XM offers three main ways to trade: MetaTrader 4 (MT4), MetaTrader 5 (MT5) and the XM App for mobile. They connect to the same broker but are not interchangeable, and the choice you make when opening a trading account can be hard to reverse without opening another account. This independent ExemSignup guide compares them so you can choose deliberately rather than by default.
Quick comparison
| Feature | MT4 | MT5 | XM App |
|---|---|---|---|
| Main devices | Desktop, web, mobile | Desktop, web, mobile | Mobile |
| Best known for | Forex trading, very large library of indicators and Expert Advisors | Newer MetaQuotes platform with more timeframes and built-in tools | Account management and trading in one broker-built app |
| Automated trading | Yes, Expert Advisors in MQL4 | Yes, Expert Advisors in MQL5 and a multi-threaded strategy tester | Not designed for automated strategies |
| Chart timeframes | 9 standard timeframes | 21 timeframes | Simplified charting |
| Pending order types | 4 types | 6 types, including stop-limit orders | Common order types |
| Economic calendar and depth of market | Not built in | Built in | Varies by app version |
| Deposits and withdrawals in app | No, done in Members Area | No, done in Members Area | Typically integrated with account management |
| Code compatibility | MQL4 tools do not run on MT5 | MQL5 tools do not run on MT4 | Not applicable |
Feature details for the XM App can change between versions. Check the app store listing and XM's platform pages for the current feature set.
MT4: the established option
MT4 has been the standard retail forex platform for many years. Its main strength is the ecosystem: a huge number of free and paid indicators, scripts and Expert Advisors are written for it, and most trading education materials still show MT4 screens. If you already own an MT4 Expert Advisor or rely on a specific custom indicator, MT4 is the practical choice, because that code will not run on MT5 without being rewritten.
The trade-off is that MT4 is older. It has fewer timeframes, fewer order types and a slower single-threaded strategy tester. MetaQuotes, the developer, has focused new development on MT5.
MT5: the newer MetaQuotes platform
MT5 looks familiar to MT4 users but adds more timeframes, more pending order types, an economic calendar, depth of market and a faster strategy tester that can use multiple processor cores. For someone starting fresh with no MT4 tools to carry over, MT5 is often the more future-proof choice. If you pick it, our guide to connecting XM to MT5 covers the login and server steps.
The available instruments can differ between MT4 and MT5 accounts at some brokers. Check the instrument list for the platform you plan to use if a specific market matters to you.
The XM App: account management plus trading
The XM App is XM's own mobile application. Its advantage is convenience: managing your account, checking verification status and handling funding tend to sit alongside trading in one place, instead of switching between a website and a separate MetaTrader app. It suits people who mainly trade or monitor positions from a phone and do not need custom indicators or automation.
It is less suitable for detailed technical analysis on many charts at once or for running Expert Advisors, which require MetaTrader on a computer or a virtual private server. Download the app only from the official app store for your device or from XM's own website. If you are still registering, our Android and iPhone sign-up guides cover the mobile route.
How to choose
- You already use MT4 tools: choose MT4 so your Expert Advisors and indicators keep working.
- You are starting from scratch on desktop: MT5 is usually the better long-term option.
- You want automated strategies: choose the MetaTrader version your code is written for and plan for a computer or server that stays online.
- You mostly trade on your phone: the XM App or MetaTrader mobile both work; the XM App is simpler if you also want account management in the same place.
- You are not sure: open a demo account on each platform and try them for a week before committing real funds.
Practical setup tips for any platform
Whichever platform you pick, a few habits make the first weeks smoother:
- Write down which account runs on which platform. If you hold both an MT4 and an MT5 account, mixing them up is the most common reason for a failed login.
- Set default order sizes deliberately. MetaTrader remembers the last volume you used. Check it every time before you click buy or sell, especially on mobile where the screen is small.
- Turn off one-click trading while you learn. The confirmation step is a useful safety net against accidental orders.
- Keep the platform updated from official sources only, so security fixes are applied.
- Know how you will reach your positions if one device fails. Logging in to the same trading account on a second device or the web version lets you close a trade if your computer or phone is unavailable.
If you run Expert Advisors, remember they only work while the terminal is open and connected. A laptop that goes to sleep stops the strategy, which is why some traders use a virtual private server. Test any automated strategy on a demo account before running it on live funds.
Does the platform change your costs?
Trading costs come mainly from the account type you choose, such as Standard or Ultra Low, rather than from the platform. The same account type generally carries similar spreads whichever MetaTrader version it runs on, though you should compare live quotes yourself. See XM trading costs and XM account types for detail.
Frequently asked questions
Which platforms does XM offer?
XM offers MetaTrader 4, MetaTrader 5 and its own XM App for mobile devices.
Is MT5 better than MT4 at XM?
MT5 has more timeframes, more order types and a faster strategy tester, so it is often the better choice for new users. MT4 remains useful if you rely on existing MQL4 indicators or Expert Advisors, which do not run on MT5.
Can I switch an XM account from MT4 to MT5?
The platform is set when the trading account is created. To use the other platform you would normally open an additional trading account from the Members Area.
Can I run Expert Advisors on the XM App?
The XM App is not designed for automated strategies. Expert Advisors run on MetaTrader 4 or 5 on a computer or server.
Does the platform affect spreads?
Costs depend mainly on the account type rather than the platform. Compare live quotes on the account and platform you intend to use.
How we checked this guide: XM changes its products, entities and forms over time, and conditions differ by country. We describe the process in general terms and say so when a detail could not be confirmed. Always treat the information on XM's own registration pages and client agreement as final. Read our fact-checking policy.