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Despite sixteen years old and the fact that a number of competing platforms are launched every year, MetaTrader 4 still manages to maintain its place on the throne as the world’s best, most advanced and most popular trading platform of them all.

But what’s really the point of this seemingly invincible success of this trading platform? Why is it so good? Here is a complete guide with everything you need to know about MT4, why it is still the first choice for many in online financial trading and a top list of the best MT4 brokers on the market

Top list of the best forex brokers with MetaTrader 4.


1

Skilling: Trading in gold. Really easy with CFDs. Buy or sell gold from your mobile.

9.56/10
2

CMC Markets: Fantastic platform for trading with gold as CFD since 1989.

9.67/10
3

Capital: Trade gold with CFDs. Use AI from the trading site Capital to improve your gold trading.

9.67/10
4

Plus 500: Try trading with gold CFDs from a stock listed company.

9.56/10
5

AvaTrade: Try trading gold with a reputable platform that’s been around for a long time.

9.56/10

Background: When was it launched?

In 2005, the Cypriot computer company MetaQuotes Software released what would become perhaps the most successful platform for online trading of financial instruments ever. MetaTrader 4 hit the market like a bomb with its innovative technology, the quality of the underlying infrastructure and the many (and brand new) features that suddenly enabled online forex trading on a whole different level. Since then, the platform has ruled over most competitors in the market, and is even more popular and established than its successor MetaTrader 5. Let’s take a closer look at the factors that made MetaTrader 4 the giant it is.

First of all – What is MetaTrader4??

We start with some quick basic facts, just to give you who may still be an inexperienced trader an overview and insight into what MT4 is and what purpose it serves. MetaTrader 4 is thus a data platform developed for users to be able to trade financial instruments such as currencies, stocks, commodities and indices in a faster, better and more efficient way. The platform is available as a web version, desktop version and mobile app and is by far the most common third-party solution among all the world’s registered online brokers.

Through MetaTrader 4, you as a trader are offered a host of technical benefits – such as thousands of applications for autotrading, tools for technical analysis, graphs that can be customized as needed and a user-friendly interface – with which you get a more quality trading experience.

MT4 - different devises

What does MetaTrader4 look like?

Despite the many features and dimensions offered in the platform, MT4 can still be considered surprisingly simple and clear to use and navigate around. The layout is bright, several language choices are available and it is easy to get an overview of history, as well as positions and mortgages. It is not a platform you learn 100% in one day, or maybe even a week. But if you act actively and set aside some time to explore and study all the functions, it’s in the end.

MT4 is available both as a web-based platform – to which you have access from anywhere – and a downloadable software for desktop (compatible with both PC and Mac). There is also a mobile app for Android and iOS, in which you can go in and out of positions, see history, see quotes, trading signals and everything else you need to be able to manage your trading even when you do not have access to a computer.

Multiple charts can be displayed simultaneously. It is also possible to customize and change the graphs to your liking.

An excellent platform for all types of instruments – MT4 has everything you need

A versatile and complete platform compatible with all kinds of instruments and all kinds of trading is something that almost all traders demand today. Trading financial instruments online should be simple, smooth and convenient – which is why a platform that covers everything and a little more is optimal. With its many features as well as a layout and a user interface that works just as well for beginners as for professional traders, MT4 offers everything you need for complete and high quality trading. Whether you prefer to trade stocks, currencies, indices, commodities, ETFs – or enjoy running a bit of each.

MetaTrader 4 is a powerful platform with an extremely stable technical infrastructure that enables record-breaking executions and minimizes spreads. Furthermore, MT4 also allows multiple accounts, so you can easily monitor and manage all of your forex accounts if you have several.

Why are so many still using MT4?

That a 16-year-old trading platform would still top the list and be the obvious first choice for many traders in 2021, would probably not have been the expectation when it was first released in 2005. Not even MetaQuotes themselves could have expected this success. But of course – MT4 is very special. Still, it’s would be very surprising if the first iPhone model from 2005 would still be the most used and popular today, despite the fact that most even more successful models were released after that.

