MetaTrader 4 Brokers

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. We also list the best MetaTrader 4 brokers in the UK 2025.

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.

As a guide, see a list of the best MT4 brokers. Most offer web and mobile downloads on Android and iOS.

What Is MetaTrader 4?

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 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