Meta Trader 4, the best platform for forex trading, commonly referred to as MT4, is an advanced forex trading platform that offers clinical trading and analytical technologies and additional services aimed at automating complex trades. It was founded in 2005 by MetaQuotes. Basically, MT4 has everything a forex trader needs for Forex trading. It is among the most popular and complete forex trading platforms.
Over 95% of forex brokers offer this customer service, and it is used by millions of traders worldwide. The wide range of market indicators available on MT4 makes trading more straightforward, especially when trading with a foreign exchange broker. The Meta Trader 4 app is free to download from MetaQuotes official website and is very easy and convenient to use, especially for new forex traders.
Once you are ready to start trading you need to open a live account with a broker, and input the broker’s server when you login onto MT4.
What is the function of MetaTrader4?
MT4 is a software that is used by forex traders and investors to open, close, and manage market positions using financial indicators and mediators. It is widely used in analyzing the financial markets and trading cdfs (contracts for differences), forex and futures markets.
MetaTrader 4 has several tools which allow forex traders to implement strategies of any complexity. These features include; Market and pending orders, instant execution, trading from tick chart and trading history, stop orders, and trailing shop. Learn what strategies are the best for forex trading.
But what exactly makes MT4 the best analytical tool for forex trading? Here is why;
Who can use the best platform for forex trading?
MetaTrader 4 is a software that both forex traders and investors use. You can open, close, and manage volatile market positions through the use of financial indicators and mediators. Even with the numerous features and its popularity, MT4 has several competitors. However, MetaTrader 4 is free for traders, and this sets it apart from its competitors. The platform is available in most forex broker platforms and can also be downloaded for free.
What makes MT4 the best platform for forex traders? Important features of MetaTrader 4 platform
The numerous features that this trading instrument has at its disposal to optimize the forex trading experience made it an instant hit after its launch in 2005. All the features are beneficial, making the experience even better. The key features that MT4 offers include;
- Multiple charts setup with integrated charts that are easy to use
- The navigator window
- The Pepperstone market terminal
- The indicators window
- Over 80 pre-installed indicators
- An automated trading system
Although most of these features are a market standard for all other forex trading platforms, at MT4, they are more straightforward. Moreover, the features get a constant upgrade, and that’s not all; new features like the news section, signals section, one-click trading, and additional trading instruments pop have been incorporated to improve traders’ experience.
Why traders love Meta Trader 4
MT4 is the best online forex trading platform for beginners. There are many reasons we have already explained above about why metatrader is the best forex trading app, but there are a few more.
The app is easy to use
The complexity of forex trading apps is a significant scare-away to a beginner trader because of the complex outlooks like charts and figures on forex trading platforms. Instead of a trader going live and focusing on beating the market and making profitable trades, the complexity of the trading platform occupies their minds. However, MetaTrader4 comprehensively debunked this with their very easy-to-use platform.
Imagine how hard winning each day sounds with a complicated trading platform.
All the features and indicators in MetaTrader4 are easy to navigate. The symbols and rates lie to the left of the screen; charts are positioned on the right side, while the indicators are situated on the top of this forex trading platform. This orderliness and the one-click trading ability make MT4 an easily customizable and simple to use website.
MT4 is convenient to use
Forex trading is a very profitable but time-consuming investment, and for this reason, convenience is a significant factor when choosing a forex broker or cryptocurrency to trade. This is where MT4 scores highly because of the following factors;
Server stability: MT4 has a very stable and advanced client-server compared to its competitors and all the initial versions. The current version can support several traders simultaneously without lagging.
The platform utilizes minimal resources: when trading, time is of the essence, and with a heavy website, you must have an excellent network to trade, which is often not the case as all networks are bound to downtimes. However, MT4 runs excellently even with low internet bandwidth. Moreover, it uses minimal computer resources, and this means it reacts faster even on slower networks, and faster reactions mean more profits in forex trading.
The MetaTrader4 platform is optimized for both low-power devices and slow internet connections. This is an excellent feature because, unlike other forex trading platforms that look good but then slow down in the time of need, MT4 is reliable in all conditions.
Convenient communication tools: mt4 has a client-server terminal in the mailbox section, enabling a brokerage company to communicate with its clients efficiently. This flexible trading system means you do not need an external communication tool to close profitable business deals. How easy!
The platform is very secure: MT4 has a very secure platform which was recently upgraded to prevent DoS threats. The upgrade also included an end-to-end connection of forex brokers and forex traders to 129 bits to prevent any security lapses.