The difference for MetaTrader 4 is that no other platform so far has been able to top what you get through it, which means that there has been no incentive for traders to switch. Of course, over the years there have also been developments and updates of the software behind MT4 – a lot has happened since the first version was released. Nevertheless, MetaTrader4 is still the most established and widely used online financial trading platform. Many people have used it for a long time and feel comfortable with its functions and how to get the most out of it. It fills every need you can think of – whether you are a beginner and have just discovered the exciting world of trading, or you are an avid professional trader with many years of experience behind you.

Interactive charts and algo trading are among the main features

One of MetaTrader 4’s top feathers in the hat – and one of the reasons why many still use it – is the excellent capabilities for automatic trading (or algorithmic trading as it’s also called). The environment in MT4 is optimal for testing, developing and optimizing automated trading applications with the Meta Editor tool. Constantly keeping up with developments in the foreign exchange market and other stock exchanges requires time and commitment to an extent that many lack. By implementing automated trading strategies, so-called Expert Advisors, your trading is managed on autopilot without you having to be active and present 24/7. Furthermore, automatic trading through MT4 is an excellent way to eliminate emotions and any lack of impulse control from the trade, and thus avoid ill-considered action that in the end overturns rather than helps your result.

The MT4 platform has a range of free trading robots, but offers thousands of additional applications in its online webshop – MetaTrader Market. Via MT Market, you can also resell your own application to other traders, and thus earn a penny on your strategies.

If you look at ordinary manual trading, MT4 also excels there. Nine different time units are built-in, as well as fantastic interactive graphs, about thirty technical indicators and almost 25 analytical tools. However, this is only what is built into the basic offer. Thousands more are available to add and implement as needed, with which you are guaranteed to never miss even the tiniest movement in the market. Furthermore, there are also three different execution modes and several different order types.

MT4 Community and the latest market news

Do you need new inspiration or do you just do not have time to run your business for your own forex trading? The MT4 platform has a feature for that as well. Here is a community of thousands of traders with signals and strategies to copy and be inspired by. The procedure is simple – you choose the provider or providers you find interesting, subscribe to signals and program your account to copy future trades. Of course, you can also share your strategies and history, as well as interact and get input from other MT4 users.

We look further on the platform and look at the function for news flow. Keeping up to date with what is happening in the markets, in the world economy and in various geopolitical conditions of importance for price developments is part of the analytical craft when trading financial instruments. With MetaTrader 4, you are constantly updated with relevant news flow and alerts directly in the platform.

How to get started with trading on MT4?

To trade on MetaTrader 4, an account with an MT4-registered broker is required – for example Skilling or one of the others in our top list later in the article. MT4 is the most common third-party solution among online brokers, so it is not difficult to find one that fits and feels right. We recommend that you start with a demo account before committing to a real trading account. This way, you get a chance to test the broker, the range and the platform before you invest any money and start taking risks. Whether you want to trade via the web or download desktop software is entirely up to you. Downloading the mobile app is also a good tip, for that

For an outstanding MT4 broker with tight spreads, a complete range of premium products and overall very favorable terms for you as a trader, we recommend the popular Skilling. Register super fast for a free demo account, and get started trading forex and other assets at once.

What are the best technical indicators on MT4?

With about thirty built-in EAs and indicators and over 2,700 more available for installation (of which 2,000 are free), it is almost impossible to pinpoint the best ones. Different indicators work differently depending on what you trade and your time horizon. So you can perhaps decide why a single indicator is best for one type of trades, but not necessarily that best for another. This is important to know and keep in mind when using technical indicators.

But – should we still highlight a couple of MT4’s technical analysis tools a little extra, we want to acknowledge for the following:

Correlation Matrix: A very good indicator for identifying currency pairs that correlate with each other. MT4’s Correlation Matrix runs along a scale from -100 to +100, where a value of -100 shows that the two instruments do not correlate at all, and a value of +100 shows that the movements of the two instruments have been identical. Using the Correlation Matrix, you can avoid opening positions in currency pairs that are correlated, because in practice this means that you basically have a duplicate of the same position or that you have two open positions that cancel each other out (depending on whether they are short / long positions).

