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What Is MetaTrader?
MetaTrader is the most widely used trading platform in the world for forex and CFD trading. Developed by MetaQuotes Software, it comes in two versions: MetaTrader 4 (MT4) released in 2005, and MetaTrader 5 (MT5) released in 2010. Both are free to download and use through any broker that supports them. MetaTrader provides charting, technical analysis tools, automated trading capabilities, and direct order execution, everything you need to analyze markets and place trades.
Most forex brokers offer MetaTrader as their primary platform, and it's available on desktop (Windows/Mac), web browsers, and mobile devices (iOS/Android). If you're starting forex trading, you'll almost certainly use MetaTrader.
MetaTrader 4 vs MetaTrader 5: Key Differences
MT4 was designed specifically for forex trading. MT5 was built as a multi-asset platform supporting forex, stocks, futures, and options. The key differences include: MT5 has more timeframes (21 vs MT4's 9), MT5 allows more pending order types (6 vs MT4's 4), MT5 has a built-in economic calendar, MT5 supports stock trading and exchange-based instruments, MT5 has a more advanced strategy tester for automated trading, and MT5 uses a different programming language (MQL5 vs MQL4) for custom indicators and expert advisors.
However, MT4 remains more popular because: it has a larger library of existing indicators and EAs (expert advisors), many traders are familiar with it and see no reason to switch, some brokers still don't offer MT5, and the simpler interface is less overwhelming for beginners.
Which Should a Beginner Choose?
For pure forex trading (which is what most beginners start with), either platform works well. MT4 is simpler and has more community resources (tutorials, free indicators, forums). MT5 is more modern and future-proof. If your broker offers both, choose MT5, it has all of MT4's capabilities plus more. If your broker only offers MT4, that's perfectly fine for forex trading.
The practical differences for a beginner are minimal. The charts, order placement, and basic analysis tools work essentially the same way in both versions.
How to Set Up MetaTrader for the First Time
After downloading MetaTrader from your broker's website: log in with the credentials your broker provided (server, login number, password), navigate to the Market Watch panel (left side) to see available instruments, open a chart by double-clicking a symbol or right-clicking and selecting "Chart Window," change the timeframe using the toolbar buttons (M1, M5, M15, H1, H4, D1, W1, MN), and add indicators or drawing tools from the Insert menu.
Recommended first-time setup: switch charts to candlestick view (if not already), set your default timeframe to H4 or D1, add one or two pairs to your favorites in Market Watch, and remove any indicators you don't understand, start with clean charts.
Essential MetaTrader Features for Beginners
Focus on these features first: chart templates (save your preferred chart setup and apply it quickly to any instrument), one-click trading (enable it for faster execution when you've identified a setup), drawing tools (horizontal lines, rectangles for zones, trendlines), alerts (set price alerts so you don't have to watch charts constantly), and the terminal window (shows your open trades, account balance, and trade history).
How to Place a Trade on MetaTrader
To place a trade: right-click the chart and select "Trading" then "New Order" (or press F9). In the order window: select the symbol, choose the volume (lot size), set your stop-loss and take-profit prices, select "Market Execution" for immediate entry or "Pending Order" for future price entries, then click Buy or Sell. Your trade appears in the Terminal window at the bottom. To close it, right-click the trade in Terminal and select "Close Order."
MetaTrader Mobile App
Both MT4 and MT5 have mobile apps for iOS and Android. The mobile version lets you monitor trades, place new orders, check charts, and receive notifications while away from your computer. However, detailed analysis is easier on desktop due to screen size. A good practice is: do your analysis and set alerts on desktop, use mobile only for monitoring open positions and receiving alerts.
Recommended Brokers With MT4/MT5 Support
These three regulated brokers all offer both MetaTrader 4 and MetaTrader 5 with competitive trading conditions:
- PU Prime, CySEC regulated, both MT4 and MT5 available, raw spreads from 0.0 pips, fast execution, and a user-friendly interface ideal for beginners learning the platform.
- StarTrader, Multi-regulated (CySEC, ASIC, FSCA), MT4/MT5 with advanced charting, raw spread ECN accounts, and copy trading integration built into the platform.
- Vantage, ASIC & CIMA regulated, excellent MT4/MT5 implementation, RAW ECN spreads, free VPS for automated trading, and responsive customer support.
Evolute Trading partners with regulated brokers. This keeps our community and education free. Always verify regulation independently before depositing funds.
Continue Learning
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