MetaTrader 4 Review

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Considered the gold standard among trading platforms, MetaTrader 4 is a free platform for trading forex and other financial instruments such as CFDs, futures, indices, commodities, and cryptocurrencies. MetaTrader4 is available for retail traders through specific brokers, which individually license the platform. According to its developer, MetaQuotes Software, the platform is available through over 750 brokers and banks and services millions of traders.

Best For

  • Beginning traders looking to dip their toes into data
  • Advanced traders who want a data-rich experience

Pros

  • Ease of deployment
  • Platform doesn’t overload the computer
  • User-friendly design for beginner investors
  • Compatible with several operating systems such as Linux, Mac and Windows as well as iOS and Android

Cons

  • Comprehensive historical data for backtesting isn’t available
  • Execution speed is not great and is unsuitable for high-frequency trading
  • Its nascent web platform does not allow automated trading
  • Charting package does not provide for a custom timeframe

Considered the gold standard among trading platforms, MetaTrader 4 is a free platform for trading forex and other financial instruments such as CFDs, futures, indices, commodities and cryptocurrencies. MetaTrader4 is available for retail traders through specific brokers, which individually license the platform.

According to its developer, MetaQuotes Software, the platform is available through over 750 brokers and banks and services millions of traders. Look through this MetaTrader 4 review to learn how the platform works and to decide if it’s something you might try in the future.

Who’s MetaTrader 4 For?

MetaTrader4 has something to offer anyone ready to trade. Compare what it can do to support beginners and advanced traders. Yes, a Meta 4 demo would be helpful, but you need to know what MetaTrader can do for you.

Beginners

MetaTrader 4, with its simple design, excellent user interface, and functionalities such as copy trading and Expert Advisors, is ideal if you’re a beginner.

Since most brokers offer this as a sole platform or as an add-on with their own proprietary platform, you’ll gain access to a plethora of platform of educational resources and tutorials. A fully-functional MetaTrader 4 demo account offers strong support for beginners. Think of this as a MetaTrader 4 user guide that lets you test the waters before you start investing.

Advanced traders

The platform also appeals to advanced traders due to its advanced charting capabilities and technical analysis, several built-in indicators and graphical tools and more. The platform also allows automated trading by programming with MetaQuote’s proprietary MQL4 language and constructing custom indicators.

MetaTrader 4’s Platform and Tools

MetaTrader offers desktop, web and mobile platforms. The platforms support over 30 languages, including English, French, Spanish, Portuguese, Japanese, Chinese and Russian. The desktop platform helps analyze financial markets, performs advanced trading operations, runs trading robots and does copy trading.

MetaTrader 4’s Platform and Tools
Source: MetaTrader

A Meta 4 forex broker has options when they enter the platform, be it on MT4 desktop version or mobile. The client terminal of the platform allows 3 trade execution modes:

  • Instant execution
  • Execution on request
  • Execution by market

Orders executed through MetaTrader 4 can be a market order, which is an order executed at the current market price or a pending order, which is a commitment to buy or sell a security at a predefined price in the future.

A pending order an MT4 broker can be a limit, stop or stop-loss order. The platform’s quick trading function sends orders from the chart with one click. Another feature, called built-in tick, helps accurately determine entry and exit points. Price movement can be analyzed in nine timeframes. The platform’s charting application has 30 built-in technical indicators and 24 graphic objects.

MetaTrader 4 platform also ensures security. It conforms to the highest security standards. Your trading account is secured by the encryption of data exchanged between the client terminal and the platform’s servers and the usage of RSA digital signatures. The web platform allows you to trade using any browser and operating system. It provides for all trading orders, 4 execution modes and 1-click trading. The chart carries real-time quotes.

MetaTrader 4 platform
Source: MetaTrader 4

MetaTrader 4’s mobile platform gives complete control over your trading account, and you can access your account anywhere, anytime. The free chat option also helps to communicate with other traders. MetaTrader 4 offers an automated trading feature with the help of automated trading robots called Expert Advisors (EAs). EAs can analyze quotes and execute trades.

These EAs, or robots, are available for download for free from Code Base, which is a library that features codes of free EAs, technical indicators and scripts. Alternatively, they can be purchased or rented from the Market, an online store. You can also order EAs from professional MetaTrader freelance developers.

TradingSignals in MetaTrader 4 allows copy trading of successful traders, who provide their trades in public access for free or for a reasonable fee, thereby becoming signal providers. These free and commercial signals are found on the Signals tab of the trading platform and on the firm’s website. You can select a signal provider and start copying trades without leaving the platform.

Metatrader 4’S - alert tool
Source: MetaTrader 4

The alert tool of the platform lets you create an alert for certain trading conditions such as the price that exceeds specified bid and ask prices. Once the specified event occurs, you will be notified.

MetaTrader 4’s Research Offerings

The platform does not carry 3rd-party research offerings. The financial alerts and tools of the platform provide traders with the latest market events, news from exchanges and large financial institutions, interest rate decisions and geopolitical developments.

For transmitting the quotes and news, you need to launch a simple plugin, a gateway for connecting the platform with quotes and news providers. The platform has already created feeds for major quote and news providers such as IB Times, Trading Central, Dow Jones, Claws and Horns, MNI, Bloomberg, Reuters, Alliance News, FXStreet and Trading Central. You can create your own feed using the MetaTrader 4 API.

