Metatrader 4 - The Ultimate MT4 Review 2021

Metatrader 4 – The Worlds Most Popular Trading Platform

MetaTrader 4, also know as “MT4”, is a free-for-all trading platform, designed for forex and futures traders. MT4 provides online retail traders access to a huge collection of tools for trading all financial markets. MT4 has a large dedicated community and countless add-ons, tools and trading bots.

MetaTrader 4 Platform Key Features

MetaTrader 4 Review

Traders love MT4. It’s been around since the very beginning of retail trading, and for that reason, it has a huge following. There are a large number of addons, customisations and Trading Robots, know on MT4 as “Expert Advisors” (EAs).

There’s the ability to add trading signals and more, all specifically built for MT4. These addons are cross-compatible with MT5, but MT5 doesn’t offer a great deal different, so many traders have decided to stick with what they know, which has kept MT4 as the popular choice.

With all of the features and tools MT4 provides, traders can build and develop their own trading strategies and build complex algorithms, they can share these, or even sell them, another reason MT4 is so popular. MetaTrader 4 was developed by MetaQuotes in 2005.

It is an advanced trading software developed to offer wide technical analysis options and advisors to all users. MetaTrader 4 is an electronic trading platform, and it is available to traders around the world with a client and server component. The broker operates and controls the server component while retail traders around the world operate on the client software to stream prices, charts, and to place trades on their accounts.

Development and support will eventually end on MT4 and MetaQuotes will force brokers and users to make the switch to MT5, in most cases reluctantly.

What Is MetaTrader 4?

Simply put, MetaTrader 4 is a trading platform.

Metatrader 4 provides retail traders leverage and access to a wide array of tools for trading. With these tools, you can build and develop a sophisticated trading algorithm, or simply use the platform for day-trading financial instruments offered by your broker.

MetaTrader 4 is available to traders around the world with a client and server component. This means MetaTrader 4 is not owned by a brokerage, nor is MetaTrader4 a broker. It’s a third-party platform brokers use to allow trading.

MetaQuotes developed MetaTrader 4 in 2005 as an advanced trading platform developed to offer retail traders comprehensive technical analysis options, tools and Expert Advisors (EAs).

Who Owns MetaTrader 4?

MetaTrader 4 is owned by the company that developed it – MetaQuotes.
Brokers pay a commission to use the software, which allows their systems to trade via the platform.

Is MetaTrader 4 a broker?

No, MT4 is not a broker.

Brokers provide access to MetaTrader 4, among other third-party trading platforms, as a trading platform. It is not by any means exclusive, although many brokers marketing material looks as though it is. Some brokers have no proprietary software and are reliant on third-party trading platforms, like MetaTrader, for their clients to connect to the markets. Brokers that use MetaTrader as their primary trading platform are often referred to as “MetaTrader Brokers”.

To use MetaTrader 4, the brokerage pays an upfront fee (around $100,000 for a full license, depending on the agreement) and then an additional sum monthly sum (at least $15,000) for hosting, bridging, 24/5 support and various other services.

The broker operates and controls the server component provided by MetaQuotes, while retail traders around the world trade on the client software to stream that brokers prices, charts and to place trades on their accounts.

Why Choose MetaTrader 4?

Why Should You Use MetaTrader 4? Over 16 million people can’t be wrong. MetaTrader 4 is the worlds most popular retail trading platform and saw a huge influx of new searches for the platform in 2020.

MetaTrader 4 – Google Trends

Due to its longevity in the retail trading market place, the ability to create and download Expert Advisors and the presence of the MT4 community, MetaTrader 4 is by far the most popular trading platform. MetaTrader 4 provides opportunities for both beginners and experienced traders who are at any level in their trading journey, to enjoy a professional trading experience.

This also offers the user a wide range of “plugins” tools and features built by the community. Whether you’re a pro or a beginner, MetaTrader 4 brings the market to your fingertips. You have the opportunity to leverage on brokers and start trading quickly and easily.

MetaTrader 4 Copy Trading

Don’t have enough time for trading across the full day? No problem, MetaTrader 4 has trading features that allow you to copy the trades of other traders automatically.

All you have to do is select a provider, then subscribe to the provider’s trading signal or strategy on the platform.

