Taking the first step to start a forex brokerage is a significant one. Choosing the best trading platform is one of the most important decisions you’ll ever have to make. New forex startups, in particular, will usually have to decide between three widely used platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and Proprietary Platforms.
Every choice has its positive and negative aspects, and it is an informed choice that you can make once you know about both. In this blog, we’re going to share the main differences between MT4, MT5, and bespoke platforms, contrast their specifications, and lead you through choosing the most suitable for your business.
What is MetaTrader 4 (MT4)?
MT4 is a highly popular trading platform across the globe. Designed by MetaQuotes in 2005, it’s famous for simplicity, reliability, and huge user base.
Key Features of MT4:
- Easy-to-use interface
- Sophisticated charting capabilities
- Automated trading through Expert Advisors (EAs)
- Multiple order support
- High liquidity support
Pros of MT4:
- Extremely stable and tested over the years
- Traders and brokers find it easy to use
- Huge community and third-party supports
- Less expensive than MT5 and proprietary platforms
Cons of MT4:
- Restricted to hedging purposes only (no netting)
- Does not offer support for some newer trading instruments such as stocks and futures
- Less technical upgrading since the release of MT5
MT4 continues to be a preferred choice among brokers catering to forex and CFD trading, particularly when dealing with novice and mid-level traders.
What is MetaTrader 5 (MT5)?
MetaTrader 5 (MT5), which was released in 2010, is an upgraded version of MetaTrader 4 (MT4). It was developed to accommodate shares, commodities and futures, in addition to FX.
Key Features of MT5:
- Increased Speed and efficiency
- Supports both netting and hedging
- Built in economic calendar
- Depth of Market (DOM) data
- More technical indicators and time frames for charts
Pros of MT5:
- Supports multiple financial instrument classes
- More advanced backtesting for your strategy
- Reporting tools (to comply with regulators!)
- Ideal for advanced traders
Cons of MT5:
- Some less functionality to new users
- Slightly higher cost of licensing
- Not backwards compatible with MT4
If your brokerage believes in providing more types of financial instruments than just FX MetaTrader 5 is a great option.
What is a Proprietary Platform?
A Proprietary Platform is an internal or third-party custom-built software application. An organization has complete control over the layout, look-and-feel, features, and interaction of the product.
Key Features of Proprietary Platforms:
- Design is fully custom
- Brand and UX is designed specifically for your company
- Advanced risk management features
- Integration with your CRM and KYC and payment platforms
Pros of Proprietary Platforms:
- Ownership and branding flexibility
- Flexibility to develop for niche/exotic markets or unique trading instruments
- Better data protection & control (out of the box) vs. hosted platforms
Cons of Proprietary Platforms:
- Higher price for development and maintenance
- Takes longer to take to market
- Ongoing IT support required
A Proprietary Platform works best for brokerages that want to be different or provide unique features or want to target a more sophisticated or tech-savvy trading audience.
MT4 vs. MT5 vs. Proprietary Platforms: A Comparison Table
| Feature | MT4 | MT5 | Proprietary |
| Release Year | 2005 | 2010 | Custom |
| Asset Support | Forex, CFDs | Forex, CFDs, Stocks, Futures | Custom |
| User Base | Huge | Growing | Limited (exclusive) |
| Customizability | Low | Medium | High |
| Setup Cost | Low | Medium | High |
| Time to Market | Fast | Medium | Slow |
| Regulatory Tools | Basic | Advanced | Customizable |
| Branding | Limited | Medium | Full Control |
Factors to Consider Before Choosing a Platform
1. Target Market
If most of your users are forex traders, MT4 might be sufficient. If you want to support stocks or commodities too, either MT5 or a proprietary platform is a better option.
2. Budget
MT4 has the lowest cost to license and operate. MT5 is medium cost, while proprietary platforms have a high cost.
3. Time to Launch
Need to get to market fast? MT4 or MT5 can be deployed within weeks. Custom will likely take months.
4. Brand Identity
Want your platform to look and feel unique? A proprietary platform allows you to maintain full control over brand and user experience.
5. Scalability and Custom Features
If you plan to grow quickly and be able to provide many custom trading experiences, proprietary platforms have far more capabilities and scaling potential than MT4/MT5.
Why Choose Device Doctor India for Forex Platform Setup?
If you are unsure about which platform is best for your startup, Device Doctor India has you covered.
Device Doctor India is a trusted SEO and Fintech solutions provider, providing consultancy and technology development for forex startups. Device Doctor India can help you with:
- Choosing a platform (MT4, MT5, custom)
- White-label integration
- Website/CRM setup
- SEO strategies for brokerages.
Whether you need assistance with development, branding or marketing your brokerage, Device Doctor India ensures you kick-start your brokerage with the best tools and systems available in 2025.
Real Use Case: A Broker Who Switched from MT4 to MT5
A forex broker in Singapore chose to use MT4, which was more cost-effective and easier to deploy, and started working with its forex clients. As they grew, their clients began requesting to trade stocks and futures, and they ultimately moved to MT5.
As a result, they doubled their asset offering for new clients, maintained more loyal existing clients, and increased revenues by 40% in the six months after moving to MT5.
This shows that aligning your platform with your desire for growth is powerful.
Final Verdict: Which Platform Should You Choose?
| If You Are… | Go For… |
| A beginner broker with limited budget | MT4 |
| A broker planning to offer multi-asset trading | MT5 |
| A broker who wants full control and unique features | Proprietary Platform |
Choosing the best trading platform for your forex startup is fundamentally imperative. MultiTerminal 4 (MT4), MultiTerminal 5 (MT5) and proprietary trading platforms have useful capabilities. After determining your goals and analyzing your target audience, it is best to seek opinions and the best advice from professionals, like Device Doctor India, to make an informed decision.
FAQs
Q- 1. Is MT5 better than MT4?
Ans- Multi Terminal 5 offers more features and asset classes compared to Multi Terminal 4 but is easier and less expensive to get started with. Deciding on the platform is tied to your business plan.
Q-2. How long does it take to launch a proprietary forex platform?
Ans: Generally, it takes about 4 to 6 months or longer, depending on the complexity and the additional features you want included.
Q-3. Can I switch from MT4 to MT5 later?
Ans- Yes, you will have to implement/set up a new system and migrate your clients. However, it is not an impossible task, especially with the appropriate support.
Q-4. Are proprietary platforms more secure?
Ans: Hopefully yes!!! because you own the data and have the ability to secure relevant applications and any custom integrations for data security.
Q-5. Does Device Doctor India offer platform development services?
Ans: Yes!! Device Doctor India offers help with anything from white-label MT4/MT5 integration to custom application trading platforms or new forex broker marketing plan.
