MetaTrader 4 (MT4)

Released in 2005, MetaTrader 4, often referred to simply as MT4, is a trading platform developed by MetaQuotes Software. It is widely used by retail forex traders and brokers across the globe (including Kenya) due to its reliability, user-friendly interface, and support for automated trading. Though initially developed for forex, it also supports trading in commodities, indices, and contracts for difference (CFDs), depending on what the broker enables. MT4 remains one of the most used platforms in the online trading industry, especially when it comes to forex, and has built a significant user base across both beginner, intermediate, and advanced trader segments.

The MT4 software includes both a client component and a server component. The server component is run by your broker, and your broker will also provide you with the client component. At its core, MT4 functions as a client terminal that connects traders to their broker’s servers. The software allows users to view price charts, place and manage trades, set stop-loss and take-profit levels, run technical indicators, and develop or install automated trading systems called Expert Advisors (EAs). The MT4 architecture supports both manual and algorithmic trading, which has contributed to its long-term relevance even as new platforms and technologies have emerged.

When MetaQuotes released the MetaTrader 5 (MT5) in 2009, this new platform was intended to replace the older MT4, but so many traders preferred to stay with the true and tested MT4 that the developer decided to offer both instead of retiring the MT4. MT4 has remained a staple especially among forex traders, while the MT5 offers more support for speculation on other types of assets.

MetaTrader 4 remains one of the most used forex trading platforms in the retail market due to its ease of use, reliability, and extensive support for automated strategies. While it is now quite old, it continues to be offered by a very large number of brokers and remains deeply embedded in the trading practices of many forex traders.

The platform’s long-standing presence, broad compatibility, and strong third-party ecosystem make it a viable choice for forex traders, particularly those focusing on technical analysis or algorithmic strategies. However, traders must also be aware of the platform’s limitations, particularly in terms of performance and market access. Choosing a reliable broker with a stable MT4 implementation remains a key factor in achieving consistent results with the platform.

The 5 Best MetaTrader4 Brokers

Platform Features and Design

MetaTrader 4 is designed with a balance of accessibility and technical capability. The user interface is straightforward enough for newcomers to learn fairly quickly, but it also contains sufficient depth to serve experienced traders.

The main window provides access to real-time price quotes, customizable charting tools, an integrated trade execution panel, and a library of built-in technical indicators. Users can open multiple chart windows simultaneously, apply different timeframes, and manage orders with a simple right-click interface.

Charting tools are a central feature of MT4. The platform supports a wide range of timeframes, from one-minute to monthly intervals, and allows the application of numerous indicators, trendlines, and analytical objects. These features are particularly important for traders who rely on technical analysis as the basis for decision-making. The responsiveness of the charts, combined with the ability to zoom in, scroll through historical data, and adjust visual settings, creates a flexible environment for strategy testing and pattern recognition.

The trade terminal itself offers standard order types including market, limit, and stop orders. Orders can be modified or closed manually, and execution feedback is generally provided within milliseconds, depending on broker infrastructure. While the platform does not support direct market access by default, it allows brokers to connect MT4 to back-end systems that determine pricing and execution logic, including market maker, STP, ECN, or DMA models.

Devices

Because MT4 is relatively lightweight and requires minimal computing resources, it is widely supported across desktop, mobile, and tablet devices. The mobile versions retain basic functionality including real-time quotes, charting, and order management, which is essential for traders operating on the move. In Kenya, many novice forex traders start out trading on mobile devices, so this is an important consideration.

Operative System Compatibility

MetaTrader 4 was developed for Windows, and there is no official MT4 version available for Mac OS. With that said, some brokers provide their own custom developed MT4 variant for Mac OS.

For mobile devices, MT4 is available for both iOS, Android, and Windows Mobile.

Broker Integration and Market Coverage

MT4 is a broker-dependent platform, meaning that its features, pricing, and available instruments are determined by the broker offering access. While the core software remains consistent, the trading conditions—including spreads, execution speed, available leverage, and instrument lists—are specific to each broker’s configuration. This makes the broker selection process especially important for MT4 users.

Many forex brokers offer MT4 and quite a few of them provide custom branding or plugin modifications to integrate their services more deeply into the platform. Some brokers offer additional analytical tools, copy trading features, or enhanced data feeds through MT4-compatible extensions.

