MetaTrader 4 (MT4)
Also known as: MetaTrader 4
What is it?
MetaTrader 4, almost always called MT4, is a free trading platform, meaning the software you install on your computer or phone to view price charts and place trades through your broker. It was built mainly for forex (currency pairs) and CFDs (contracts that let you trade an asset's price movement without owning it), and it became hugely popular because it is simple, stable, and supported by almost every retail broker. Two features made MT4 the standard for automation.
First, it runs Expert Advisors, the small trading robots written in its MQL4 language that can place and manage trades by themselves. Second, so many traders and brokers use it that signal tools and connectors are almost always built to work with it first. For a beginner, the practical takeaway is that if you open a typical forex account, there is a strong chance MT4 is offered, and most off-the-shelf trading bots and signal connectors will plug into it.
MT4 uses a hedging model, which means you can hold a buy and a sell on the same currency pair at the same time as two separate positions. It is focused on forex rather than shares or futures, so if you want a wider range of instruments or the newer netting account style, its successor MT5 is the better fit. MT4 still does its core job reliably for everyday forex trading and automation.
Why it matters: Its huge installed base makes MT4 the default target for signal automation and EAs, so connector support for it reaches the most traders.
Platform choice shapes which instruments, order model, and automation tools are available to you.
Real-world example
A trader runs a signal connector on MT4 so externally generated trades land directly on their existing broker account.
How SignalBots handles it
SignalBots' connector supports MT4 so signals can execute on the platform most retail forex traders already use.
Pro tip
MT4 is hedging-based and forex-focused; if you need exchange-traded instruments or netting, consider MT5 instead.
Common pitfalls
Assuming an MT4 tool works on MT5 unchanged - MQL4 and MQL5 differ enough that ports are not automatic.
Frequently asked questions
Is MT4 free to use?
Yes. The MT4 software is free to download; you trade through a broker that supports it. The broker, not MetaTrader, is who holds your account and charges spreads or commissions.
Is MT4 still worth using instead of MT5?
For pure forex trading with Expert Advisors and the widest broker support, MT4 remains very popular. MT5 adds more instrument types, netting accounts, and a richer language if you need them.
Will an MT4 robot or connector also run on MT5?
Not automatically. MT4 and MT5 use different languages (MQL4 versus MQL5), so a tool must be rebuilt or have a separate MT5 version; it will not simply transfer across.
Can MT4 trade stocks or crypto?
MT4 is built around forex and CFDs, so what you can trade depends on your broker's offering. For a broad range of stocks, futures, or exchange-traded instruments, MT5 is the more capable platform.
Do I need MT4 to receive signals from SignalBots?
No. MT4 is one of several ways to act on signals. If your broker uses it, the SignalBots connector can place trades there; otherwise you can use other delivery surfaces instead.