- What are the main differences between MT4, MT5, and TradingView?
- Which platform is best for automated trading and Expert Advisors?
- Can you trade directly from TradingView with your forex broker?
- Is MT5 worth switching to if you currently use MT4?
- Which platform has the best charting and technical analysis tools?
- What is Pine Script and how does it compare to MQL4/MQL5?
- Which platform is best for beginners vs experienced traders?
- Does your platform choice affect cashback rebates?
1. Why Your Platform Choice Matters
Your trading platform is your primary interface with the market — every chart you read, every trade you place, every EA you run depends on it. Choosing the right platform directly affects your execution speed, analysis depth, automation capabilities, and overall trading costs.
2. MetaTrader 4 (MT4)
MetaTrader 4 is the world's most widely used forex trading platform, released in 2005 by MetaQuotes Software. Despite its age, MT4 remains dominant primarily due to its enormous ecosystem of Expert Advisors (EAs), custom indicators, and scripts developed over two decades. Its MQL4 programming language is straightforward enough for non-developers to modify existing tools while powerful enough for professional algorithmic systems.
MT4 supports nine timeframes (M1 through MN), 30 built-in technical indicators, three chart types, and a comprehensive strategy tester for backtesting EAs on historical data. The platform runs on Windows, macOS (via Wine or CrossOver), iOS, Android, and in-browser via WebTrader.
- Largest EA and indicator library in the industry
- Widely supported by almost every forex broker
- Familiar, stable interface with 20+ years of refinement
- Excellent for automated trading with MQL4 EAs
- Free via your broker — no subscription cost
- Strong community and support resources
- Limited to 9 timeframes vs MT5's 21
- No built-in economic calendar or news feed integration
- Older technology — lacks multi-threading and faster execution
- Cannot hedge on same account with some brokers
- MQL4 becoming outdated compared to MQL5
- Limited asset classes — primarily forex and CFDs
3. MetaTrader 5 (MT5)
MetaTrader 5 was released in 2010 as the successor to MT4, offering substantially more timeframes (21 vs 9), more built-in indicators (38 vs 30), improved backtesting with multi-currency optimisation, and support for additional asset classes including stocks, futures, and options. MQL5 is a more modern, object-oriented language than MQL4 with better performance and broader capabilities.
MT5 also supports the MetaTrader Market — a marketplace for EAs, indicators, and scripts — and integrates an economic calendar directly into the platform. Hedging is supported by default on MT5, making it the preferred choice for traders who want to hold opposing positions simultaneously. Execution speed improvements and multi-threading make it faster for HFT and high-volume strategies.
- 21 timeframes including M2, M3, M4, M6, M10, M12, M20 not on MT4
- More built-in indicators and chart types
- Superior backtester with multi-currency optimisation
- Supports stocks, futures, options alongside forex/CFDs
- Built-in economic calendar with news feed
- MQL5 is more powerful and modern than MQL4
- Smaller EA library than MT4 (MQL4 EAs don't work on MT5)
- Less universally supported than MT4 by brokers
- Migration from MT4 requires rewriting EAs in MQL5
- Some traders find it more complex than MT4
- Not all MT4 indicators are compatible without conversion
- Larger installation size and resource usage
4. TradingView (TradingView)
TradingView is a cloud-based charting and social trading platform launched in 2011, now used by over 50 million traders and investors worldwide. Unlike MT4/MT5, TradingView runs entirely in the browser with no installation required, and is equally powerful on desktop and mobile. Its Pine Script language enables sophisticated custom indicator development with a large open-source community sharing free scripts.
TradingView covers forex, stocks, indices, crypto, commodities, and bonds in a single platform with a clean, modern interface. Its drawing tools are more extensive than MT4/MT5, and the social layer allows traders to share chart ideas and follow top analysts. Direct broker integration is available with a growing number of brokers, enabling order placement from within the chart.
