MetaTrader 4 Platform, Pros and Cons

metatrader 4 mt4

Users can trade currencies and contracts for difference (CFDs) using MetaTrader 4 trading platform produced by MetaQuotes Software Inc. Downloads of this programme are available for free, either directly from the MetaQuotes website or through the great majority of Forex and CFD firms on the market.

It is not actually a “product” in the traditional sense, because traders cannot purchase it; rather, it is a platform that may be used as a trading instrument if the trader so desires. With their trading accounts, the majority of Forex and CFD brokers provide access to the MetaTrader 4 platform, either as the sole trading platform option or as one of at least two trading platform options.

When it comes to trading forex and CFDs, MetaTrader 4 is without a doubt the most commonly used and popular online trading platform in the trading world. Although MetaTrader 4 is quite popular, MetaQuotes has declared that it will not award any new licences to brokers who wish to offer it to their clients.

As a result, new brokers will not be able to offer it as a trading platform to their clients. They have also indicated that they will no longer provide technical updates or support for the product software, although as of January 2018, it is still possible to download a fully functional demo account from their website.

These developments demonstrate that MetaQuotes wishes to see brokers and traders migrate from MetaTrader 4 to the new version of the platform that it now offers: MetaTrader 5. MetaTrader 5 is not an updated version 2.0 of MetaTrader 4, despite the fact that they share the same name. It is unclear how this will play out in practise. Fortunately, if you are working with a reputable Forex or CFD broker, you will not have to worry about this.

Would it be better for me to use MetaTrader 4?

metatrader 4 mt4

If you’re reading this review, it’s likely that you’re interested in learning more about the MetaTrader 4 platform’s features, as well as whether or not you should choose this platform over another trading platform. Because practically all Forex / CFD brokers now provide MetaTrader 4, it is a decision that many new traders must make on a regular basis.

The truth is that determining if MetaTrader 4 is superior to other trading platforms is impossible because it is dependent on the available options, and the alternative is frequently a trading platform that is exclusive to the Forex / CFD broker you are contemplating enrolling with. It is impossible to provide a comparison or rating without first knowing what your specific alternative is.

It’s safe to assume that new traders are frequently preoccupied with the decision of which trading platform to use. To some extent, this is due to the fact that too many brokers use trading platforms to conceal the fact that they charge high spreads, charge overnight charges, and provide poor services to their customers.

Because trading platforms are more significant as your trading volume increases, the more frequently you trade, the more crucial your trading platform will be: if you trade once a day or once a week, fast execution and navigation become almost unimportant. Important to remember is that a trading platform will not assist you in becoming a better or more profitable trader in the long run.

The most crucial factors to evaluate are whether a platform is simple to learn and use, and whether it operates efficiently and without faults, technical problems, or any other type of crashes, which can be both costly and annoying in the trading environment. In trading, there is extremely limited margin for error in terms of execution. The vast majority of traders will almost certainly agree that MetaTrader 4 passes these requirements. Let’s continue our discussion of the advantages and disadvantages of using the MetaTrader 4 platform.

Aspects that are Advantageous (Pros)

  1. Because the platform is supplied by the majority of Forex / CFD brokers, if you ever need to switch brokers, you will most likely not be required to learn to utilise a different trading platform if you do not like to do so.
  2. The platform is very similar in appearance, design, and functionality to the MetaTrader 5 platform, so if you decide to move to this, the second most popular and widely used trading platform in the world, you should have no trouble learning how to use it.
  3. The platform is free.
  4. Extremely user-friendly and intuitive.
  5. Stable versions are available for all devices, including PCs, laptops, tablets, smartphones, and other mobile devices.
  6. It is compatible with a large number of different languages.
  7. It is possible to execute it as software, which is more stable and prevents browser-based crashes and crashes. This makes it an excellent platform for scalpers because it allows for “one-click” trading.
  8. Outstanding advanced graphics capabilities.
  9. Provides hedging or coverage (if permitted by the broker in the case of Forex / CFDs trading).
  10. Using “Expert Advisors” (also known as Expert Advisers), you can automate the execution of trades using an algorithm, signals, or graphic templates. This type of EA can be created by a vast number of people who are knowledgeable with the programming language used.
  11. When you are in the messages section, you can communicate with your broker in real time without having to leave the trading platform.
  12. A strong encryption protocol is used to provide a high level of security to the system.
  13. In addition, backtesting capabilities is provided, which allows for the evaluation of strategy using past data.
  14. It is possible to find additional programmes (Add-ons) that transform the platform into a trading simulator.

