Master MetaTrader 5: the ultimate MT4 migration handbook

For over a decade, MetaTrader 4 (MT4) has been the undisputed champion of retail forex trading. Its intuitive interface, robust automation capabilities, and massive community made it a legend. But the financial markets have evolved, and so has technology. MetaTrader 5 (MT5) is not merely an update; it’s a fundamental upgrade to a more powerful, multi-asset trading environment.

Think of it as trading a reliable, classic sports car (MT4) and then being handed the keys to a modern hypercar (MT5). The core principles of driving are the same, but the new machine offers superior performance, more features, and the ability to handle entirely different terrains.

If you’ve been hesitant to make the switch, fearing a steep learning curve, this guide is for you. We’ll walk you through the transition, step-by-step, and then review some of the best brokers to host your new MT5 experience.

Why make the switch? Compelling advantages of MT5

Before we dive into the “how,” let’s solidify the “why.” MT5 was built from the ground up to be more than a forex platform.

1. A true multi-asset platform: While MT4 is predominantly forex-focused, MT5 natively supports trading in Stocks, Futures, Options, Bonds, and Commodities all from a single account. This is its single biggest advantage.
2. Superior performance and backtesting:
   • More timeframes: 21 timeframes vs. MT4’s 9, giving you finer granularity for analysis.
   • Economic calendar: Built directly into the platform.
   • Unlimited symbols: No more being limited to a few hundred instruments.
   • Advanced tester: MT5’s strategy tester uses real tick data and allows for multi-threaded, cloud-based backtesting, making it exponentially faster and more accurate than MT4’s.
3. A more powerful MQL5 language: MQL5 is object-oriented and significantly more powerful than MQL4. It allows for the creation of more complex indicators and Expert Advisors (EAs). While not backward compatible, the vibrant MQL5 community has recreated most popular MT4 indicators and EAs.
4. Enhanced trading functionality:

• • More order types: Includes Stop-Limit and Market-to-Limit orders.
  • Depth of market (DOM): See the market’s liquidity and order book.
  • Hedging mode: Despite a common myth, MT5 fully supports hedging, just like MT4, on brokers that enable it.

The MT4 to MT5 switch: a step-by-step guide

Moving from MT4 to MT5 can be seamless if you follow this structured approach.

Moving to a new platform can feel like learning to walk again. This structured, example-driven plan is designed to give you training wheels until you’re ready to sprint.

Step 1: Embrace a parallel run (the “double-screen” phase)

The concept: Don’t abandon your profitable MT4 setup. Instead, run a demo MT5 account alongside your live MT4 account. This allows you to learn MT5 without pressure or risk.

How to do it with an example:

• Action: Open an MT5 demo account with your broker (it’s free and takes 30 seconds). Install the MT5 platform on your computer.
• Example: Let’s say you are a swing trader named Sarah. She has a live MT4 account with Broker XYZ. She goes to Broker XYZ’s website, logs into her client area, and clicks “Open Demo Account,” selecting MetaTrader 5. She downloads the platform and gets her demo login credentials.
• The parallel run in practice:
  • On Monday, Sarah sees a setup for a long trade on EUR/USD on her MT4 charts. She enters the trade on her live MT4 account.
  • Simultaneously, she opens her MT5 demo platform and executes the exact same trade on the demo account.
  • She manages both trades identically—same entry, same stop-loss, same take-profit.
  • Throughout the day, she builds the same chart layout in MT5 that she has in MT4 (e.g., her favorite 50 and 200 EMAs and Stochastic oscillator).

Why this works: You’re learning the new interface by doing, not just reading. You’re comparing the execution, watching the charts, and building muscle memory, all with zero financial risk.

Step 2: Recreate your trading environment

This is where you rebuild your personal trading cockpit in MT5.

A) Custom indicators and EAs: the great migration

The concept: MT4 files (.mq4, .ex4) are not compatible with MT5. You need their MQL5 equivalents.

How to do it with an example:

• Scenario: Sarah relies on a custom “Session Volume” indicator and a “Trend Magic” EA in MT4.
• Action 1 – The search:
  • She opens MT5 and goes to View > Market (or presses Ctrl+M). In the Market window, she searches for “Session Volume” and “Trend Magic.” She finds a free “Session Volume” indicator and installs it directly.
  • For the “Trend Magic” EA, she doesn’t find it in the Market. So, she goes to the MQL5 Community Code Base (a free library) via the platform’s Code Base tab and finds a user-submitted version.

• Action 2 – The hire (If necessary):

  • If she can’t find a crucial tool, she goes to the MQL5 Freelance section (via the platform) and hires a programmer. She provides the MT4 .mq4 file, and the programmer quotes $50 to convert it to MQL5.

B) Templates and profiles: saving your setup

The concept: MT5 uses “Profiles” to save your entire workspace (window positions, chart arrangement), and you can still save individual chart “Templates.”

How to do it with an example:

• Action: After Sarah has recreated her preferred chart layout (candlestick chart, with her EMAs and Session Volume indicator), she right-clicks on the chart and selects Template > Save Template As… and names it “Swing-Trader.”
• For the overall workspace: She arranges her charts, Market Watch, and Toolbox windows exactly how she likes them. Then, she goes to File > Profiles > Save As… and names the profile “My Default Workspace.” Now, if anything gets moved, she can instantly reload her perfect layout.

Step 3: Master the interface changes

The buttons have moved, but the logic is smarter. Here’s what to look for.

How to do it with an example:

• The “Market Watch” window (your instrument menu):

  • In MT4: Right-click in the Market Watch to add/remove symbols.
  • In MT5: It’s the same, but with more power. Right-click > Symbols or Show All gives you access to thousands of symbols (e.g., Stocks like Apple Inc., Futures like SP500m1).

