MetaTrader 5 vs MetaTrader 4: UK Broker Support Guide
Choosing between MetaTrader 5 vs MetaTrader 4 is one of the first practical decisions a UK trader makes, and it matters more than the near-identical names suggest — the two platforms handle order types, timeframes and back-testing differently, and not every UK broker offers both. This guide explains what actually differs, how to check which platform a broker supports, and how to work out the true cost of trading on either one.
MT4 vs MT5: what's actually different
MetaTrader 4 launched in 2005 and became the industry default for retail forex, largely because of its huge library of Expert Advisors (EAs) and custom indicators. MetaTrader 5 arrived later with a broader feature set aimed at multi-asset trading. Key differences:
- Order types: MT5 has more pending order types (including buy/sell stop-limit) than MT4.
- Timeframes: MT5 offers 21 timeframes versus MT4's 9 — useful if you trade on unusual intervals like M2 or M12.
- Depth of Market: MT5 shows DOM on supported instruments; MT4 does not, natively.
- Hedging vs netting: MT4 is hedging-only. MT5 can run in either hedging or netting mode depending on the broker's server configuration — check this before you plan a hedged strategy.
- Programming language: MT4 uses MQL4, MT5 uses MQL5. EAs are not directly cross-compatible, though many developers now ship both versions.
- Economic calendar & strategy tester: MT5's built-in calendar and multi-currency tester are more capable, which matters if you back-test seriously.
Neither platform is objectively "better" for every trader — MT4 remains lighter and is still what many discretionary FX traders and EA users prefer, while MT5 suits those who want more instruments, order flexibility, or a modern tester.
Which UK brokers support MT4, MT5, or both
Broker platform support changes over time, so treat any list as a starting point, not gospel. As general, stable reference points:
- IG is FCA-regulated and offers MetaTrader 4 alongside its own award-winning proprietary platform (IG's web and mobile apps), giving traders a choice between MT4 and IG's native tools.
- Pepperstone is FCA-regulated and has built a strong reputation specifically around MetaTrader support, historically offering both MT4 and MT5 alongside cTrader.
Beyond these two, many other FCA firms offer some combination of MT4, MT5, cTrader or their own platform — and a growing number are phasing out MT4 in favour of MT5-only setups, or dropping MetaTrader entirely for proprietary tech. Because this shifts:
1. Check the broker's own platforms page before opening an account — don't rely on old reviews. 2. Confirm the specific account type — some brokers offer MT4 on standard accounts but MT5 only on newer account tiers, or vice versa. 3. Use PipTax's [brokers page](/brokers/index.html) to cross-check FCA status and platform availability across firms in one place.
How to confirm platform support before opening an account
Don't guess — verify directly. A five-minute check saves a migration headache later:
- Visit the broker's platforms or "trading platforms" page and look for explicit MT4/MT5 logos or text.
- Open a demo account — this is the fastest way to confirm which MetaTrader build you actually get, including hedging/netting mode on MT5.
- Ask support directly (via live chat) whether MT5 is netting or hedging on their servers — this single detail can break a hedged EA.
- Check whether your preferred instruments (indices, commodities, crypto CFDs) are actually available on that specific platform, since range can differ between MT4 and MT5 offerings from the same broker.
- Re-verify before you fund a live account — platform lineups do change with broker upgrades.
EA and indicator compatibility between platforms
If you rely on automated strategies, compatibility is the deciding factor, not just personal preference:
- MQL4 and MQL5 are different languages. An EA written for MT4 will not run on MT5 without a rewrite or a dedicated MT5 version.
- Check with the EA vendor whether they maintain both MT4 and MT5 builds — many established sellers do, but free or older indicators sometimes exist only on MT4.
- Backtest on the platform you'll actually trade on. Strategy tester results from MT4 don't map exactly onto MT5's netting/hedging and execution model.
- VPS hosting: if you run EAs 24/5, confirm your broker's VPS or your third-party VPS supports the correct MetaTrader build and terminal version.
For a deeper walkthrough of setting up and stress-testing an EA workflow, see PipTax's [school section](/school/index.html).
Costs matter more than the platform badge
Whichever platform you choose, the platform itself doesn't set your trading costs — the broker's pricing model does. Two brokers offering identical MT5 access can have very different:
- Spreads on the same pair
- Commission structures (raw spread + commission vs all-in spread)
- Overnight swap rates
- Execution model (market maker, STP, or ECN)
That's why we always tell readers: don't pick a broker because "it has MT5" — pick a broker because its all-in cost and regulation suit your strategy, and MT5/MT4 is just the tool you use to trade with it. Run your own numbers through PipTax's [cost tool](/audit.html) before committing, and see how we calculate all-in cost in our [methodology](/methodology.html).
MT4 or MT5: which should you actually choose?
There's no universal right answer — it depends on your workflow:
| Trader type | Likely better fit | |---|---| | Runs a large library of older MT4 EAs | MT4, if still offered | | Wants more timeframes, DOM, multi-asset trading | MT5 | | Needs hedging on the same symbol | MT4, or MT5 in hedging mode (confirm with broker) | | Wants the broker's own charting/tools instead | Check IG-style proprietary platforms as an alternative | | Starting fresh with no legacy EAs | MT5 is generally the more future-proof pick, as most brokers are investing there |
Whatever you choose, remember all UK retail FX trading sits under FCA leverage caps of 30:1 on major currency pairs, regardless of which MetaTrader version you use — the platform doesn't change your regulatory protections or leverage limits.
Conclusion: MetaTrader 5 vs MetaTrader 4 in practice
The MetaTrader 5 vs MetaTrader 4 decision ultimately comes down to what your strategy needs — EA compatibility, order types, hedging behaviour — rather than which platform is newer. Confirm live platform availability directly with brokers such as Pepperstone or IG, check current costs with PipTax's [cost tool](/audit.html), and browse [FCA-regulated brokers](/brokers/index.html) before you commit real funds. Trading forex and CFDs carries a high level of risk and isn't suitable for everyone — always trade within your means.
Key takeaways
- <UNKNOWN>
Frequently asked questions
- Is MetaTrader 5 replacing MetaTrader 4 for UK brokers?
- Many brokers are shifting investment toward MT5 or their own proprietary platforms, and some have phased out MT4 entirely. Others still support both. Always check a broker's current platforms page rather than assuming, since lineups change.
- Can I use the same EA on both MT4 and MT5?
- No, not without changes. MT4 uses MQL4 and MT5 uses MQL5 — they are different languages, so an EA must be rewritten or purchased as a separate MT5 version to run there.
- Do Pepperstone and IG offer both MT4 and MT5?
- Pepperstone has a strong track record of supporting MetaTrader broadly, and IG offers MetaTrader 4 alongside its own proprietary platform. Platform lineups can change, so confirm current availability directly on each broker's site before opening an account.
- Does choosing MT4 or MT5 affect my trading costs?
- Not directly. The platform is just the interface — your costs come from the broker's spreads, commissions and swap rates. Use PipTax's cost tool to compare all-in costs regardless of which MetaTrader version you use.
- What is the difference between hedging and netting mode on MT5?
- Hedging mode allows opposing buy and sell positions on the same symbol to exist separately, like MT4. Netting mode merges them into a single net position. MT5 can run either mode depending on the broker's server setup, so confirm this before running a hedged strategy.