Disadvantages or Cons

  1. There is no possibility for social trading (although social trading generally does more harm than good, so this could be an advantage rather than a disadvantage).
  2. The programming language used for Expert Advisors (EAs) differs from the programming language used for the MetaTrader 5 platform.
  3. Expert Advisors (EAs) are automated trading programmes that trade on the market.
  4. There is insufficient high-quality historical data for the backtesting feature.
  5. The platform is being manipulated by brokers, according to some users, who complain of comparatively delayed execution and platform manipulation. However, it is unclear how brokers might less manipulate other trading platforms.


Risk Warning: 74-89% of retail investor accounts lose money when trading CFDs . You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money
We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners. View more
Cookies settings
Privacy & Cookie policy
Privacy & Cookies policy
Cookie name Active
For information on the "GDPR privacy policy" click here.

Who we are

Our website address is: website collects useful information about Trading Brokers, Online Trading, CFD Trading, FOREX and the best operators in this sector. The site includes reviews and insights to help users better understand the online trading market and the various possibilities that are offered. Please read this cookie policy (“cookie policy”, "policy") carefully before using [website] website (“website”, "service") operated by [name] ("us", 'we", "our").

What are cookies?

Cookies are simple text files that are stored on your computer or mobile device by a website’s server. Each cookie is unique to your web browser. It will contain some anonymous information such as a unique identifier, website’s domain name, and some digits and numbers.

What types of cookies do we use?

  Necessary cookies Necessary cookies allow us to offer you the best possible experience when accessing and navigating through our website and using its features. For example, these cookies let us recognize that you have created an account and have logged into that account. Functionality cookies Functionality cookies let us operate the site in accordance with the choices you make. For example, we will recognize your username and remember how you customized the site during future visits. Analytical cookies These cookies enable us and third-party services to collect aggregated data for statistical purposes on how our visitors use the website. These cookies do not contain personal information such as names and email addresses and are used to help us improve your user experience of the website. How to delete cookies? If you want to restrict or block the cookies that are set by our website, you can do so through your browser setting. Alternatively, you can visit, which contains comprehensive information on how to do this on a wide variety of browsers and devices. You will find general information about cookies and details on how to delete cookies from your device. Contacting us If you have any questions about this policy or our use of cookies, please contact us.


When visitors leave comments on the site we collect the data shown in the comments form, and also the visitor’s IP address and browser user agent string to help spam detection. An anonymized string created from your email address (also called a hash) may be provided to the Gravatar service to see if you are using it. The Gravatar service privacy policy is available here: After approval of your comment, your profile picture is visible to the public in the context of your comment.  


If you upload images to the website, you should avoid uploading images with embedded location data (EXIF GPS) included. Visitors to the website can download and extract any location data from images on the website.


If you leave a comment on our site you may opt-in to saving your name, email address and website in cookies. These are for your convenience so that you do not have to fill in your details again when you leave another comment. These cookies will last for one year. If you visit our login page, we will set a temporary cookie to determine if your browser accepts cookies. This cookie contains no personal data and is discarded when you close your browser. When you log in, we will also set up several cookies to save your login information and your screen display choices. Login cookies last for two days, and screen options cookies last for a year. If you select "Remember Me", your login will persist for two weeks. If you log out of your account, the login cookies will be removed. If you edit or publish an article, an additional cookie will be saved in your browser. This cookie includes no personal data and simply indicates the post ID of the article you just edited. It expires after 1 day.

Embedded content from other websites

Articles on this site may include embedded content (e.g. videos, images, articles, etc.). Embedded content from other websites behaves in the exact same way as if the visitor has visited the other website. These websites may collect data about you, use cookies, embed additional third-party tracking, and monitor your interaction with that embedded content, including tracking your interaction with the embedded content if you have an account and are logged in to that website.

Who we share your data with

If you request a password reset, your IP address will be included in the reset email.

How long we retain your data

If you leave a comment, the comment and its metadata are retained indefinitely. This is so we can recognize and approve any follow-up comments automatically instead of holding them in a moderation queue. For users that register on our website (if any), we also store the personal information they provide in their user profile. All users can see, edit, or delete their personal information at any time (except they cannot change their username). Website administrators can also see and edit that information.

What rights you have over your data

If you have an account on this site, or have left comments, you can request to receive an exported file of the personal data we hold about you, including any data you have provided to us. You can also request that we erase any personal data we hold about you. This does not include any data we are obliged to keep for administrative, legal, or security purposes.

Where we send your data

Visitor comments may be checked through an automated spam detection service.
Save settings
Cookies settings