• The “Toolbox” window (your command center):

  • In MT4: The “Terminal” window has tabs for Trade, Account History, Alerts, etc.
  • In MT5: This is the Toolbox. When you open it (View > Toolbox or Ctrl+T), you see separate tabs for Trade, History, Alerts, etc. It’s the same information, just better organized. Sarah uses the “Trade” tab to see her open positions and the “History” tab to review her demo trades.

• The order window (F9 is your friend):

  • Action: Press F9 in both MT4 and MT5. The window that pops up is familiar, but in MT5, you’ll notice additional order types like “Buy Stop Limit” and “Sell Stop Limit,” which offer more precise entry control.

Step 4: Re-optimize your EAs and strategies

The concept: MT5’s Strategy Tester is a Ferrari compared to MT4’s go-kart. You must re-test everything.

How to do it with an example:

• Scenario: Sarah has successfully converted her “Trend Magic” EA to MQL5.
• Action:

1. She goes to View > Strategy Tester or presses Ctrl+R.
2. She selects the EA from the dropdown, chooses EUR/USD, and sets the period to the last 2 years.
3. The key difference: She selects the “Every tick (based on real ticks)” model. This is far more accurate than MT4’s generic “Every tick” model.
4. She clicks “Start.” The test runs, using multiple CPU cores for speed. The results (net profit, drawdown, etc.) will be different from MT4—and more reliable. She uses this data to re-optimize the EA’s parameters for the new engine.

Step 5: Go live with a small account

The concept: Build final confidence with a small, real-money test.

How to do it with an example:

• Action: After a successful month of parallel demo trading, Sarah is comfortable. She logs into her broker’s client area and opens a live MT5 account. She chooses a micro or mini account type.
• Example: She funds this new MT5 account with $500, a fraction of her main MT4 capital. She trades her strategy with this small account for another 2-4 weeks.
• The goal: The purpose is not to make a huge profit but to confirm that execution, slippage, and order filling feel correct and consistent with her demo and MT4 experience. Once she’s 100% confident, she can begin migrating her larger capital to the MT5 account and phase out her old MT4 setup.

By following these steps with patience, you transform the daunting task of switching platforms into a controlled, confident, and empowering upgrade.

Best MT5 brokers

Not all MT5 implementations are created equal. The broker you choose determines the available assets, trading conditions, and additional tools. Here’s a look at some top contenders.

BlackBull MetaTrader 5

• MT5 offering: A primary focus on MT5, offering raw spreads and ultra-fast execution via their ECN model.
• Best for: Serious traders and algorithmic scalpers who need direct market access and low latency.
• The vibe: Powerful, institutional-grade. You get the feeling they built their MT5 offering for professionals first.

Exness MetaTrader 5

• MT5 offering: A massive range of tradable assets on MT5, alongside their popular MT4 platform. Known for instant withdrawals and flexible account types.
• Best for: Traders who value flexibility, a wide range of deposit methods, and want to trade exotic currency pairs.
• The vibe: User-friendly and accessible. Exness makes it easy for anyone to start trading on MT5.

NAGA Markets MetaTrader 5

• MT5 offering: Fully integrated with the NAGA social trading ecosystem. You can use MT5 as your analysis and execution powerhouse while copying other traders or auto-copying your own trades to followers.
• Best for: Social traders and those who want to combine a professional platform with a community-driven experience.
• The vibe: Innovative and connected. It’s MT5 with a social layer.

OANDA MetaTrader 5

• MT5 offering: A trusted, well-regulated broker offering MT5 alongside its powerful proprietary platform (fxtrade). Excellent for forex and CFD trading with a strong focus on reliable data and execution.
• Best for: Discretionary traders who value regulatory security and a broker with a long-standing reputation.
• The vibe: Trustworthy and polished. OANDA’s MT5 offering feels solid and reliable.

XTB MetaTrader 5

• MT5 offering: XTB offers MT5 but also heavily promotes its own award-winning xStation 5 platform. Their MT5 offering is robust, with access to a wide range of global markets.
• Best for: Traders who want a choice between a proprietary platform and MT5, and who are interested in stock CFDs.
• The vibe: Modern and competitive. XTB is a tech-savvy broker that gives you options.

Other Top brokers to consider for MT5

While our top five brokers offer excellent MT5 experiences, the landscape is rich with quality options. Depending on your specific needs, you might also want to strongly consider these three industry standouts:

• FP Markets for Raw ECN power: If your priority is institutional-grade execution with some of the tightest raw spreads in the industry, FP Markets deserves your immediate attention. Their MT5 offering is a favorite among algorithmic traders and scalpers who demand ultra-fast order fulfillment and deep liquidity. Think of them as a direct competitor to BlackBull, perfect for traders who live and die by execution speed.

• Pepperstone for the balanced power-trader: Consistently rated as one of the world’s best brokers, Pepperstone brings its renowned razor-sharp pricing and stellar customer service to the MT5 platform. They enhance the native experience with their exclusive Smart Trader Tools suite, including advanced analytics and sentiment indicators. If you want a top-tier ECN broker that combines raw power with exceptional user support and added features, Pepperstone should be high on your list.

• FxPro for unwavering consistency: For traders seeking a robust, all-rounder broker with a stellar regulatory background, FxPro is a fantastic choice. They offer a true no-dealing-desk (NDD) execution model on their MT5 platform, ensuring a level playing field across all asset classes. If you value consistent execution, strong global regulation, and a reliable trading environment above all else, FxPro is a name you can trust.

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