Thousands of traders make high-profit trades from this practice and the best news is, you can do it too. It is a service that’s very popular for traders looking to expand their trading volume or take a more “hands-off” approach.

The MetaTrader 4 Built-In Market

If you’re looking for more technical indicators on your chart, you don’t have to exit MT4 to find them.

MT4 has a built-in market where you can purchase more than 1,700 trading robots and Expert Advisors.

You can also add to your indicators arsenal with the over 2100 technical indicators that Metatrader 4 provides.

The best part?

It’s absolutely free!

Algorithmic Trading

MT4 became popular mainly due to the ability for end-users to write their own trading scripts and robots (Expert Advisors) that could automate trading. This is a key feature of the platform.

Once you’re familiar with your MT4, almost anything you want can be implemented on it. Most especially, you can leverage the opportunities provided by the Expert Advisors for automated trading.

The Expert Advisor features robots that assist with both market forecasting, market analysis and trading. This gives you plenty of time to get on with other essential market activities.

Metatrader 4 also provides you with the perfect environment for testing, developing, and optimizing new trading algorithms for all your trades on the market. This means that if you have an application for your trading, you can post it in your free code library or even sell it in the big-scale Metatrader 4 market.

Financial News Reports

MetaTrader 4 also sends out the latest financial news that presents MT4 users with the opportunity to modify their trades based on high-impact news events that might alter the accuracy of their technical analysis. This feature allows traders to always be on alert for whatever might arise in the market.

Platform Feature MetaTrader 4 Performance
Responsiveness With a fast connection (VPS) MT4 rivals institutional trading systems
Devices Desktop, Mobile, Tablet (PC, Apple, Android)
Charting Simplicity and flexibility are key to MT4s charting popularity, fully customisable
Ease of Use Beginner to Advanced – MT4 can get as complex as needed
News Updates News and event updates in the MT4 Terminal
Automation An entire resource of “Expert Advisors” (EAs) and signals to plug-in
Coverage The world’s most popular trading platform
API MT4 API connects any platform to an MT4 server of a broker and not use the MT4 client
Cost Free to download
Full MetaTrader 4 Review
MetaTrader 4 Summary

We spent over 28 hours analysing the MetaTrader 4 trading platform, reading expert reviews, forum comments and performing detailed hands-on research in a live trading environment. In summary, this is what traders think of MT4:

✅ 7 Reasons To Use MetaTrader 4
⛔️ 1 Reason Not To Use MetaTrader 4
MetaTrader 4 Bottom Line

Traders love MT4. It’s been around since the very beginning of retail trading, and for that reason, it has a huge following. There are a large number of addons, customisations and Trading Robots, know on MT4 as “Expert Advisors” (EAs). There’s the ability to add trading signals and more, all specifically built for MT4. These addons are cross-compatible with MT5, but MT5 doesn’t offer a great deal different, so many traders have decided to stick with what they know, which has kept MT4 as the popular choice. With all of the features and tools, MT4 provides, traders can build and develop their own trading strategies and build complex algorithms, they can share these, or even sell them, which is another reason MT4 is so popular. MetaTrader 4 was developed by Metaquotes in 2005. It is an advanced trading software developed to offer wide technical analysis options and advisors to all users. MetaTrader 4 is an electronic trading platform, and it is available to traders around the world with a client and server component. The broker operates and controls the server component while retail traders around the world operate on the client software to stream prices, charts, and to place trades on their accounts. Development and support will eventually end on MT4 and MetaQuotes will force brokers and users to make the switch to MT5, in most cases reluctantly.

What Is MetaTrader 4?

Metaquotes developed MetaTrader 4 in 2005 as an advanced trading platform developed to offer retail traders comprehensive technical analysis options, tools and Expert Advisors (EAs). MetaTrader 4 provides retail traders leverage and access to a wide array of tools for trading. With these tools, you can build and develop a sophisticated trading algorithm, or simply use the platform for day-trading financial instruments offered by your broker. MetaTrader 4 is available to traders around the world with a client and server component. This means MetaTrader 4 is not owned by a brokerage, nor is MetaTrader4 a broker. It’s a third-party platform brokers use to allow trading.

Who Owns MetaTrader 4?

