An Introduction to MetaTrader 4
The MetaTrader 4 platform is one of the most popular platforms among traders. Also known as MT4, it has become a trusted and reliable choice for traders across the world. Featuring a simple, user-friendly interface with advanced trading tools and technical indicators, the MT4 trading platform has emerged as a favoured option among traders.
Online trading platforms play an important role in forex trading by providing traders with access to real-time quotes and enabling them to execute trades. This is why, for many traders, choosing the right platform is a key decision as it can have a significant impact on their overall trading success.
In this comprehensive intro guide to MetaTrader 4, we will be sharing some key details and features to help get you started with the platform.
What is the MT4 Trading Platform?
The MetaTrader 4 platform was developed by MetaQuotes Software over two years, before being officially released in July 2005. A mobile version of MT4 was released a few months later, becoming available to traders in October 2005.
When it comes to finding out exactly what is MetaTrader 4, we need to understand the basics. As the name suggests, it is the fourth version of the set of forex trading platforms designed by MetaQuotes. Also, the company describes MT4 as being 3 to 5 times more productive than its predecessor.
While newer platforms have since been launched to the market, MT4 remains very popular among retail forex traders. It supports a wide range of trading instruments including forex, CFDs and commodities, making it a highly effective and versatile trading terminal. Let us take a closer look.
Key Features of MetaTrader 4
MetaTrader 4 is the platform of choice for many international brokers and traders because of the wide range of features it offers. It is well suited to traders of all abilities and experience levels thanks to its flexibility and accessibility. We will now look at some of the best MetaTrader 4 features currently available to global traders right now.
Advanced charting tools
The platform offers multiple interactive MT4 charting tools including line, bar and candlestick charts. It also features 30 built-in technical indicators, which help traders to analyse price movements effectively.
Expert Advisors (EAs)
There is support for automated trading with MT4 Expert Advisors. This enables traders to monitor the financial markets and perform market transactions automatically through the use of algorithmic trading robots.
Custom indicators
MT4 provides users access to more than 2,000 free custom indicators and 700 paid ones. This allows traders to make informed decisions, while adapting the platform to suit their particular trading preferences.
Real-time market quotes
Traders can receive live price feeds directly from their broker, providing them with the latest market information at any time. This real-time data is displayed without delay, meaning traders can react quickly to price movements.
Compatibility across devices
MT4 can be accessed across multiple devices, with the platform offering both mobile and desktop support. It is available on Windows, macOS and web browsers, as well as through apps on mobile and tablet devices.
How to Download and Install MetaTrader 4
It is quick and easy to download MetaTrader 4 on both desktop and mobile devices. Follow the simple steps below which shows you how to install MetaTrader 4 without any issues.
MetaTrader 4 – Desktop
- Visit the website of your chosen broker or the official MetaTrader 4 website.
- Select the relevant version of MT4 for your device (Windows, Mac)
- Download the file to install MT4 trading platform.
- Run the installer and follow the instructions when prompted.
MetaTrader 4 – Mobile
- Visit the website of your chosen broker or the official MetaTrader 4 website.
- Select the relevant version of MT4 for your device (Android, iOS).
- If not automatically redirected, head to the Google Play Store or App Store on your mobile device.
- Download the app from within the store and follow the instructions when prompted.
It is important to note that some brokers provide their own custom versions of MetaTrader 4 which are tailored to their services. These custom MT4 portals often include the broker’s own branding and specific features unique to that broker’s offering, such as custom indicators or trading tools.
Sometimes users experience challenges or encounter problems when downloading the MT4 platform. We list some of the most common issues below and offer a solution to each – so you can successfully resolve any problem you may have.
Issue: Incompatible operating system
MT4 may not function correctly due to a system error that it detects, which can affect the platform’s overall performance.
Solution: Ensure that your computer or mobile operating system is up to date and supports the latest version of MT4.
Issue: Insufficient disk space
The installation of MT4 could be affected or prevented from being completed if there is a lack of disk or memory space.
Solution: Remember to check that you have enough free space on your device before you begin the installation.
