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MetaTrader Review

MetaTrader Review

Updated 15 August 2021

Written by the WikiJob Team

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Pepperstone - Best Broker for Meta Trader

MetaTrader is a suite of online trading platforms designed by MetaQuotes Software Corp, one of the world’s most highly regarded developers of financial trading software.

The suite currently consists of MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

MT4 was launched in 2005 and remains one of the most widely used online trading platforms among the retail forex and CFD trading communities.

MT5 followed in 2010, not as an upgrade to its predecessor, but as a platform allowing access to additional markets including commodities, stock, futures and options.

Both platforms facilitate trading activity and come with a range of supporting features like technical analysis, custom indicators and algorithmic trading through expert advisors.

What Is the Difference Between MetaTrader 4 and MetaTrader 5?

The primary difference between MT4 and MT5 is the different markets they are designed for.

MT4 offers easy access to the forex market, whereas MT5 was developed for use with a centralized exchange, giving traders access to a broader range of financial instruments.

There are differences beyond this, however, that may or may not be worth taking into account, depending on your trading style and level of experience.

For automated trading, MT4 and MT5 have their own built-in programming languages – MQL4 and MQL5 respectively:

  • MQL4 is a more simplistic version, with programming based around the order system.
  • MQL5 works around a positional system and offers more complex programming capability.

When it comes to technical analysis, there are also some key differences between the two.

Both platforms have a customizable interface, but with MT4, only nine timeframes are available for interactive charting. With MT5, this jumps up to a choice of 21 timeframes.

MT5 comes with more built-in technical indicators – 38 compared to MT4’s 30 – and a broader range of graphical objects for manual charting.

Depth of markets (DOM) and an on-screen economic calendar are also additional features found only on MT5.

For trade execution, both platforms are fast and efficient, though MT5 takes a slight edge both in terms of speed and functionality, with six types of pending orders versus the four offered with MT4.

Another point worth noting refers to hedging. MT4 does allow for this, whereas on MT5 this functionality is disabled unless requested otherwise.

Though there are noticeable differences between the two, MT5 isn’t necessarily superior to MT4. Choosing the right platform is purely a matter of personal preference.

Beginner traders interested in forex only are likely to find the simplicity of MT4 appealing, and its functionality more than adequate.

However, if you’re an experienced trader looking to acquire a diverse portfolio and implement more advanced strategies, MT5 is the better fit.

Pepperstone - Best Broker for Meta Trader

How Does MetaTrader Work?

MT4 and MT5 are cross-platform applications, meaning you can download the software for use on your desktop, use an internet browser to access the web versions, or install the mobile application to trade on the go.

The WebTrader versions are accessible through all major browsers including Google Chrome, Internet Explorer, Apple Safari and Microsoft Edge, and mobile use is supported on both iOS and Android.

Downloadable software can be installed on either Windows or macOS.

Though MetaTrader is highly popular, it is not available through every broker.

Some offer competitor platforms like cTrader, while others only provide access to proprietary platforms.

If you’re interested in using either MT4 or MT5, look for a MetaTrader broker that suits your trading needs.

How Much Does MetaTrader Cost?

Online brokers acquire a license for use of the MetaTrader suite, which allows them to give clients access free of charge.

You will not pay to download MT4 or MT5 or to access them via the web, but you should take into account the associated costs of using these platforms, such as spreads.

Some brokers set their fees differently depending on which platform you use, often offering preferential rates through proprietary platforms.

Keep this in mind when selecting an account, as these costs will impact your profit margin.

MetaTrader Review
MetaTrader Review

MetaTrader 4 Review: Pros and Cons

MetaTrader 4 Pros

  • Ease of use – MT4 is a high-functioning yet user-friendly platform, ideal for those with limited trading experience. The interface is clean and easy to navigate and can be customized to suit your trading style.

  • Compatible with all major operating systems – As mentioned, downloadable software, web-based versions and mobile applications are all supported on the most commonly used operating systems, so you can use MT4 however and wherever you choose.

  • Widely available – As it’s such a popular platform, many MetaTrader brokers offer MT4. This gives you more flexibility when it comes to selecting the best forex broker for your needs.

  • Multiple languages supported – MT4 is a universal platform that can be set for use in around 39 different languages. This multilingual functionality prevents trading errors that can be easily made when a language barrier is present.

