MetaTrader 4 and MetaTrader 5 are both made by MetaQuotes and are both offered by most retail brokers for trading XAU/USD. For a gold trader the choice usually comes down to three things: whether you rely on Expert Advisors or indicators written for one platform, how much you care about strategy testing accuracy, and which platform your broker supports best. Here is a practical comparison.
The short answer
If you are starting fresh, MT5 is generally the better choice for gold: more timeframes, a more accurate multi-threaded strategy tester with real-tick testing, market depth where the broker provides it, more pending order types and active development. MT4 still makes sense if you depend on an MQL4 Expert Advisor or custom indicator that has no MT5 version, because the two languages are not directly compatible.
Side-by-side comparison
| Feature | MT4 | MT5 |
|---|---|---|
| Chart timeframes | 9 (M1 to MN) | 21 (adds M2, M3, M10, H2, H3, H6, H8, H12 and more) |
| Pending order types | 4 (Buy/Sell Limit, Buy/Sell Stop) | 6 (adds Buy Stop Limit and Sell Stop Limit) |
| Strategy tester | Single-threaded, modelled ticks | Multi-threaded, can use real recorded ticks, forward testing built in |
| Depth of Market | Not native | Built in (data depends on the broker) |
| Economic calendar | Not built in | Built in |
| Position accounting | Hedging | Hedging or netting, set per account |
| Programming language | MQL4 | MQL5 (not backward compatible with MQL4) |
| Development | Legacy; MetaQuotes focuses on MT5 | Actively developed |
What matters most for gold specifically
1. Strategy testing quality
Gold moves fast and spreads change through the day. MT4’s tester builds ticks from one-minute bars, so it cannot know the exact path price took inside each minute or how spreads changed. MT5’s “Every tick based on real ticks” mode replays the broker’s recorded ticks with their real spreads, which is much closer to reality for scalping or tight-stop strategies. If you build or evaluate automated gold systems, this alone is a strong reason to use MT5. See our guide on why backtests don’t match live results.
2. Extra timeframes
Gold traders often find H2, H4 and H8 useful for structure, and M2, M3 or M10 for entries that are less noisy than M1 but faster than M15. Only MT5 offers these natively.
3. Symbol naming and contract size
Brokers name gold differently on both platforms (XAUUSD, GOLD, XAUUSD.m, XAUUSD+ and so on) and contract specifications vary. A standard lot is usually 100 ounces, which means a $1 move equals $100 per lot, but always check the contract specification in the Symbols window before trading. This matters more than the platform choice for getting your position size right.
4. Hedging vs netting
MT5 accounts can be set up as netting (one position per symbol, as on exchanges) or hedging (multiple positions per symbol, as on MT4). Most retail forex brokers offer hedging MT5 accounts. If your strategy opens several gold positions at once, confirm your account type.
5. Indicators and EAs
MQL4 code does not run on MT5 without being rewritten. The MT4 marketplace still has a very large library of older tools. If a specific tool matters to you, check whether an MT5 version exists before switching.
When MT4 is still the right choice
- You run an EA or indicator that exists only in MQL4.
- Your broker offers better conditions (spread, commission, execution) on its MT4 server.
- You trade manually with simple tools and are comfortable with MT4’s interface.
When MT5 is the better choice
- You test or build automated strategies and need realistic tick-level testing.
- You want more timeframes, an integrated economic calendar or Depth of Market.
- You are opening a new account and want a platform that will keep receiving updates.
Frequently asked questions
Can I use the same account on MT4 and MT5?
Usually not. Brokers create separate accounts for each platform, so you would open a new MT5 account rather than log in with MT4 credentials.
Is execution faster on MT5?
Execution speed depends mostly on the broker’s servers, liquidity and your connection, not on the platform itself. MT5’s terminal is 64-bit and multi-threaded, which helps with heavy charts and testing.
Do MT4 indicators work on MT5?
Not directly. They must be rewritten in MQL5 or replaced with an MT5 equivalent.
Is MT4 being discontinued?
MT4 is still widely available, but MetaQuotes has focused development on MT5 for years and stopped issuing new MT4 licenses to brokers. Expect fewer new features on MT4.
What is the gold symbol on MetaTrader?
It is broker-specific: commonly XAUUSD or GOLD, sometimes with a suffix for the account type. Open Market Watch, right-click and choose Symbols to find it and view its contract size.
Trading gold and forex carries a high level of risk. See our risk disclaimer.