Issue: General access issues
You may be blocked from installing MT4 if you are using a work computer on a shared network or a device where you are not the system administrator.
Solution: Use a computer or device where you are the sole owner, so you can authorise access and grant permission to download and install MT4 without any issues.
How to Use MetaTrader 4: A Beginner’s Guide
To help you learn how to use MetaTrader 4, we have put together an informative MT4 tutorial for beginners, which includes everything you need to know when starting out.
Once you have downloaded and installed MT4, you will need to complete the relevant forms that appear within the portal. Most brokers require you to log in with your account details including username and password so you are able to access their specific servers.
After completing this important step, you are ready to begin trading. But first, we recommend that you take the time to properly explore all the different functions available on the MT4 interface. We will now take a look at some of the most useful features that you can access from day 1.
Toolbars
MetaTrader has a total of 4 toolbars built into the terminal, which include:
- Standard: general commands of managing the terminal
- Charts: commands for specifically managing charts
- Line studies: managing graphical objects to be imposed into charts
- Timeframes: managing the different chart timeframes available
The most common commands, which are found in the terminal, are also included as buttons within the toolbar sections. Usually, the toolbars are featured under the main menu, but they can be moved anywhere in the window area. They can also be displayed or hidden by clicking “View” then “Toolbars” in the menu. Each toolbar can be fully customised, so you can keep the buttons you prefer or use the most. To set up a toolbar, simply right-click on it and select “Customise”.
Market Watch
The Market Watch section allows you to start placing trades on MT4, set pending orders and open new charts. It displays a list of the symbols that the platform receives price quotes for from the server. For example, the live bid and ask price of various currency pairs is shown here. The data is represented in table format and has several different fields:
- Symbol: includes the symbol name, e.g. EURUSD, USDJPY.
- Bid, Ask: shows the live prices as they were received from the server.
- Time: shows the time that the live prices were received from the server.
- Maximum, Minimum: calculated based on the intraday price changes.
As for the tabs available in the Market Watch area, these include price quotes, chart access, depth of market, tick charts and specification options.
To open or close the Market Watch window, press “Ctrl+M” on your keyboard or click the “View – Market Watch” menu command. Alternatively, you can press the red and green arrow “Open” button from the “Standard” toolbar.
Terminal
Within the MT4 portal, the Terminal window displays your trades, balance, and account history. You will also see the chart window, where you will be able to view and analyse price movements, set up alerts and manage the system’s journal. It includes a range of useful tabs, with the key ones listed below.
- Trade: Shows the details of your currently opened trades, such as the trade symbol, volume, entry price, and profit/loss.
- Account history: Displays your past trades, featuring order details, execution times, and profit/loss.
- News: Keeps you informed with the very latest financial news and market updates relevant to your chosen markets.
- Alerts: Enables you to create and manage alerts driven by price movements or other market conditions.
- Journal: Monitors and records your trading activity on the platform, including any notable errors or alerts.
To open the Terminal window, press “Ctrl+T” on your keyboard or click the “View – Terminals” menu command. Another way to open the window is by clicking the “Terminal” window button from the “Standard” toolbar.
Navigator
This window allows you to organise your trading, presenting quick and easy access to your accounts, trading indicators, and tools within the terminal. Within the Navigator window, you are able to access the below tabs:
- Accounts: Shows a list of all your live or demo trading accounts, allowing you to switch between accounts, along with viewing and managing your account details.
- Indicators: Contains the full range of technical indicators available, so you can choose which ones to apply to your charts, which you can drag and drop from the panel.
- Expert Advisors (EAs): Shows the automated trading tools, or Expert Advisors, installed in your platform, which can be used for algorithmic chart trading.
- Scripts: Offers a range of custom scripts built for automation or one-off functions. These scripts can be activated directly from the Navigator window.
To open or close the Navigator window, press “Ctrl+N” or from the main menu click “View” then “Navigator”.
How to place a trade on MT4
To place a trade on MT4, open the New Order window by clicking the button on the top toolbar or by right-clicking a currency pair in Market Watch. Select your trading symbol, choose a trade size, and decide whether you want to buy or sell. You can also decide to set a stop loss and take profit level if you wish. Once you are ready, click the Buy or Sell button to open your position.
