If you take a quick look at the options brokers’ offers to their customers, you will be able to see that the MetaTrader, MT4, and MT5 trading platforms are almost always available. Some brokers don’t offer MT4 as well as MT5 in the form of an alternative, and some choose to use any of the MT platforms and do not offer alternatives.

With the drastic changes that the brokerage industry online has experienced in recent years, how is it possible that an initial platform launched in 2005 continues to dominate the market to this extent? This examination of the advantages and disadvantages that come with MetaTrader platforms will reveal the reason why the current situation was created and what it means for how to make the most from MetaTrader platforms and which broker will be the most suitable for you.

The METATRADER’s History and the MT5

MetaTrader 4, also referred to as MT4, is an online trading platform used extensively by brokers who operate online. It was initially developed in 2005 to serve those who traded on a strategy that was speculative. It was the first platform to offer the general public the functionality and tools previously reserved only for professional traders. It was designed in collaboration with MetaQuotes Software and continues to be licensed by forex brokers that offer customers the MT4 platform and tools for software.

The MetaTrader 5 (MT5) platform was released in 2010. The MetaTrader 5 (MT5) platform was introduced in the year 2010. It offers the same functionality as MT4. However, the main distinction between the two platforms is the fact that MT5 has a multi-asset. The traders who use it are able to access not only foreign exchange markets but also commodities, single stocks, futures, stock indices, and many more.

Many thousands of traders and brokers utilize the MetaTrader platform. They are available for download in desktop formats (as WebTrader versions) and for mobile applications.

Which is better-either MT4 or MT5?

MetaTrader has an advantage of five years over MT5. However, the reason MT5 did not become popular from the beginning is revealed in two key aspects of the MT4 and MT5 debate. The second is that MT4 has exactly what traders require from platforms. The people who first started using it from 2005 to 2010 have very few reasons to move to alternative platforms. MT4 continues to have a loyal community of users who adhere to the adage “if it ain’t broke, don’t fix it”.

MT5 is not just for multi-asset trading but provides superior functionality. There are 38 indicators that comprise the default package for MT5. It’s a lot less than MT4. This means that MT5 includes more of the oscillators and trend indicators that MetaTrader users love. Additionally, there are more timeframes on MT5 and MT5, with the initial setting of 9 (1, 5, 15, 30 minutes, 1 hour, four hours) daily, weekly, and monthly, as well as the option to make additional timeframes in addition.

In 2021, the number of MetaTrader 5’s code had surpassed seven million lines, whereas the previous version was only two million lines. All of the development and updating has resulted in a return. In June of the year, MT5 was made the most popular trading platform for retail traders, and more brokers are now providing MT5 over MT4.

The tiny print on the statement issued by Meta Quotes in June 2021, revealed a tiny aspect. The measure they used consisted of the quantity of brokers who use the MT5 platform, not the number of traders. Although MT5 is often the preferred choice of people new to trading, a lot of experienced traders are familiar with MT4 and are unlikely to abandon it anytime soon.



Despite their distinct features, MT4 and MT5 are alike enough to be considered as a couple when comparing them with other trading platforms on the market. Its system, which eToro created in-house, is an example of an exclusive trading dashboard that is unique to a particular broker. The simple-to-use features provided by the eToro platform make it an ideal choice for novices and copy traders. However, it lacks charts that match the features of MetaTrader. Alternative third-party platforms like cTrader are also available through some brokers. Pepperstone provides its clients with the option of choosing MT4, MT5 or cTrader.

The most effective platform depends on experimenting with them to find the one that is best for your needs. Utilizing demo accounts for trading using virtual funds is a way to wear out the tyres and make sure that every box, including research materials, through trade execution, has been ticked. To aid in the process and make it easier, the AskTraders team has drawn upon their experience and that of the larger trading community. In order to answer: what is it that makes MetaTrader platforms so well-known?

The Metatrader community is HUGE.

First-mover advantages over competing platforms since early traders of forex trading established an online network of MT4 users, which continues to flourish. The online forum created to assist the users of MetaQuotes Language 4 (MQL4) allows users to integrate programming languages and create trade strategies and indicators at no cost. The crowd-sourced nature of the project has been extended to MQL5 at the time it was released and includes experts’ guidance and opinions on behalf of MT5 users.

The other platforms available has an audience of this size, and it’s been in operation for so long that it’s quite remarkable you had a query that hasn’t been already answered.


Quant hedge funds, which employ algorithmic systems and algorithms, control the markets for financial products. When MT4 was first introduced, it was a major improvement in the tools for trading that are systematic and available to traders who are retail. This was the first time that the “little guy” could get access to easy-to-use automated trading tools that were comparable to the ones used by major organizations.

Its Expert Advisors (EA) service was revolutionary. In addition to the fact that millions of analysts and traders who have developed systematic models use it, it is a wonderful location to replicate trades. It also offers the possibility of successful traders to be the lead traders, earning passive revenue from other traders.

Its MetaTrader program language can be adapted to any situation and is complete and simple to master. It’s also extremely scalable and allows for a possibly endless variety of automated strategies to be developed, such as ones that support trading strategies built on hedges, straddles, and scalping.

If you’re unable to locate a third-party EA and/or indicator, you can create one on your own, and even if you’re not a programmer, you can join the MT forums, which are a great way to begin. Because of the huge number of users, a lot of the work on the core models has been accomplished by others. So those who are looking to develop a new model can take advantage of the code and do not have a need to “reinvent the wheel.” The positive energy on the platforms has led to an environment that allows users to learn from the experiences of other users.


The portability of METATRADER

Over 300 brokers offer MetaTrader platforms. One great benefit of the MT service is that if you aren’t happy with your broker of choice or would like to make use of better T&Cs, you are able to transfer all of the EAs as well as indicators between one brokerage and the next. It also eliminates the time lost due to learning to navigate through a new platform.

Create an account with your preferred MetaTrader brokerage and then transfer your current trading dashboard to work with this new platform.

A cost-benefit analysis of using METATRADER

The large variety of brokers who use the same platform from a third party means that there is fierce competition among the brokerage firms. Spreads on commissions and finance charges are constantly being reduced, which makes trading through MetaTrader platforms more affordable. In addition, they are rewarded for providing more superior services, such as analysis and research tools, to attract new customers.

Other platforms like Thinkorswim or eSignal provide a similar service. However, they require traders to pay fees upfront. They can be for accessibility to their platform charts, tools for charting as well as data feeds as well as historical prices, testing facilities, and many more. There are also the costs paid by the broker in addition.

The traders who make their initial investment may feel pressured into situations in which they would otherwise steer clear of. The requirement to make profits that are profitable, which, in turn, creates unnecessary pressure on the process of making decisions. It could also lead to those with small accounts using leverage on the size of their positions to trade in accordance with their cost base and to fulfill monthly limits set by their broker instead of trading the market in its current state.

Final Thoughts

One of the biggest reasons for its success, MetaTrader MT4, along with MT5, is that they have self-fulfilling capabilities. It has earned them a place on the market that other platforms cannot challenge. When MetaTrader introduced MT4 and MT5, they did enough right that it was the most popular trading platform for traders who are retail. The MT5 platform is the next step in providing traders with the tools they need and want to be successful in trading.

Alternative platforms provide a unique approach to trading, and trying new strategies is beneficial. For beginners, especially, MetaTrader platforms provide a combination of powerful software tools and the assistance of a worldwide community packed into one affordable trading platform.


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