The MT5 platform has more trading tools and functions than the MT4 platform. An economic calendar, time and sales data, real-time trading strategy testing, a more liberal order filling policy, in-depth market visibility, a larger selection of technical indicators and graphical tools, and the ability to view multiple timeframes are all included.
The MT4 platform is still widely used in the Forex community, so while MT5 has more features, the Forex industry has been slow to adopt this new platform.

MT5 was designed primarily to attract non-Forex traders by providing access to stocks, bonds, options, and futures. The MT4 platform can only execute Forex and CFD trades. As a result, MT5 attracts a larger number of traders.

Although many brokers continue to offer trading on the MT4 platform, this indicates that the Forex community is pleased with the functionality provided by MT4.