Despite the rise of more advanced platforms like MetaTrader 5, many brokers continue to prioritize MT4 due to its established user base, compatibility with existing infrastructure, and the vast library of third-party tools developed around it. In some regions, MT4 remains the default platform for retail forex trading.

Automated Trading with Expert Advisors

MT4 supports automated trading through Expert Advisors (EAs). These are algorithmic trading programs written in the platform’s native scripting language, MQL4 (MetaQuotes Language 4). Traders can use EAs to execute trades automatically based on pre-defined conditions such as price movements, indicator values, or timing rules. In essence, the EAs are trading robots specifically for MT4 and MT5 use.

The MT4 platform includes a built-in MetaEditor for writing and modifying EAs, indicators, and scripts. This feature appeals to technically inclined traders who prefer to test custom strategies or automate repetitive tasks. EAs can be backtested using historical data to assess performance before deployment. The strategy tester in MT4, while not as sophisticated as that in MetaTrader 5, provides a basic framework for evaluating logic under past market conditions.

Traders who do not code can still use EAs by purchasing or downloading pre-built versions from online sources. The MetaTrader community includes thousands of third-party developers offering both free and commercial EAs, which has contributed to the platform’s widespread use in algorithmic trading circles.

Limitations and Considerations

While MetaTrader 4 offers a comprehensive trading environment, it is not without limitations. The platform was originally built for 32-bit systems and lacks some of the multi-threaded performance improvements found in newer software. This can affect performance when running multiple EAs or handling large volumes of historical data. The strategy tester is limited to single-currency backtests and lacks the advanced features of its MetaTrader 5 counterpart.

MT4 does not support exchange-traded assets like stocks or futures directly. Brokers can simulate these markets through CFDs, but the platform was not designed to interact with centralized exchanges or deliver full Level II market depth. This makes MT4 more suitable for decentralized markets like forex and less optimal for institutional-style trading or multi-asset portfolio management.

Another important consideration is support and development. MetaQuotes has shifted its development focus to MetaTrader 5, and MT4 no longer receives major updates. While the platform continues to function reliably, its future depends on broker support and community-driven development. Traders using MT4 must rely on existing documentation, third-party plugins, or broker support channels for ongoing platform assistance.

MT4 History and Development

The software developer MetaQuotes Software, who has its roots in Russia, released the first version of the MetaTrader trading platform in 2002. MetaTrader 4 – the 4^th version of MetaTrader – became available in 2005 and signified a major step up from the first three versions.

From around 2007, the MT4 began to really gain traction, as a number of brokers added the platform as an optional alternative to whatever other trading platform they were offering as their main platform. MT4 was becoming really popular among traders, and a large number of third-party scripts and advisors were already available.

The MT5 Fails to Replace the MT4

When the MT5 was released in 2009, the plan was to let it replace the MT4. The MT5 is a significantly re-coded version of the MT4, and it was created to provide better support for a much wider range of instruments and financial products. The MT5 was also fitted with a bigger tool box for technical analysis.

Many traders, especially forex traders, preferred to stay with the MT4 and was not eager to make the switch to MT5. Eventually, MetaQuotes decided to keep offering both platforms side by side. (A study conducted exactly 10 years after the release of MT5 showed that MT4 remained the most popular forex trading platform in the world, despite competition from both MT5 and platforms from other developers.)

Software Bridges

The MT4 is designed to function as a stand-alone system, but several third-party developers created software bridges that made it possible to integrate the MT4 with other financial trading systems for automatic hedging of positions. In late 2012 and early 2013, MetaQuotes cracked down on this and began removing third-party plug-ins. Many developers and brokers received warnings and some were sued.

The MetaEditor

In 2013-2014, the MQL4 programming language was revised, and it eventually reached the level of MQL5. Starting from build 600, MQL4 and MQL5 use unified MetaEditor.

Temporary Removal from the App Store

In September 2022, both MT4 and MT5 temporarily vanished from Apple´s App Store, but remained available in the Android (Google) Play Store. Allegedly, the removal was connected to the international sanctions against Russia, although MetaQuotes themselves stated is was simply a question of non-compliance with the App Store Review Guidelines. The MT4 and MT5 showed up in Apple´s App Store again in early March the following year, when MetaQuotes had made some changes to the app.

