MetaTrader 4/5 Review: Is This Trading Platform Legit?
MetaTrader is one of the most popular trading platforms out there. But is it the right tool for you?
Traders love MetaTrader for its automation capabilities, advanced charting tools, and flexibility. But like any platform, it has its pros and cons.
In this guide, we’ll dive into:
- What MetaTrader does well—and where it falls short.
- How it compares to other platforms for automation and technical analysis.
- If its advanced tools are worth your time.
Plus, I’ll share insights from my experience automating trading strategies to help you make an informed decision.
Let’s get started.
MetaTrader
MetaTrader is one of the most popular trading platforms out there—and it’s easy to see why. It’s free to use, works on desktop, web, and mobile, and gives you the tools you need to trade forex, futures, and more. While MetaTrader itself is free, you’ll need to connect through partner brokers, and they might charge commissions or fees—that’s worth keeping in mind. There’s no official “premium” version, but many brokers put their own spin on the platform, adding tools or perks designed for advanced traders. Its standout features include automated trading through what they call Expert Advisors (EAs), advanced charting capabilities, and a huge library of custom indicators, making it very powerful for technical analysis.
About: MetaTrader was developed by MetaQuotes Software, a company founded in Russia in 2000 and later headquartered in Cyprus. MetaQuotes is best known for introducing automated trading systems and creating tools that have become staples in the trading industry. Their flagship platforms, MetaTrader 4 and MetaTrader 5, are widely used by traders and financial institutions around the world.
Who is Metatrader 4/5 for?
MetaTrader is a solid choice for retail traders looking to automate trading strategies. But it’s not exactly plug-and-play—it comes with a learning curve.
Algorithmic traders love MetaTrader for its customizable Expert Advisors—automated trading systems that execute strategies without manual intervention. These tools can be coded to follow specific rules, such as entering or exiting trades based on market conditions, making them ideal for traders who rely on precision and efficiency. For those who aren’t ready to code their own strategies, the platform also allows users to copy the trades of successful traders.
Professionals count on its advanced charting tools and flexibility, which make technical analysis straightforward. Beginners might feel overwhelmed at first, but the availability of free demo accounts and a highly active community helps new users learn the ropes.
MetaTrader’s versatility is another strength. While MT4 is primarily designed for forex trading, MT5 expands into other markets like stocks, commodities, and futures, catering to traders looking for broader asset coverage. Keep in mind that MT4 and MT5 use different coding languages (MQL4 and MQL5), so strategies coded in MQL4 need to be rewritten for MT5.
Your choice of broker also plays a significant role in your MetaTrader experience. Brokers can customize the platform and offer additional tools, but fees, execution speed, and features will vary depending on the broker. Research carefully to ensure you choose one with reliability and fair pricing.
Important
For US-based traders, there’s a significant limitation: many brokers in the US no longer offer MetaTrader platforms. While some regulated brokers like OANDA still provide MetaTrader, specific conditions apply. While some traders might consider using offshore brokers to access MetaTrader, this approach carries substantial legal and security risks. Many offshore brokers are unregulated, potentially exposing traders to additional dangers.
For European traders, MetaTrader is available with brokers like AvaTrade, Pepperstone, IG Markets, or CMC Markets. Visit the brokers websites for more information.
One thing to note—MetaTrader isn’t as well-supported on macOS as it is on Windows. While workarounds like emulators exist, they can complicate the experience for newer users.
Lastly, MetaTrader doesn’t offer direct customer support. If you need help, you’ll rely on your broker or the active user community for guidance.
| Fast facts |
|---|
| MetaTrader was launched by MetaQuotes Software in 2000. MetaTrader 4 (MT4) came out in 2005, and MetaTrader 5 (MT5) followed in 2010, adding support for Forex and global stock trading. |
| MT4 is primarily designed for forex trading and offers a simpler interface with fewer technical indicators, while MT5 supports a wider range of assets, including stocks and commodities, and provides advanced analytical tools. |
| The platform is available in over 30 languages |
| It supports algorithmic trading through Expert Advisors (EAs) |
| Users can access thousands of custom indicators and scripts via the MetaTrader Marketplace |
| MetaTrader community forums are very active with users sharing strategies and helping each other. There are separate communities |
| NewTrading’s rating : 83.75% |
Is Metatrader 4/5 Reliable/Legit?
MetaTrader has been a trusted platform for many traders for over 20 years, and it is widely recognized for its powerful customization tools and global usage.
However, MetaTrader is a platform — trading software— not a broker. This means the safety of your capital is mainly tied to the broker you choose. As a general rule, it’s best to stick with brokers that have a long-standing reputation and proven track record, backed by licensing from top regulatory bodies like the CFTC in the US or the FCA in the UK.
