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MetaTrader 4 Review
The long-dominant forex trading platform (by MetaQuotes), offered through many brokers. Famous for Expert Advisors (automated trading).
Best for
- Forex traders
- Automated trading (EAs)
- Custom-indicator users
Not best for
- You want a modern UI
- You trade equities primarily
- You want built-in stock research
Our verdict & scoring
MetaTrader 4 (MT4) is the platform that defined retail forex. It's provided by brokers rather than sold directly, and is beloved for its Expert Advisor (EA) automated-trading ecosystem and huge library of custom indicators. It's dated compared with newer platforms but remains ubiquitous for forex.
Scores are based on our review methodology. Affiliate relationships do not buy higher ratings.
Who should actually use MetaTrader 4
MT4 remains the default for a reason: it defined retail forex, nearly every forex/CFD broker offers it, and its Expert Advisor ecosystem plus a huge custom-indicator library mean almost any strategy idea already has tooling. Forex traders running EAs — or relying on years of community-built indicators — are the core users. It's the wrong platform for equity-first traders or anyone who wants a modern interface and built-in stock research.
What we'd change
The interface is genuinely dated, and MetaQuotes' own successor (MT5) is where new development goes. Everything financial depends on the broker you connect: MT4 itself is free, but spreads/commissions — and your regulatory protection — are entirely the broker's. Budget for paid third-party EAs and indicators if you go down the automation path.
How it compares to TradingView
Old workhorse vs modern web standard. MT4 is an execution terminal with the deepest forex automation ecosystem in existence; TradingView is browser-based, chart-first and community-driven, connecting to brokers rather than being distributed by them. EA-driven forex traders stay on MT4; discretionary chartists prefer TradingView — and many run TradingView charts alongside MT4 execution.
Pros
- Ubiquitous forex platform
- Powerful EA automation
- Huge indicator ecosystem
Cons
- Dated interface
- Forex/CFD-centric
- No built-in equity research
Fees & hidden costs explained
Free platform; costs come from the broker you use it with (spreads/commissions).
Safety, regulation & availability
MT4 is trading-terminal software, not a broker. Regulation and account protection depend entirely on the broker you connect it to.
Account protection: Not a broker — holds no client funds; protections depend on the connected broker.
Available to retail traders in:
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Frequently asked questions
Is MetaTrader 4 free?
Yes — MT4 is free software provided through brokers. Costs come from the broker's spreads/commissions, plus any paid third-party EAs or indicators.
Is MT4 a broker?
No — it's trading-terminal software from MetaQuotes. Regulation and account protection depend entirely on the broker you connect it to.
What are Expert Advisors (EAs)?
Automated trading programs that run inside MT4 — the platform's defining feature, with a huge ecosystem of ready-made and custom EAs and indicators.
Should I use MT4 or MT5?
MT4 has the larger legacy EA/indicator ecosystem; MT5 adds more timeframes, order types, asset classes and a faster strategy tester — and isn't fully backward-compatible with MT4 EAs. If starting fresh, MT5 is increasingly the default; if your tooling is MT4-based, staying put is reasonable.
What can I trade on MT4?
Forex natively, plus CFDs where the connected broker offers them. It's not built for equities.
Official sources
Risk warning: Trading stocks, options, futures, forex, crypto, CFDs and funded accounts involves risk. You can lose money. This website is educational only and does not provide financial, investment, tax or legal advice.
Leverage, volatility, fees, spreads, liquidity and platform rules can increase losses.
Affiliate disclosure: We may earn a commission when you click some links on our site. This does not cost you extra. Our comparisons are educational and transparent, and our rankings are not affected by commissions.