Why MetaTrader 4 is still popular is a question many new traders ask when they first enter the trading world. Despite being released over two decades ago, MetaTrader 4 remains one of the most widely used trading platforms, supported by the majority of online forex and CFD brokerages and trusted by millions of traders worldwide.
At first glance, the platform may appear dated compared to newer alternatives. For traders unfamiliar with what modern trading platforms can offer, it is reasonable to wonder why MetaTrader 4 continues to dominate. Other platforms may look more polished or offer specialised features that feel more contemporary.
However, the continued popularity of MetaTrader 4 is not accidental. Its strength lies in its versatility, broad availability, and deep customisation options. What traders see out of the box is only a small part of what the platform can do.
In this article, we explore why MetaTrader 4 is still popular, examining the features, flexibility, and ecosystem that keep it relevant for traders of all experience levels.
Availability
As noted earlier, MetaTrader 4 is the most widely available platform among online forex and CFD brokerages. This broad availability is a key reason why MetaTrader 4 is still popular, as many forex traders encounter it early and choose to stay with it.
However, it’s not just a matter of convenience. Sometimes, your platform of choice can severely limit which brokerages you can choose. If you take cTrader, another powerful platform, for example, you’ll have a much harder time finding a broker that offers it.
This doesn’t only mean you’ll have to spend more time searching for a brokerage. It may also mean you’ll need to compromise on other key conditions, like the cost structure, leverage, and asset availability, to gain access to your preferred platform. Remember, your broker affects your trading experience more than your platform does.
Why MetaTrader 4 is still popular with all trader types
As mentioned earlier, MetaTrader 4 is a strong generalist platform. Regardless of experience level or trading style, most traders can rely on it to meet their needs in some capacity. While certain platforms outperform MT4 in specific areas, few offer the same breadth of functionality.
This versatility is one of the main reasons why MetaTrader 4 is still popular. To better understand its appeal, it helps to look at how the platform serves different trader types, from beginners to more experienced users.
Principiante
For beginners, the first hurdle when using MT4 is often its visual appearance. However, after spending some time on the platform, many realise that a dated look does not mean a dated experience.
Navigation is straightforward, making it easy to locate essential functions such as buying and selling, opening charts, switching between instruments, managing positions, and reviewing trade history.
Even features beginners may not use immediately, such as technical indicators, work through simple drag-and-drop actions. This ease of use helps new traders learn the basics quickly and understand market behaviour, which explains why MetaTrader 4 is still popular among beginners.
Intermediário
Here’s when traders have mastered the basics and start using some of the more advanced trading capabilities of MetaTrader 4 without yet being ready to explore the customisation. Even here, it works well, although this is the level where some other platforms outperform it.
Still, traders who don’t use specialised or nuanced features are unlikely to notice that anything is missing. Here’s a rundown of some key MT4 trading features:
- 9 built-in timeframes
- Multiple chart windows for different instruments
- Line, bar, candlestick charts
- Market and pending orders
- 4 execution modes
- Risk management: take profits, stop losses, trailing losses, and partial order closure
- 30+ built-in technical indicators
- Drawing tools
- One-click trading
- Alert capabilities
Even at a glance, this represents a solid breadth of functionality. Traders who prefer a generalist approach or have not yet defined a specific niche will find more than enough tools available.
This balance of simplicity and depth is another reason why MetaTrader 4 is still popular among intermediate traders.
Why MetaTrader 4 remains popular among experienced traders
Once traders have found their niche or want to go deeper, they may notice that some tools are missing from MetaTrader 4’s default library. Fortunately, this is where the platform truly stands out.
The real strength of MetaTrader 4 lies in its extensive customisation options. This goes far beyond rearranging interface elements or changing chart colours. Through support for the MQL4 programming language, traders can create custom indicators, signals, tools, and even entirely new features, such as economic calendars.
The range of possibilities this unlocks is difficult to quantify. In most cases, if a specific indicator or tool is not included by default, it has likely already been developed by the community. Adding these tools is usually straightforward and requires little more than placing a file in the correct folder.
This depth of customisation is a key reason why MetaTrader 4 is still popular, as it allows experienced traders to shape the platform around their exact needs.
Algo Traders
Algo traders can be seen as a subcategory of experienced traders. They rely on algorithms to automate trading and typically focus on monitoring performance rather than executing trades manually.
MetaTrader 4 supports algorithmic trading through Expert Advisors (EAs) and offers backtesting via its Strategy Tester. These tools make it a viable option for many automated strategies and help explain why MetaTrader 4 is still popular among traders who combine discretion with automation.
That said, traders who focus exclusively on algorithmic trading may find MetaTrader 5 better suited to their needs.
MetaTrader 4’s community and long-term popularity
Another crucial factor behind MetaTrader 4’s success is its large and established community. This long-standing user base has driven decades of development, enabling the vast range of customisation options available on the platform.
While most traders will not actively engage with the community on a social level, they will benefit from it in practical ways. Installation issues, unexpected crashes, or difficulty locating specific features are common challenges, especially for newer users.
Because MetaTrader 4 has been widely used for so long, solutions are rarely hard to find. A simple search for almost any task or problem typically returns hundreds of results, including video tutorials, step-by-step guides, and detailed courses.
This extensive knowledge base makes learning the platform easier and troubleshooting far more efficient, which is another reason why MetaTrader 4 is still popular among traders of all experience levels.
Device Availability
Another reason why MetaTrader 4 is still popular is its broad availability across devices. Traders who prefer desktop setups can use the full terminal on computers or laptops, while those who switch devices frequently can access MetaTrader 4 directly through the WebTrader, without any downloads or installation.
For traders who rely on mobile access, MetaTrader 4 also offers fully featured applications for both Android and iOS. This flexibility allows traders to monitor markets, manage positions, and stay connected wherever they are.
Together, these options make MetaTrader 4 accessible in almost any trading environment, further reinforcing its long-standing appeal.
DISCLAIMER: This information is not considered as investment advice or an investment recommendation, but is instead a marketing communication
