MetaTrader: The Complete Guide to MT4 and MT5

MetaTrader is free trading software developed by MetaQuotes that lets you analyze markets and place orders on forex, indices, commodities or shares (usually in the form of derivatives, i.e. CFDs) through a broker. It comes in two main versions, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), available on desktop, in a web browser and on smartphones.

This guide is the starting point of our MetaTrader hub: you will find a definition of the platform, what it can do, the differences between MT4 and MT5, our review, first steps for beginners and links to each of our detailed guides.

MetaTrader: definition and how it works

By definition, MetaTrader is a trading terminal: software installed on the trader’s computer (or used in a browser) that connects to a broker’s server. The broker provides the quotes, executes the orders and holds the account; MetaTrader is the interface you use to read charts, apply indicators, open and close positions and automate strategies.

If you want a one-sentence MetaTrader definition: it is the software that connects you to your broker, without being a broker itself. MetaQuotes does not hold your money and does not execute any orders.

Who develops the MetaTrader platform?

The MetaTrader platform is developed by MetaQuotes, a financial software company founded in 2000. MetaTrader 4 was released in 2005 and MetaTrader 5 in 2010. The two versions have coexisted ever since: MetaQuotes continues to release regular updates (“builds”) of MT5, which is now its flagship platform.

The software is free for traders. Brokers pay MetaQuotes a license fee to offer MetaTrader to their clients, which is why you will find it at hundreds of brokers worldwide.

How does the MetaTrader platform work day to day?

The MetaTrader platform is organized around four areas that you will find on both MT4 and MT5:

• Market Watch: the list of instruments available at your broker, with bid and ask prices;
• Navigator: your accounts, indicators, scripts and Expert Advisors (trading robots);
• Chart window: candlestick, bar or line charts, with your analysis tools;
• Terminal / Toolbox: open positions, pending orders, trade history, alerts and the journal.

The typical workflow is always the same: choose an instrument, open its chart, click “New Order”, enter the volume, stop loss and take profit, then monitor the position in the terminal.

If this topic interests you, also read “Backtesting” and “Best day trading platform”.

MT4 and MT5: the two versions of MetaTrader

MT4 and MT5 share the same logic, but MT5 is a newer, multi-asset platform with more tools. The table below summarizes the main differences as presented by MetaQuotes.

To learn more about each version:

• our guide MT4 (MetaTrader 4): review, features and how to use it;
• our guide MetaTrader 5 (MT5): review, features and how to use it;
• our comparison MT4 or MT5: which version of MetaTrader should you choose?

What can you do with MetaTrader?

The platform covers the entire workflow of a retail trader, from beginners to more professional profiles: analysis, opening positions, risk management and automation. Here are the most widely used features.

Technical analysis and charts

You can add technical indicators to each chart (moving averages, RSI, MACD, Bollinger Bands, Fibonacci, etc.), drawing objects (trendlines, channels, rectangles) and templates that you save for reuse. You can open several charts side by side and switch timeframes in one click.

Placing and managing orders

The platform handles market buy and sell orders and pending orders (buy limit, sell limit, buy stop, sell stop, plus buy stop limit and sell stop limit orders on MT5), as well as stop loss, take profit and trailing stops. Order entry is fast (one click is enough in “One Click Trading” mode) and volume is expressed in lots, with micro lots of 0.01 at most brokers. Leverage is not set in MetaTrader but by the broker, account by account: we explain everything in our article on leverage on MetaTrader 4 and 5.

Automated trading with Expert Advisors

Expert Advisors (EAs), or trading robots, are programs written in MQL4 or MQL5 that execute a strategy on your behalf. MetaTrader includes a code editor (MetaEditor) and a Strategy Tester so you can test them on historical data before running them. A robot is still just a tool: it applies rules, guarantees no results and must be monitored.

Market, signals and VPS

From the platform, you can access the MetaTrader Market (a store of free and paid robots and indicators), the Signals service (copying another trader’s positions) and virtual hosting (VPS) that runs your EAs 24/7 without leaving your computer on.

Which devices can you use MetaTrader on?

The software runs on all common devices: the desktop application for Windows (and for macOS, via the version offered by MetaQuotes), a web terminal you can use in your browser without installing anything, and mobile apps for Android, iPhone and iPad. The same trading account can be used on all of them, so you can prepare your analysis on your computer and monitor your positions on your phone.

One useful point: the desktop application remains the most complete. The web and mobile versions let you trade and analyze, but not run Expert Advisors.

MetaTrader for beginners: where to start?

To get off to a good start, the simplest approach is to follow these steps in order, without skipping the demo account.

1. Choose your version: MT5 if you are starting from scratch and want access to several markets, MT4 if your broker or your tools require it.
2. Choose a broker that offers MetaTrader: regulation, fees, available instruments. Our MT4 broker and MT5 broker selections explain the criteria.
3. Open a demo account: you trade with virtual money on real prices. Our guide to the MetaTrader 4 and 5 demo account explains how.
4. Install the platform and log in with the account number, password and server provided by your broker.
5. Customize your workspace: display the instruments you are interested in and save a chart template with your indicators.
6. Place your first orders on the demo, always with a stop loss, then review your history before switching to a live account.