Customized features for all.
Preference varies depending on what you want and how you want it. MT4 made this possible since you can customize nearly every feature to suit your liking. You can rearrange the position of the windows and how they are displayed, change how the charts appear on your screen, or even input any kind of internal and external indicators that you feel might be helpful when trading forex. Moreover, if you have more than one forex trading account, you can easily switch accounts on MT4 and arrange the symbols in whichever order you like.
Upon completion of your customization process, you can save the changes on the platform so that every time you log in to trade, the features are displayed accordingly. Customizing your forex trading platform saves you lots of time since you know exactly where each feature is.
It uses the MQL4 programming language, which is easy to understand
The programming language is an important consideration when choosing a forex trading platform. MT4 uses MQL4 programming, which is very easy to use, and this has made it easy for third parties to write forex trading programs. As a result, forex traders, programmers, and third-party participants can easily create and implement trading robots using expert advisor indicators provided by my MetaQuotes corporation.
Aside from the indicators provided by MetaQuotes software, traders can also use the many third-party robots and indicators available on the MT4 platform. Moreover, traders can also utilize scripts available on-site developed to carry specific functions, like screenshotting a section of the chart to clear all the indicators from the chart.
MT4 is highly popular
Do you know why Samsung and iPhone are tech giants with tremendous market shares? Well, their devices are not exceptional but popular. Popularity is a significant selling factor, and although it sounds more like a paradox, it makes total sense. A popular product is more appealing to the customers and quickly gets approval. If you conduct a quick search of the MT4 platform on the internet, you will realize how popular it is. If you are a professional trader and haven’t heard of MT4, then you are not into forex trading to make profits. So many traders are using MT4, and it is available on most forex broker websites; therefore, it is easy to come by mt4 in the course of trading.
The popularity of the MetaTrader4 platform and the reason why it is considered the best platform for forex trading is attributed to the numerous useful features which are at the forefront of success in the forex trading industry, therefore, earning it the legendary’ market leader’ status.
Aside from the market status, the compatible nature of MT4 coupled with the easily comprehensible programming language, security features, market stability, and minimal resource requirements has made it a formidable force to reckon with. MT4 has become so popular that it has become a market standard, from its reputation. Thankfully, the management was not blown away by the massive market reception and acceptance the platform received and continuously aimed to improve the site. There are continuous upgrades and new features to make the user experience better.
The platform is available on multiple devices
There are several versions of MetaTrader4 forex trading platform to suit every trader’s needs. Whether you are using a Windows PC, Android device, iPhone, Macbook, or any web browser, you can download a version that is compatible with your device. Moreover, you can log in from several devices at a go, which helps forex traders manage their trading programs better.
This means you can wake up in the morning in your house, set up your trade, monitor the marker trends from your office, and close the trade from your phone or laptop when travelling. So long as you know your log-in details, you do not have to worry about running losses when your phone or laptop shuts down. It can’t get more convenient than this and this is mainly why it is the best platform for forex trading!
Availability of Superb Expert Advisors (EAs)
The introduction of Expert Advisors on the MetaTrader4 platform was a significant milestone in the forex trading field. Expert Advisors are small pieces of software codes that a forex trader can write down and use to automate their trading strategy. And since forex is an ever-changing and very volatile market, traders stand a better chance of making more profits trading 24/7 with the trading robot. And since human beings are not robots, EAs can watch the market on our behalf and close trades.
VPSs ensure safety and convenience when using MT4
Another great feature that was well thought out and is very useful to traders is the Virtual private server, commonly referred to as VPSs. The MT4 Virtual Private server allows forex traders to access their MT4 accounts remotely, and this makes automated trading faster and more convenient. Moreover, a Virtual Private server ensures that your cryptocurrency and forex broker account is safe from hackers since the trading platform is hosted in a secure databank that is manned by IT personnel full time.
Make sure you learn everything you need to know before starting to trade cryptocurrencies. A minimal fee is applicable to lease a VPS or otherwise get one free VPS from your forex broker.
Reasons forex traders should choose MetaTrader4
It has a sound trading system
The MetaTrade4 trading system allows traders to implement complex strategies with ease. This is very helpful for new forex traders who have little knowledge of how the world of cryptocurrency operates.
There are several forex trading tools that traders can use to their advantage. These include; instant execution and trading charts, market, and pending orders, stop orders and trailing stop, trading history, and even a tick chart.