Selecting a MetaTrader 4 Broker

MetaTrader 4 remains one of the most commonly used trading platforms in retail forex, so if you want to use the MT4 you have plenty of brokers to chose from. This also means that once you have learned how to use the MT4, you can easily move to another broker without having to learn how a new platform works.

MT4´s long-standing reliability, ease of use, and wide broker support have made it the default choice for many traders – including plenty of Kenyan fx traders. But while the platform is familiar, the brokers offering access to MT4 are not all equal. Execution quality, pricing, regulation, platform infrastructure, and overall trading conditions vary considerably from one provider to another. Selecting a MetaTrader 4 broker requires looking beyond the platform itself and understanding how each broker implements and supports the software.

Since MT4 is not an exchange-based platform and relies entirely on the broker for pricing, trade execution, and access to instruments, which broker you pick will have a huge impact on your experience with the MT4. A properly selected MT4 broker provides fast, stable execution, competitive spreads, clear cost structures, and transparent client fund management. A poorly selected broker, even when offering the same platform, can introduce slippage, delays, price manipulation, or difficulties in withdrawals.

Choosing a MetaTrader 4 broker involves evaluating many different aspects of the potential candidates, including assessing how the broker structures its execution systems, manages pricing, enforces trading conditions, and protects client funds. While MT4 is widely supported and functionally consistent, the experience it delivers is heavily shaped by the broker you have signed up with.

The best MT4 brokers offer fast, stable execution, competitive spreads, transparent pricing, and enforceable regulatory protections. They treat small and large accounts equally in terms of platform access, support, and order handling. They allow the full functionality of MT4 to be used without restrictions and maintain infrastructure that supports algorithmic trading, mobile access, and real-time trade synchronization. A properly selected MT4 broker becomes an operational asset, not a point of failure. Traders who take the time to evaluate infrastructure, regulation, execution quality, and cost structure are better positioned to use MetaTrader 4 as a stable trading tool, regardless of strategy or account size.

Platform Implementation and Server Performance

While MetaTrader 4 is a standardized software product developed by MetaQuotes, the way a broker configures it plays a significant role in trading experience and trade outcomes. Each broker hosts its own MT4 server infrastructure and connects it to its pricing engine, order routing systems, and liquidity providers. Execution speed, server uptime, and trade reliability are determined largely by this infrastructure.

Traders should evaluate the technical performance of a broker’s MT4 platform before committing serious capital. This includes the average execution time, frequency of disconnections, ability to handle peak trading periods, and how well the platform synchronizes data between mobile, desktop, and web access. Performance inconsistencies often indicate poor server hosting or outdated hardware, which can lead to slippage, trade rejections, or missing price data.

Testing live execution with a small account is often the most reliable method of assessing performance. Brokers that consistently delay order fills or fail to reflect open positions accurately across devices may not have invested in the platform adequately. High-frequency or short-term traders in particular will notice the effects of infrastructure bottlenecks more quickly than those trading longer timeframes.

Order Execution and Pricing Model

MetaTrader 4 supports different execution models depending on how the broker is set up. Some brokers operate as market makers, managing client orders internally and acting as counterparty. Others use Straight Through Processing (STP) or Electronic Communication Network (ECN) configurations, where orders are routed to external liquidity providers. The execution model affects everything from spread size to slippage during volatile market events.

The MT4 interface looks identical across brokers, but execution behavior behind the scenes can differ sharply. Traders should identify whether the broker applies requotes, how they handle partial fills, and whether positive slippage is passed through to clients. A transparent broker will provide this information in the execution policy section of its website or within its legal documentation. Some will also publish execution statistics or allow traders to request trade receipts that show fill details.

Brokers that provide variable spreads should be evaluated for consistency during news events and periods of low liquidity. A platform offering tight spreads during quiet periods but showing erratic behavior during peak hours may indicate weak liquidity relationships or internal trade management practices that are less favorable to the trader.

Customization and Platform Features

Although MetaTrader 4 is a fixed platform in terms of its core structure, brokers can integrate additional features, indicators, or analytics through plugins and custom extensions. Some brokers offer built-in economic calendars, trade sentiment tools, copy trading features, or premium data feeds. While not essential, these additions can improve workflow and add value to the trading environment.

Traders using Expert Advisors or custom indicators should confirm beforehand if the broker supports unrestricted algorithmic trading or not. Some brokers apply restrictions on the number of open orders, limit EA usage, or throttle trade frequency, especially on accounts with low balances or aggressive strategies. Make sure you pick a broker where you can fully implement your trading strategy.

