What Is MetaTrader? MT4 and MT5 Explained for Beginners
What MetaTrader is, how MT4 and MT5 differ, why you need a broker account to use it, and how to get the desktop, web and mobile versions safely.
Reviewed by Hà Ngọc Lộc· Senior SEO Editor
Reviewed using our forex & CFD broker review methodology
MetaTrader is a trading platform made by MetaQuotes. It comes in two main versions: MetaTrader 4 (MT4), built mainly for forex, and MetaTrader 5 (MT5), a newer multi-asset version. MetaTrader is software, not a broker. It doesn't hold your money or set your prices. You download it free, then log in with an account (demo or real) opened at a broker that offers MetaTrader. Your broker decides spreads, leverage, instruments and protections. MetaTrader only shows the charts and sends your orders.
MT4 vs MT5 in One Table
| MetaTrader 4 | MetaTrader 5 | |
|---|---|---|
| Built for | Forex and CFDs | Forex, CFDs, stocks and futures where the broker offers them |
| Timeframes (desktop) | 9 | 21 |
| Built-in indicators | About 30 | 80+ |
| Position modes | Hedging | Netting and hedging |
| Programming language | MQL4 | MQL5 |
| Strategy tester | Single-thread | Multi-thread, with real-tick testing |
| Extras | — | Economic calendar, depth of market |
MT5 figures from MetaQuotes; the mobile apps have 9 timeframes and 30 indicators. For a full comparison see MT4 vs MT5.
How MetaTrader Works
- Pick a broker that supports MT4 or MT5 and open a demo or real account.
- Download the platform from metatrader4.com, metatrader5.com, your broker's site, or the official App Store / Google Play listing.
- Log in with the account number, password and server name your broker gives you.
- Trade: charts, orders, indicators and Expert Advisors all run inside the terminal. Your broker executes the orders.
MetaTrader gives every account two passwords. The master password lets you trade. The investor password is read-only, for viewing the account.
Versions You Can Use
- Desktop (Windows; Mac via MetaQuotes' installer): the full feature set, including Expert Advisors and the strategy tester. See MT5 download and MT4 download.
- Web terminal: runs in a browser, but has no EAs. See MT5 web terminal and MT4 WebTrader.
- Mobile apps: iPhone and Android. See MetaTrader 4 app.
Is MetaTrader Safe and Legit?
The software itself is legitimate and widely used. The risk comes from the broker you connect it to, and from fake installers. Download only from official sources. Check that the broker's entity is licensed where you live. Note that India's RBI Alert List names metatrader4.com and metatrader5.com, because forex through offshore platforms is restricted for Indian residents (details).
Which Should a Beginner Choose?
Choose MT5 unless your broker, EA or indicator only works on MT4. MT5 has more timeframes, a built-in calendar and a better tester, and new broker accounts increasingly default to it. Start on a demo account.
Related: MT5 trading guide · MetaTrader 4 guide · Best MT5 brokers · Expert Advisors explained
Official sources: MetaTrader 5 user guide (metatrader5.com) · MetaTrader 4 user guide (metatrader4.com).
What Is MetaTrader? MT4 and MT5: Your Questions Answered
What is MetaTrader used for?
MetaTrader is used to chart markets and place forex and CFD trades through a broker. You can also run automated strategies (Expert Advisors).
Is MetaTrader free?
Yes. The platform is free to download and use. Your costs come from the broker: spreads, commissions and swaps.
Is MetaTrader a broker?
No. MetaQuotes makes the software. You need an account with a broker that offers MT4 or MT5.
Can I use MetaTrader without a broker?
Only to view charts. Even a demo account is opened on a broker's demo server.
Sources checked 2026-10-01: metatrader5.com (platform features, account opening help); metatrader4.com; RBI Alert List.
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Sources & verification
- Last checked
- Written by
- HNL Growth Team
- Reviewed by
- Hà Ngọc Lộc
- Length
- 3 min read · 616 words
Rules, prices and payout terms on this page were checked against the official websites, help-centre articles and published terms of the firms mentioned, on the date above. Prop firms and brokers change conditions often — confirm the current version on the official site before you buy or deposit. Read our broker review methodology and affiliate disclosure.
Official sources & documentation verified
- MetaTrader 5 user guide(metatrader5.com)
- MetaTrader 4 user guide(metatrader4.com)
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