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.
Risk warning: CFDs are complex instruments with a high risk of losing money rapidly due to leverage. 70–80% of retail investor accounts lose money when trading CFDs. Risk disclosure · Past performance.
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.
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.
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.
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.
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 MT4 (hedging-only, MQL4) and MT5 (netting and hedging, partial fills, MQL5) without a terminal, EA or VPS kept open. The platform itself is unchanged; only the way orders arrive differs.
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.
Connect a signal source and a broker account, watch PipSync parse and route in real time, and upgrade only if you need more. No credit card required to start.
Risk warning: CFDs are complex instruments with a high risk of losing money rapidly due to leverage. 70–80% of retail investor accounts lose money when trading CFDs. Risk disclosure · Past performance.
Written by the PipSync team · Reviewed by Tobias Russmann, Director, PipSync · Published · Last updated
PipSync is a cloud-based signal automation platform that routes trading signals from Telegram, Discord, TradingView alerts and custom webhooks to broker accounts on MetaTrader 4, MetaTrader 5, cTrader, Match-Trader, Binance Futures and Bybit — with server-side risk management and no VPS required. PipSync is an execution tool, not a signal provider and not investment advice.
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. See the full risk disclosure and performance disclaimer.