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So, you’re still not sure whether this is the right platform for you? Let’s run over some of the advantages and disadvantages of the platform.
Metatrader 4 Advantages
It’s Free!
Yes, a fairly obvious one here – but a critical point. The platform is completely free of charge. If it weren’t we probably would never have seen the massive explosion in retail Forex trading in the 2000s and the industry would be a very different, and more restricted, space.
Mobile
I don’t mean it’s available on your phone/tablet, though it certainly is that too. What I mean by mobile, 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. These can be purchased from the MetaTrader Market and easily installed. As MQL4 is freely downloadable there is a large community of EA creators and hundreds of EAs to choose from, many of which are free, and if that’s not enough, you can always write your own.
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.
Charts
Despite its age, it is still regarded as having one of the best charting tools of any trading platform. You can simultaneously open an unlimited number of charts, customise their appearance and apply various graphical objects and indicators to them. All charts are interactive, and you can zoom and scroll through them in real time.
Security
It 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 using Flash, 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 ageing laptop.
MetaTrader 4 Disadvantages
It’s 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.
It doesn’t like Macs
It can run on Macs but not without some effort. You must 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, traders can keep updated with the latest news affecting exchange rates without having to leave the platform.
It’s not Metatrader 5
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 can support stocks, futures and commodity trading, whereas MT4 cannot. That said, MT5 is a more sophisticated platform – but if you are interested in trading these asset classes alongside Forex on a Metatrader platform, you don’t have a choice. Additionally, MT5 is finally seeing serious support from the industry, with some ditching the older sibling entirely in favour of the newer version. The jury is still out over whether this will become a trend, but it is something to keep in mind.
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, get focused without the distraction of fancy tools, then it remains a good 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.
