MetaTrader 5, also known simply as MT5, is the updated and re-designed version of the popular MT4 trading platform from Russian company MetaQuotes Software. The upgraded trading platform was released in 2010, five years after the original MT4 platform. However, uptake among brokers and in the trading community of the new platform was slow since it was not backward compatible with several important elements of the original platform. Among these things were significant changes to the programming language used to develop automated trading strategies, known as Expert Advisors on the platform.
Today, MetaTrader 5 is more common, and most brokers offer their clients the choice between MT4 and MT5. While the original MT5 was only available as a downloadable software for Windows computers, the platform is today also available in web-based versions that run directly in the trader’s internet browser, as well as in mobile versions.