Meta Trader 4, the best forex trading platform, also known as MT4, is an advanced forex trading platform that provides clinical trading and analytical technologies as well as additional services designed to automate complex trades. It was founded by MetaQuotes in 2005. MT4 has essentially everything a forex trader requires for forex trading. It is one of the most well-known and comprehensive forex trading platforms.
This customer service is provided by over 95% of forex brokers and is utilized by millions of traders worldwide. MT4’s extensive selection of market indicators simplifies trading, particularly when working with a foreign exchange broker. The Meta Trader 4 app is available for free download from the official MetaQuotes website and is particularly user-friendly for novice 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?
Forex traders and investors use MT4 to open, close, and manage market positions utilizing financial indicators and mediators. It is widely employed for financial market analysis and trading on the CDFs (contracts for differences), forex, and futures markets.
MetaTrader 4 has numerous tools that allow forex traders to implement complex strategies. Some features include market and pending orders, instant execution, trading from the tick chart and trading history, stop orders, and trailing stop. 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?
The software MetaTrader 4 is utilized by both forex traders and investors. Employing financial indicators and intermediaries, you can open, close, and manage positions in volatile markets. Despite its popularity and numerous features, MT4 has a number of competitors. MetaTrader 4 is free for traders, which separates it from its competitors. The platform is accessible through the majority of forex broker platforms and is also free to download.
What makes MT4 the best platform for forex traders? Important features of MetaTrader 4 platform
After its launch in 2005, this trading instrument became an instant hit due to the multiple features it offers to maximize the forex trading experience. All of the features are excellent, enhancing the overall experience. The primary features offered by MT4 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 the majority of these features are industry standards for forex trading platforms, MT4 simplifies them. New features, such as the news section, signals section, one-click trading, and additional trading instruments, have been implemented to enhance traders’ experiences.
Why traders love Meta Trader 4
MT4 is the best online platform for forex trading for beginners. There are a few more reasons why MetaTrader is the best forex trading app, in addition to the many we have already listed.
The app is easy to use
A beginner trader is discouraged by the complexity of forex trading apps due to the complex views, such as charts and figures, on forex trading platforms. Instead of going live and focusing on outperforming the market and making profitable trades, traders are preoccupied with the complexity of the trading platform. However, MetaTrader4’s extremely user-friendly platform completely disproves this.
Imagine how hard winning each day sounds with a complicated trading platform.
MetaTrader4’s features and indicators are easy to use and navigate. The symbols and rates are on the left side of the screen, while the charts and indicators are on the right and top, respectively, of this forex trading platform. This organization and the ability to trade with a single click make MT4 an easily adaptable and user-friendly 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: Compared to its competitors and all of its earlier incarnations, MT4’s client-server design is exceptionally stable and advanced. The current version can simultaneously handle many traders without any lag.
The platform utilizes minimal resources: Time is of the essence while trading, and with a heavy website, you need an excellent network to trade, which is sometimes not the case as all networks are susceptible to downtimes. Nonetheless, MT4 operates admirably even with minimal internet bandwidth. Furthermore, it utilizes minimum computer resources, which enables it to react quickly even on slower networks; faster reactions result in greater forex trading earnings.
MetaTrader4 is optimized for low-power devices as well as slow Internet connections. This is a great feature since, unlike other forex trading platforms that seem attractive but sluggishly perform when under pressure, MT4 is trustworthy under all circumstances.
Convenient communication tools: In the mailbox portion of MT4, a client-server terminal enables brokerage firms to communicate with clients efficiently. This flexible trading solution eliminates the need for an external communication tool to complete profitable commercial transactions. How simple!
The platform is highly secure: MT4’s platform has been recently improved to prevent DoS attacks. The upgrade also incorporated a 129-bit end-to-end link between forex brokers and traders to prevent security breaches.
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.
In addition to the indications offered by MetaQuotes software, traders on the MT4 platform have access to numerous third-party robots and indicators. In addition, traders can leverage scripts built on-site to carry out certain operations, such as taking a screenshot of a section of the chart to clear all the indicators off 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.
In addition to its market standing, MT4’s compatibility, easily understandable programming language, security features, market stability, and minimal resource needs have made it a strong opponent. Based on its reputation, MT4 has become a market standard due to its immense popularity. Thankfully, the management was not blown away by the platform’s tremendous market reception and adoption, and they continually worked to enhance the website. Continuous updates and additions of new features enhance the user experience.
The platform is available on multiple devices
There are several versions of the 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 traveling. So long as you know your login 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
The analytical component of the MT4 platform, which provides a debt-based financial analysis of the foreign exchange market, is one of its most powerful and helpful capabilities. It includes online quotes and nine-period interactive graphics. This enables forex traders to review quotes in-depth and react rapidly to price fluctuations, resulting in more deals closed and more earnings.
In addition, the MT4 analytics tool includes 23 analytical objects and 30 built-in indicators, which substantially facilitates forex trading. In addition, traders can use the free code base and the built-in market to expand their trading possibilities by obtaining access to the platform’s additional indicators. This covers nine periods, thirty technical indicators, and twenty-three analytical items.
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 based on the brokerage firm’s price. When a forex trader enters an order, the terminal sets the price in a logical sequence based on the current exchange rate. However, the order will only be executed following confirmation from the broker.
If the price changes, a requote may be executed if the broker returns the new price, and then a new order may be executed for processing.
Execution on request
In this mode, when a trader enters an order, the marketer executes it using the broker’s current market price. Prior to completing any order, however, the marketer must first request broker quotes. After delivering the pricing, the broker has the option to either accept or reject the transaction at the provided 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 features unique to MT4, like automatic trades through its coding language feature.
MetaTrader 4 is difficult to compare to other trading platforms in terms of application fees. Even though Metatrader4 is free to download and install, you must register with a registered brokerage in order to use it for actual accounts. Consequently, costs may vary greatly according to the brokerage business you use.
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 due to the fact that MT4 has been tried, tested, and accepted. The platform’s extensive features are suitable for both seasoned and novice FX traders. MetaTrader4 has been used for a very long time, and its success stories are encouraging; yet, like any other platform, it has its flaws. This does not, however, imply that it is useless, which is why there are regular updates targeted at enhancing this platform. Because of this, it is regarded as the finest forex trading platform for novices.
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 Mugan Markets website and understand how to download Metatrader for Mac.