Mobile functionality, platform updates, and multi-device synchronization are also considerations. A strong MT4 broker ensures consistency in trade data, platform access, and order execution across all devices without relying on unstable web-based mirrors or third-party terminals.

Account Types and Fee Structures

Most MT4 brokers offer multiple account types with differing fee models. Some accounts include the broker’s fee in a fixed or variable spread, while others charge raw spreads plus commission. Understanding how the broker applies its charges is essential, as it affects not only trade profitability but also strategy viability, especially for short-term systems or those with frequent entries and exits.

Commission-based accounts often provide better pricing in terms of raw spreads, particularly in liquid pairs. However, commissions must be evaluated relative to trade size and frequency. A broker may advertise tight spreads but offset that advantage with a commission structure that becomes expensive under certain conditions.

Some brokers apply additional fees, such as inactivity charges, withdrawal processing fees, or platform access fees. These may not appear significant when opening the account but can erode returns over time if not monitored. If you plan on keeping positions open over night, make sure you fully understand how overnight swap fees will be applied.

Additionally, minimum deposit requirements and account features—such as leverage options, maximum trade size, and stop-out levels—should be reviewed in detail.

It is very important to pick a broker where the complete fee structure makes sense for your specific trading strategy and where you can launch your full risk-management plan. Therefore, you should ideally develop a trading strategy and risk-management routine before you start comparing brokers. Otherwise, you will just be looking at brokers that seem good in a general sense, and you will fail to notice if a certain broker is especially suitable – or unsuitable – for your trading plans. A broker may for instance be offering excellent conditions for a trader focused on trading JPY/USD with full-size lots, but be horrible for a trader whose plan is trading micro-lots or mini-lots of USD/EUR.

Broker Regulation and Fund Security

While MetaTrader 4 provides the technical interface, client security ultimately depends on the broker’s regulatory and operational standards. Brokers should be licensed by a credible financial authority and operate under clear client fund protection rules, including segregation of funds and capital adequacy requirements.

Examples of financial authorities known to enforce strict trader protection rules are the FCA in the United Kingdom, ASIC in Australia, and CySEC in Cyprus / EU.

As a trader, you should always verify any license claims directly with the applicable financial authority. Any fraudster can claim to be regulated by a reputable financial authority. It is important to like at the fine print, since many firms use global branding while onboarding clients under offshore licenses. The protections available under such licenses vary widely.

Reputation

Beyond licensing, a broker´s reputation within the trading community is another key factor. A broker’s history with client complaints, withdrawal delays, platform outages, or account freezes should be considered before any long-term relationship is established. Publicly available reviews, regulator warnings, or trading community discussions often highlight recurring issues that may not be disclosed on the broker’s website.

Deposits and Withdrawals

You will be making deposits to your broker – not to MetaQuotes – so how your broker handles deposits, withdrawals, and the safekeeping of trader funds is very important.

Make sure you pick a broker where you can make both deposits and withdrawals using a transaction method you are comfortable with and where the transaction fees will be reasonable. In Kenya, many small-scale novice traders rely on M-Pesa or local bank transfers, while intermediate traders and up are more likely to also have credit cards or international e-wallets.

Make sure you understand exactly what a deposit and a withdrawal will cost you in total. This includes the fee charged by the transaction company and any fee charged by your broker for processing a deposit or withdrawal. Some brokers do not charge any processing fees, while others do. It is also quite common to offer process-free free deposits + a certain number of process-free free withdrawals per month.

Before you sign up with any broker, check out their reputation among other traders in Kenya when it comes to deposits and withdrawals. A broker that is very slow to process withdrawals, or fails to provide clear information about exactly which documentation you need to provide to verify your identity before making your first withdrawal, is preferably avoided.

Support

You will rely on your broker for all support, including issues that arise with the platform itself. Therefore, it is important that the broker is providing knowledgeable help across the board, including technical help with the MT4 platform.

Before you pick a broker, it is a good idea to contact the broker´s support with a few questions to gauge the speed and quality of the response.

Also check how you will be able to reach the support. Email, live chat, and phone calls are common routes. Only live chat and phone calls can provide you with step-by-step help in real time, which can be important if you encounter a platform issue that requires detailed guidance. If a broker only provides email support, it can take a very long time to resolve technical problems.