What is the difference between MetaTrader and a broker? MetaTrader is the trading software, while the broker is the firm that holds your account and executes your orders. Many brokers offer the same MetaTrader platform, each with its own spreads, symbols, leverage and account conditions. ## Related - [What is a trailing stop?](https://pipsync.io/en/what-is-a-trailing-stop) - [What is an Expert Advisor (EA)?](https://pipsync.io/en/what-is-an-expert-advisor) - [Telegram to MT5 — copy signals to MetaTrader 5 automatically](https://pipsync.io/en/telegram-to-mt5) - [TradingView to MT4 — coming soon, without a VPS](https://pipsync.io/en/tradingview-to-mt4) - [Why MetaTrader has no inbound webhook (and how to automate TradingView alerts anyway)](https://pipsync.io/en/metatrader-webhook) - [What is cTrader?](https://pipsync.io/en/what-is-ctrader) - [What is a VPS for trading (and do you need one)?](https://pipsync.io/en/what-is-a-vps-for-trading) --- PipSync is a signal execution tool. It does not provide trading signals, does not guarantee any trading results and is not investment advice. Trading leveraged products involves substantial risk of loss.