Why MetaTrader 4 Remains the First Choice for Forex Traders

When you first look at MetaTrader 4, you may think: Is it really possible that this is the leading forex & CFD platform?

After all, the interface is quite dated. It looks like something that isn’t quite from this century. Simply put, it hasn’t quite gone through the visual and user experience refinement that’s been the focus of the modern tech world. But you shouldn’t let that fool you.

Although it’s rough around the edges, MetaTrader 4 is actually quite an intuitive platform. It’s easy to learn and use, relatively lightweight, and can run well even on dated devices.

That, of course, wouldn’t be enough reason to push it as the #1 platform for forex and CFD traders. The real reasons are much more detailed and interesting, and don’t necessarily pertain to the platform’s features.

In this article, we will discuss MetaTrader 4’s prestigious position and see whether it’s warranted to give you a deeper understanding of this platform.

MetaTrader 4’s Usability

At first, MetaTrader 4 may seem horribly confusing. But after a few minutes of using it, that feeling will likely clear up.

In truth, while MetaTrader 4 looks old, and as such, leads traders to the assumption that it’s probably dated, it’s actually quite easy to understand. All the key features are apparent, and so are more complex ones like opening indicators and adding them to your charts.

Much of MetaTrader 4 operates on a drag-and-drop basis, so it’s easy for people to start using it. Want a chart? Just drag the asset onto your screen. Want to apply an indicator to the chart? Just drag it from the indicator list.

That, along with simple navigation for timeframes, buying and selling, stop losses and take profits, and other key features, makes the platform very easy to learn. It’s also a good basis for other platforms, since it’s pretty versatile and allows traders to build solid fundamentals.

But that’s not all. The simple navigation and handling make people recommend MetaTrader 4 as a good beginner platform. Because of this, people start their trading journey on MetaTrader 4, investing time and becoming fairly confident.

Then, in part because MetaTrader 4’s features are really enough for most traders, and in part because they don’t want to re-invest the time and effort to become comfortable in a new platform. As such, since MT4 is where most people’s road starts, it’s where they stay as well.

Broker Adoption 

In most cases, a broker affects your trading experience much more directly than a platform. As such, it’s only natural that traders prioritise choosing a broker rather than choosing a platform. And since MetaTrader 4 is the most widespread platform, that’s where most traders end up.

The reverse is also true. If someone wants to leave their options for brokers as wide open as possible, it’s only sensible that they prioritise MetaTrader 4 as their platform. That will almost guarantee that they can use any forex and CFD brokerage out there.

Now, as the industry grows, this reason seems to get weaker and weaker. Many brokers are opting to include additional options, like MetaTrader 5, cTrader, or even proprietary options. Copytrading, similarly, has gained some traction and usually boasts a unique platform.

But while changes are happening, they are slow, and it’s still very likely that MetaTrader 4 is by far the most widely adopted platform, helping it keep its top spot.

MetaTrader 4 Features

Now, let’s unpack what’s really within the platform. While the article so far may have made it sound like MetaTrader 4 continues to be popular only because of its pre-existing popularity. However, that’s truly not the case. MetaTrader 4 is quite a powerful platform with a versatile set of trading capabilities.

It has three chart types with nine timeframes, with over thirty built-in visual indicators, a large number of graphical objects, and a profiles and templates feature. This allows traders to make extremely detailed chart setups, save them, and access them with only a few clicks afterwards.

MetaTrader 4 also provides a large degree of control over your trading actions, with four execution types and two order types with six variants. This allows traders to adjust their tactics to various market circumstances and rely on their skill and knowledge to find unique trading routes.

That covers most baseline trading scenarios. However, in forex and CFDs, algorithmic trading is also fairly popular. Of course, MT4 supports this through its EAs, which can automate entries, exits, risk management, and more. So, traders who want to automate their trading and devote their time elsewhere can do so easily.

As trading bots, EAs also enable backtesting in MT4. However, EAs are more than trading bots. They can add new trading logic, interface features, alerts and signals, and much, much more.

Are there stronger platforms? Yes. In fact, Metatrader 5, the prior version’s successor, is quite likely stronger in most regards. But most traders also don’t use the more powerful features, so they only need a platform that supports a basic routine. MT4 does that and much more, making it a solid match for traders.

Community and Customisation

In the previous part of this article, we mentioned how MetaTrader 4 had 30 indicators. Depending on your trading knowledge, that may sound like a lot, but it’s really not. Especially when compared to analysis platforms like Trading Central and TradingView, which can boast up to hundreds or even thousands of them.

However, MetaTrader 4 comes with 30 only when considering out-of-the-box numbers. In reality, there’s an unlimited number of indicators, visual objects, and extra trading features. How is that?

MetaTrader 4 supports custom tool development in the MQL 4 programming language. And since it’s been around for so long and has been so prominent, it’s amassed quite a loyal user base of programmers specialised in this language.

They have tirelessly been adding tools, indicators, platform functions, alert options, economic calendars, and much, much more. And as you can likely tell, that results in quite a variety of tools to pick from.

What does that look like on the user side? There’s a market tab in MT4 where users can find these tools, download them, and automatically include them in their platform. Additionally, there are many websites and services where people upload indicators, either free or paid, and users can freely download and implement them into their platforms. The choices are almost endless, so traders can explore to their hearts’ content.

Does MetaTrader 4 Deserve Its Spot

If we were to compare MetaTrader 4 to other platforms in a vacuum, that’s simply comparing platform functionalities on a platform with no addons, it wouldn’t fare great. It’s not a horrible tool by any means, but other, more modern platforms simply outperform it in many regards.

However, taking into account its vast library of custom tools, the fact that it’s the default platform for many brokerages, the fact that it’s easy to learn, operate, and runs well on most software, it’s hard to argue against MetaTrader 4’s dominance. Remember, a platform can have all the tools in the world, but if traders don’t use them, it’s for naught. MetaTrader 4 provides exactly what a majority of traders need, and that has guaranteed its spot as the industry leader in trading.

Disclaimer: This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.