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MetaTrader 4 Review: Advantages of the Popular Trading Platform MT4

MT4 Advantages

MetaTrader 4 provides traders, both experienced and novice, with unparalleled access to markets worldwide. With a user-friendly interface, navigating the platform is made straightforward. And because of its range of features, pros can take full advantage and exploit its potential to the maximum. The platform is considered by far the world’s most popular online forex trading platform, with almost all forex brokers using it as their main platform. 

MetaTrader 4, also commonly known as MT4, is mainly an open-source platform for online trading activities including currency pairs and other financial instruments such as CFDs, indices, futures, commodities, and even cryptocurrencies.

This History of MT4

The history of MT4 goes back to 2005 when MetaQuotes Software Corporation launched it for the first time. It has since become one of the most popular choices for online forex and CFD traders as it offers a range of features such as multiple chart types, technical indicators, and automated trading capabilities. MT4 was designed to provide users with access to financial markets around the world with an easy-to-use interface and tools to help make informed trading decisions.

Since its launch, MetaTrader 4 has become the go-to software for traders who are serious about their investing and interested in making consistent profits from the global financial markets.

Despite the release of the MetaTrader 5 platform in 2010, MT4 is still the top-used platform due to its functional features, proven reliability, and increasing global popularity among brokers and traders. Moreover, the platform enjoys a user-friendly interface and provides ample opportunities to traders of all skill and experience levels.

MetaTrader 4 Overview 
MT4 is a very easy platform for both traders and investors to execute and manage market positions. MetaTrader 4 supports different trade execution modes and order types. There are also quick trading functions that allow you to execute trades directly from the chart with only one click.

In September 2022, Apple removed the MT4 and MT5 applications from the App Store. This shift affects both new and current users, as the app can no longer be downloaded by those who don’t already have it and updates for existing users will also not be available. Apple’s main concern was the automated trading scripts which in some cases were considered a security issue. However, the application is still available for desktop users and Android with no further updates.

The MT4 License

The MetaQuotes company doesn’t provide any new MT4 licenses to brokers. Therefore, only brokers who acquired this license in the past are the exclusive providers of the MT4 accounts to traders. Currently, the software company is wholly devoted to the advancement of the MetaTrader 5 platform and any future concept updates for this multifaceted trading software.

Fundamentally, brokers own several MT4 servers which they can provide to their clients. As the brokers compete on minimizing the execution time, they provide dedicated servers to their customers based on the region or based on trading accounts. Therefore, when traders open an account they will find multiple options to select for MetaTrader which includes different MT4 and MT5 servers to log in to.

What are MT4 Trade Execution Modes? 

MetaTrader 4 offers three trade execution modes which are; instant execution, execution on request, and execution by market. Instant market execution is executed at the price offered to the broker. If the broker accepts the prices, the order will be executed then. If not, the so-called “Requote” will occur; where the broker returns prices at which the order can be executed. 

Execution on Request is when the market order is executed at the price previously received from the broker. Prices for a certain market order are requested from the broker before the order is sent. When the prices come, order execution at the given price can be either confirmed or rejected. Execution by market allows brokers to make a decision about the order execution price without additional discussion with the trader. Sending the order in such a mode means advance consent to its execution at this price. Note that the execution mode for each security is defined by the forex broker or brokerage company.

What Order Types does MT4 provide?

  1. Market Orders
    The market order is a direct commitment to buy or sell a security at the current prices. Execution of this order means opening a trade position instantly through which securities are bought at the Ask price and sold at the Bid price. Stop Loss and Take Profit levels can be attached to the market order. However, the execution mode of market orders depends on the security traded.
  2. Pending Orders
    Pending orders are the client’s commitment to buy or sell a security at a predefined price in the future. MetaTrader 4 platform offers four order types of pending orders:
    • Buy Limit – to buy when the future “ASK” price is equal to the pre-defined level. In this case, the current price level is higher than the value of the placed order. Orders of this type are usually placed when the trader is anticipating that the security price will fall to a certain level, before rising again.
    • Buy Stop – to buy when the future “ASK” price is equal to the pre-defined value. In this case, the current price level is lower than the price level of the placed order. Orders of this type are usually placed in anticipation of the security price, having reached a certain level, will keep on increasing.
    • Sell Limit – to sell when the future “BID” price is equal to the predefined value. In this case, the current price level is lower than the value of the placed order. Traders use this type when anticipating that the security price, having increased to a certain level, will fall. 
    • Sell Stop – to sell when the future “BID” price is equal to the predefined value. The current price level is higher than the value of the placed order in this case. It is used when traders are expecting the security price to keep on falling, having reached a certain price level. 

