What is MetaTrader 4?
If you have looked at forex brokers, you have seen MT4 everywhere. Here is what MetaTrader 4 actually is, the features that made it the retail standard, and who it suits best.
MetaTrader 4 is the platform most people picture when they think of forex trading, the charts, the price ladders, the little windows of flickering numbers. Released in 2005 by MetaQuotes, it became the retail industry’s default and, two decades on, is still offered by the majority of brokers. Understanding what it is and does makes choosing a broker, and getting started, far less intimidating.
What MT4 actually is
MT4 is a piece of trading software that connects to your broker and lets you do everything you need in one place: watch live prices, analyse charts, place and manage trades, and run automated strategies. Your broker provides it free, and it runs on Windows desktop, in a web browser and on mobile apps, so your account travels with you.
The features that made it the standard
MT4 won the retail market for a handful of practical reasons that still hold up today:
- Reliable charting, with multiple timeframes, indicators and drawing tools.
- Expert advisors, automated programs that can trade for you based on set rules.
- A vast add-on library, thousands of custom indicators and scripts built over years.
- Stability and low system demands, it runs smoothly even on modest hardware.
- It’s everywhere, so skills and tools carry from one broker to another.
What you can trade on it
MT4 was built around forex and contracts for difference (CFDs), so you will typically trade currency pairs, indices, commodities and sometimes shares as CFDs. It was not designed for exchange-traded stocks and futures in the way its successor MT5 is, but for the forex-focused trading most retail users do, it covers everything comfortably.
Expert advisors, in plain terms
One of MT4’s signature features is the expert advisor, or EA, an automated program that runs inside the platform and can open or manage trades according to rules you define. Traders use EAs to automate a strategy or handle routine tasks. You do not need one to trade, but the enormous library of ready-made EAs is a big reason MT4 stayed popular.
Who MT4 suits
MT4 is a strong fit for forex and CFD traders who want a stable, well-documented platform with a huge ecosystem behind it, and it is beginner-friendly once you spend a little time with it. If you want to trade real stocks or futures alongside forex, or want the newer features, MetaTrader 5 may suit you better, which we cover in our MT4 versus MT5 guide.
Find a broker that offers MetaTrader 4
Most brokers we review offer MT4 with a free demo account. Answer 12 quick questions and the Matchmaker shortlists the closest fit for the platform and markets you want.
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This guide is for educational purposes only and is not financial advice. Trading forex and CFDs carries a high level of risk and can result in the loss of all your capital. Most retail investor accounts lose money. Make sure you understand the risks and seek independent advice if needed before trading.