MetaTrader 4’s Pricing

Is MetaTrader 4 free?

Yes. MetaTrader 4 is free for download from the website. On the 1st launch, you will be prompted to open a free demo account to enable you to test all features of the trading platform.

When you access the platform through a broker, it may offer MetaTrader 4 free for its clients or widen its spread to account for the use of either the MetaTrader 4 standard account or the MetaTrader 4 Pro account. The brokerage pays an upfront fee of $100,000 for a full license and coughs up an extra sum of around $15,000 per month for hosting, bridging, hiring 24/5 support and other services.

MetaTrader 4’s Compatibility

Even if you only want to see a MetaTrader 4 demo, you must ensure that you have the processing power to use the platform. You’ll need meet the minimum computing requirements for MetaTrader for Windows, which includes:

  • OS – Windows XP/2003/Vista/2008/7/8/10
  • Processor – One that supports SSE2 instruction sets

The other hardware depends on terminal use, load from running MQL4 applications and the number of active instruments and charts, etc. MetaQuotes do not create a version of the platform for Linux and Mac OS. However, to install MetaTrader 4 on the Linux, you need to have the Ubuntu OS and Wine, which is an installer of the Windows program.

For installing the MetaTrader 4 Mac demo on Mac OS, a special program installer called PlayOnMac is needed, which can be downloaded for free. Wine and PlayOnMac do not guarantee perfectly installed programs; they can have bugs at times. If you want to install MetaTrader 4 on a tablet or smartphone with Android OS, Android 4.0 or a higher version is required. For an Apple device, iOS 7.0 or a higher version is required.

MetaTrader 4’s Customer Support

MetaTrader 4’s website has a webpage dedicated to help topics, which provides information under various heads such as getting started, client terminal settings, user interface, working with charts, analytics, trading, auto trading, tools, articles, signals, market and virtual hosting.

To purchase the software, brokerages can contact MetaQuote’s offices in Cyprus, China, Singapore, Australia, Turkey, UAE, Pakistan and Thailand. Support is also available from brokerages that offer the platform.

MetaTrader 4’s Ease of Use

Once you download the platform, you’ll be up and running in no time. Its user interface is friendly and intuitive despite its advanced features. The feature that allows placing of orders right from the charts ensures quick execution and helps you capture profit-making opportunities.

Is MetaTrader 4 Safe?

When trading large amounts of money, it is understandable that you want to know your finances and personal information are safe and secure. Cyber-attacks and hacking are 2 of the highest risks attached to trading forex.

MetaTrader 4 is safe. It encrypts all the data between trader and server and conceals your IP address while you make investments and trades through the platform.

Is MetaTrader 4 Regulated?

Yes. Because MetaTrader 4 has a massive amount of exposure, its partner brokers are regulated by a diverse list of agencies across the world. When you open a Meta 4 trading demo account, are both safe and working with a platform that supports the world’s best forex brokers.

Check Out MetaTrader 4 Today

Since MetaTrader 4 is the most preferred platform for most brokers, you may not be required to learn to trade with another trading platform. The analytical tools offered by the platform are second to none and the copy trading feature helps beginners draw on the expertise of experienced professional traders without burning their fingers. It also facilitates automated trading by either buying or developing your own EAs.

MetaQuotes has tried to popularize MetaTrader 5, so it’s likely that that licensor may not offer technical updates or support. Even so, if you’re using MetaTrader 4 from an established broker, you’re likely to have unhindered access to the platform.

Frequently Asked Questions

Q

Will MT4 be phased out?

1
Will MT4 be phased out?
asked
A
1

Due to the popularity of MetaTrader 4 among forex and novice traders, FXTM will continue to support both MetaTrader 4 and 5. There are currently no plans to phase out MT4 for FXTM users.

answered
Q

Can you use an MT4 account in MT5?

1
Can you use an MT4 account in MT5?
asked
A
1

No, however, many brokers that offer access to MT4 also offer access to MT5 and allow you to switch between the 2 platforms as you need.

answered
Q

How much does MetaTrader cost?

1
How much does MetaTrader cost?
asked
A
1

Both MT4 and MT5 are available as free downloads. Remember that, while the platform itself might not cost money, you’ll still incur any fees or commissions charged by your broker while using MT4 or MT5 to trade.

answered
Q

Can I use MT4 without a broker?

1
Can I use MT4 without a broker?
asked
A
1

MetaTrader 4 connects with licensed brokers using its 3rd-party platform.

answered
Q

What is the minimum for starting with MT4?

1
What is the minimum for starting with MT4?
asked
A
1

The minimum is $5.

answered
Q

What is the difference between MetaTrader 4 and MetaTrader 5?

1
What is the difference between MetaTrader 4 and MetaTrader 5?
asked
A
1

MT 4 was designed to trade forex. MT5 is designed to trade forex and other instruments like CFDs. If you’re considering MT4 vs MT5, remember that MT4 is a simpler to manage.

answered

How do you like MetaTrader?




User Reviews

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I lost up to $55k while trading on Binary Options .I tried getting my money out from the option broker account and was unable to place a withdrawal. I found my self wading through excessively complicated terms which seemed impossible to meet, all because

D

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Don’t even think to use them, it’s a scam.

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