Stop Loss and Take Profit orders

A Stop Loss order is used to automatically close a trade when the price reaches your set price level. It is usually placed with a market or a pending order. This order can help in minimizing the losses if the price begins moving in the opposite. 

A Take Profit order is used to automatically close a trade when the price reaches profit levels. On the contrary to Stop Loss, Take Profit is intended for keeping profits. Read more on how to use Stop Loss and Take Profit orders in forex trading.

Benefits of MT4 Platform for Forex Traders

The MT4 platform offers a range of benefits for Forex traders, including:

The MetaTrader 4 platform offers real-time access to market prices and liquidity. Traders are able to view all details including spread, contract size, margin currency, and margin percentage. MT4 provides extensive tools for price analysis with a set of in-built technical indicators and charting tools. 

Another major benefit is that MT4 is considered a highly secure and stable platform as data exchange between client terminals and servers is encrypted. Also, the IPs of traders are hidden which enables traders to execute transactions in a highly secure way. 

Trading on the go is another worth noting benefit. The MT4 platform is fully compatible with most PC and mobile devices, so gives you the power to access the market wherever and whenever you want, and keep up-to-date with current market activity from the convenience of your phone or laptop. For professional traders, the MT4 platform allows you to manage multiple forex trading accounts effectively and professionally.

So why is MetaTrader 4 so Popular? 

MetaTrader 4 has a very user-friendly interface, which enables new and experienced traders to trade with ease and comfort. Traders of all levels find this Forex platform easy to use. You can download the MT4 platform for your home computer, tablet, and phone.

MetaTrader 4 was designed to support all currency crosses as well as the ability to trade other markets including commodities, trading cryptocurrencies, futures, and stocks. It also supports full customization features, so you can tailor the platform to meet your trading practices. Not to mention that advanced charting enables traders to trade and analyze the technical aspects of the market simultaneously.

Is MT4 good for beginners?

Absolutely! MetaTrader 4 is an excellent choice for forex beginners as it provides a user-friendly and intuitive platform to help them navigate the markets. The platform offers a range of useful features, including multiple chart types, technical indicators, and automated trading capabilities that make it easy for beginners to get up and running quickly. With its extensive range of features, MT4 makes trading accessible to everyone regardless of experience level.

Which is better for traders MT4 or MT5?

MT4 is a more popular and ideal option since it is specifically built with the needs of Forex traders in mind, with a flexible and user-friendly interface. MT5 is less popular among traders since MT4 still provides all that traders need.

Can MT4 be trusted?

MT4 can be trusted and it is a highly secure platform. While the platform is reliable, the users also should always make sure to secure their connection and account credentials while using their accounts. MT4 has a long history of reliability and security, meaning it is safe for users to carry out trades with their funds. Furthermore, MT4 allows for efficient and secure execution of orders, reducing counterparty risk and slippage.

Can I use MT4 without a broker?

You cannot use MT4 without having an account with a broker. Brokerage service providers are the only ones who can acquire a license for the MT4 software and then provide access to their clients. This software is composed of two parts, a server, and a client. The broker assumes responsibility for running the server part while customers receive the client side which they then use to access live streaming prices, and charts, place orders and manage their accounts.

What is the difference between MT4 and MT5?

The two platforms, MT4 and MT5, differ in their capabilities with the latter providing more advanced features. MT4 was designed to facilitate Forex trading while MT5 provides an easier route for trading CFDs outside of Forex. Additionally, MT5 is built with a different programming language and allows faster back testing than MT 4. It also incorporates a DOM (depth of market functionality) which is technically supported by MetaQuotes in comparison to the support that is not offered for MT 4.

MetaTrader 4 (MT4) is a highly comprehensive trading platform that offers more advanced features such as automated trading capabilities which may be desirable for more experienced traders. On the other hand, MetaTrader 5 (MT5) is an updated version of MT4 that includes even more features such as enhanced charting tools, more indicators, and the ability to trade stocks and futures. Ultimately, both platforms offer a range of useful features that can benefit traders of all experience levels.

