METATRADER 4

About the METATRADER 4 platform

In the hustle and bustle of online trade, MetaTrader 4, is a powerhouse that whether you’re new to trading or have been trading for quite some time, you have probably at least heard of.  At Top Brokers, we like to say that every trader’s ultimate success depends on their strategy alongside a wealth of knowledge and resources that we aim to provide traders of every experience level with. In this post, we’re going to take an in-depth look at the MetaTrader 4 platform. In this MT4 review, we’ll dissect all pertinent information surrounding this platform, including pros, cons, features, and more. 

By the time you reach the end of this comprehensive MetaTrader 4 review, you’ll have everything you need to make the final call. So without further ado, let’s begin.

TL;DR

MetaTrader 4 (MT4) is a powerful and widely-used trading platform developed by MetaQuotes Software Corp. In case you’re short on time, here’s a quick rundown of the features and insights we cover in this MetaTrader 4 review:

• Advanced Charting Capabilities: 30 built-in technical indicators, 23 analytical objects, interactive charts with 9 timeframes, and real-time market quotes.
• Automated Trading with Expert Advisors (EAs): Develop and execute strategies using the MQL4 programming language. MetaEditor for developing, testing, and optimizing EAs. Library of free trading robots and strategy tester for backtesting
• Trading Orders and Execution: 3 execution modes, 2 market orders, 4 pending orders, 2 stop orders, trailing stop functionality
• Broker Integration: Supports numerous brokers globally, providing a variety of options for trading needs, rated 5/5.
• Pros: Real-time data access, Extensive community support, Multilingual support (over 30 languages), and Powerful automated trading capabilities.
• Cons: Limited number of assets compared to other platforms, and Lacks advanced order types. 
• Top Brokers for MT4: Reputable brokers to look into for trading on MT4 and why.

What is MetaTrader 4?

MetaTrader 4 is a platform that’s designed for Forex trading, financial market analysis, and the use of expert advisors. For those wondering, is MetaTrader 4 legit, this platform has been around since 2005. That said, it’s versatile and supports trading across various markets that include forex, cryptocurrencies, indices, and commodities. Throughout the entirety of this MT4 review, we’ve uncovered that this platform is highly popular among traders due to its customizability that allows users to tailor the platform to their specific trading preferences.

What is MetaTrader 4 Best Known For?

Millions of traders with a wide range of needs choose MetaTrader 4 to trade in the market. The platform offers ample opportunities to traders of all skill levels: advanced technical analysis, flexible trading system, algorithmic trading and Expert Advisors, as well as mobile trading applications.

MetaTrader 4 is often referred to as MT4 and is one of the most notorious platforms that is widely favored by traders around the globe. MT4 was developed by the MetaQuotes Software Corp and is known for its strong set of trading tools and impressive ability to automate trades. As mentioned above, this platform is versatile enough to handle indices, commodities, and options. But it can also handle futures trading.

No matter your skill set, MetaTrader 4 is designed to be diverse enough to handle those needs.

On demo and real accounts, you can use features such as technical analysis tools and interactive charts.
Image Credit: MetaTrader4

Features

In our MetaTrader 4 review, we looked at the features and found that this platform is renowned for features that cater to a wide range of trading needs. It’s equipped with features such as technical analysis tools, a broad collection of indicators, and charting capabilities that allow traders to look at market trends and make informed trading decisions. One of the key aspects that caught our eye with MT4 is its powerful automated trading options. This enables traders to develop and employ custom trading strategies using Expert Advisors (EAs), that are written in the MQL4 programming language, and that’s pretty impressive. Furthermore, MT4 provides easy ways to integrate with many brokers, to ensure efficient trading all in one centralized place.

Here’s the MetaTrader 4 features that make this platform a legend:

Tools for Technical Analysis: 

• 30 built-in technical indicators
• 23 analytical objects
• Interactive charts with 9 timeframes
• Online quotes for detailed market examination

Automated Trading:

• Develop and execute strategies using Expert Advisors (EAs)
• MQL4 programming language for custom strategies
• MetaEditor for developing, testing, and optimizing EAs
• Strategy tester for backtesting
• Library of free trading robots

Trading Orders and Execution:

• 3 execution modes
• 2 market orders
• 4 pending orders
• 2 stop orders
• Trailing stop functionality

Trading Signals and Copy Trading:

• Access to thousands of free and paid signals
• Automatic trade copying from signal providers
• Multiple profitability and risk levels

MetaTrader Market:

• Over 1,700 trading robots and 2,100 technical indicators available
• Simple, secure purchase process

Algorithmic Trading:

• Comprehensive environment for developing and optimizing automated trading programs
• Ability to share or sell custom applications

Mobile Trading:

• Compatibility with iOS and Android devices
• Full set of trading orders and analytical capabilities
• Alerts and financial news updates

Alerts and Financial News:

• Real-time notifications for market events
• Up-to-date financial information for informed trading decisions

It’s easy to see how MetaTrader 4 is still a legit platform even in 2024, when traders need something powerful and flexible to make trades from.

