MetaQuotes Software Corp. developed the first trading platforms to trade Forex, CFDs, stocks, and futures in 2000 and 2001. They had relatively few capacities of the trader terminal and didn’t become popular among traders. In early 2002, the company presented MetaTrader 3, where the programming language and functions’ capabilities were significantly expanded. This trading platform existed for three years.

In 2005, software development company MetaQuotes developed the MetaTrader 4 that has been the most popular trading platform since then due to its multifunctionality and ease of use.

You can learn more about the MT4 functions in the article What Is MetaTrader? Learn How to Use This Online Platform in Trading

The article covers the following subjects:

An upgraded version of the trading platform, MT5, appeared in 2010. However, the MT5 hasn’t become more popular than the MT4. Read on, and you will learn about the advantages of MetaTrader 4 and what is special about the MetaTrader 5 platform.

MetaTrader 4

The MT4 was initially designed for forex retail trading. The MetaTrader 4 is so popular because it is multi-functional, user-friendly, and mobile. The platform has an intuitive interface; it is not overloaded with ample information, panels, and buttons. Some functions are duplicated in the menu on the toolbar and the menu called by the right mouse button.

The main features of MT4:

  • The platform is designed for Forex trading. You can trade currencies as well as CFDs on indexes, shares, bonds, commodities, and cryptocurrencies.
  • MetaTrader 4 is a mono-threaded platform for 32-bit operating systems. It will work on 64-bit operating systems as well, but there may be compatibility problems.
  • The MT4 platform supports more than 30 languages.

Another reason for MetaTrader 4 popularity is the marketing and technical support from its developer, MetaQuotes. The software developers team is continuously working on the upgrading and improvement of platform code. The license is affordable for brokers, so the MetaTrader products are more popular than other platforms.

If you want to test the MT4 functions on a demo account, you can download a desktop or mobile version via this link. Then run the installation file – the platform will be installed within 5 minutes. In the “File” menu, select “Open a new account” and follow the prompts. On a demo account, you can test the functionality of placing market and pending orders, get acquainted with technical indicators and charting objects, and try to enter your first trades.

Pros

The main advantages of the MT4 compared to other platforms are:

  • It is multifunctional. The platform has three modes of order execution; none types of orders, including a trailing stop; thirty built-in technical indicators, nine timeframes.
  • You can program in MQL4. The platform allows adding custom tools – scripts, Expert Advisors, and indicators. You can also create your own trading tools in the MetaEditor.
  • It has a tester. You can test manual and automated trading strategies on the historical data, evaluate the performance of a trading system, and record the backtesting results to analyze statistics. No other trading platform, except for TM5, has such functions.
  • It provides support from the trader community. MQL5.com is one of the biggest trader communities, where you can copy signals, discuss trades, order original indicators, EAs or trading robots, scripts to be developed. The MQL4 programming language is one of the most popular and convenient to develop original trading systems, which is another advantage of the MT4.
  • It is safe. In…



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