The MetaTrader 4 platform is a reliable and popular trading platform internationally. Lots of forex traders use its widespread features, so much so that it has become a benchmark in online forex trading.
It is a multi-asset trading platform, where you can trade in Forex, CFDs, commodities, stocks, and indices. Customers need to deposit funds in the account; however, there is a MetaTrader 4 minimum deposit. For many years now, reputed agents have been presenting MT4 to their customers as a substitute for their own patented trading platforms.
MT4 offers advanced analytical capabilities, multi-device operability, and automated trading functions. Numerous brokers around the world use the MT4 platform, with or without adding any customization. Usually, these agents have a download link directly on their site, making it even more straightforward for traders to access the platform and install it. This is one of the advantages of this platform, and others will be discussed in the course of this discussion.
Advantages of MetaTrader 4
Realtime Access To Market Prices
MT4 lets traders access forex estimates in real-time and execute trades. The currencies and any added securities that a trader picks to trade through an agent are listed in the ‘Watch window.’ Along with the real-time bid, the security symbol is also exhibited.
Traders can also see all other details, such as spread, margin currency, contract size, and margin ratio from this window. Moreover, the “Depth of Market” feature tells traders about real-time market activity. For instance, the amount of buy or sell orders for a currency pair at different prices can be viewed in the market depth section.
MT4 is viewed as a highly secure and steady platform. Data exchange between customer terminals and servers is encoded through a 129-bit key, while the platform also supports RSA digital signatures.
The IP address of traders is concealed as well. All these features allow traders to perform financial transactions in a safe environment. They can stay assured that their trading accounts will remain safeguarded against cybercriminals.
Rapid trade implementation and steadiness of the platform lets traders trade with negligible negative slippage. Traders can access MT4 from numerous devices, such as smartphones, tablets, and desktops, which allows them to buy on-the-go as well. The mobile version has all the functionalities existing in the desktop version, including communicative charts, a full set of orders, and mechanical analysis tools.
Professional traders can deploy automated trading plans through MT4 Expert Advisors (EA). Automated trading lets traders leverage market activities without any interference on their part, as well as without any human prejudice.
Moreover, the Integrated Development Environment lets traders create their own EAs and technical indicators. After creating an EA, the plan can be back tested and optimized on the system’s Policy Tester.
MetaTrader 4 is a highly adaptable platform. Its USPs is its high degree of elasticity and customization possibilities. With limitless technical tools, user-friendly controls, educational resources, and demo-testing abilities, MT4 remains a popular trading platform for beginners and veterans alike.
Drawbacks of MetaTrader 4
Poor Support System
The support system offered for MetaTrader 4 is viewed as insufficient for many users. Customer service and support is one of the frailest aspects of this product and could be a sizable drawback for beginner traders as well as individual traders in general. MetaTrader 4 is geared slightly to institutions rather than individuals.
Complexities Within the System
If you are thinking about trading by establishing your system, you need to program the system and shape it. To master MT 4 and contend in Forex, it is necessary to have some degree of programming information.
Lacks Flexibility in Certain Aspects
Users have also observed that manipulating specific structures, like trend lines and Fibonacci charts, is tough due to the way the database is planned. The maps are not as user-friendly as some would like
To sum it all up, MetaTrader has its advantages and disadvantages, as we have discussed above. Therefore, it is vital to find out if the platform works for you or consider going for another platform altogether.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link