Intro
Expert roundup
See what our in-house experts say about MetaTrader!
Adam Nasli, BrokerChooser Head Analyst:
"MetaTrader 4 and MetaTrader 5 are similar in functionality, but MetaTrader 5 has more advanced features, such as more advanced strategy backtesting. Typically, forex traders start out with MT4 and then probably switch over to MT5.
Compared to many competitors' platforms MetaTrader platforms lag behind in their design, order types, and chart customization. There are only pre-determined time frames and it is difficult to find the asset classes. With most other platforms, setting price alerts is easier, and you don't have to select a server every time you sign in.
On the other hand, I really like that you can easily submit orders and there are several forums where you can chat with other people using MetaTrader. "
Krisztian Gatonyi, BrokerChooser Senior Analyst:
"MT4 is the world’s most popular forex trading platform. I have been using MetaTrader 4 for more than 10 years and I am completely satisfied with it. I would never consider switching to another trading platform. My favourite features are its clear interface, the functions, and above all its reliability. I have never had to worry about whether the stop levels work or not.
MT4 is a standardized platform with many tools including backtesting possibilities and many other functions. I really like the fact that it is a third-party platform. If for any reason I want to change brokers, I will simply find another MetaTrader broker. That means I won't need to learn another trading platform.
I use the desktop platform. Perhaps I am too conservative, but I do not trade on my mobile. If you get used to trading on the go, you could be disturbed by anybody or anything. There is a chance that you make an error and you’ll end up losing a lot of money. Accidentally adding an extra 0 when you trade forex can have serious consequences. Just think about the difference between the lot sizes. The web trading platform does not feel comfortable to me, I prefer the desktop.
MT4 has been my main trading platform for so long that I don't want to switch to MT5. There is simply not enough added value for me to change."
Bence András Rózsa, BrokerChooser Broker Analyst:
"MetaTrader 4 and MetaTrader 5 differ in that they are used for different purposes. MT 4 is primarily used for forex trading, while MT 5 is for a wider range of financial securities.
MetaTrader platforms are not intuitive enough, it's hard to find assets and product descriptions are missing. It's often hard to identify if a product is a derivative or not.
The MetaTrader platform is too complicated for novice traders, while other in-house platforms, offered by brokers like, for instance, Freetrade and Trading 212, are more intuitive, they are holding your hands through the first steps of your trading journey.
The generation that began trading after 2008 tends to look for a simple, clear mobile trading platform with a great design. They don’t care about deep technical analysis, they just want to be able to quickly access their platform and check their portfolio on the go. If you look at newcomer financial service providers, they all focus on gamification, a good design, low pieces and user-friendliness."
Further reading
- Best brokers for MetaTrader in 2023 - Fee comparison included
- What is MetaTrader?
- MetaTrader 4 vs MetaTrader 5
- How to download MetaTrader?
- MetaTrader 4 web trading platform
- MetaTrader 4 mobile trading platform
- MetaTrader 4 desktop trading platform
- MetaTrader 5 trading platform
- Best brokers for MetaTrader
- Pepperstone MT4 Review for Mobile, Web and Desktop
- Does Pepperstone have MT4? Yes, and here's how to use it
