MetaTrader 4 (MT4) is the industry’s leading trading software, offered by most top brokers. In this user guide, you’ll find the basics of MetaTrader 4 explained as well as a tutorial on how to use the online platform. For those looking to troubleshoot issues, we’ve also detailed the system requirements for Mac and PC users as well as customer support options.
Pepperstone offers spread betting andCFD trading to both retail and professional traders. Clients can trade FX, indices, commodities and shares on MT4, MT5 and cTrader platforms.
Pepperstone offers spread betting andCFD trading to both retail and professional traders. Clients can trade FX, indices, commodities and shares on MT4, MT5 and cTrader platforms.
Forex.com boast a global reputation. Regulated in the UK, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
Forex.com boast a global reputation. Regulated in the UK, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
XM.com Offer a range of Account types and a low minimum deposit to appeal to all levels of trader. With 1000+ markets and low spreads they offer a great service.
XM.com Offer a range of Account types and a low minimum deposit to appeal to all levels of trader. With 1000+ markets and low spreads they offer a great service.
Multi-Award winning broker. Specialising in Forex but also offering stocks and tight spreads on CFDs and Spread betting across a huge range of markets.
Multi-Award winning broker. Specialising in Forex but also offering stocks and tight spreads on CFDs and Spread betting across a huge range of markets.
XTB is one of the largest stock exchange-listed FX & CFD brokers in the world, offering access to over 2000 instruments from two platforms: its own award-winning xStation 5 and the traditional MT4.
XTB is one of the largest stock exchange-listed FX & CFD brokers in the world, offering access to over 2000 instruments from two platforms: its own award-winning xStation 5 and the traditional MT4.
NinjaTrader offer Traders Futures and Forex trading. Use Auto-trade algorithmic strategies and configure your own trading platform, and trade at the lowest costs.
NinjaTrader offer Traders Futures and Forex trading. Use Auto-trade algorithmic strategies and configure your own trading platform, and trade at the lowest costs.
IG offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have a 40 year track record of excellence.
IG offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have a 40 year track record of excellence.
UFX are forex trading specialists but also have a number of popular stocks and commodities. Offering tight spreads and one of the best ranges of major and minor pairs on offer, they are a great option for forex traders.
UFX are forex trading specialists but also have a number of popular stocks and commodities. Offering tight spreads and one of the best ranges of major and minor pairs on offer, they are a great option for forex traders.
Binary.com are the established pioneers of binary options. The choice of the advanced trader, Binary.com offer the greatest flexibility of any binary broker. They also offer Forex and CFD via the MT5 platform.
Binary.com are the established pioneers of binary options. The choice of the advanced trader, Binary.com offer the greatest flexibility of any binary broker. They also offer Forex and CFD via the MT5 platform.
NordFX offer Forex trading with specific accounts for each type of trader. Zero accounts offer spread from 0 pips, while the Crypto offers optimal cryptocurrency trading. Open account from just $10.
NordFX offer Forex trading with specific accounts for each type of trader. Zero accounts offer spread from 0 pips, while the Crypto offers optimal cryptocurrency trading. Open account from just $10.
ETX Capital are a London based, FCA regulated broker offering tight spreads across a wide range of markets. They offer professional client services to Pro clients. ETX are offering a FREE trading course to new clients, and free guaranteed stops on the TraderPro platform.
ETX Capital are a London based, FCA regulated broker offering tight spreads across a wide range of markets. They offer professional client services to Pro clients. ETX are offering a FREE trading course to new clients, and free guaranteed stops on the TraderPro platform.
Skilling are an exciting new brand, regulated in Europe and beyond, with a bespoke browser based platform, allowing seamless low cost trading across devices.
Skilling are an exciting new brand, regulated in Europe and beyond, with a bespoke browser based platform, allowing seamless low cost trading across devices.
Alpari offer forex and CFD trading across a big range of markets with low spreads and a range of account types that deliver for every level of trader from beginner to professional.
Alpari offer forex and CFD trading across a big range of markets with low spreads and a range of account types that deliver for every level of trader from beginner to professional.