MetaTrader 4 is owned by the company that developed it – MetaQuotes.

Brokers pay a commission to use the software, which allows their systems to trade via the platform.

Brokers provide MetaTrader4 (among other thrid-party trading platforms), as a trading platform. It is not by any means exclusive, although many brokers marketing material would suggest it is. Some brokers have no proprietary software and are reliant on third-party trading platforms, like MetaTrader, to connect their clients to the markets. Brokers like this are often referred to as “MetaTrader Brokers”. To use MetaTrader 4, the brokerage pays an upfront fee (around $100,000 for a full license, depending on the agreement) and then an additional sum monthly sum (at least $15,000) for hosting, bridging, 24/5 support and various other services. The broker operates and controls the server component provided by MetaQuotes, while retail traders around the world trade on the client software to stream that brokers prices, charts and to place trades on their accounts.

Why Choose MetaTrader 4?

Why Should You Use MetaTrader 4? Over 16 million people can’t be wrong. MetaTrader 4 is the worlds most popular retail trading platform.

Due to its longevity in the retail trading market place, the ability to create and download Expert Advisors and the presence of the MT4 community, MetaTrader 4 is by far the most popular trading platform. MetaTrader 4 provides opportunities for both beginners and experienced traders who are at any level in their trading journey, to enjoy a professional trading experience. This also offers the user a wide range of “plugins” tools and features built by the community. Whether you’re a pro or a beginner, MetaTrader 4 brings the market to your fingertips. You have the opportunity to leverage on brokers and start trading quickly and easily.

MetaTrader 4 Features

MetaTrader 4 is a feature-packed trading platform, let’s check out some of the key features that MT4 has added over the years and keeps it popular amongst traders.

The MetaTrader 4 Trading System

MT4 is built with a robust trading function that allows you to implement what would have otherwise be a complex trading algorithm.

The tools at your disposal include:

Instant execution
Two market orders
Three execution modes
Two stop orders
MetaTrader 4 Analytics

MT4 has over 20 analytical objects and 30 built-in technical indicators- excluding add-ons. Some of its more specific features include:

30 technical indicators
23 analytical objects
Nine timeframes
Interactive charts
MetaTrader 4 Copy Trading

Don’t have enough time for trading? No problem at all! MetaTrader 4 has trading features that allow you to copy the trades of other traders automatically. 

All you have to do is select a provider, then subscribe to the provider’s trading signal or strategy on the platform.

Thousands of traders make high-profit trades from this practice. You can do it too!

The MetaTrader 4 Built-In Market

If you’re looking for more technical indicators on your chart, you don’t have to exit MT4 to find them.

MT4 has a built-in market where you can purchase more than 1,700 trading robots and Expert Advisors.

You can also add to your indicators arsenal with the over 2100 technical indicators that Metatrader 4 provides. 

The best part?

It’s absolutely free!

Algorithmic Trading

MT4 became popular mainly due to the ability for end-users to write their own trading scripts and robots (Expert Advisors) that could automate trading. This is a key feature of the platform. Once you’re familiar with your MT4, almost anything you want can be implemented on it. Most especially, you can leverage the opportunities provided by the Expert Advisors for automated trading. The Expert Advisor features robots that assist with both market forecasting, market analysis and trading. This gives you plenty of time to get on with other essential market activities. Metatrader 4 also provides you with the perfect environment for testing, developing, and optimizing new trading algorithms for all your trades on the market. This means that if you have an application for your trading, you can post it in your free code library or even sell it in the big-scale Metatrader 4 market.

Financial News Reports

MetaTrader 4 also sends out the latest financial news that presents MT4 users with the opportunity to modify their trades based on high-impact news events that might alter the accuracy of their technical analysis. This feature allows traders to always be on alert for whatever might arise in the market.

MetaTrader 4 Download

How to Download MetaTrader 4?

Download MetaTrader 4 for PC
Download MetaTrader 4 for iPhone or iPad
Download MetaTrader 4 for Android

If you would like to download MetaTrader 4, click on any of the following links.

Free MetaTrader 4 download link for Windows computers (PCs):

Free MetaTrader 4 download link for iPhone and iPad:

Free MetaTrader 4 download link for Android devices:

MetaTrader 4 System Requirements
Getting Started with MetaTrader 4 (Guide)
Step 1: Getting Started on MT4

Installing your MT4 should be relatively easy.

