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MetaTrader 4 (MT4) is the most widely used trading platform among retail traders and has been for over 15 years. Available on mobile, tablet, in a web browser and as a downloadable application, MT4’s versatility only cements its position as the world’s premier trading platform.
Before you decide on whether to use an MT4 broker we need to look at the advantages and disadvantages of the MT4 platform.
It’s Free!
Yes, a fairly obvious one here – but a critical point. The platform is completely free of charge. If it wasn’t, we probably would never have seen the growth in retail Forex trading in the 2000s and the industry would be a very different, and more restricted, space.
User-friendly Interface
While the user interface appears dated, the one-click trading, customisable layout, and advanced charting abilities all come together to provide a stable and personalised trading experience, allowing traders can focus on the trading and less on the application.
Advanced Charting Capabilities
MT4 charting capabilities allow traders to combine technical analysis and trade management from within the chart view. The advanced charting helps:
- Reflect trader priorities and only display the information useful to formulating a trading decision.
- Make decisions from multiple data sources or charts quickly.
- Managing multiple accounts trading accounts simultaneously.
MT4 charts do have shortcomings, which have been upgraded on the MT5 platform. MT4 doesn’t allow traders to overlay data on charts, or do studies on top of studies which would help come to more advanced conclusions.
One-Click Trading
One-click trading is available in MT4, so that in fast-moving markets, traders can execute trading decisions quickly. By being able to buy and sell currency pairs with just one click, traders can potentially save time that they would otherwise have lost should they have been using a slower trade execution platform.
Stable Trading Platform
MT4 is the lowest-latency platform available but hosting locations can lead to different trade execution speeds depending on the Internet connection speed. MT4 can either be downloaded to a personal computer or the cloud on a VPS service, but a continuous and stable internet connection is required to ensure proper operation.
If you are going to host the MT4 software on your local machine, you will need to ensure fast connections to the MT4 server via a reliable ISP. Should the connection fail, a trader would not be able to manage open trades, and should the connection be slow the trade execution will be delayed and result in slippage.
As a platform, MT4 it is highly customisable. MT4 has built-in scripting tools allowing for users to build or buy expert advisors (EAs), indicators and other algorithmic trading tools. It is primarily due to the core of the MT4 platform being so well-built that these extensions are made possible, giving the trader full control of the experience, and thus maintaining the legacy of MT4 being the prime choice in trading software.
Portable
We don’t mean it’s available on your phone/tablet, though it certainly is that too. What we mean by portable in this case, is that once you download the platform to your computer, it is yours. If you switch broker, it goes with you. It can also support multiple brokers and multiple accounts from the same broker. As your trading goals and needs change, you can move freely between brokers without worrying about losing any customised changes you made to your version of the platform. And speaking of customisation, that brings us on neatly to…
Expert Advisers
Probably the most popular feature of this platform is its ability to support user-defined Expert Advisors (EAs). Algorithms written in the MQL4 script, EAs are user-defined trading tools that allow traders to automate their trades within set parameters.
Nearly 2000 EAs have been developed by third parties using MQL4 (the language created by MetaQuotes). They are available for rental or purchase through a marketplace section of the MT4 software or from the MQL5 website.
Indicators
Much like EAs, indicators are algorithms made in MQL4. Unlike EAs, indicators will not automate your trades but rather feed you real-time technical analysis – leaving you to make the trading decision manually. There are over 2000 free indicators available in the MetaTrader Code Hube, and hundreds more have been created by the community and can be purchased in the MetaTrader Market.
Trading Signals
Another automation feature of the MT4 platform is its social trading integration which is available with a free subscription. Trading signals let you to automatically copy the trades of other individuals, rather than using an automated trading EA, which uses market data to make trading decisions.
Select trading accounts will also include free signals which can be shown into MT4, or traders have access to a large selection of commercial signal providers via the signal tab of the trading platform. It is common for traders to subscribe to a large assortment of signal providers, and only act on the signals that suit their strategy.
Security
MT is also famous for its security – all information between client and server is 128-bit encrypted, and it also supports RSA Digital Signatures.
Widespread Use
It is almost fifteen years old and is still the industry standard. Most brokers will offer it, and it is incredibly well supported – if you have a question, someone will have answered it – if you have a problem, someone will have solved it. There are many thousands of people who know the platform inside and out, and many of them have made videos or tutorials for pretty much every aspect of it. For beginners and experienced traders alike, this is a great advantage.
Not Resource/Bandwidth Intensive
Because of its age, it runs smoothly on all modern computers and will be happy on even ageing systems. Many proprietary platforms run in a browser, and system resource issues can occur, slowing down or crashing the platform – this is not ideal as seconds really can count in Forex trading. None of these issues exists with MetaTrader 4, even on your old laptop.
Disadvantages of Using an MT4 Broker
MT4 is Old!
Yes, it looks like a program from 2005. If you are looking for something aesthetically pleasing this is not your platform – but if you are that concerned with how your platform appears then maybe you should re-examine your trading priorities.
MT4 Doesn’t Really Like Macs
While MT4 can run on Macs with a few tweaks, it will only run on Mac Os versions prior to Catalina (version 10.15, released in 2019). Catalina only supports 64bit applications and as MT4 is a 32bit application, it is not compatible. For earlier versions of Mac OS, the safest way of getting MT4 to run is to install a Windows emulator called Wine (a tool for Unix-based systems to run an application developed for Windows) along with fonts and the graphical interface. Wine is a great tool, but not necessarily the most stable and your experience can suffer as a result.
No News-Feed Integration
It lacks the integration of news and economic data. On more modern platforms such as MT5, traders can keep updated with the latest news affecting exchange rates without having to leave the platform.
What is the difference between MT4 and MT5?
MetaQuotes released the latest version of Metatrader (Metatrader 5 or MT5) in 2010. There are several essential differences between the two, but the significant functional change is that MT5 has native support for shares, futures, and commodity trading, whereas MT4 does not. MT5 also boasts a cleaner interface and comes with an integrated news feed and more charting capabilities.
MT5 also has a new scripting language, MQL5, which allows for more rigorous backtesting of algorithms and more advanced trading robots. Additionally, MT5 is finally seeing serious support from the industry, with some ditching MT4 entirely in favour of the newer version.
It is important to note that trading algorithms built for MT4 will not run in MT5 (and vice versa) due to the incompatibility of their scripting languages.
Which MT4 broker is best?
AvaTrade is the best MT4 broker. With excellent MT4 technical support for beginners, both FSCA and ASIC regulation and competitive trading conditions, they have the product offering to come top of a long list of MT4 brokers.
Conclusion
MetaTrader 4 is central for so many traders in their development towards becoming professional traders. It will be here for many years to come and will continue to help new traders launch a trading career. If you’re trying to get the most out of your charts and focus without the distraction of fancy tools, then it remains a candidate to satisfy 90% of all your trading needs.
If you’re interested in learning all trading features that this platform has to offer, please check out our complete guide to MetaTrader 4.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products.
Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.
Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)
Our Methodology
Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.
With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.
In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.
All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers.
