MT4 terminal is still one of the most commonly used electronic terminals dedicated to trading and technical analysis.
It has a huge following, especially among retail Forex margin traders.
The software is completely free of charge. It has it’s own scripting language called MQL4 and it can run on Windows, iOS, and Android.
The software was released in 2005. The company behind MetaTrader 4 software is MetaQuotes Software. The same company released MetaTrader 5 (MT5) in 2017.
What many users experience is that they download the MetaTrader 4 software from the MetaQuotes official websites, and when they install it, they find out it’s actually MT5 software.
This happens even when you download the MT4 software from the dedicated, official website of MetaTrader 4 provided by the developer. (See here) When you follow the download links and and install the program and open it, you will actually run MT5 on your computer.
The main problem with this, is that none of the MT4 indicators or expert advisors, or anything else programmed for MetaTrader 4, will work on the MT5 platform.
The syntax of the scripting language of MetaTrader 5 is different, supposedly improved, from the older version – MT4. The new programming language is called MQL5.
How to solve the forced MT5 download and installation?
The only way to download an MT4 terminal is to do it through a licenced broker offering MT4 accounts. (You won’t have to make any deposits in order to download and use the terminal.)
When you download an MT4 terminal from a broker, it will most likely be slightly branded with the broker’s logo. This isn’t usually a problem for most users.
It’s important to mention that your specific MT4 installation will also contain all the instruments which your broker has on offer.
These can be seen in the Market Watch window. These instrument may vary from broker to broker but will always include the major currency pairs.
If needed, your MT4 installation can be modified in the Account settings to be used with a different broker. You would need to modify the account settings and connect with different trading server details.
Which brokers offer a free MT4 trading software?
There are many brokers that offer an MT4 account, both in demo and real money. It’s very difficult to choose the best MT4 broker. There are many variables to consider, such as your physical location, risk appetite, traded instruments, etc.
For the most part, the best MT4 brokers are usually the biggest names in the business. They are fully regulated (often internationally), have the best customer support, and because of large user base, can afford to offer very tight spreads, low trading fees, and enticing bonuses.
The known brokers offering a free MT4 terminal with demo and/or real money accounts are:
EasyForex, FXCM, IG, AdmiralMarkets, etc.
Additional notes on using a free MT4 terminal from a broker
One major benefit of downloading the MT4 software from a broker, is that you can practice on a demo account and then move seamlessly into a live trading account with that particular broker.
Any trading strategies, indicators, and expert advisors already used on your MetaTrader installation could be easily applied to your live account.
For those of you who just want to use the MT4 terminal for technical analysis, you can still do that without having to deposit any money.
Having said that, be aware that the broker who offered you the free MT4 version will have some of your personal details, such as email, and will most likely use them to send you an occasional offer.
You will have the option to refuse any marketing emails being sent to you. This might be included as an option during the registration stage, or you can simply contact the broker and make a separate request.