Differences between MetaTrader 4 and MetaTrader 5 trading terminals

These are the main differences between MetaTrader 4 and MetaTrader 5.

Timeframes
MT4 has 9 time frames while MT5 has 21 time frames which include 11 types of minute charts, 7 types of hourly charts and daily, weekly & yearly time frames, which allows room for more analysis of the market.

Pending orders
MT4 offers 4 types of pending orders, whereas MT5 offers 6 types.

Buy Limit (MT4/MT5)
Buy Stop (MT4/MT5)
Sell Limit (MT4/MT5)
Sell Stop (MT4/MT5)
Buy Stop Limit (Only MT5)
Sell Stop Limit (Only MT5)

Hedging
Both MT4 and MT5 allow hedging. MetaTrader accounts are set on "hedging mode", not being possible change it to "netting mode".

Depth of market (only MT5)
The Depth of Market displays bids and asks for a particular instrument at the current best prices (closest to the market).

Commission
MT4 => Roundtrip (100% applied at the entry)
MT5 => 50% applied at the entry and 50% at the exit