Here are the steps you need to follow after downloading MT4 to install MetaTrader 4:

Click on the link we provided in the previous section for your Metatrader 4 download.
Go to your PC’s download location. Search for “mt4setup.exe” (on a PC). 
Run as administrator.
Allow the program some time to install.
Click on Finish when the installation is complete.
Step 2: Setting up your MT4 demo account

This will be your first contact with the MT4 interface.

After you have completed the installation of the MT4, the software will run. You should see one or more charts on the screen. 

There are some command elements and ribbons towards the top. Currency pairs and options will also be on the top left side of the screen.

Also, you will see different icons on the screen towards the left-hand side of the screen.

These will include some functions under the navigations tab like:

Accounts
Indicators
Expert Advisor
Scripts

You may not understand all of these items right away, but don’t worry. It’s only a matter of time. Rest assured, you’ll find yourself working with all of these tools within a few hours.

For now, let’s set up your demo account.

To set up your demo account, follow the following steps.

Look to the top left of your screen. The very first item you will find there is file. Click on it!
A string of other options will pop up from there. Scroll down till you find “Open an account”. Click on the display.
Select a broker.

Summary Go to file. Scroll to open account and select. Search for any broker of your choice and register your demo account. Which leads us to ask: Just how do you complete the registration of your demo account? Registering your demo account When you select your preferred broker, a tab will pop up for registration. Only select “demo account” as that is what you wish to open. A new page will be displayed. This page will contain spaces where you can add your details and personal information. The required information varies with the broker. But generally, most brokers will require:

Your name (First, last, or both)
Your country and city
Your email address.
Your mobile number
The type of account
Your deposit and leverage options

Many of these choices have already been selected for you, such as your leverage, so you don’t have to think about selecting them again. For now, simply concentrate on completing the application. Logging in to your demo account After you complete the registration of your demo account, a confirmation mail will be sent to you. You should respond to it to confirm your identity. Besides that, you’re all set up to begin your journey through the MT4. To log in to your account, follow the two-step process:

Click on file.
Login to your trade account.
Step 3: Customizing MT4 to your preferred taste

The MT4 comes with a number of preset options that you can activate to further ensure a personal touch to your trading platform. Do you want candles or trend lines and volumes? Do you want a dark-themed or a light-themed chart? How many charts do you want to be displayed on your screen? What currency pairs do you wish to focus on? You get to determine all of these with the easy-to-toggle tools on your MT4. Let’s get right to it. Altering your Charts Using the charting function on your MT4 you can adjust how your chart looks. There are three options for how the chart is displayed.

Candlesticks
Bar chart
Line chart

You can also make a lot of other selections regarding the appearance of your chart using the chart tool. However, that is only a sneak peek into how you can customize your MT4. There are a lot of other parts you can tweak. Working with the view tab Customization begins with changing the looks of your MT4 so it would make sense to use the view tab on your MT4, right? Where can I find the views tab? The views tab is located directly to the right of the file tab. What functions are there on the view tab? On the View tab, you have a number of customization options. These include:

Language
Toolbar
Status bar
Chart bar
Symbols
Depth of Market
Chats

You can select any language by clicking on the language option on the views tab. The toolbar tab helps you to choose what appears on your chart. For instance, when you click on the timeframes option, it displays the timeframes directly above your charts. You can select any of these. Higher timeframes are represented with MN, W1, D1. These mean the monthly chart, the weekly chart, and the daily chart respectively. Lower timeframes, on the other hand, are represented by H4, H1, M30, M15, M5, and M1.  Which mean the 4-hour chart, 1-hour chart, 30-minute chart, 15-minute chart, 5-minute chart and 1-minute chart respectively.

Step 4: Working with Indicators

Indicators are essential tools for technical analysis. They tell you what market trends are surging. They help with data analysis and provide accurate information on the best moments to enter a trade and when to leave it. If you will make any profitable trade on MT4, you need to understand what they really are and how to work with them. To access the indicators, follow this simple procedure:

Go to the main toolbar
Click on the Insert tab.
Under the insert tab, you will see a list of other items. These items include:
Indicators
Objects
Experts
Scripts
Click on Indicators. This will lead you to the several indicator options on the MT4.

