MetaTrader 4: Reviews

Is Meta Trader the most popular online trading platform on the market? Read our article to find out about its pros and cons.

MetaTrader 4, better known as MT4, is a popular online trading platform. Its intuitive interface provides advanced technical analysis and flexible trading systems. 

What is MT4?

MetaTrader 4 (MT4) is a trading platform developed in 2005 by MetaQuotes. Generally associated with forex trading, MT4 is also suitable for other market ranges. Here are some examples:

  • indexes
  • cryptocurrencies 
  • commodities

As a reminder, the platform automates your trading. To do this, it relies on algorithms that open and close trades on your behalf according to a list of settings.

Account creation

Opening a live IG account gives you access to use IG's MT4 offering. Once you have completed this step, you can set up the MT4 live account from the My IG dashboard. 

Download and install MT4

Downloading MetaTrader 4 from IG is simple. After creating an account, you can download MT4 to the device of your choice and log in with your credentials.

Opening a post

Use the order window when you are ready to place a transaction. Then go to "tools" and click on "new order". The "order" window will appear. You can also press the F9 key on your keyboard.

Here is a quick guide:

- Symbol: This drop down menu allows you to select the market you wish to trade on.

- Volume - for a CFD account, this is the number of contracts you plan to trade.

- Stop loss - to close the trade if it moves against you. Stops on MT4 are equivalent to the basic IG platform stops. Take profits - If you want to use a limit to lock in profits, enter the desired level here.

- Comment: a small space to leave a comment on a particular trade or for more advanced business management purposes. 

- Type: choose 'instant execution' if you wish to place your trade the moment you select 'buy' or 'sell'. You can also select 'Pending Order' if you wish to choose the level at which your trade opens.

Assets available on MetaTrader 4

You have access to over 80 markets on MT4. These include currency pairs, indexes, commodities and cryptocurrencies. In addition to the free indicators offered, you will also have access to 12 of the MT4 add-ons. 

These add-ons allow you to customize the MT4 platform to your trading needs. Each MetaTrader 4 indicator or add-on has a specific purpose. Thus, you have the possibility to combine them to implement your strategy. 

To get the free indicators and add-ons you need to create an MT4 account with IG. You can choose between a demo account and a live account. 

All the information on how to set up these accounts can be found on the MT4 download page. Whichever account you open, you will be able to try, test and use IG indicators and add-ons.

You can download other free add-ons and indicators, or even create your own! You will need some additional software to help you with Elliott Wave Theory for example. Programs to identify support and resistance levels are also essential.


The ARYA application

As part of the ARYA ecosystem, we have developed a social trading application available on Android and IOS. The app gives you the opportunity to interact with leading investment experts to get market insights to perfect your trading strategy. 

You can choose between free access or the Premium mode. This second option will allow you to take advantage of all the features of the app.

- Freemium: free access to the application with some limits in the features, such as a limit of 10 market ideas per month. 

- Premium: monthly or annual access for subscribers with full access to all the app features. You also benefit from the skills of advanced traders.

Other TechX products are available online at 

Free products

  • PRIME file: a video presenting the PRIME method, as well as a guide to getting started and managing your finances.
  • RLT training: basic guides to investing intelligently in the stock market. This course is for people who want to balance and maintain an investment portfolio for the long term. You can access this type of training by opening a free account on the eToro broker platform.   
  • Wall Street 2.0 training: this is dedicated to traders who want to take advantage of the best strategies for taking short-term positions on the stock market. Traders can access the course by opening a free Avatrade account.

Paid products

Other available ARYA software includes:

 ARYA Essentials: An essential version of ARYA Pro, this trading software consists of the basic features needed to execute a trading plan. This tool is aimed at beginners to  help them execute their very first trades. 

 ARYA Trade Manager: Intermediate version of the trading software for use with the ARYA App. This algorithm provides market ideas and their reception. This software is targeted at experts and traders who have mastered strategy improvement by allowing them more access.

 ARYA Pro: Full version of the trading software that provides full access to settings. Suitable for advanced investors, enabling them to make strategic trading executions.

 ARYA Suite: Complete software suite including ARYA Essential, ARYA Trade Manager and ARYA Pro.

 ARYA Scan: Offers real-time identification of trading opportunities. Not only does it offer simultaneous study of multiple markets, but it also tracks trading opportunities and movements on a daily basis. Arya Scan guarantees the monitoring of many assets at the same time. This is broken down into multiple time units.

Which broker to use with MetaTrader 4?