  • Good for automated trading – MT4’s programming language allows for simple creation of forex robots. If you’re new to automated trading, you’ll find a large online community happy to share knowledge of the MQL4 language.

  • Allows for copy trading – Previously unavailable through MT4, the platform does now allow for copy trading, with forex signals available through the signals tab.

  • Offers security – MT4 offers robust security with data encryption, so you’ll have peace of mind that your trading account is protected to the highest degree.

  • In-platform support – One of the major benefits of MT4 is that you can contact your broker for support in real-time through the platform's messaging capability.

MetaTrader 4 Cons

  • Unsuitable for high-frequency trading – MT4’s functionality does not provide the top-level execution speed required for high-frequency trading. However, this is an advanced strategy best avoided by beginner traders, so shouldn’t pose much of an issue in most cases.

  • Lack of historical data – Although MT4 does come with backtesting functionality, this is not as useful as it could be due to limited access to historical data.

  • Slower execution – When we say ‘slower’, we don’t mean slow. MT4 is fast when it comes to execution, but as a 32-bit mono-thread system, it’s not as quick or efficient as MT5, a 64-bit multi-thread system.

MetaTrader 5 Review: Pros and Cons

MetaTrader 5 Pros

  • Wider market range – MT5 allows you to easily trade forex and CFDs, as does MT4, but it also provides access to centralized markets, so if you wish, you can opt to trade in multiple assets.

  • More in-depth analysis – MT5’s broader range of analytical tools, like in-market depth, economic calendar and increased timeframes, allow for greater market insight and technical analysis. This is not necessarily a must if you’re a beginner trader, but worth considering as you progress.

  • Allows for netting – Netting is the process of combining two or more positions into a single value. This risk mitigation strategy is available on MT5, but not on MT4.

  • In-platform chat function – A nice addition to MT5 is the ability to chat and share trading tips with other traders through the platform itself.

  • All the functionality of MT4 – MT5 offers the same multilingual support, compatibility, security and trading options as MT4, including automated and social copy trading, but with greater capability in the latter case.

MetaTrader 5 Cons

  • Different programming language – MT5 not only uses MQL5 for programming, but it also does not allow programs written in MQL4 to be transferred. If you’ve been using MT4 and want to make the switch, you’ll have to learn this new language and start all the programming from scratch.

  • Hedging disabled – This isn’t a problem if you’re trading in the US, where hedging is not permitted, but if you’re located elsewhere and want to use this risk management strategy, you’ll have to request for it to be enabled, provided your broker also permits hedging.

  • May be too much for beginners – Whilst MT5’s advanced capability may be useful for experienced traders, those new to the financial markets may find its tools and features a little intimidating.

Best Brokers for Both MetaTrader 4 and MetaTrader 5

Below is a brief overview of the top MetaTrader brokers offering MT4 and MT5.

Regardless of what you intend to trade in, choosing a broker requires due diligence.

Take the time to conduct comparative research, considering fees, reputation, support, and most importantly, regulation.


As well as forex, Pepperstone offers clients access to commodities, shares, indices and cryptocurrency, and is a popular choice for spread betting.

Visit Pepperstone

IC Markets

Headquartered in Sydney, Australia, IC Markets offers CFD trading in forex, bonds, commodities, stocks, indices and equity markets.

Visit IC Markets

FP Markets

Founded in 2005, this Australian broker specializes in CFDs and forex for retail traders.

Visit FP Markets


Operating in Europe, Australia and Asia, clients of AvaTrade have access to multiple instruments including forex, cryptocurrency, bonds, shares and ETFs.



Headquartered in the UK, FXPro allows for commodities, forex, shares, indices and futures trading.

Along with Pepperstone and IC Markets, it’s one of a growing number of brokers that accept PayPal as a funding method.

Visit FXPro

Final Thoughts

The MetaTrader suite is a powerful set of trading platforms offering versatility and flexibility, suitable for traders of all experience levels.

MT4 is a great option for beginner traders, with an intuitive interface and plenty of built-in tools for technical analysis, helping users make well-informed trading decisions.

For those looking for more advanced functionality and increased market access, MT5 is an ideal alternative.

Designed for use on desktop, web and mobile, both MT4 and MT5 allow you to trade with ease in a way that suits your lifestyle.

WikiJob does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

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