MetaTrader is by far the most widely used trading platform in the world and the standard across prop firms: MT4 and MT5 power virtually all forex challenges, from FTMO to Top Trader Prime. If you pass a challenge in 2026, there is a strong chance it will be on MetaTrader. This complete guide covers everything: features, pricing, differences between MT4 and MT5, and prop firm compatibility.
MetaTrader: Overview and History
MetaTrader was developed by MetaQuotes Software, founded in 2000. MetaTrader 4 (MT4), released in 2005, became the global standard for forex trading thanks to its simplicity, customizable charts, and MQL4 programming language for automated strategies. MetaTrader 5 (MT5), launched in 2010, modernized the platform: more instruments (stocks, commodities, futures), more timeframes, Depth of Market, and faster backtesting. In 2026, both versions coexist: MT4 is still maintained, but new prop firms almost exclusively rely on MT5.
MT4 vs MT5: What Are the Differences?
| Criterion | MetaTrader 4 | MetaTrader 5 |
|---|---|---|
| Release | 2005 | 2010 |
| Language | MQL4 | MQL5 (more powerful) |
| Instruments | forex, CFDs, indices | + stocks, commodities, futures |
| Timeframes | 9 | 21 |
| Depth of Market | no | yes |
| Backtesting | single-thread | multi-thread, much faster |
| Built-in Economic Calendar | no | yes |
| Hedging | yes | yes (hedging mode available) |
In practice: if your trading strategy relies on existing MQL4 Expert Advisors, MT4 remains relevant. For manual or algo traders starting fresh, MT5 is the recommended choice.
Key Features for a Prop Firm Challenge
- Robots and Expert Advisors (EAs): Algorithmic trading is native, with an integrated market to buy or download EAs. Note: each prop firm sets its own rules regarding permitted EAs.
- Backtesting: Test your strategy on historical data before taking on drawdown risk during a challenge.
- Alerts and Signals: Price notifications and signal copying from the community.
- Mobile and Web: iOS/Android apps and web version to manage positions anywhere, plus desktop version for full technical analysis.
- VPS Compatibility: Essential for running an EA 24/7 on a funded account.
Is MetaTrader Free?
Yes: for the trader, MetaTrader 4 and 5 are completely free. The license is paid by the provider (broker or prop firm) hosting your account. You only pay the challenge or account fee — a key factor behind MetaTrader's dominance in the prop trading industry.
Which Prop Firms and Brokers Offer MetaTrader?
MetaTrader equips almost all forex challenges. Among the firms reviewed on Fundedtrader.fr:
- FTMO: MT4 and MT5 (plus cTrader and DXtrade), the largest funded trader base worldwide
- Top Trader Prime: MT5 (plus cTrader and Match-Trader), French prop firm up to $1M
- FundedNext: MT4, MT5 (plus cTrader and MatchTrader)
- The5ers: MT5 and cTrader, scaling up to $4M
- Hola Prime: MT4, MT5, cTrader, and DXtrade
- PipFarm: MT4, MT5, and cTrader
Other MetaTrader-compatible prop firms reviewed on the site: Audacity Capital · AquaFunded · Blueberry Funded · Blue Guardian · BrightFunded · City Traders Imperium · DNA Funded · E8 Markets · Fidelcrest · Fintokei · Foxx Funded · Funded Trader Markets · FXIFY · Goat Funded Trader · HyroTrader · Lark Funding · Lux Trading Firm · Lundmark Trading · Maven Trading · Ment Funding · Moneta Funded · Moon Trading · NeomAAA Funds · OneFunded · OneUp Trader · Optimal Traders · Orion Funded · Phidias Propfirm · Profitrade Funding · Purdia Capital · Quant Tekel · RaiseMyFunds · RebelsFunding · Seacrest Funded · SmartTraderFunds · Surge Trading · The Funded Trader · The Trading Pit · TopOne Trader · TopTier Trader · TraderScale · TradersYard · Traddoo · True Forex Funds · Way2Funded · WeGetFunded · X-Funded · Ylos Trading. Compare all of them in our prop firm comparison table.
On the CFD broker side, MetaTrader is equally dominant:
- AvaTrade: MT4, MT5, and AvaTradeGO
- Pepperstone: MT4, MT5, cTrader, and TradingView
- XM: MT4 and MT5
- Tickmill: MT4 and MT5
- Admirals: MT4, MT5, and MetaTrader Supreme Edition
Also compatible: Fusion Markets · Oanda · IG · ActivTrades · Libertex · Hantec Markets · WH SelfInvest
MT5 is currently the most popular platform on new challenges, combining fast execution, MQL5 EAs, and precise drawdown tracking.
MetaTrader Pros and Cons
Pros
- Free, lightweight, and available on desktop, web, and mobile
- Richest ecosystem of EAs and indicators on the market
- Industry standard: seamless experience switching between prop firms
- Reliable multi-timeframe backtesting on MT5
Cons
- Dated interface compared to TradingView or cTrader
- MT4 lacks stock support and Depth of Market
- Less smooth charting for multi-monitor analysis compared to modern rivals
MetaTrader FAQ
Is MetaTrader free?
Yes, MT4 and MT5 are completely free for traders: the license fee is covered by the broker or prop firm hosting your accounts.
Can you use trading robots (EAs) on a prop firm challenge?
It depends on each firm's rules: most allow EAs, but some ban third-party EAs shared among multiple traders. Always verify the rules before automating a challenge.
MT4 or MT5 for a challenge in 2026?
MT5: faster backtesting, more instruments, and the platform where new prop firms invest. MT4 remains useful only for existing MQL4 EAs.
Can I monitor my funded account on mobile?
Yes, the MetaTrader iOS and Android apps sync your positions in real time with the prop firm server.
Verdict
MetaTrader remains in 2026 the natural gateway to prop firm challenges: free, universal, automatable, and widely accepted. Choose MT5 unless you have specific MQL4 requirements, practice on demo, and compare firms offering it in our prop firm comparison table. To maximize your pass rates, explore our challenge pass and management services. Further reading: passing the FTMO challenge and our complete prop firm guide for 2026.