Here is a non-exhaustive list of the best MetaTrader (MT4) brokers:

IC Markets: Best Overall for MetaTrader

For this year 2021, IC Markets is the best MT4 broker for currency trading. IC Markets offers the full MetaTrader suite along with competitive pricing, complementary trading tools and quality market research.

IC Markets caters specifically to algorithmic traders with commission-based accounts. The only catch is that the range of markets and research material offered by IC Markets is relatively small.

The IC Markets brand maintains regulatory status in a Tier 1 and Tier 2 jurisdiction. This broker is therefore safe (medium risk) for trading currencies and CFDs.

Third-party research and trading tool plug-ins are part of IC Markets' MetaTrader platform offering. This earns it the reputation as the number one MetaTrader broker in 2021. Unfortunately, IC Markets is not among the best Forex brokers. The breadth of its market research that covers technical and fundamental aspects is lacking. 

IC Markets excels at low cost and scalable execution. This is perfect for traders running algorithmic strategies (Expert Advisors) on the MetaTrader and cTrader suite of platforms.

FP Markets: Complete MetaTrader Suite at competitive prices

FP Markets' low effective spreads (gross ECN account), its platform add-ons and access to over 130 tradable symbols are a winning combination in 2021! 

 XM Group: MetaTrader with custom indicators

XM Group is a broker that offers the full MetaTrader suite. It also provides some notable upgrades to improve the experience, in addition to custom indicators. 

Alongside trading tools, XM Group's research offering is rich and varied. It challenges the advantages offered by industry leaders such as IG and Saxo Bank.

Pepperstone : MetaTrader Suite with addons

While Pepperstone offers a small set of tradable products, it provides one of the largest selections of third-party platforms. These include many social copy trading options. 

Pepperstone's Smart Trader Tools module, developed by FX Blue LLP, brings a dozen add-ons. Note that these enhance the default MetaTrader experience if you have a balance of more than 500 AUD.

FxPro - Mid-priced MetaTrader Suite

In addition to offering the full MetaTrader suite, FxPro stands out for its execution methods. Agency execution and market making are available by account type. It is certainly not a discount broker, but FxPro does offer an active trader program. This can help high volume traders reduce their trading costs.

Vantage FX: MetaTrader Suite, low prices for higher sales

Vantage FX offers the full MetaTrader suite, which includes the Smart Trader add-ons. Like FxPro, it's not a discount broker. If you deposit $20,000 to access the PRO ECN account, Vantage FX offers low effective spreads with a commission comparable to leading prices.

Swissquote: MetaTrader Suite, Swiss bank

Traders who are prepared to pay a premium to have their brokerage account held with a Swiss bank choose Swissquote. This choice is explained by its competitive and multi-active offer. Like its competitors, Swissquote offers the full suite of MetaTrader platforms. 

MT4 vs MT5

FXTM offers forex trading on MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the industry's leading trading platforms. Both sites provide pioneering automated trading systems with expert advisors. However, each of the two versions has very different features. Contrary to popular belief, MT5 is not an upgrade to MT4. 

MT4 was designed specifically for forex traders. MT5 on the other hand was designed for traders interested in CFDs, stocks and forward contracts. 

Below is a comparison table of the two platforms to help you decide which one is right for you:





Types of order execution

Number of supported order execution types



Details of order execution types





Instant execution         




Contract performance           




How the request is executed        




Exchange execution mode    



Partial order filling policies


Partial output option where a transaction that is now available with a maximum volume is executed, not exceeding the requested volume in the order, and the unfilled volume is cancelled                                                                                                                                                          



Order Filling Policy

Additional terms and conditions for order fulfillment

Fill or Kill

Immediate or Cancel


Fill or kill


Pending order types

A type of pending order that instructs a broker to buy or sell a financial security under predefined conditions in the future.




Having a single open position in a financial instrument.




Holding multiple positions in a financial instrument, both in the same direction and in the opposite direction



Market depth

Bids and offers for a financial security at different prices depending on the volume



Technical indicators

Technical indicators are used to automatically detect trends in the dynamics of financial instrument prices



Graphical object analysis tools

Help identify price trends in financial instruments, detect cycles and support/resistance levels, create channels and more




Grouping financial instrument quotes by time intervals.



Economic calendar

A fundamental analysis tool that presents macroeconomic news from many countries that can affect the prices of financial instruments



Messaging system

Integrated messaging service, where you can receive notifications from FXTM directly to your platform


(with attachments)


(without attachments)


Strategy Tester

EA tester and optimization modes.


+ Multi-currency

+ Real ticks


Single thread


Integrated chat

Chat with other traders directly from the platform