How to add the DAX 30 to MetaTrader: displaying the German index

Many beginners search for how to add the DAX 30 to MetaTrader, even though the index has been called the DAX 40 since September 2021. At most brokers, it appears under a symbol such as GER40, DE40 or GER40.cash. To display it:

1. right-click in the “Market Watch” window and choose “Symbols” (or “Show All”);
2. search for “GER”, “DE40” or “DAX” in the list of indices;
3. click “Show”, then drag the symbol onto a chart.

If the index does not appear, your account type does not offer it: the range of instruments depends on the broker, not on MetaTrader.

MetaTrader review: strengths and limitations

Our MetaTrader review is positive for the vast majority of retail traders: it is a free, stable, standardized platform that is compatible with a huge number of brokers and tools. Its limitations mainly come down to its aging interface and charting tools that are less rich than those of newer platforms.

The MetaTrader reviews you read on forums point in the same direction: traders agree on the platform’s reliability and automation, and the criticism is most often aimed at… the broker (spreads, execution, withdrawals). An honest MetaTrader review must therefore separate the software from the intermediary that provides it.

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What are the alternatives to MetaTrader?

The main alternatives are cTrader (modern interface, robots in C#), TradingView (the benchmark for charting, with trading through connected brokers) and ProRealTime (widely used in France for analysis and backtesting). Each has its advantages, but none is available at as many brokers as MetaTrader. We compare them in detail in our article MetaTrader alternatives: cTrader, TradingView, ProRealTime.

Which broker should you use with MetaTrader?

The software only works with an account opened with a broker, so your choice of broker determines your fees, the instruments available, leverage and execution quality. Before deciding, check at least:

• the broker’s regulation and the entity with which your account will be opened (in France, check the AMF’s register of authorized firms and its blacklists);
• the version offered (MT4, MT5 or both) and the associated account types;
• spreads, commissions and financing fees on the instruments you plan to trade;
• the minimum deposit, payment methods and withdrawal times;
• access to an unlimited demo account and compatibility with Expert Advisors.

For a reasoned selection, see our comparison of the best MetaTrader brokers, as well as our pages dedicated to MT4 and MT5 brokers.

All our MetaTrader guides

This hub brings together all our content on how to use the platform:

• MT4 (MetaTrader 4): review, features and how to use it
• MetaTrader 5 (MT5): review, features and how to use it
• MT4 or MT5: which version of MetaTrader should you choose?
• MetaTrader alternatives: cTrader, TradingView, ProRealTime
• MT4 brokers: brokers that offer MetaTrader 4
• MT5 brokers: brokers that offer MetaTrader 5
• Best MetaTrader broker: MT4 and MT5 comparison
• Leverage on MetaTrader 4 and 5: how to set it
• MetaTrader 4 and 5 demo account: open a free demo

MetaTrader FAQ

What is MetaTrader?

MetaTrader is free trading software developed by MetaQuotes. It is used to analyze charts, place orders and automate strategies on forex, indices, commodities or shares. It only works with an account opened with a broker that offers it, in the MT4 or MT5 version.

Is MetaTrader reliable?

Yes, the software is reliable: it has been used since 2005 by millions of traders and hundreds of brokers, with regular updates. The real reliability question concerns the broker, which holds your funds and executes your orders. Also beware of fake apps: download MetaTrader from your broker, the MetaQuotes website or the official app stores.

Is trading legal in France?

Yes, trading is legal in France. Providers soliciting French clients must be authorized, and the Autorité des marchés financiers (AMF) publishes blacklists of unauthorized websites, particularly for forex and CFDs. Before opening a MetaTrader account, check the broker’s exact name and entity in the AMF register.

What is the most reliable trading platform?

There is no single “most reliable” platform in absolute terms. MetaTrader, cTrader, TradingView and ProRealTime are all proven software. Reliability depends mainly on the broker connected to the platform: regulation, segregation of funds, execution quality and fee transparency. Choose the broker first, then the platform it offers.

Is MetaTrader free?

Yes. Downloading and using MetaTrader 4 and 5 is free for traders; brokers pay for the license. You do, however, pay the broker’s trading costs (spread, commission, financing) as well as any paid robots, indicators, signals or VPS bought on the Market.

Should you start with MT4 or MT5?

For beginners, MT5 is generally the best starting point: a newer platform, more timeframes, a built-in economic calendar and access to more markets. MT4 is still relevant if your broker only offers MT4 or if you use MQL4 robots. Our MT4 vs MT5 comparison explains the criteria in detail.

Conclusion: MetaTrader, the go-to platform for getting started and improving

In 2026, MetaTrader remains the most widely available online trading platform at forex and CFD brokers: free, comprehensive, available on every device and built for automated trading. To use it well, remember three things: choose the right version (MT5 by default, MT4 if needed), practice on a demo account, and pay as much attention to choosing your broker as to choosing your software.