Vantage FX are a Raw ECN Forex broker, regulated by ASIC is Australia. Boasting MT4, MT5 and Webtrader platforms, a range of account types and a deposit bonus of up to 50%
Vantage FX are a Raw ECN Forex broker, regulated by ASIC is Australia. Boasting MT4, MT5 and Webtrader platforms, a range of account types and a deposit bonus of up to 50%
Instaforex provide Forex, CFDs, Stock and Cryptocurrency trading. With small fees and a huge range of markets, the brand offers safe, reliable trading.
Instaforex provide Forex, CFDs, Stock and Cryptocurrency trading. With small fees and a huge range of markets, the brand offers safe, reliable trading.
London Capital Group provide trading on 7000+ markets over 9 asset classes. Spreads are competitive but active traders may have better broker options elsewhere.
London Capital Group provide trading on 7000+ markets over 9 asset classes. Spreads are competitive but active traders may have better broker options elsewhere.
Forex4you offers retail trading on a choice of top trading platforms.
Forex4you offers retail trading on a choice of top trading platforms.
Demo Account
Yes
Regulated By
BVI FSC
MT4 Integration
Yes
Min. Deposit
No minimum
Min. Trade
0.01 lots
Bonus
None
Due to its popularity, many of the best brokers offer MetaTrader 4, often alongside proprietary software.
Each broker will have their own spreads, fees and commission system. Regulated UK brokers offer free negative balance protection and limits on margin and leverage levels. MetaTrader 4 time zones are also set by the broker, meaning there are differences between the functionality of MT4 across brokers. But, with the MultiTerminal functionality, you can hold accounts with multiple firms.
MT4 was developed in 2005 by MetaQuotes. The platform primarily facilitates forex trading, but investing is also available on a range of other markets, including Bitcoin (BTC), Ripple (XRP) and other cryptos. The software is licensed to brokers who typically offer it to clients at no cost.
MetaTrader 4 trading platform
How To Get Started With MetaTrader 4
Learning how to trade on MetaTrader 4 can seem daunting. Fortunately, we’ve compiled a few top tips for getting started.
Firstly, register for an account with an online broker who will provide you with MetaTrader 4 login credentials. A link to install the MT4.exe file is available directly from broker websites. You can also download the free zip from MetaQuotes. Alternatively, visit the MT4 web trader site.
Open the platform and login with the details provided by your broker. It’s recommended you start with a MetaTrader 4 demo account to practice how to trade before you make real investments on a live account.
System Requirements
MetaTrader 4 is suitable for download on Macbook, PC and Linux computers. However, some technical indicators are specifically designed for Windows, so the download of additional software such as Wine or Parallels is required to enable these functions.
MT4 is suitable for Windows 7 and 8 32-bit devices but the developers at MetaQuotes recommend a minimum of 64-bit processing speed and a Windows 10 software download where possible. Mac and Windows traders have been known to link their Raspberry Pi 3 to MT4. The platform is no longer available on Windows Vista or XP. MetaQuotes explained this move was to protect customers from vulnerabilities resulting from outdated software.
The MT4 4 app works for both Android APK (including Chromebook) and Apple devices such as iPhone and iPad. It is also compatible with Windows Phone 8.1, but reviews suggest functionality is limited and issues are frequent. App tutorials are available on many MT4 community forums.
How To Execute A Trade
The MT4 platform can seem intimidating at first, so we’d recommend you start on a demo account before trading with real money.
From the MetaTrader 4 toolbar, click ‘New Order’ and then select your currency pair
Select your order type: either ‘Market Execution’ or ‘Pending order’
Input your position size in the volume field. In forex, 1 lot is equal to 100,000 units of the base currency, meaning 1000 GBP would be 0.01 lots
Add any notes or comments. This functionality is great for those keeping a trading journal
Click BUY or SELL
You’ll then receive notification that your trade has been executed
MetaTrader 4 instant order
If you selected pending order as your order type, you’ll have the option to choose:
Buy or Sell Limit – An order to buy or sell at a set price or lower
Buy Stop or Sell Stop – An order that will not execute until it reaches a certain price
MetaTrader 4 pending orders
Then, enter your position size, stop loss and take profit levels. Set an expiry date on your pending order to help you manage your open positions. Click ‘Place Order’ to submit.
