The short answer
MetaTrader is the most widely used forex trading platform, available as MT4 (the long-time standard) and MT5 (its newer, broader successor). Both let you view live prices, analyse charts, place orders and run automated strategies. MT4 is simpler and forex-focused; MT5 adds more timeframes, order types and asset classes. They are not the only choice — cTrader and TradingView are common alternatives — but MetaTrader is the industry default.
What MetaTrader is
MetaTrader is a trading platform — the software you use to connect to your broker, see live prices, analyse charts, and place and manage trades. It comes in two versions, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), and is offered by a large share of retail forex brokers, which is why it became the industry standard.
It runs on desktop, web and mobile, and supports charting, technical indicators, and automated trading via scripts known as 'Expert Advisors.'
MT4 vs MT5
MT4 is the older, simpler platform, built primarily for forex. It is lightweight, familiar and still hugely popular. MT5 is the newer, more powerful successor: it adds more timeframes, more order types, an economic calendar, and support for more asset classes (like stocks and futures) beyond forex.
Neither is simply 'better.' MT4's simplicity suits many forex traders; MT5's breadth suits those wanting more markets and features. In practice, which you use often comes down to what your broker offers.
The alternatives
MetaTrader is dominant but not alone. cTrader is a well-regarded alternative popular with some brokers, known for its interface and order execution. TradingView is widely loved for its charting and increasingly supports trading through connected brokers. Many brokers also offer their own proprietary platforms.
The differences matter less than picking one that is stable, offered by a reputable broker, and comfortable for you. See choosing a trading platform.
What a platform does not do
An important reality check: MetaTrader (or any platform) is a tool, not a strategy. Its indicators and automated 'Expert Advisors' do not give you an edge — beware anyone selling a MetaTrader 'robot' that promises profits, which is a common scam. The platform shows you the market and places your orders; the edge and risk management are yours.
Learn your platform well on a demo account before risking real money. This is education, not advice.
Frequently Asked Questions
What is MetaTrader?
The most widely used forex trading platform, offered by a large share of brokers. It lets you view live prices, analyse charts, place and manage orders, and run automated strategies, and it comes in two versions, MT4 and MT5.
What is the difference between MT4 and MT5?
MT4 is the older, simpler platform built mainly for forex. MT5 is the newer successor, adding more timeframes, order types, an economic calendar and support for more asset classes like stocks and futures. Neither is simply better.
Is MetaTrader the only trading platform?
No. It is the industry default, but cTrader and TradingView are common alternatives, and many brokers offer their own proprietary platforms. What matters most is choosing a stable platform from a reputable broker.
Do MetaTrader robots make money?
Be very sceptical. Automated 'Expert Advisors' or robots sold with promises of profit are a common scam. A platform is a tool, not a strategy — indicators and robots do not give you an edge. Your results come from an edge, risk management and discipline.
Should I use MT4 or MT5?
It often comes down to what your broker offers. MT4's simplicity suits many forex traders; MT5's breadth suits those wanting more markets and features. Learn whichever you choose on a demo account before trading real money. This is education, not advice.