Under the indicators section, you will see a list of some of the most popular indicators. You can use any of these or ignore them and set up your own preferences. Now there are different sections of indicators you can use. Some of these include:

Trends
Oscillators
Volumes
Bill Williams
Custom

The first, up to the fourth one, is already available indicators you can use on your charts. Trends consist of indicators that reveal market trends. These include:

Moving Averages
Bollinger Bands
Parabolic SARS
Standard deviation

Also, under oscillators, you will spot the following:

MACD
Stochastic Oscillator
Momentum
Bears Power
Bulls Power
Relative Strength Index
Williams’ Percent Range

Volumes include:

Distribution
Money Flow index
On Balance Volumes
Volumes

How to adjust indicator preferences

Once you have an indicator on your chart, you can adjust it to your preference.

To do this, double-click on the indicator of your choice. You can also right-click instead. Then select indicator properties and make your adjustment. Another way to go about this is to press CTRL + I on your keyboard. This will bring out a list of indicators on your chart. You can then select the ones that you wish to adjust. Perfecting your use of Indicators on your MT4 Let yourself explore the different options of indicators. Click on them to apply on your chart. See how they work and determine the ones that you’re most comfortable with. After this, you can edit the last section of the indicators, “Customise”, design or change any indicator to your preferred taste. You can also use the objects tool to easily identify important points on the market- support and resistance. It is important to be able to identify market trends as well on your MT4. Are the bulls dominating the market and pushing it into an uptrend? Are the bears making the market plummet? What are the potential zones for a reversal? Object help you to determine all of these things easily so that you can undertake more precise trades. Some of these objects include:

Horizontal Lines
Vertical Lines
Trend lines
Trend by angles
Cycle Lines

Any of these objects can be added to your chart to aid your trading processes. When you have familiarized yourself with the indicators, and you’re completely confident in your ability to select whichever you need, you can now move to place trades on your MT4.

Step 5: Placing winning trades on the MT4

To begin winning on MT4, you have to register with a broker and open a real trading account. After this, you will need to make a deposit, and then you can start up with your trading. The brokers will provide you with leverage and support you with your deposit to be able to trade multiple financial instruments.

Executing Trades on MetaTrader 4

There are two ways to execute your deals on Metatrader 4.

Instant Execution
Pending Order

Instant execution allows you to place trades at the same instance you click the buy or sell button on your MT4.

Pending order, on the other hand, allows you to schedule a trade that will be triggered at a defined level you have set.

The order window consists of the following:

Symbol of the currency pair
Lot sizes or volume of the assets you intend to trade
Stop Loss
Take profit
Comment
The Take Profit and the Stop Loss

The stop loss helps you to control and monitor any loss on trades placed. The take profit allows you to close out a trade when it hits a certain level ensuring you lock in profit at a set level.

MetaTrader 4 Keyboard Shortcuts

MT4 has a list of commands to make things even easier for you. Check out a list of some of the shortcuts you can use on the MT4 below.

Features and Advantages of using MetaTrader 4

The MT4 is extremely easy to use. It is not surprising that the software has been adopted by the FX Market as the standard for other platforms.

User-friendly interface

Within a few days of installing your MT4, you can start placing your trades. The indicators and other tools for technical analysis are easy to use. Plus, you can customize the MT4 to your taste. Decide on how you want your chart to look like, on what levels you want your indicators to be at. Lots of other things that make trading CFDs smooth and easy.

Language Options

Besides the fact that anybody can use the MT4- regardless of their skill set, anybody can also use the MT4- regardless of their language. Metaquotes Software designed the platform with language options to allow users from the most remote regions of the world to enjoy access to the Forex market.

Advanced Charting

The MT4 provides you with an opportunity to analyze markets simultaneously. With MT4’s advanced charting options, you can keep your eye on another currency pair or commodity without losing focus on any.

Expert Advisor Options

One of the most popular features of MT4 is the easily customized Expert Advisor for automated trading. It is obvious that the MT4 has many sleek features. However, none pushes its reputation as the EA. Besides the many tools for technical analysis, MetaTrader 4 also offers the algorithmic trading that allows many retail traders from around the world the opportunity to automate their trades.