MetaTrader also indicates that strong security features like data encryption and secure user authentication are in place to keep user information and transaction protected.
Top brokers will implement additional safeguards such as segregated accounts and investor compensation schemes to keep your money secure. While MetaTrader itself has a solid reputation for security, some brokers don’t always measure up, so it’s important to do your homework and stick with reputable, well-regulated brokers to ensure your investments are safe.
Metatrader 4/5 “Customer Reviews”
It’s worth noting that customer reviews for MetaTrader on trustpilot are not necessarily verified, so take them with a pinch of salt. While reviews can offer insights, always focus on your own research and experience with the platform to form your own opinion.
Here’s how it compares versus some of Metatrader’s competitors:
| Metatrader | ProRealTime | TradingView | Trendspider |
|---|---|---|---|
| 1.5 | 4.8 | 1.9 | 4.1 |
Metatrader Charting and Analysis Tools
MetaTrader gives you an impressive set of charting tools to help you analyze the markets like a pro. Whether you prefer line charts, bar charts, or candlesticks, the platform lets you visualize trends with ease and precision.
With over 30 built-in technical indicators- like Moving Averages, MACD, and RSI-plus handy drawing tools like Fibonacci retracements and trendlines, you’ve got everything you need for in-depth analysis. If that’s not enough, the MQL programming language allows you to create custom indicators and automate your strategies for a truly tailored trading experience.
The charting tools are intuitive and super customizable, with options for multiple timeframes and detachable charts so you can set up your workspace exactly how you like it. Whether you’re just starting out or a seasoned trader fine-tuning your edge, MetaTrader’s charting capabilities offer something for everyone.
Metatrader Market Data and Research
Through the respective partner broker, MetaTrader gives you access to real-time market data for a wide range of asset classes, including forex, commodities, indices, stocks, and even cryptocurrencies.
The data is super reliable and delivered with minimal latency, helping you make sharp, timely decisions when it counts most. On top of that, MetaTrader integrates tools like economic calendars, news feeds from top financial providers, and depth-of-market (DOM) features to give you a clear view of market activity and trends. Whether you’re a scalper, swing trader, or a position trader, Metatrader’s features ensure you’re equipped with actionable insights to navigate market conditions confidently.
Metatrader User Experience and Accessibility
MetaTrader features a clean, functional interface that strikes a good balance between simplicity for beginners and powerful tools for experienced traders. Whether you’re using it on desktop, web, or mobile, the platform is designed to make trading seamless and efficient from anywhere.
Key features like customizable workspaces, detachable charts, and one-click trading gives users the freedom to personalize their experience and execute trades quickly.
Plus, the active MetaTrader community offers tons of forums, tutorials, and shared strategies, helping traders of all levels make the most of what the platform has to offer.
For beginners, Metatrader tries to keep it simple with easy navigation, clear tooltips, and accessible features, so you’re not too overwhelmed. If you’re an advanced trader you’ll love the depth the platform provides, with support for algorithmic trading, backtesting, strategy testing and custom indicators through MQL.
Indeed, whether you’re keeping it simple or diving deep into custom setups, MetaTrader’s design makes it easy to trade your way.
Metatrader Paper Trading Platform
Again, through the respective broker, Metatrader makes practicing your trading strategies easy with its demo accounts, which offer a risk-free way to explore the platform’s tools and features. The paper trading experience mirrors real market conditions, using live data provided by brokers, so you can test out strategies with confidence.
You get access to features like market execution, different order types, and a full suite of technical analysis tools, making the simulation as close to live trading as possible. It’s a really practical way for beginners to learn the ropes without risking real cash and for advanced traders to fine-tune strategies before going live.
Final Words
MetaTrader is a versatile platform that has something for everyone- whether you’re just dipping your toes into trading or you’re a seasoned pro running complex automated strategies.
Its strengths lie in its powerful charting tools, customizability through MQL, and excellent support for automated trading with EAs. While there’s a bit of a learning curve for beginners and broker support can vary, its availability across desktop, web, and mobile makes it easy to trade whenever and wherever you need. From practicing on demo accounts to executing live trades with precision, MetaTrader gives you the tools and flexibility to grow your trading skills and make more informed decisions.
Cedric is a seasoned investment management strategist with over a decade of experience, currently working at the Trinidad and Tobago Unit Trust Corporation (TTUTC). He holds dual prestigious designations as a Chartered Market Technician (CMT) and Chartered Financial Analyst (CFA). Throughout his career, Cedric has contributed significantly to portfolio management, strategic asset allocation, and investment strategy, notably developing strategies that enhance returns for balanced funds and pension portfolios.
Enjoy free trading practice on
ProRealTime Paper Trading Simulator.
