Before you place a single trade you need a platform, and for most new forex traders that means MetaTrader, either version 4 or version 5. People agonise over which to pick far more than they need to. This lesson clears it up in a few minutes so you can get on with the part that matters.
01 What MetaTrader is
MetaTrader is trading software made by a company called MetaQuotes, and it is the most widely used retail trading platform in the world. Your broker gives you access to the market, and MetaTrader is the window you look through to see prices, place orders and manage trades. It comes in two versions that live side by side: MT4, released in 2005 and still hugely popular, and MT5, the newer version.
02 The differences that actually matter
MT4 was built for forex and it does that one job extremely well. It is simple, light, and sits on top of the largest library of third-party indicators and automated strategies anywhere, because it has had two decades to build one up. MT5 is newer and broader. It handles more than just forex, adding shares, futures and more, and it brings extra timeframes, more built-in indicators, more order types and a faster core. It is not simply "MT4 but better", it is a wider tool aimed at multi-asset traders.
03 Which one should you use
Honestly, your broker often decides for you, because not every broker offers both. Where you do have a choice, the simple rule is this. If you are trading forex and want the deepest pool of ready-made indicators and tools, MT4 is a perfectly good, proven choice. If you think you will branch into shares, indices or commodities, or you want the newer features, go with MT5. Neither will hold back a beginner, so do not lose a day agonising over it. Pick one and learn it well.
04 A word on TradingView
You will also hear a lot about TradingView. It is not a MetaTrader rival so much as the best charting and analysis tool going, and many traders use it to study the market and then place trades in MetaTrader. A growing number of brokers now let you trade directly through TradingView too. For now, treat MetaTrader as your trading platform and TradingView as an excellent optional charting companion.
- Which version has the larger library of third-party indicators?
- Which version lets you trade shares and futures as well as forex?
- Is TradingView a MetaTrader replacement or a charting companion?
Show answers
1) MT4. 2) MT5. 3) A charting companion, though some brokers now let you trade through it.
- MetaTrader is the standard retail platform, and MT4 and MT5 are its two versions.
- MT4 is simple and forex-focused with the biggest tool library. MT5 is broader, multi-asset, with more features.
- Your broker often decides. Where you choose, pick MT4 for pure forex or MT5 for more than forex, then learn it properly.
Not universally. MT5 is newer and does more, handling multiple asset classes with extra tools. But for a trader who only touches forex, MT4 is simpler and has a larger library of ready-made indicators. Better depends on what you trade.
Yes. They install separately and can run at the same time. Some traders keep MT4 for a favourite indicator and use MT5 for other markets. Just make sure your broker supports the version you want.
It varies. Many brokers offer both, some are gradually pushing MT5, and a few still lead with MT4 because their clients know it. Check what your chosen broker supports before you commit.
Further reading: the MetaTrader 5 user manual, the official MetaQuotes documentation for the platform.
Next lesson: find your way around the MetaTrader screen →