Pros

Real-time data

Throughout our MT4 review, we found that MetaTrader 4 still provides you with real-time access to price quotes and market activity. You can see the number of buy or sell or sell orders for a currency pair at different prices. 

Extensive Community and Resources

Another great thing about MT4 is its broad and active community of traders, developers, and enthusiasts. You’ll find that there are plenty of resources,  including forums, educational materials, and a vast library of custom indicators and Expert Advisors (EAs). This is a definite pro on our list for MetaTrader 4 review because a community like this ensures you can always find answers, share insights, and continuously improve your trading strategies.

Multilingual

When thinking about MetaTrader 4 legit wherever you’re at, MT4 caters to a global audience and supports over 30 different languages. So no matter where you’re from, you can use this platform, making it accessible and user-friendly for traders worldwide.

Automated Trading Capabilities 

Another feature we are taking note of with MetaTrader 4 is its powerful automated trading capabilities. As we mentioned in our features section, you can create and implement custom Expert Advisors (EAs) using the MQL4 programming language. This allows you to automate your trading strategies and execute trades based on your own predefined rules. With this automation, you can capitalize on market opportunities around the clock, without needing to be constantly tired (or chained) to your computer.

Cons

Limited Number of Assets: 

By design, MT4 excels in Forex trading. However, it falls short with other asset classes like stocks and commodities. If you prefer a much broader range of assets, then MetaTrader 5 (MT5) may be a better option.

Lacking in Advanced Options & Order Types

In our MetaTrader 4 review we’ve found that it offers fundamental order types like market orders, limit orders, and stop orders. However, MT4 lacks more advanced options such as conditional orders or trailing stops.

Criteria Evaluation

User Interface and Ease of Use: 4/5

Per our MT4 review, the MetaTrader 4 has a layout that’s straightforward, easy to navigate and not overly cluttered. This allows traders to focus on their strategies without getting bogged down.

Trading Tools and Features: 5/5

MT4 provides a comprehensive suite of trading tools that meet the needs of many traders, making it a versatile choice for those looking for various charting options and to implement complex strategies and algorithms.

Execution Speed and Reliability: 4/5

Although high-frequency traders may see faster execution speeds, MT4 is a solid choice for most trading activities and is reliable.

Automated Trading: 5/5

One of the best features per our MetaTrader 4 review is the automated trading. Supporting the development and use of Expert Advisors (EAs) with MQL4 programming language, empowers traders to take advantage of the market around the clock.

Mobile Trading: 4/5

Mobile trading apps are available for MT4 on both iOS and Android. While the mobile version may not be as advanced as the desktop platform, it’s still a powerful tool for traders who need to stay connected to the markets on-the-go.

Customer Support: 3/5

Via our MetaTrader 4 review we’ve found that customer support varies greatly depending on the broker you choose. Some brokers offer amazing support with multilingual assistance, while others may not be as helpful. This makes it of-the-essence to choose a reputable broker with a responsive customer service to ensure you receive help when you need it. 

Pricing and Fees: 4/5

MT4 costs nothing to download from the website. It’s free and accessible to all traders. However, to trade in a live market, you’ll need a broker. Brokers may charge commissions, spreads, or other fees for trading on the platform. These fees vary.

Broker Integration: 5/5

MT4 supports numerous brokers across the globe, which gives traders the ability to choose a broker that fits their needs.

Community Reviews and Expert Recommendations

When looking at MetaTrader 4 reviews, it’s best to look at what others in the trading community have to say about it. Many seasoned traders talk highly of the platform due to its ease-of-use, extensive features, and automated trading capabilities. Many reviews frequently highlight MT4’s ability to accommodate many different trading styles and strategies which makes it a go-to choice for traders, no matter your trading level.

Of course, as covered in our pros section, the platform’s success is substantially boosted by its active community. Traders and developers have created a wealth of resources that enriches the MT4 experience. Traders appreciate the ability to experiment in a demo account with automated trades is very beneficial to beginners. High-frequency traders do point out that the trade execution on MT4 may not be as swift as other platforms which may be something to consider for those who need rapid transactions.

Price

When it comes to MetaTrader 4 cost, the platform itself is free to download and use. This makes it accessible to traders, no matter their background. However, it’s important to keep in mind that brokers may impose commissions, spreads, or other fees on MT4. These costs can vary between brokers, making it crucial to research and choose a reputable market maker that offers a pricing structure that works for you.

Where to Find MetaTrader 4

You can download MetaTrader 4 for your computer from the official MetaTrader4.com website. MT4 is compatible on Windows, Mac OS, and Linux for personal computers. For mobile trading, it’s available on smartphones and tablets via iPhone, iPad, Android, and Huawei devices. 

Additionally, many brokers provide their own versions of the platform, which can be downloaded from their websites. Below, we’ll talk about the best ones to access MT4 from.

