Before you scroll
- MetaTrader 4 and MetaTrader 5 are trading platforms made by MetaQuotes and licensed to brokers, who run the servers your account lives on.
- The same software can connect to a well-regulated broker or a fraudulent one; the app being genuine proves nothing about the firm.
- Indicators and automated 'Expert Advisors' are tools, not strategies, and paid bots promising steady profits are a common trap.
MetaTrader is one of the most widely used pieces of retail trading software, especially in forex and CFD trading. It comes in two main generations, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), made by the software company MetaQuotes. You will also see it written as two words, Meta Trader, in adverts and forums. Whatever the spelling, it is a tool for viewing prices and sending orders. It does not hold money, and it is not a broker.
How MetaTrader actually works
MetaQuotes licenses the platform to brokers. Each broker runs its own trade server, sets its own prices, spreads and symbols, and holds its clients' money. When you log in, the app connects to your broker's server; every price you see and every order you place goes through that server.
That arrangement is the key to using MetaTrader safely. Your trades, your balance and your ability to withdraw depend entirely on the broker behind the server, not on MetaTrader. A fraudulent firm can run a MetaTrader server that shows real-looking charts and a growing balance, and the app will display it faithfully.
"It runs on MetaTrader, so it's safe" is not a check. Before logging in, confirm the server name belongs to the firm you have verified on your regulator's register, and that firm is the one holding your money. Our broker checks show how.
MT4 and MT5: the main differences
| MetaTrader 4 | MetaTrader 5 | |
|---|---|---|
| Origins | Older platform built mainly for forex and CFDs | Newer platform designed to handle more asset types, including exchange-traded instruments where brokers offer them |
| Programming language | MQL4 | MQL5 (not directly compatible with MQL4) |
| Charts | Fewer timeframes and built-in indicators | More timeframes and built-in indicators |
| Extras | Basic order types | Adds features such as depth of market, more pending order types and a built-in economic calendar |
Which one you use is mostly decided by your broker. Scripts and indicators written for one version generally need to be rewritten for the other.
Desktop, MetaTrader online and mobile
Desktop
The full desktop terminal offers the most features, including custom indicators, strategy testing and automated trading. Download it from your broker's verified website or from MetaQuotes directly, never from a link in a chat message.
MetaTrader WebTrader
MetaTrader WebTrader runs in a browser, which lets you use MetaTrader online without installing anything. It is convenient on shared or work computers, but it relies entirely on the web address being genuine. Scammers create look-alike login pages to collect account details, so reach the WebTrader through your broker's own site, check the address carefully and use two-factor authentication where offered.
The MetaTrader iPhone and Android apps
The official MetaTrader iPhone and Android apps let you monitor positions and trade on the move. In the app you search for your broker's server and log in with the account number the broker provides. Install only from the official app store, check the developer is MetaQuotes, and be wary of any "special version" you are asked to download from a link. Fake trading apps have appeared in app stores before being removed, so check reviews and the developer name every time.
Indicators and Expert Advisors
MetaTrader comes with built-in technical indicators such as moving averages, the relative strength index (RSI), MACD, Bollinger Bands and the stochastic oscillator. Traders can add custom indicators and automated programs called Expert Advisors (EAs), written in MQL4 or MQL5.
There is no fixed list of the best MetaTrader indicators, because an indicator only summarises past prices in a different form. A moving average smooths them; RSI measures the speed of recent moves; Bollinger Bands show how far the price sits from its recent average. Each can help you describe a market; none tells you what will happen next. Using many at once often produces conflicting signals rather than extra certainty.
Paid EAs, "signal" subscriptions and account-management offers are common routes into loss. Back-tests can be tuned to look perfect on past data, and screenshots of live results are easy to fake. Never give anyone your trading password so they can "run the EA for you", and treat promised monthly returns as a warning sign. See how to spot trading scams.
Reading the platform: the windows that matter
When you open MetaTrader for the first time, a few panels do most of the work:
- Market Watch lists the symbols your broker offers with live bid and ask prices. Right-clicking a symbol shows its specification: contract size, digits, swap rates and trading hours.
- The chart window displays price history for the chosen timeframe, with any indicators you add.
- The order window lets you choose volume in lots, add a stop-loss and take-profit, and send a market or pending order.
- The Terminal or Toolbox at the bottom shows open trades, balance, equity, used margin, free margin and margin level. The margin level figure is the one to watch: when it falls towards your broker's stop-out level, positions will be closed automatically.
- The history tab records every closed trade, deposit and withdrawal. It is the record to check against your broker statements.
Prices are shown to the broker's chosen number of digits. A five-digit EUR/USD quote such as 1.08125 includes a fractional pip, often called a pipette, so a move from 1.08125 to 1.08135 is one pip, not ten.
Practical safety settings
- Use the investor (read-only) password if you ever need to show someone your account; keep the master password private.
- Set stop-losses when you place an order, and check the margin a position requires with the margin calculator.
- Know what a pip is worth on your size before trading; the pip calculator does it for any major pair and gold.
- Practise on a demo account first, remembering that demo fills and spreads can be kinder than live ones.
- Check the symbol specifications in the platform: contract size, pip size and swap rates vary between brokers.
Readers also ask
Is MetaTrader a broker?
No. MetaTrader is software licensed to brokers. Your account, your money and the prices you see all come from the broker whose server the app connects to.
Should I use MT4 or MT5?
It mostly depends on what your broker offers and whether you rely on tools written for one version. MT5 has more features and asset types; many long-standing indicators and EAs were written for MT4.
Can I use MetaTrader without downloading it?
Yes. Many brokers provide the MetaTrader WebTrader, a browser version. Always open it from your broker's verified website rather than a link sent to you.