How To Edit A Position
To edit a stop loss or take profit level, right-click on the position and select ‘Modify or Delete Order’. Edit as required and hit ‘Modify’.
Modify order in MetaTrader 4
To create a trailing stop, right-click on your position and select the number of points you would like to apply. To remove the trailing stop, right-click again and select ‘None’.
To close a position entirely, right-click and select ‘Close Order’, then click the yellow button.
Keyboard Shortcuts Explained
MT4 has a few keyboard shortcuts that make it easier to navigate, these include:
New Order – F9
MT4 User Guide – F1
Launch MetaEditor for indicators and Expert Advisors – F4
Full-Screen Mode – F11
Activate/deactivate EA – Ctrl+E
Enable Crosshair – Ctrl+F
MT4 Trading Charts
Chart functionality is a highly praised feature on MetaTrader 4. All the charts are customisable. You can change the colours for entry-level and stop-loss lines and even select your own background colour.
You can easily change the timeframes of the charts by clicking through the default options.
M = minute (i.e M5 means five minutes)
H = hour (i.e H1 means one hour)
D = day (i.e D1 means one day)
MN = month (i.e MN2 means two months)
MetaTrader 4 charts
But, you don’t have to stick to those available. Timeframes are also customisable so you can create a 3 minute, 10 minute or 8 hour chart if required.
If there’s functionality you believe would improve usability, it’s likely someone has created a Java API add-on for this. Search the MetaTrader 4 community for pips calculators, candle time and spread indicators.
Expert Advisors
MT4 has an extensive Codebase where you can buy and sell Expert Advisors to help with your trading strategy. An Expert Advisor, or EA, is an automated trading robot. They use algorithms that look at signals in historical and real-time data that execute trades according to a pre-determined logic. You can create your own EA on MT4, but to do so, you’ll need to use a programming language such as Python. EAs are similar to copy trading where you mirror successful trader positions automatically.
MetaTrader 4 automated trading
It’s important you exercise caution if you want to buy an off-the-shelf EA. Since trades will execute automatically, it’s crucial you have evidence of thorough backtesting and historical profitability or you could see your account emptied in a flash.
For your EA to work, you’ll also need to download a Virtual Private Server (VPS) to MetaTrader 4. The platform restricts trading to when you’re using it. A VPS enables trades to be executed even while you’re away. They also speed up execution, preventing slippage.
MT4 Indicators
Dozens of built-in indicators are offered. To add an indicator to your chart, go to ‘Insert’ and ‘Indicators’, you’ll then see a selection. But, being MetaTrader 4, these are highly customisable. You can even create your own from scratch if you need to. So, if you want a Zigzag, EMA, B-clock or Elliott Wave indicator, you’re not necessarily restricted by your broker’s default options.
MetaTrader 4 indicators
MT4 Customer Support
Contact the MT4 Technical Support Centre for help with troubleshooting. If the platform keeps crashing, is frozen or just not working, start by closing the application and restarting your computer. If you’re still seeing glitches or it’s not loading, your laptop software may need updating.
MetaTrader 4 support forum
Common problems with MetaTrader 4 include the ‘off quotes’ error message. This can occur if there are connectivity issues or the best price is not within the ‘maximum deviation’ parameters set.
The ‘invalid account’ error is usually due to incorrect login credentials. Check these notifications with your broker. It will keep saying this if you’re trying to access your account during weekends and holidays outside of market trading hours.
If you’re still having problems, try the ‘Contact Us’ page where an MT4 Manager can help with most questions.
Since MetaTrader 4 is one of the most popular trading platforms, the online community is vast. If there are widespread issues e.g a server is down, not responding or keeps freezing, the community will be talking about what is wrong through online forums. Often they’re a great source of troubleshooting and will be able to tell you if you cannot place an order because there are new plugins you must have, or you’re waiting for an update. Plus, there are hundreds of user guides and tutorial PDFs to explain everything from swaps to signals.
