Last Updated: March 17, 2026
Are you wondering “Which one should I download, MT4 or MT5?” or “What is MT5 anyway?”—these are common questions when getting started with prop firms.
To begin trading with a prop firm, you first need to prepare your trading platform (trading tool). Getting stuck here can waste precious time during the challenge. In fact, there are many horror stories of “couldn’t connect to the server” or “installed the wrong platform”.
In the previous Episode 1 “Fully Understand Challenge Rules”, we learned the basic structure and rules of prop firms. This time, we will thoroughly explain MT4 and MT5, the “tools” for actually conducting trades, from downloading to chart display, order placement, and execution.
By the time you finish reading this article, you should be able to confidently set up the platform and focus on the challenge.
What you will learn in this article
- Differences between MT4 and MT5, and the correct choice for prop firms
- Platforms (MT4, MT5, TradingView) supported by Fintokei
- Download and installation process for MT5 (both PC and smartphone)
- Common connection issues and how to solve them
- Basic operations for chart display, order placement, and position closing
- How to use smartphone and PC versions effectively
- Platform support status of the 4 major prop firms
【Conclusion】Platform selection for prop firms is determined by “company support status”
Teacher! I heard that MT5 is newer and more advanced, so I should just download MT5 without hesitation, right?
Hold on a minute, Shinshō-kun. That way of thinking is dangerous. It’s true that MT5 is newer, but “new” does not always mean “better”. The support status varies by prop firm, so be sure to check before downloading.
To cut to the chase, the most important factor in choosing a trading platform for prop firms is “which platforms the prop firm you’re using supports”.
For example, Fintokei supports the following 3 platforms.
- MT4 (MetaTrader 4)
- MT5 (MetaTrader 5)
- TradingView
So for Fintokei users, you can choose from these 3 options. For beginners, I recommend MT5, which has abundant information and a simple interface. However, if you’re already familiar with MT4, you can continue using it without any issues.
3 Steps for Choosing a Platform
- Check the support status of the prop firm you’re using (MT4 only? Both MT4 and MT5? TradingView?)
- Choose based on your experience level (Beginner → MT5, MT4 experience → MT4, Chart analysis focus → TradingView)
- Connect using the server information provided in the email after registration (Don’t connect to the wrong server)
Just by following this “check before choosing” process, you can avoid many of the troubles that beginners often fall into. Let’s take a closer look at the differences between MT4 and MT5.
Differences Between MT4 and MT5 | Comprehensive Comparison of Functions, Supported Companies, and Selection Criteria
MT4 and MT5 have similar names, but what are the specific differences? Just a version upgrade?
Good question. In fact, MT4 and MT5 are not just “upgraded versions”, but completely separate software. The programming languages are different, and the capabilities also differ. Let’s compare them step-by-step.
What is MT4 (MetaTrader 4)?
MT4 is a foreign exchange trading platform developed by MetaQuotes (Cyprus) in 2005. Although more than 20 years have passed since its release, it is still loved by traders worldwide.
The key features of MT4 are as follows:
- Simple operation: Focused on only the bare essentials, so it’s easy to use
- Lightweight operation: Runs smoothly even on older PCs or low-spec devices
- Abundant custom indicators: A massive number of free indicators written in the MQL4 language are available
- Wide variety of EAs (automated trading): Many EAs are available due to its long history
- Abundant information: Plenty of Japanese guidance and troubleshooting information
On the other hand, the downsides of MT4 include the following:
- Only 9 timeframes: 1-minute, 5-minute, 15-minute, 30-minute, 1-hour, 4-hour, daily, weekly, monthly
- Limited order types: Buy Limit, Sell Limit, Buy Stop, Sell Stop (4 types)
- No further development by MetaQuotes: No expectation of new features or updates in the future
- Cannot view order book (Depth of Market)
What is MT5 (MetaTrader 5)?
MT5 is the successor platform to MT4, released in 2010. It complements the weaknesses of MT4 and provides a more advanced trading environment.
The key features of MT5 are as follows:
- 21 timeframes: In addition to the 9 types in MT4, 2-minute, 3-minute, 4-minute, 6-minute, 10-minute, 12-minute, 20-minute, 2-hour, 3-hour, 6-hour, 8-hour, and 12-hour timeframes were added
- 6 order types: In addition to the 4 types in MT4, Buy Stop Limit and Sell Stop Limit were added
- Faster operation speed: 64-bit support and multi-threading for high speed
- Built-in economic calendar: Can check the economic indicator schedule within the platform
- Can view order book (Depth of Market): Visually confirm market liquidity
- MQL5 language: More advanced programming is possible (but not compatible with MQL4)
The downsides of MT5 are as follows:
- MT4 EAs and indicators cannot be used as-is: MQL4 and MQL5 are separate languages, so porting is required
- Operation screen is slightly more complex: With more features, it may be confusing at first
- Not as many Japanese explanation articles as MT4: However, this is increasing year by year
MT4 vs. MT5 Comparison Table
| Comparison Item | MT4 | MT5 |
|---|---|---|
| Development Year | 2005 | 2010 |
| Number of Timeframes | 9 types | 21 types |
| Order Types | 4 types (market orders and pending orders) | 6 types (+Stop Limit orders) |
| Programming Language | MQL4 | MQL5 |
| Operation Speed | Lightweight (32-bit) | High-speed (64-bit, multi-threaded) |
| Economic Calendar | None (external tool required) | Built-in |
| Order Book | Not supported | Supported |
| Custom Indicator Availability | Extremely abundant | Increasing (fewer than MT4) |
| EAs (Automated Trading) | Extremely abundant | Increasing |
| Development Status | No new development | Continuous updates |
| Prop Firm Support | Widespread | Widespread (future mainstream) |
| Beginner Recommendation | ★★★★☆ | ★★★★★ |
Which One Should You Choose? Selection Criteria
For those who are wondering “which one is better?”, here are my recommendations based on different situations.
Who Should Choose MT5
- Beginners in FX trading (newer is more advantageous when starting from scratch)
- Those who want to use fine timeframes (2-hour, 8-hour, etc.)
- Those who want to check the economic calendar within the platform
- Those who may want to trade other assets in the future (stock indexes, cryptocurrencies, etc.)
- Users of Fintokei (recommended as MT5 since it supports both MT4 and MT5)
Who Should Choose MT4
- Those who already have experience trading with MT4 and are familiar with the operation
- Those who want to use MT4 EAs (automated trading programs)
- Those who have many custom MT4 indicators
- Those who prioritize lightweight operation on older PCs
The key point is that the simple criterion is “MT5 for beginners, MT4 if you have specific requirements”. Whichever you choose, you can still participate in Fintokei’s challenge, so don’t worry.
Platforms Supported by Fintokei | Full Support for MT4, MT5, and TradingView
So Fintokei can use MT4, MT5, and TradingView? Wow! But what is TradingView?
Fintokei supports all 3 platforms, so you have a wide range of choices. TradingView is a browser-based chart analysis tool, and more prop firms have been supporting it recently. Let’s look at the features of each.