MarketsDesigned mainly for FX and CFDDesigned for all Financial Instruments
Technical indicators3038
Graphical objects3144
Pending order types46
Order fill policyFill or KillFill or Kill, Immediate or Cancel, Return
Partial order fill policyNoYes
Depth of marketNoYes
Exchange tradingNoYes
Programming languageMQL4MQL5

Charts and Tools

MT4 has a range of 31 graphical objects like lines, channels, Gann, Fibonacci, and arrows to assist traders with predicting price movements. Meanwhile, MT5 allows for 44 such objects including geometric shapes and more.

Technical Indicators

MT4 has 30 in-built technical indicators that can be used to gain insights into the market direction. If this is not sufficient, traders have access to 2000 free custom indicators from the Code Base or over 700 paid additional ones from the Market – providing plenty of options for comprehensive market analysis. MT5 has 38 built-in technical indicators of its own to further aid with predicting trends and movements.


MT4 has 9 different timeframes whereas MT5 offers 21 – these include minute (M1, M2, M3, M4, M5 etc.), hourly (H1, H2 etc.), daily (D1), weekly (W1) and monthly (MN). This wide selection allows traders to further analyze their preferred assets and gain an advantage in the market.

Traders Opinion

Experienced traders prefer trading platforms that are easy to use, reliable, and don’t crash. Although Metatrader 4 can have some troublesome features, it still works well enough for them to monitor their trades and charts. Ultimately, selecting a broker is more important than picking a platform, so all the advertising and reviews about Metatrader 4 are usually just marketing tactics and should be disregarded since almost every broker offers access to MT 4.

What is the difference between TradingView and MT4?

TradingView is a charting platform that provides modern design and access to most financial markets, while MT4 (MetaTrader 4) is a trading platform that offers users the ability to execute trades and manage accounts with limited instruments and tools. MT4 is highly reliable, but its interface is outdated compared to TradingView.

TradingView doesn’t support most brokers and is strictly limited to a few brokers who already have licenses with the platform. Therefore, the difference between MT4 and TradingView is massive and traders commonly use TradingView as a place or community to share analysis and performance rather than trading.

What is MQL5 Community? The Most Powerful Trading Market.

The MQL5 Community is a platform run by MetaQuotes Software Corporation, which provides services for traders and developers to use in trading areas such as automated trading, copy trading, Market of trading robots and indicators, and technical analysis. It has become a go-to destination for thousands of traders and developers worldwide to find quality tools, resources, and support related to their Forex trading strategies.

The MQL5 Community offers the following:

How To Download MetaTrader 4 (MT4)

The first step to accessing the financial world and investing in forex trading is to open a forex account and create your trading portfolio. Choose from various account types, based on your trading strategy, experience, and capital designed for investment. Once you’ve created your account, you will receive the MT4 details which include the server address, user name, and password. Download the platform from the website after you select the OS and device type. The MT4 is available in different versions for both Mobile and Desktop.

AximTrade provides a set of educational content for forex traders with different methods of learning materials and media. Discover the educational resources including articles to learn forex basics, weekly technical analysis, market and forex news, forex videos as well as ongoing promotions and updates.

Follow the following steps to download MetaTrader 4 (MT4)

  1. On AximTrade Website or Mobile App, go to the Downloads section.
  2. Select the compatible version for your device. You can download MT4 for Android, IOS, Windows, and Mac. 
  3. Install the Platform by clicking on the downloaded file, then press Next
  4. Click Finish on the installation window. 
  5. Choose “AximTrade-Live” to access your live trading account. 
  6. Click on “Existing trade account” then fill up the account number and password. 
  7. Now you’re ready to trade!

How to secure your MT4 account?

Securing your MT4 account is an essential step in protecting your trading capital and preventing unauthorized access. Here are some steps to help secure your MT4 accounts:

Don’t have a forex trading account yet? Choose now from various forex account types, based on your trading strategy, experience, and capital designed for investment. Choices include Standard, Cent, ECN, and Infinite leverage accounts.

Choosing the right Forex account type is important for a number of reasons. Account types differ in terms of the amount of capital required to open an account, risk-management tools available, and access to different trading tools and instruments. Some account types also offer additional benefits such as lower spreads and commissions, preferential leverage rates, personalized service, bonus features, and options for automated trading. Therefore, it’s important to select an account type that best meets your specific trading needs.

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