Platform Comparison
MetaTrader 4 vs MetaTrader 5
Both platforms are hugely popular in the forex trading community. They offer extensive customisation and analysis. However, there are marginal differences when you compare the two. For example, MT5 has eight more indicators and there are six types of pending orders vs MT4, plus the slick option to view your screen in dark mode.
But, the primary difference is that MetaTrader 4 was designed for forex traders, whilst MT5 was built to include trading on CFDs on commodities such as gold, stocks and futures. Contrary to popular belief, one is not an upgrade of the other. They have different purposes. Those keen to trade on the S&P 500 or US 30 will prefer MT5.
MetaTrader 4 vs MetaTrader 5
MetaTrader 4 vs TradingView
TradingView now offers real-time trading, making it a strong competitor for MetaTrader 4. In fact, MT4 is increasingly difficult to run on macOS with the new Catalina update. Therefore, Mac users often find TradingView a good alternative. Proponents love the 100 indicators vs the measly 30 on MT4. It’s also generally a fresher interface – with MT4 looking reasonably outdated these days. Of course, there’ll always be MT4 loyalists due to the extensive list of broker partnerships.
MetaTrader 4 vs TradingView
Proprietary Software
Many of the best brokers offer their own proprietary software as an option. But, when you compare the functionality on MetaTrader 4 vs its competitors, there’s no contest. For example, Trading 212 is great for those who trade stocks, but for the technical charting required for forex, MT4 takes the podium. XTB and ZuluTrade do not offer MT4 for traders.
Brokers such as IG, OANDA, and eToro also have their own downloadable software but tend to offer the MT4 platform alongside it because of its popularity. Other leading brokers that offer MT4 include FXPro, XM, AvaTrade, 24Option and Admiral Markets.
How To Withdraw Funds From MT4
To withdraw funds on MetaTrader 4, go to Money Operation within the Trader’s Room and click ‘Withdraw Funds’. Fill in the amount you’d like to request. Withdrawal times and fees vary between brokers. Note, you will get a ‘not enough money’ error if you do not have the account balance requested.
Final Word On MetaTrader 4
MetaTrader 4 can seen intimidating for new traders. But, with just a little training, you’ll be on course to start a career in forex. Many of the most popular brokers use the platform, so you’ll have no trouble finding one you’d like to work with. Executing trades, withdrawing funds and adding customisable indicators is easy. But, as forex trading popularity explodes, competitor platforms are emerging with increased default functionality and fresher charts.
FAQ
Is MetaTrader 4 Legit?
MetaTrader 4 is perhaps the most popular forex trading platform on the market. It is offered as an option for traders at over 750 brokers worldwide, even alongside proprietary software. However, traders should check that the broker they trade with is regulated. MetaQuotes, the developers behind MT4, do not necessarily endorse brokerages that own a licence to the software.
Can You Make Money On MetaTrader 4?
Yes, MetaTrader 4 is a platform that facilitates forex trading. Successful traders across the globe have learned how to utilise the software to make profitable trades. But upside is not guaranteed. Traders should be aware that extensive analysis and market knowledge is required.
What Are The Computer System Requirements For MetaTrader 4?
MetaTrader 4 was created for Windows PCs. However, Mac and Linux users can trade on the platform by downloading additional software such as Wine or Parallel.
Is MetaTrader 5 Better Than MetaTrader 4?
MetaTrader 4 continues to be the most popular trading platform for forex traders. However, MetaTrader 5 does have additional functionality, including more indicators, pending orders and customisation. MT5 is better suited for trading stocks, options and CFDs. Which is better is primarily down to trader preference.
How Do You Download MetaTrader 4?
MetaTrader 4 can be downloaded directly from your broker. Sign up to an account with your chosen brokerage. You’ll then receive MT4 login credentials. Load your account with funds or for newbies, activate a demo account and get trading.