MetaTrader 4, the first online trading platform developed by Metaquotes, was released in 2005. It has a web, a desktop, and a mobile version.
If you want to save yourself a software installation, you can trade directly from your internet browser with “WebTrader” for MT4.
Main web trading features:
- Trading directly via a browser
- Compatibility with Windows, macOS, Linux
- Data protection
- All types of trading orders and MetaTrader 4 execution modes
- One-click trading
- 30 indicators and 24 graphical objects for technical analysis
- 9 time-frames, from one minute to one month
- Real-time quotes in Market Watch
- History of trading operations
Look and feel
The MT4 web platform is intuitive, easy to use, and has great customizability. Usually, brokers give you a default layout, but you can customize most of that. You can change the size and position of the tabs. You can also customize the look and feel of the charts and make MT4 remember that with:
- templates: a set of chart window parameters that can be applied to other charts
- profiles: a tool for working with groups of charts since each chart with its settings is placed exactly in the same location where it was before
- pre-sets: tools that remember the settings of your Expert Advisors (trading robots).
On the negative side, the design of the MetaTrader platform feels outdated and some features are hard to find.
Key elements of the MT4 Interface:
- Main Menu: the commands and functions that can be executed in the platform
- Market Watch: shows the quotes for the securities; 'Symbol' field contains the security name, and the 'Bid' and 'Ask' fields show the corresponding prices
- Navigator: allows switching between accounts and provides functions for running trading robots. MetaTrader’s key programmatic components, which can make your life a lot easier, are here, too:
- Expert Advisors: robots that trade continuously for you
- Scripts: single-event robots, one-use programs
- Indicators: tools applied to charts that help traders identify entry and exit points
- Charting Window: price charts of financial instruments using technical indicators and analytical objects that traders can customize and adapt to their personal needs
- Terminal Window: all the trade positions as well as tabs with news, account history, alerts, mailbox, journals, etc.
Login and security
MetaTrader 4 provides only a one-step login. We missed the option for a safer, two-step authentication.
The search functions are OK. You can find assets grouped into categories, but we missed the usual search box where you can type asset names or other keywords manually.
Besides instant execution, you can use the following basic pending orders:
- Buy Limit
- Sell Limit
- Buy Stop
- Sell Stop
To get a better understanding of these terms, read our overview of order types.
There are also order time limits you can use:
- Good 'til cancelled (GTC)
- Good 'til time (GTT)
Alerts and notifications
You can’t set alerts and notifications on the MT4 web trading platform. This feature is available only on the mobile and desktop trading platforms.
Portfolio and fee reports
MT4 offers clear portfolio and fee reports. You can easily find your profit-loss balance and the commissions you paid under the 'History' tab in the Terminal Window, with your full trading history. On the other hand, the reports cannot be downloaded from the web platform, only from the desktop platform.