Alarm Manager: Excellent EA for customizing and automating your trading with a variety of smart tools. With Alarm Manager, you can, among other things, program automatic alarm signals for when your profit has risen significantly and a close is appropriate and if you exceed the marginal limit by more than 20%. Furthermore, you can also set automatic trades on all negative positions if you have lost more than 10% of your total holdings. The tool can also send out automatic updates to your followers via SMS, email and Twitter about your trades and activities. A very practical, useful and comprehensive tool well worth checking out.

Gravity: Technical indicator that is implemented in order to identify areas for support and resistance. With the Gravity indicator, you can, among other things, choose between including previous price movements or excluding them and enter a specific start date for the analysis yourself.

RSI, Stochastic and Fibonacci: Classic indicators that are always current and of interest. Both MT4 RSI and Stochastics compare and analyze historical ups and downs to identify whether an asset is overbought or oversold, however with slightly different reference values and technology. Fibonacci is more of a mathematical strategy rather than a technical one and potentially requires a little more prior knowledge, but a very interesting alternative for identifying support and resistance.

Top 3 instruments to trade with MT4

MT4 is primarily designed for forex trading, so a number of currency pairs must be considered as the main instruments to trade on the platform. It is important to point out, however, that MT4 also works excellently for other instruments such as equities, commodities and indices.

+EUR/USD: The leading major pair, and the most traded currency pair in the world. EUR/USD can be traded at all forex brokers with MT4 as a platform. The pair has high liquidity, which is why spreads as low as 0.0 pips are not uncommon with many of the leading brokers.

Other majors and minor currencies: Trading currency on a platform primarily developed to optimize and improve forex trading to the max is of course a must. With Skilling, you can trade lots of large currency pairs and more exotic alternatives. Open an account and get started quickly with forex trading on MT4 at one of the industry’s most user-friendly and best brokers.

Commodities: Always an interesting group of assets, and an excellent complement to currencies in your portfolio. With MetaTrader 4, you are given really good opportunities to trade commodities with CFDs such as oil, gold, natural gas, coffee, cotton and much more.

How many language choices are available on MT4?

Do MT4 and MT5 have the same programming language?

No. MetaTrader 4 is created with MQL4, while the MetaTrader 5 is built with MQL5 instead. For this reason, it is not possible to use applications developed for MT4 on MT5 and vice versa.

Which deposit options can be used on MT4?

MT4 does not in itself have any options for depositing capital, but this is done via the broker you choose to open an account with. Most online brokers offer several different options for deposits – including bank accounts / credit cards, regular bank transfers and electronic payment solutions such as Skrill, PayPayl, Klarna and Neteller to name a few. To get started as quickly as possible, it is recommended that you choose a method where the transaction goes through immediately.

Where to find a manual for MT4? Do you need one?

A complete manual with instructions and explanations for MetaTrader 4 can be found at https://www.metatrader4.com/en/trading-platform/help. Whether a manual is needed or not is of course entirely up to you and if you consider certain functions or certain technology to be complicated to understand and learn. MetaTrader 4 Client Terminal, where the full manual is available, is regardless a very well structured, has good and easy-to-understand explanations and can be very helpful for larger and smaller problems.

Finally – what is the difference between MT4 and MT5?

The got very similar user interface, there are many similar features and the fact that the newer platform was named “MetaTrader 5” contributes to many people mistakenly believing that MT5 is an improved version of MT4, designed to actually do the same things but better. And of course you can see MT5 as a type of sequel with some new features and a new programming language, but the most significant difference really lies in which markets the respective platforms are mainly aimed at. MetaTrader 4 is primarily developed for forex trading, while MetaTrader 5 is instead primarily designed for stock, index and other types of CFD trading. More about this can be read on the MT5 review page.

Despite a newer software and some new features, MetaTrader 5 has not yet managed to get quite the same impact as MetaTrader 4. MT4 is still a far more established alternative, and the default platform for many traders – and thus many brokers. A more stable and powerful alternative is difficult to find today, although MetaQuotes is increasingly encouraging customers to prepare to switch to MT5 – for example by no longer providing major updates for MT4.

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