MetaTrader 4 Review: A Free Comprehensive Trading Platform for Experts and Novices When it comes to online trading, MetaTrader4 is one of the most popular platforms available. Packed with features and tools, the software allows users to trade efficiently and confidently. Jinia Shawdagor Author Hannah Jones Editor 10 min read Published: January 09, 2018 Updated: November 16, 2022 Views: 259Content What is MetaTrader 4? How does MetaTrader 4 work? How to use MetaTrader 4? MetaTrader4 features MetaTrader4 Advantages and Disadvantages How MetaTrader4 Compares to the Competition FAQsOne of the best things about MetaTrader4 is its flexibility – its user-friendly interface is preferred by both experienced traders and those new to the world of online trading.I started trading forex as far back as 2008, just two years after the inception of MetaQuotes Software Corp – the company behind MetaTrader4. I remember there were only a handful of brokers offering the MetaTrader4 platform. At that time, the platform was still in its early stages, and few brokerages were offering it.Within just a few years, MetaTrader4 had become the most popular trading platform in the world – and for a good reason. I have used it on several occasions to introduce new traders to the game of online trading using the features on MetaTrader4.This software is a WordPress equivalent for the online trading industry. It is free and offers a robust set of features that all traders need. Thanks to MetaTrader’s demo account, I was able to develop the strategies that I still use to this day by testing out different techniques risk-free.Despite my many opportunities to use several different trading platforms, MetaTrader4 remains the most comprehensive and easy-to-use platform I’ve encountered in all my years of trading. And best of all: it’s free to use.What is MetaTrader 4? MetaTrader4 is a free trading platform developed by MetaQuotes Software Corp and released in 2005. The software is available on various devices, including PCs, Macs, smartphones, and tablets.“The goal of a successful trader is to make the best trades. Money is secondary.” – Alexander Elder. Thanks to its appeal for both novice and seasoned traders, MetaTrader4 has become the most popular trading platform in the world, with over 85% of forex brokers offering the platform to their clients including JustMarkets, NPBFX, Alpari, and Tickmill.Further reading The 80/20 rule In Trading. How To Implement It? 10TRADEFX REVIEW 2023: IS IT WORTH IT? Convert Satoshi To BTC Bitcoin | 100% Free Online Tool How to Buy Stripe Stock Building Small Profits, Fast: How to Use an Options Scalping Strategy for Trading What to Do if a Broker Refuses to Pay – 3 Effective MethodsHow does MetaTrader 4 work? MetaTrader4 is an electronic trading platform that allows users to trade various financial instruments, including forex, CFDs, and futures. The software is available on a range of devices.Users often tout MetaTrader4’s versatility. You can trade securities, open and close positions, and manage your account. Although users get the software for free, brokers buy a license from MetaQuotes Software Corp to offer the platform to their clients. With a broker, you can deposit funds and trade assets on MetaTrader4.Therefore, once you download the software, you can test its features with a demo account via your broker. Demo accounts allow you to practice trading with virtual money before risking any of your own.However, remember what Mark Zuckerberg had to say: “The biggest risk is not taking a risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”In addition to its demo account, MetaTrader4 software gives traders the tools to make informed decisions and trade confidently. The platform provides users access to real-time market data, charts, and analysis tools. You can also automate your trades with ease. MetaTrader4 offers a range of features, including:1) A user-friendly interface: The software is designed to be intuitive, with a shallow learning curve.2) A range of financial instruments: You can trade a range of assets, including forex, CFDs, and futures.3) Real-time market data: MetaTrader4 provides users with access to real-time market data.4) Charts and analysis tools: The platform offers a range of charts and analysis tools to help users make informed decisions.5) Automated trading: You can easily automate your trades with MetaTrader4. Set up your stop-loss and limit orders, and let the software execute the trade.Further reading Pip calculator What Is AdvCash Or An Off-shore Payment Card Alternative Live Currency Heat Map Cryptocurrency trading and binary options How Long Does It Take To Get One Bitcoin? Gerchik & Co - overview of forex trading platformHow to use MetaTrader 4? Getting up and running with MetaTrader4 is quick and easy. In