The MetaTrader platforms, MetaTrader 4 and MetaTrader 5, are third-party trading platforms developed by MetaQuotes Software Corp, a financial software development company. The platforms are available to customers through several online brokers.
MetaTrader 4, released in 2005, is designed primarily for forex trading. MT4 is the most widely used platform in forex trading.
MetaTrader 5, released in 2010, is a multi-asset platform that allows you to trade stocks, bonds, options, and futures besides forex. Note that the platform is like an empty shell, your broker determines which specific products and financial markets you have access to on the platform. MT5 is great for advanced technical analysis and trading strategy thanks to the vast amount of technical analysis tools.
Traders and brokers are seen to be migrating to MT5 as MetaQuotes is retiring all products based on MT4. According to MetaQuotes, MetaTrader 5 became more popular than MetaTrader 4 among brokers in June 2021, and the trend has continued since then. MetaQuotes said that the growth in popularity is mainly due to the new “Pay as You Go” model and some important MetaTrader 5 updates.
"We expect a complete replacement of MetaTrader 4, amid the rapidly growing popularity of MetaTrader 5."
Renat Fatkhullin, CEO of software development company MetaQuotes
Is MetaTrader good for beginners?
Because of its easy-to-use, flexible, and clear layout, MetaTrader is a popular option for beginners too. Because you are taking a significant risk, it is important that you understand the basics of forex trading and financial markets before you start trading with real money on the platform. Note that both MetaTrader platforms provide a demo account that you can use to practice trading.
Cool additional services
Additional features on MetaTrader include the 'Trading Signals' and the 'Trading Market'.
- Trading Signals: allows you to copy trade other traders,
- MetaTrader Market is basically a store of forex trading applications. Here, you can buy trading robots, scripts, technical indicators, and magazines. Note that all trading robots and indicators can be tested before the purchase in the platform. You just have to download the trial version and run it in the “Strategy Tester”. If you are a novice trader, start with free Expert Advisors.
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