I have upgraded my older version of WCF to WCF 4 with below changes, hope you can also make the similar changes.
1. Web.config:
<system.serviceModel>
<bindings>
<basicHttpBinding>
<binding name="Demo_BasicHttp">
<security mode="TransportCredentialOnly">
<transport clientCredentialType="InheritedFromHost"/>
</security>
</binding>
</basicHttpBinding>
</bindings>
<services>
<service name="DemoServices.CalculatorService.ServiceImplementation.CalculatorService" behaviorConfiguration="Demo_ServiceBehavior">
<endpoint address="" binding="basicHttpBinding"
bindingConfiguration="Demo_BasicHttp" contract="DemoServices.CalculatorService.ServiceContracts.ICalculatorServiceContract">
<identity>
<dns value="localhost"/>
</identity>
</endpoint>
<endpoint address="mex" binding="mexHttpBinding" contract="IMetadataExchange" />
</service>
</services>
<behaviors>
<serviceBehaviors>
<behavior name="Demo_ServiceBehavior">
<!-- To avoid disclosing metadata information, set the values below to false before deployment -->
<serviceMetadata httpGetEnabled="true" httpsGetEnabled="true"/>
<!-- To receive exception details in faults for debugging purposes, set the value below to true. Set to false before deployment to avoid disclosing exception information -->
<serviceDebug includeExceptionDetailInFaults="false"/>
</behavior>
</serviceBehaviors>
</behaviors>
<protocolMapping>
<add scheme="http" binding="basicHttpBinding" bindingConfiguration="Demo_BasicHttp"/>
</protocolMapping>
<serviceHostingEnvironment aspNetCompatibilityEnabled="true" multipleSiteBindingsEnabled="true" />
</system.serviceModel>
2. App.config:
<system.serviceModel>
<bindings>
<basicHttpBinding>
<binding name="BasicHttpBinding_ICalculatorServiceContract" maxBufferSize="2147483647" maxBufferPoolSize="33554432" maxReceivedMessageSize="2147483647" closeTimeout="00:10:00" sendTimeout="00:10:00" receiveTimeout="00:10:00">
<readerQuotas maxArrayLength="2147483647" maxBytesPerRead="4096" />
<security mode="TransportCredentialOnly">
<transport clientCredentialType="Ntlm" proxyCredentialType="None" realm="" />
</security>
</binding>
</basicHttpBinding>
</bindings>
<client>
<endpoint address="http://localhost:24357/CalculatorService.svc" binding="basicHttpBinding" bindingConfiguration="BasicHttpBinding_ICalculatorServiceContract" contract="ICalculatorServiceContract" name="Demo_BasicHttp" />
</client>
</system.serviceModel>