this section, we’ll take you through the process of setting up an account and downloading the software.1) Choose a broker: The first step is to choose a broker that offers MetaTrader4. There are many brokers to choose from, so be sure to compare their features and fees before making a decision. Check out our lists of trusted binary options brokers and forex brokers for a good starting point.2) Open an account: Next, you need to open an account. This is usually done online and only takes a few minutes.3) Download the software: The next step is downloading the MetaTrader4 software. Again, you can get the software for free from various brokers or via the official site.4) Install the software: Once the software is downloaded, you’ll need to follow the quick and easy installation process.5) Log in: Now you’re ready to log in using your account details. Once logged in, you’ll have access to the trading platform and all of its features.Now that you know how to use MetaTrader4, let’s take a look at some of the features in more detail.Further reading CXMARKETS BROKER REVIEW 2023: COST AND BENEFITS The 80/20 rule In Trading. How To Implement It? Learn to Use the Economic Calendar: Binary Options Trading EasyOption Review 2023: Is It Worth It? Pip calculator What Is a Forex Cent Account? Learn the Basics!MetaTrader4 features What makes MetaTrader4 stand out from other trading platforms is its variety of innovative features. Let’s take a look at what the platform offers in detail.User-friendly interfaceOne of the best aspects of MetaTrader4 is its user-friendly interface. The platform is designed to be intuitive, so even new traders can get started quickly and trade with confidence. When you open the software, you will see four main windows:Market WatchToolboxNavigatorChartsYou can easily switch between these windows by clicking on the tabs at the top of the screen. Each window serves a different purpose, and we will take a closer look at each one below.The Market Watch WindowThis interface will show all the currency pairs available to trade. You can also see the current bid and ask prices and the spreads. This useful window helps you keep an eye on the market and see which pairs are moving.The Toolbox WindowThe Toolbox window gives you access to the tools and indicators you need to trade. In addition, MetaTrader4 comes with a wide range of built-in tools and indicators, such as the Fibonacci Retracement tool, the MACD indicator, and the Pivot Point indicator.You can also customize the tools and indicators on MetaTrader4 to suit your trading style. For example, you can change an indicator’s parameters or add a new one that you have downloaded from the internet.The Navigator WindowThe Navigator window is where you will find all the different accounts, expert advisors, and scripts installed on your MetaTrader4 platform. You can also use the Navigator window to access the market to see all the available currency pairs and other financial instruments.The Charts WindowThis is where you will see the price charts of the currency pairs that you are trading. It also comes with a range of different charting tools that you can use to analyze the markets. You can also add your own indicators to the charts, so you can customize them to suit your own trading style.A wide range of order typesUser interface aside, MetaTrader4 offers a wide range of order types that you can use to trade the markets. These include market orders, limit orders, stop orders, and trailing stop orders.You can also set up pending orders, so your trade will be executed automatically when the market reaches a specific price. This tool can be helpful, especially if you don’t have time to watch the markets all the time.Mobile AppMetaTrader4 also offers a mobile trading app in addition to the desktop platform. This app allows you to trade on the go and take advantage of every opportunity, even when not at a computer.The mobile app is available for Android and iOS devices; however, as of the time of writing, the app was recently taken off Apple’s App Store with no official report explaining its removal.Further reading 11 BEST PAPER TRADING APPS (TRADE WITH NO RISK) Top 10 Fun Facts About Forex Trading Trading Strategy: ALMA with Moving Averages Pocket Option review 2023: pros & cons BINARYCENT REVIEW: IS IT WORTH IT? Investors take Forex platform ROFX and its founders to courtMetaTrader4 Advantages and Disadvantages MetaTrader4 is known for its ease of use, lightweight and flexible design, and wide range of features. The software is also easy to customize as it can be programmed in several programming languages.However, MetaTrader4 is not without its drawbacks. One of the main disadvantages is that it does not come with customer support.Additionally, if you are an avid high-frequency