The MT4 analytics
One of the strongest and most useful features of the MT4 platform is the analytical function which provides indebt financial analysis of the forex market. It has online quotes and interactive charts with nine periods. This allows forex traders to examine quotes in detail and quickly respond to price changes, therefore closing more trades, resulting in more profits.
Moreover, the MT4 analytics feature comes with 23 analytical objects and 30 inbuilt indicators which greatly makes forex trading easier. And that’s not all; traders can use the free code base and the inbuilt market to scale the trading options by gaining access to the additional indicators on this platform. This includes 9 timeframes, 23 analytical objects, interactive charts, and 30 technical indicators.
Trading signals and copy trading
Forex trading needs time and patience to realize profits. If you ever wanted to get into forex trading and felt limited by time, then MT4 is an excellent solution. The best platform for forex traders MetaTrader4 trading platform can automatically copy deals from other traders. All you need to do is to select a forex provider, subscribe to a signal, and enable MT4 to copy the provider’s trade. There are thousands of free signals with varying profit margins on demo accounts for new traders, which can help you familiarize yourself with the feature before using it on a real account.
The MT4 market
The inbuilt MetaTrader4 market is an excellent place to find an expert advisor and the most profitable technical indicators. All you need to do is buy any trading robot and market indicator and launch them on the platform. The trading boots help automate trades, while the market indicators provide technical and fundamental analysis, which are crucial when trading forex.
Mobile trading for forex traders
Even though computers and laptops are great for trading forex because of the bigger screens, smartphones, and tablets are indispensable and convenient because they are portable. Both android and IOS forex traders can use the mobile trading app to trade. This site has all the trading functions that you need. It comes with broad analytical capabilities, technical indicators, graphical support, and several trading orders.
Alerts and financial news for forex traders
MT4 notifies all its users of the latest financial news, which helps forex traders prepare for any anticipated price changes. This ensures the traders make correct trading decisions to avoid running losses. The feature is beneficial because it offers timely notifications and current financial information, especially for an active trader.
You can also follow other financial news to help you trade, read our blog to find other websites to follow for economic news.
How many execution modes does MT4 support?
MetaTrader4 supports 4 execution modes, which forex traders can choose from. This includes; instant execution, execution on request, and execution by market.
Instant execution mode
It executes orders depending on the price of the brokerage firm. When a forex trader places an order, the terminal sets the price according to the current rates in a logical sequence. However, the order will only be executed upon the broker’s confirmation.
If the price changes occur, a requote might be processed if the broker returns the price, and afterwards, another order can be newly executed for processing.
Execution on request
In this mode, when a trader places an order, the marketer processes it with the current market price provided by the broker. However, before processing any order, the marketer must first request broker prices. After delivering the prices, the broker can either confirm or reject the order at the given price.
Execution by market
In this mode, the broker decides whether or not to process an order without consulting the trader. This means that the trader gives advanced permission for the order execution at this given price.
How MetaTrader 4 Compares to Other Platforms
When it comes to helpful forex trading features, MetaTrader 4 is the best platform for forex trading as it outshines its competitors. In fact, it provides a majority of the cryptocurrency trading industry-standard features. Moreover, it boasts of features unique to MT4, like automatic trades through its coding language feature.
It’s pretty tricky to compare MetaTrader 4 to other trading platforms when it comes to applicable fees. Even though Metatrader4 itself is free to download and install, using it for real accounts requires signing up with a licensed brokerage. In turn, fees may vary significantly depending on which brokerage firm you choose to work with.
There are several forex trading platforms in the financial industry, and more are yet to be launched. Most of these trading platforms are good and depending on your trading needs and choice of broker, the approval rate automatically varies. However, one common point of agreement is that no matter how many times you try a different trading platform, you will always fall back to MetaTrader4.
This is because MT4 has been tried, tested, and approved. The numerous features available on the platform suits both seasoned and new forex traders. MetaTrader4 has been relied on for a very long and the success stories are uplifting; however, just like any other platform, it has its own imperfections. However, this doesn’t mean it is useless, and that’s why there are regular updates aimed at improving this platform. This is the reason why it is considered the best forex trading platform for beginners.
The MetaTrader4 offers forex traders unlimited access to numerous features like automated trading programs and MT4 analytics, making training more straightforward and much more profitable. It makes your learning process easier y helping with every transaction with forex brokers. For these reasons, The MetaTrader4 platform is the best forex trading platform.
Read on our blog for more articles about Forex Trading and Crypto. If you have questions regarding how to use MT4 for mac, you can go to our IMGFX website and understand how to download Metatrader for Mac.