- Browser-based — no installation, works on any device
- 100+ built-in indicators plus thousands of community scripts
- Beautiful, modern charting with advanced drawing tools
- Social trading layer — share ideas, follow analysts
- Covers all asset classes in one platform
- Pine Script community with millions of free indicators
- Not all brokers support direct TradingView execution
- Automated trading requires third-party webhook tools
- Free tier is limited — full features require paid subscription
- No native EA/robot functionality
- Backtesting is limited compared to MT5 Strategy Tester
- Dependent on internet connection — no offline mode
5. Full Feature Comparison Table
A side-by-side breakdown of all key features across MetaTrader 4, MetaTrader 5, and TradingView.
| Feature | MT4 | MT5 | TradingView |
|---|---|---|---|
| Release Year | 2005 | 2010 | 2011 |
| Timeframes | 9 | 21 | 20+ |
| Built-in Indicators | 30 | 38 | 100+ |
| Custom Indicators | MQL4 | MQL5 | Pine Script |
| Expert Advisors / Bots | ✓ Full | ✓ Full | Alerts only |
| Backtesting | Basic | ✓ Advanced | ✗ Limited |
| Social / Community | ✗ None | ✗ None | ✓ 50M+ users |
| Drawing Tools | Standard | Standard | ✓ Advanced |
| Economic Calendar | ✗ External | ✓ Built-in | ✓ Built-in |
| News Feed | Basic | ✓ Integrated | ✓ Integrated |
| Multi-asset (Stocks, Crypto) | ✗ Limited | ✓ Full | ✓ All markets |
| VPS Hosting Support | ✓ Yes | ✓ Yes | ✗ No |
| Mobile App | Good | Good | ✓ Excellent |
| Browser-based (no install) | WebTrader | WebTrader | ✓ Native web |
| Broker Integration | ✓ Universal | ✓ Wide | Growing list |
| Hedging | Broker dependent | ✓ Default | Broker dependent |
| One-click Trading | ✓ Yes | ✓ Yes | ✓ Yes |
| Cost | Free (broker) | Free (broker) | Free + paid plans |
6. Which Platform for Your Trading Style?
The best platform depends on how you trade. Here is a practical recommendation for each major trading style.
7. MT4 vs MT5 — Key Differences Explained
MetaQuotes designed MT5 as the successor to MT4, but the two platforms are not backward compatible — MQL4 code does not run on MT5 and vice versa. This is why millions of traders still use MT4 despite MT5's technical advantages.
- There are thousands of MQL4 EAs and indicators available for MT4 — many are free or low-cost
- MQL4 EAs cannot run on MT5 — conversion requires significant rewriting
- Many profitable strategies were coded in MQL4 and never ported
- Brokers that haven't upgraded keep MT4 traders locked in
- For new algorithmic projects, MQL5 is the better starting point
| Feature | MT4 | MT5 |
|---|---|---|
| Timeframes | 9 | 21 ✓ |
| Pending Order Types | 4 | 6 ✓ |
| Strategy Tester | Single-threaded | Multi-threaded ✓ |
| Asset classes | Forex, CFDs | + Stocks, Futures ✓ |
| Built-in indicators | 30 | 38 ✓ |
| Economic calendar | External only | Built-in ✓ |
| EA library size | Largest ✓ | Growing |
| Broker support | Near-universal ✓ | Wide but not all |
8. Using TradingView with Your Forex Broker
TradingView's broker integration lets you place and manage trades directly from the chart without switching to MT4/MT5. The integration is available for a growing number of brokers through TradingView's native Trading Panel.
9. Platform + Cashback — Reducing Your Trading Cost
Regardless of which platform you use, cashback rebates reduce your net trading cost per lot. Your choice of MT4, MT5, or TradingView does not affect your rebate rate — what matters is the broker and the volume you trade.
- Use TradingView for analysis — best charting, Pine Script indicators, alerts
- Execute trades on MT4 or MT5 with a cashback-eligible broker
- All lot volume on MT4/MT5 earns cashback regardless of how you analysed the trade
- Scalpers on MT4 with high lot volume earn the most cashback per month
- ECN accounts via MT5 with cashback can recover commissions partially or fully
- Register via Say Affiliates to access exclusive cashback rates not available direct
10. Frequently Asked Questions
Best Platform. Best Broker. Earn Cashback.
Choose the right trading platform, pair it with a cashback-eligible broker, and recover costs on every trade you place.