MT4 vs MT5: what is the difference and which to choose?

MT4 and MT5 are both MetaQuotes terminals, and most brokers support both.

Key differences

• MT5 is newer and more capable (more timeframes, built-in economic calendar, multi-asset backtesting).
• MT5 is not source-compatible with MT4 EAs/indicators (they need rewriting).
• Some older strategies and community resources are still MT4-centric.

How to choose

• New traders/strategies: prefer MT5.
• Relying on existing MT4 EAs: stay on MT4 or rewrite when migrating.
• Follow your broker's support and your EA ecosystem.

Relation to rebates

Rebates are platform-independent: on MT4 or MT5, accounts under the IB relationship earn the rebate.

Related: what is a forex rebate. Not investment advice.