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MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online retail foreign exchange speculative traders. It was developed by MetaQuotes Software and released in 2005.
MetaTrader 5 (MT5) is the newest iteration of the popular MetaTrader platform. While the MT5 is newer, it is not necessarily an upgraded version.
Both MT4 and MT5 are trading platforms with back-testing capabilities, as well as graphical interfaces that look fairly similar. By design, however, MT5 was meant to meet the needs of non-forex and U.S. markets.