It is also possible to adjust how the charts look so they are easier to follow. To do this, simply right-click on any chart to choose the timeframe or switch between line, bar, and candlestick charts. Should you wish to use trading indicators, you can drag them from the Navigator window onto your chart. Some of the most popular and widely used indicators include Moving Averages, RSI, and MACD.
Lastly, to manage your trades, head down to the Terminal window at the bottom of the screen and click the Trade tab. Here, you are able to view each of your open positions. Right-click on any trade to close it or to change the stop loss and take profit settings.
MT4 vs MT5: What’s the Difference?
A key decision that many traders are faced with is choosing a suitable platform that best suits their trading needs and strategies. If you were to search online for ‘best trading platform forex’, you would see mixed results, with some experts promoting MT4 and others highlighting MT5.
Both developed by MetaQuotes, the MetaTrader platforms remain two of the most popular options on the market. However, they each represent different generations of trading technology and feature their own unique strengths.
While MetaTrader 4 is the preferred choice among beginner traders due to its simple interface and strong community support, MetaTrader 5 is favoured for its wide range of advanced features and broader market access.
MT4 is more straightforward for users, as it is built using a much simpler programming language, called MQL4. This makes the platform much better suited for new or inexperienced traders, as it is quicker and easier to create trading tools or automated strategies on MT4.
In comparison, MT5 is built using a far more complex MQL5 programming language that grants traders the flexibility to create custom indicators, automated trading strategies and scripts with greater detail.
To help you decide on whether to trade with MetaTrader 4 or 5, we have broken down the most important features and differences you need to know about. Check out the table below, where we delve into the numbers to offer a quick and easy comparison of MT4 vs MT5.
MT4 vs MT5: Comparison in numbers
Feature | MT4 | MT5 |
Release Year | 2005 | 2010 |
Timeframes | 9 | 21 |
Technical Indicators | 30 | 38 |
Order Types | 4 | 6 |
Charting Tools | 31 | 44 |
Programming Language | MQL4 | MQL5 |
Economic Calendar | No | Yes |
Depth of Market | No | Yes |
Hedging | Yes | Yes |
Netting | No | No |
Ultimately, the choice between MT4 or MT5 depends on your own personal preference. MetaTrader 4 is more established and more beginner-friendly, but MetaTrader 5 is a highly capable platform with powerful functionalities.
Before you make your final decision, it may be worth opening a demo account on both platforms to get a feel for each one in a safe, risk-free environment. We also recommend that you properly research the MT4 and MT5 platforms to see which features best meet your specific trading needs.
Benefits of Using the MT4 Trading Platform
MetaTrader 4 has a good reputation among traders across the world. It is widely regarded within the industry as being a well-established, reliable platform for traders of all experience levels looking to access the markets with confidence.
For many years, it has been the platform of choice for forex traders thanks to its easy to navigate interface. One of the biggest MT4 benefits is its ability to run smoothly on multiple devices. This includes older generation or low-powered computers, making it highly accessible to all.
Why use MT4?
MT4 functions well on most operating systems and is supported by several of the world’s leading forex brokers. It is packed with features, with MetaQuotes listing all of the key ones in detail on its website. So you can find out all about the main advantages of MetaTrader 4, we have highlighted a selection of the biggest positives about the platform below.
- User-friendly design: Its simple interface means that new users to the platform can place trades, read charts and access tools quickly and easily.
- Good customisation: Traders have the flexibility to install custom indicators and automated trading strategies known as Expert Advisors (EAs).
- Community support: There is a large and active online network of MT4 traders who share knowledge, resources and trading tools with users.
- Overall stability: MT4 is a reliable platform, performing consistently well even during busy market conditions or periods of volatility.
Each of the above advantages have contributed to the strong reputation of MetaTrader 4 in the 20 years it has been operating. Its long-standing presence in the forex industry, combined with an established online community and reliable performance has made MT4 a dependable choice for traders across the globe.