Top Brokers to Access MetaTrader 4

In order to trade with MT4, you need a broker for trades in live markets. That said, choosing the right broker is vital because they handle order execution, provide market access, help open trading accounts, offer leverage and trading options, and help ensure regulation and security. At Top Brokers, we aim to help you in choosing the right brokers as you venture into trading with MT4. Here’s a few that stand out:

Alpari Broker

As an experienced online broker, Alpari offers access to hundreds of instruments across multiple markets. These include forex, metals, commodities, indices, stocks, and crypto. With over 25 years of experience and a trust score of 94 out of 99, Alpari could be an excellent choice for MT4. Alpari stands out for their market variety, trustworthiness, and account options.

XM Broker

As an internationally regulated and licensed broker, XM Broker provides access to a wide range of trading platforms including MetaTrader 4. It’s suitable for all trading levels and XM provides notables such as trading conditions, educational resources, and 24/7 customer support with multilingual assistance. Additionally, XM Broker provides segregated client accounts and encryption technology for security.

RoboForex

As a popular option among traders of all experience levels, RoboForex is prized for its extensive features and tools on MT4. It’s a great broker option because of its low trading fees, leverage options of up to 1:1000, which maximizes trading potential, and security features. With RoboForex, features like negative balance protection and participation in the Financial Commission Compensation fund improve overall security.

FxPro

FxPro is another broker that offers MT4 with a range of advanced features, making it a go-to choice for traders that are looking for algorithmic trading, virtual private servers, and technical tools. With a virtual private server from FxPro, you can run trading bots 24/7 without the need to keep your terminal running. Plus, the technical tools give you access to over 50 preinstalled technical indicators.

Frequently Asked Questions (FAQs)

Is MetaTrader 4 free to use?

Yes, MetaTrader 4 is free to download and use. However, in order to trade on live markets, you must have a broker. Brokers may share commissions, spreads, or other fees for trading on the MT4 platform. These fees vary, depending on the broker, making it essential to choose a reputable broker, such as the ones vetted by Top Brokers: Alpari Broker, XM Broker, RoboForex, and FxPro. Importantly, not every broker is allowed to do business on the MT4 platform, so be sure to research your chosen broker carefully beforehand.

Is MetaTrader 4 available for mobile devices?

Of course! As we’ve mentioned in our MetaTrader 4 review, the platform offers a mobile app for Android and iOS devices. With this mobile app, there are fewer features than the desktop version. However, it still allows traders to stay connected and trade on-the-go. To get the best mobile experience, go through brokers like RoboForex, Alpari, FxPro, and XM Broker, as they all have feature-rich apps available from the Apple App Store or Google Play Store.

Can I create custom indicators and trading strategies with MetaTrader 4?

Absolutely, just as we’ve covered throughout our MT4 review, MetaTrader 4 allows traders to create custom indicators and trading strategies by using the MQL4 programming language. You can develop your own Expert Advisors (EAs) and automate your trading strategies. Plus, there’s an incredible library of custom indicators and EAs that have been created by the community. That said, MT4 is highly customizable.

How does MetaTrader 4 compare to other trading platforms?

As stated throughout our MetaTrader 4 review, the platform is both popular and feature rich. That said, whether it’s MT4 vs MT5, cTrader, NinjaTrader, or even TradingView they each bring their own unique set of features to the table. However, MT4 stands out for its easy-to-use interface, tools for technical analysis, and automated trading capabilities. Additionally, it integrates easily with many of the most popular brokers out there. This gives traders the ability to choose a reputable broker from a wide range of options across the globe.

What resources are available to learn MetaTrader 4?

As mentioned in our MetaTrader 4 review, MT4 has many resources to help traders learn the platform. Some resources  included official documentation like guides or video tutorials provided by MetaQuotes Software Corp. Other resources include educational platforms offering online courses on MT4, community forums where traders can come together and ask questions, share strategies, and learn from other traders. Additionally, traders can learn more about MetaTrader 4 from brokers hosting live webinars or broker resources, financial blogs, and websites.

With MT4, you can copy deals of successful traders directly in the platform using the Trading Signals Service.
Image Credit: MetaTrader 4

Final Thoughts

As a living legend, MetaTrader 4 has established itself for good reason. Throughout our MetaTrader 4 review, we’ve uncovered why something that started back in 2005 is still just as useful in 2024. 

To answer the question, is MetaTrader 4 legit? As a platform that caters to traders of all skill levels, with extensive technical analysis tools, automated trading, community, resources, and it’s reliable, then at Top Brokers, we’d like to say it’s definitely legit. Whether you’re experienced or a novice trader, MT4 deserves some serious consideration. 

Ultimately, the final say is up to you. 

At Top Brokers, we specialize in providing resources and information with an aim to empower traders to make informed decisions that help them trade with confidence. Our platform arms both novice and seasoned traders with the tools and insights they need on things like what to take into account when upgrading MT4 to MT5. We also provide a wealth of resources to boost each traders’ knowledge and skills along their trading journey.

Additionally, traders can find access to a wide range of promotional offers that include deposit bonuses and cashback incentives offered by brokers. No matter your experience level, Top Brokers is committed to empowering you to achieve your trading goals.

Active METATRADER 4 Screenshots

Brokers offering this platform (10)