MetaTrader 4 — still the most-used retail forex terminal
MetaTrader 4 was released by MetaQuotes in 2005. In 2026 it is still the most widely deployed retail forex platform in the world, despite MetaQuotes releasing MT5 in 2010 and officially deprecating MT4 broker licences in 2022. The reason MT4 persists: its Expert Advisor (EA) ecosystem. Over two decades, traders have accumulated hundreds of thousands of MQL4 EAs, indicators, and scripts. Many institutional-level automated strategies were built on MT4 and have never been ported to MT5.
- Best for
- EA traders with existing MQL4 strategies
- Skip if
- Anyone starting fresh — MT5 is objectively better
- Cost floor
- Free; broker-dependent execution costs
What MT4 does well
- Expert Advisors (EAs): the MQL4 language is mature, extensively documented, and has the largest third-party library of automated strategies in retail forex. The MetaTrader Market has 10,000+ EAs; free-and-paid libraries like mql5.com/en have millions of scripts.
- Backtesting engine: MT4’s Strategy Tester lets you run historical backtests with tick-data accuracy. The methodology is well-understood; backtests are comparable across different EAs.
- Broker compatibility: virtually every ECN/STP broker in the world still offers MT4 connectivity. Changing brokers does not require changing your EA code.
- Low resource footprint: MT4 runs on older hardware. A cheap Windows VPS runs 10+ MT4 instances simultaneously — important for multi-account EA traders.
Where MT4 falls short in 2026
- No hedging netting mode in US-regulated accounts (NFA rules prohibit same-account hedging; MT4 complies with “FIFO” netting)
- Charts: MT4’s charting is functional but dated. Maximum 9 chart windows, limited indicator types, no native volume profile or order-flow tools
- Mobile app: the MT4 mobile app (iOS + Android) is maintained but development has slowed significantly. Key missing features: no one-tap EA management, no multi-account dashboard
- No native multi-asset: MT4 was built for forex and CFDs. Stock trading, options, and futures require MT5 or a proprietary platform
- Google Play removal (2024): Google removed several MT4 and MT5 app binaries from the Play Store in 2024 due to compliance requirements. The official fix is to download via your broker’s branded installer or from MetaQuotes directly — not from third-party APK sites
MT4 mobile — current state
The official MT4 mobile app is available on the Apple App Store and via broker-branded Android installs. It supports:
- Real-time streaming quotes
- One-click order entry (market, limit, stop)
- Trade management (modify SL/TP, close partial)
- Basic charting (30 indicators, 9 timeframes)
- Account history and balance monitoring
What it does NOT support on mobile: running EAs (EAs must run on a desktop terminal or VPS), backtesting, or custom indicator display.
Should you use MT4 in 2026?
Yes, if: you have existing MQL4 EAs with verified live-account track records and a broker who will continue MT4 support.
No, if: you are starting fresh. MT5 is objectively superior in every dimension (more order types, multi-asset, improved backtesting, MQL5 is backward-compatible with most MQL4 concepts, larger active developer community going forward).
The practical path: find a broker that supports both MT4 and MT5 simultaneously (Pepperstone, IC Markets, Tickmill all do). Run your existing MT4 EAs on MT4; learn MT5 in parallel. The EA migration from MQL4 to MQL5 is non-trivial but well-documented.
Recommended brokers for MT4
| Broker | MT4 support | Jurisdiction | Minimum deposit |
|---|---|---|---|
| Pepperstone | MT4 + MT5 + cTrader | UK/EU/AU | None |
| IC Markets | MT4 + MT5 + cTrader | AU/EU | $200 |
| Tickmill | MT4 + MT5 | UK/EU/AU | None |
| OANDA | MT4 bridge | US/UK/EU/AU | None |
Open MT4 account with Pepperstone
See also: MT4 vs MT5 on mobile · What is an Expert Advisor? · How to install MT5 on Android safely