Tips for Maximising Your Trading with MT4
There are various ways you can get the most out of your MT4 trading strategies on the MetaTrader 4 platform. Whether you are new to MT4 or have used it for many years, the lineup of tools and customisation options available make it one of the best trading platforms on the market.
To help you maximise your trading experience within the terminal, we have put together a quick list of the most useful MT4 trading tips below.
Install custom indicators and trading scripts
Beyond its standard range of built-in tools, MT4 enables you to add custom indicators and scripts tailored to your own specific strategies. By customising and automating your trading setup, it can help you to better identify trading opportunities.
Use the Strategy Tester to backtest EAs
The MT4 Strategy Tester is a built-in tool that allows you to simulate your trading strategies. It utilises historical quote data to help you backtest the performance of EAs in a safe, risk-free environment, before you use them in the live markets.
Set alerts for price movements
MT4 allows you to set custom price alerts, so you can get notified when a specific level is reached. This means that you will be able to stay on top of the latest market movements without having to constantly monitor the screen.
Employ risk management tools
Managing risk is a key element of any successful trading strategy. With MT4, you can set stop-loss orders to limit heavy losses. You can also implement trailing stops to protect your profits as prices move in your favour.
By following the above steps and using the most helpful tools and features, you can improve your overall MT4 setup and lay the foundation for a more effective trading strategy.
Choosing the Right Broker for MT4
When searching online, you will see there are many examples of brokers that support MT4, from established companies to newer or less popular firms. Therefore, making the right decision for you requires proper research and MetaTrader 4 broker comparison. To support you through this process, we have outlined three simple and effective steps to follow when choosing the right MT4 broker.
Check the broker offers MT4
Make sure you get all the details about the exact version of the platform the broker uses. Find out whether the broker offers full MT4 integration, including support for Expert Advisors (EAs), custom indicators, and the Strategy Tester.
Review the trading conditions
Look into the trading conditions available with the broker. Key information like spreads, commissions, minimum deposit requirements, and leverage options should all be clearly presented and easily accessible on the broker’s website.
Choose a regulated broker
Select a reputable broker that is fully licensed with a recognised regulatory authority. Leading international bodies include the UK FCA and ASIC in Australia. Aside from this, check online trader reviews about the broker before making a final decision.
Should you wish to save time on research, you can check out our guide to the best MT4 brokers for 2025.
Is MetaTrader 4 Still Worth Using in 2025?
So after all the analysis above, you may be thinking: is MT4 still good? While there may be newer options available on the market right now, there are millions of traders using MetaTrader 4 in 2025. It remains one of the most popular platform options among traders of different generations, experience levels and risk tolerances.
It is accessible and user-friendly for beginners and contains enough features to satisfy experienced professionals, making it a true all-round option for traders worldwide. Most of the top forex brokerages offer MT4 as part of their platform lineup, meaning you won’t be forced to choose an unknown or untrusted company to trade on the terminal.
Thank you for reaching the end of our comprehensive MetaTrader 4 review, we hope you found it useful and informative. We set out with an aim of making it as detailed as possible, so you could gain a better understanding about what the platform is and how you can use it to your advantage as a trader.
One final thing to mention is, once you have chosen a trading platform you are happy with, please feel free to visit our beginner’s guide on how to start trading forex.
FAQs
MetaTrader 4 is a trading platform used to analyze charts, place forex trades, and use expert advisors (EAs). It’s beginner-friendly and widely supported by brokers.
Download MetaTrader 4 from your broker or MetaQuotes, run the installer and follow the prompts to complete setup.
Open MT4, click “File” > “Open an Account,” select a demo server, fill your details and start trading with virtual funds.
Click “New Order,” choose your volume, set Stop Loss or Take Profit, then click Buy or Sell to execute the trade.
Go to “Insert” > “Indicators,” choose one from the list, adjust settings, and it will appear on your chart
MT4 is simpler and forex-focused, which is ideal for beginners. MT5 offers more markets, time-frames, and features for advanced traders.
Publication date:
28/07/2025
Author: FX Trust Score
Last updated on July 29, 2025
