MT4 is not the only trading platform out there, but why does it remain popular among retail traders after all these years?

MetaTrader4 platform

MetaTrader 4 is the industry standard when it comes to trading platforms and it is widely offered by brokers and used by traders around the world. It has a wide range of tools and resources that provide significant value to traders in terms of evaluating trading positions and taking action.

MT4 was built by MetaQuotes with the purpose of trading forex, futures, and CFDs while allowing traders to execute advanced trading operations along with carrying out analysis of the financial markets.

Trading platforms tend to be offered by online brokers at no cost or a discounted price under the condition that traders continue to operate well-funded account. However, with MT4, it can be downloaded directly from the MetaQuotes website for free and without any attached conditions.

However, why does MT4 still gaining popularity? Considering that there are now many emerging new trading platforms that offer various advantages such as cTrader, NinjaTrader, etc. 

Yes, MetaTrader 4 (MT4) is still relevant because:

  • Has quick trading functions
  • Has FIX API
  • Beginner-friendly
  • Available in almost all brokers
  • Popular among traders

Let's discuss them one by one in the article below.


Has Quick Trading Functions

One of the reasons MT4 is still in use is its quick trading functions that enable trading orders to be sent directly from the chart with just a single click. MT4 also features an in-built tick chart that allows traders to determine their precise entry and exit points.

The execution modes offered by MT4 are:

  • Instant Execution
  • Execution on Request
  • Execution by Market

These modes determine when a market order should be executed and at what price. MT4 also features various order types such as:

Market orders and Pending orders have to do with the sale or purchase of a financial instrument either at the prevailing price or at a predetermined price in the future.

Stop Loss and Take Profit are essential order types that enable a trader to close out trades with maximum profit and minimum losses. A Stop Loss order is crucial for reducing losses if the asset being traded begins to move in a direction that is unfavorable to the trader; once the price reaches the set price level, the position is closed automatically.

Meanwhile, A Take Profit order functions to enhance the trader's chance of maximizing profits where once a certain benchmark of profits has been reached, the trading position closes automatically. These two order types tend to be used in conjunction with a market or pending order.



Another feature of MT4 that has enhanced its usage is the Financial Information eXchange (FIX) API which is important for traders looking for real-time information regarding financial assets.

The FIX API is utilized by both market regulators and traders for sharing crucial information before and after trades, as well as information regarding the confirmation of new orders and executed trades.

This tool is particularly useful in forex trading as it simplifies the process of developing private algorithms that help in the analysis of the market.



MT4 was designed to be simple which makes it suitable for beginner traders that do not need advanced data. With MT4, they are provided with the resources they need while leaving out the complicated features that are not necessary. Furthermore, there is a wide array of indicators that can be customized to the trader's preference.

With its simple design, it is very easy to use and manage without taking away from its professional look and feel. Lastly, MT4 does not require much RAM usage to function optimally which has only contributed to the enhancement of its usage among traders.


Available in Leading Brokers

MT4 is not the only trading platform available. There are NinjaTrader, ZuluTrade, and Trading Station just to mention a few. However, not all of these trading platforms tend to be offered by leading brokers, unlike MT4 which is part of virtually every broker's offering.

Additionally, one of the advantages that MT4 has over other trading platforms is that it is not only browser-based. It can be downloaded and used separately from a browser.

MT4 also has a wide range of assets that can be traded including a very popular and highly liquid market like forex. Considering a lot of traders today are involved in the forex market, it is only natural that the usage rate of MT4 will continue to stay.


Highly Popular among Traders

While MT4 is not without its drawbacks, it remains a reputable trading platform worldwide. MT4 reputation is supported by a strong community of traders, developers, and brokers who actively share knowledge, trading strategies, and tools.

There are various online forums and communities dedicated to MetaTrader, where users can connect, exchange ideas, seek assistance, and share their experiences. Popular platforms include the MQL4 and MQL5 communities, Forex Factory, and various specialized forex trading forums.

The MetaTrader community also offers a wealth of educational resources, including tutorials, articles, videos, and webinars. These resources help traders learn about the platform's features, trading strategies, technical analysis, and programming in the MQL4 language.

Additionally, a wide range of third-party plugins, indicators, and trading systems are available for MT4, allowing traders to further customize their experience.



Therefore, based on the reasons above, it can be concluded that MT4 is still relevant today. Essentially, MT4 has a simple interface that makes it easy for beginners to operate. All the basic necessities required by traders are also available in MT4. That is why almost all forex broker trading platforms use MT4, even though they also provide other more contemporary options. One such a broker is Pepperstone which offers MT4, MT5, and cTrader.