What Is MetaTrader 4 (MT4)? Definition, Features, and Why It’s Popular in Forex Trading

Definition:
MetaTrader 4 (MT4) is a trading platform developed by MetaQuotes in 2005, designed primarily for Forex but also supporting CFDs, commodities, and indices. It is one of the most widely used platforms worldwide.

Explanation:
MT4 became the industry standard for retail Forex because of its simplicity, flexibility, and powerful trading tools. Most Forex brokers still offer it due to high demand, even though its successor, MetaTrader 5 (MT5), has been released.

Key strengths of MT4 include:

• User-friendly interface for beginners and professionals
• Advanced charting with multiple timeframes and technical indicators
• Support for Expert Advisors (EAs) to automate strategies
• Custom indicators and scripts via MQL4 programming language
• Available on desktop, web, and mobile
• Large online community with thousands of free/paid add-ons

📊 MT4 Features

• Charting Tools: Multiple chart types, timeframes, and drawing tools
• Technical Indicators: Built-in + custom indicators
• One-Click Trading: Fast execution directly from the chart
• Automated Trading: Run trading robots (EAs) 24/7
• Backtesting: Test strategies with historical data
• Multi-Account Support: Manage multiple accounts with ease

📜 Historical Note on MT4 Licensing

• Launched: 2005 by MetaQuotes
• Peak Popularity: Became the global standard for retail Forex trading
• Since 2018: MetaQuotes officially stopped issuing new MT4 licenses to brokers, focusing instead on MetaTrader 5 (MT5).

👉 This means if a broker offers MT4 today, it likely obtained its license before 2018.
For traders, this can serve as a signal of the broker’s history and longevity in the market.

🌍 Why MT4 Is Popular

• Supported by most Forex brokers globally
• Huge library of indicators, robots, and plugins
• Lightweight software, runs smoothly even on basic PCs
• Low learning curve compared to other platforms
• Strong reputation and reliability for nearly 20 years

Example (Trading):
A trader installs MT4 on their laptop, adds a custom Moving Average indicator, and runs an Expert Advisor to scalp EUR/USD automatically.

Related Terms:
MetaTrader 5 (MT5), cTrader, Trading Platform, Expert Advisor (EA), Technical Indicators

Category:
Trading Platforms / Forex Infrastructure

✅ FastPip Tip:

If you’re new to Forex, start with MT4—it’s simple yet powerful. But if you need more advanced features (like stock trading or more order types), consider MT5.

📣 Related Resources from FastPip

✅ Compare MT4 brokers on our Broker Review Page
✅ Follow traders who use MT4 EAs via our Copy Trading Platform
✅ Read our Blog for tutorials on MT4 setup, indicators, and automation