MT4 or MT5, which is better, and which brokers offer both?
Verdict
- Pepperstone is our pick for traders who want both platforms: its Razor account runs MT4 and MT5, and its Standard account runs MT5.
- MT5 is the better default for a new account, because at Pepperstone it works on both account types; choose MT4 only if you already depend on MT4 expert advisors or indicators.
- Capital.com and XS, our second and third choices, also list both MT4 and MT5.
- On Pepperstone Razor the commission is the same $7 per round-turn lot on either platform, but MT4 charges it all when you open the trade.
MT5 is the better pick for most people opening a new account, and MT4 still makes sense if your existing tools are built for it. Pepperstone offers both, which is why it is our first choice. The details below show how the two differ at Pepperstone and which other brokers carry both.
Pepperstone offers both, with one catch on account type
Pepperstone's UAE accounts page lists MT5 for both Standard and Razor accounts, while MT4 is offered on Razor only. That makes MT5 the platform you can use whichever pricing model you choose. Razor pricing is published at a 0.1-pip EUR/USD average plus commission; Standard is 1.1 pips with no commission. You can also add Pepperstone's Smart Trader Tools, a set of MT4 and MT5 add-ons that includes a trade terminal, a correlation matrix and a trade simulator.
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MT4 versus MT5 at Pepperstone
| MT4 | MT5 | |
|---|---|---|
| Account types | Razor only | Standard and Razor |
| Razor commission (USD account) | $7 per lot, charged when the trade opens | $3.50 per side, $7 round turn |
| Expert advisors | Yes | Yes |
| Smart Trader Tools add-ons | Yes | Yes |
| Best for | Existing MT4 EAs and indicators | New accounts and Standard-account users |
So which one is better?
Choose MT5 if you are starting fresh. It is the only MetaTrader version open to both Pepperstone account types, so you can switch between Standard and Razor pricing without changing platform. Choose MT4 if you have paid for, or written, MT4 expert advisors or custom indicators: programs built for one version do not run on the other without being rewritten. The commission is no reason to pick either, since Razor costs $7 per round-turn lot on both. The only difference is timing: MT4 takes the full $7 at entry, while MT5 splits it across the opening and closing trades.
Which brokers offer both MT4 and MT5?
For UAE residents, our three picks all list both platforms:
- Pepperstone: MT4 on Razor, MT5 on Standard and Razor, plus cTrader and TradingView.
- Capital.com: MT4 and MT5 alongside its web platform, app and TradingView integration; it holds a UAE CMA licence (20200000176).
- XS: MT4, MT5 and its own app. Its Elite account is published at 0.1 pips on EUR/USD with a $6 round-turn commission and a $500 minimum.
- Others in our data that list both include IC Markets, FxPro, FP Markets, Tickmill, Vantage, XM and HFM; check each one's UAE eligibility and regulator first.
Sources
Platform and commission details from the brokers' own pages.
Can I open MT4 on Pepperstone's Standard account in the UAE?
No. Pepperstone's UAE site lists MT4 for Razor accounts only. Standard accounts use MT5, cTrader, the web platform and the app.
Will my MT4 expert advisor work on MT5?
Not as it is. An EA written for MT4 has to be rewritten for MT5 before it will run there.
Is MT4 cheaper than MT5 at Pepperstone?
No. On a USD Razor account both cost $7 per round-turn lot on FX. MT4 charges it when the trade opens; MT5 charges $3.50 on each side.
Risk warning: CFDs are leveraged products and you can lose money fast. Make sure you understand how they work and whether you can afford to take that risk. This article reports broker-published terms and is not personal investment advice.