Tools for Interaction

The Metatrader 4 trading platform also implements advanced communication tools that allow for easy broker-trader around the globe. This singular feature of real-time messages and interactions provides for a simpler and more refined trader’s experience. 

Mobile Options

MT4 is not only available for your personal computers. The trading platform is also available on mobile. This allows you to analyze market trends, follow up on technicals, open positions, and close them in real-time.

No matter where you are, no matter where you’re going, you’re always some few clicks away from the world’s largest market.

Account History Options

You can keep track of all your transactions on MT4 with the account history tab. Know what transactions you carried out on your MT4 and when.

MetaTrader Frequently Asked Questions (FAQs)

MetaTrader 4 – The Industry Standard

cTrader was recognised as one of the best Forex Trading Platforms in 2020*

It has, since its inception, raised the standards for the online trading industry, and it appears that the platform will continue to set the pace for other trading software in the FX market.

MetaTrader Awards

How Traders feel about the MT4

Metatrader 4 is one of the world’s best trading platforms. This is not without a good reason. Millions of traders use MT4 in many countries around the world, and they have over the years continued to chant its praise- even after the release of the MT5.

This enough is evidence of why the trading platform remains one of the best and most recognized in the world.

Metatrader 4 Review What is MT4? Metatrader 4, also called MT4, is a free-for-all trading platform designed for forex and futures traders. It provides online retail traders leverage and access to a wide array of tools for their trading. With these tools, you can build and develop your complex trading algorithm. Metatrader 4 was developed by Metaquotes in 2005. It is an advanced trading software developed to offer wide technical analysis options and advisors to all users. Metatrader 4 is an electronic trading platform, and the client/server interface is available to traders around the world. The broker operates and controls the server element while retail traders worldwide trade on the client software to stream prices, charts, and place trades on their accounts. Why should you use the MT4? The platform provides opportunities to both beginner and professional traders who are at any level in their trading journey. Whether you’re a pro or a beginner, Metatrader 4 brings the market to your fingertips. You have the opportunity to leverage on brokers and make money quick and easy. Features of the MT4 MT4 started as a simple charting platform in the early 2000s, and it has improved over the years. Metaquotes is continually adding new features every year to ensure that the platform gets even easier to use. Check out some of the key features that MT4 has added over the years: The MT4 Trading System The MT4 is built with a powerful trading function that allows you to implement what would have otherwise been a complex trading algorithm. The tools at your disposal include:

Instant Execution
Two market orders
Three execution modes
Two stop orders

The MT4 Analytics

The MT4 has over 20 analytical objects and 30 built-in technical indicators- excluding add-ons. Some of its more specific features include:

30 technical indicators
23 analytical objects
Nine timeframes
Interactive charts

Copy Trading

You don’t really have much time for trading? No problem at all! The MT4 has trading features that allow you to automatically copy the trades of other much successful traders. All you have to do is select a provider, then subscribe to the provider’s trading signal or strategy on the platform. Thousands of traders make high-profit trades from this practice. You can do it too!

The Metatrader 4 built-in market

If you’re looking for more technical indicators on your chart, you don’t have to exit MT4 before you find them. MT4 has a built-in market where you can purchase more than 1,700 trading robots and Expert Advisors. You can also add to your indicators arsenal with the over 2100 technical indicators that Metatrader 4 provides. Do you want to know the best part? It’s absolutely free!

Algorithmic Trading

Once you’re familiar with your MT4, almost anything you want can be implemented on it. Most especially, you can leverage the opportunities provided by the Expert Advisors for automated trading. The Expert Advisor features robots that help with both market forecasting, market analysis and trading. It gives you the opportunity to get on with other important market activities.

Metatrader 4 also provides you with the perfect environment for testing, developing, and optimizing new trading algorithms for all your trades on the market. This means that if you have an application for your trading, you can post it in your free code library or even sell it in the big-scale Metatrader 4 market. Financial News Reports Metatrader 4 also sends out the latest financial news that could provide an advantage for MT4 users to adjust their trades with high-impact news events that could improve the accuracy of their fundamental and technical analysis. This feature helps traders always to be on alert and ready for whatever the market might throw at them.