trader, there may be better platforms for you than MetaTrader4, as it is not built for high-frequency trading. Here is a breakdown of the platform’s pros and cons:Advantages:User-friendly interfaceWide range of order typesMobile trading appCustomizable tools and indicatorsLightweight and flexible designDisadvantages:There is no customer supportIt is not built for high-frequency tradingFurther reading CXMARKETS BROKER REVIEW 2023: COST AND BENEFITS The Story Behind the MBA Forex Scam and Closure TRADING STRATEGY ON A FRACTAL REVERSAL WITH THE RSI FILTER What Is Online Wealth Market (The Full Review 2023) Free Online Interactive Binary Options Charts and Why You Should Use Them EasyOption Review 2023: Is It Worth It?How MetaTrader4 Compares to the Competition MetaTrader4 is the industry standard when it comes to forex trading platforms. However, there are other available options.Other popular forex trading platforms include the following:MetaTrader5 – MetaTrader5 is the successor to MetaTrader4, and it offers several enhancements, such as improved charting tools and a more comprehensive range of order types. However, MetaTrader5 is not as widely adopted as MetaTrader4. While experienced traders may prefer MetaTrader 5’s increased functionality, most traders still prefer to work with MetaTrader4.cTrader – While not as popular as the MetaTrader platforms, cTrader is the runner-up alternative to MetaTrader4. It is designed for professional traders and offers advanced features such as an order book and depth of Market (DOM) trading.NinjaTrader – NinjaTrader is designed for active traders and offers various features, such as advanced charting and market analysis tools.E-Trade – E-Trade is an online broker that offers a trading platform for forex, stocks, and other financial instruments. E-Trade’s platform is well known for its support for high-frequency trading. It also comes with customer support, one of the features missing on MetaTrader4.Further reading CXMARKETS BROKER REVIEW 2023: COST AND BENEFITS How Long Does It Take To Get One Bitcoin? Live Currency Heat Map Top Binary Options Brokers Reviewed in 2023 110 Trading Quotes to Set You on the Road to Success EXANTE BROKER REVIEW 2023: FEES AND BENEFITS FAQsIs MetaTrader4 available for Mac?No, MetaTrader4 is not available for Mac. However, there are a few ways you can run MetaTrader4 on Mac. One way is to use a Windows emulator such as Parallels Desktop or Boot Camp. Another way is to use a web-based trading platform such as e-Trade which offers a platform that can be accessed from any web browser.Is MetaTrader4 free?Yes, MetaTrader4 is free to download and use. However, you will need to open an account with a broker that supports MetaTrader4 to trade the markets.Can I use MetaTrader4 with any broker?Yes, you can use MetaTrader4 with any broker that supports the platform. Most brokers offer MetaTrader4 as their standard trading platform, so you should be able to find a broker that supports MetaTrader4. Saxo Bank is one; you can check it out.What languages does MetaTrader4 support?MetaTrader4 is available in many languages, including English, Spanish, French, German, Italian, Russian, and Chinese.Can I withdraw money from MetaTrader4?No, you cannot withdraw money from MetaTrader4. MetaTrader4 is a trading platform and not a bank. To get your MetaTrader4 up and running, you will need to open an account with a broker. The broker will allow you to make deposits on your account. From this account, you can trade and make withdrawals accordingly.What is the minimum deposit for MetaTrader4?There is no minimum deposit for MetaTrader4.How reliable is MetaTrader4?MetaTrader4 is a reliable and well-tested platform. It has been in use for over 15 years and is used by millions of traders around the world. MetaTrader4 is also available from a wide range of brokers.Final ThoughtsMetaTrader4 is a popular forex trading platform that offers multiple tools and features. The platform is easy to use and can be customized to suit your own trading style and custom-made auto-trading bots.However, MetaTrader4 still has room for improvement. It lacks customer support which can be crucial, especially for beginners who are still learning the ropes. Moreover, it doesn’t come with the level of sophistication that most high-frequency traders demand.Overall, MetaTrader4 is a good choice for beginner to intermediate forex traders. However, if you are looking for a more sophisticated platform with better features, consider other options, such as MetaTrader5.Further reading How to Buy Stripe Stock What to Do if a Broker Refuses to Pay – 3 Effective Methods How long to learn binary options trading in 2023? Cryptocurrency trading and binary options What Is a Forex Cent Account? Learn the Basics! 10TRADEFX REVIEW 2023: IS IT WORTH IT?