MetaTrader 4 Review
Meta Trader 4 is a trading platform that serves forex traders and those who trade financial instruments such as cryptocurrencies, contract for difference (CFDs), futures, indices, commodities and other product. It is regarded as the gold standard for this kind of trade, and as of now, two versions of the platform are available; Meta Trader 4 (MT4) and Meta Trader 5 (MT5).
MetaQuotes Software developed the software in 2002. Since then, the company has released several versions of the platform, but it’s the release of the MT4 in 2005 that caught the attention of the global forex market. Between 2005 and 2010, lots of Forex Brokers switched from using their proprietary software and adopted MT4. Today, MT4 is licensed to over 750 brokers, who then grant access to individual traders. The MT4 program is highly flexible when it comes to integration with the services offered by brokers. Individual traders can only access MetaQuotes through licensed brokers.
Meta Trader 4 is an easy-to-use platform that is best for both beginner and advanced traders. It has some great features and functionalities that make it attractive to beginners and all the tools and features that advanced traders need. For example, functionalities such as copy trading and Expert Advisors, coupled with a user-friendly interface and simple design, make it appealing to those with little knowledge of how to trade Forex. The platform also harbours numerous educational resources, including in-depth courses, how-to guides, and blogs that new traders can use to advance their knowledge.
Advanced traders love MT4 because of its advanced charting capabilities, built-in indicators and technical analysis tools. Meta Trader 4 is also highly customizable. You can save a lot of cash by tailor-making the interface to look exactly how you find it convenient. For example, you can change the way windows are displayed, the arrangement of symbols, charts, appearance and more. The platform also allows traders to integrate a mélange of indicators and signals, both from external and internal sources. Meta Trader 4 has something for everyone.
The MT4 platform is designed such that the broker manages the server while account holders can view charts, live-stream prices, and generally manage their trading accounts. Today, MT4 is one of the most popular electronic trading platforms for forex traders.
The Platform’s Tools and Features
Meta Traders 4 is available in over 30 languages, including English, French, Japanese, Spanish, Chinese, Portuguese, and Russian. It is fully compatible with both mobile and desktop devices, but the desktop version has more features and capabilities compared to the mobile version. MT4 has 30 built-in technical indicators as well as 23 analytical objects for easy analysis that both new and advanced traders can use with ease. To enable traders to pick and respond to prices, MT4 has quotes and interactive charts as well as free CodeBase.
The MT4 Expert Advisor program is yet another noticeable feature that makes it stand out. Through the Expert Advisor (EA) builder program, you can develop, test, as well as optimise algorithms. This is one of the most significant selling points of this platform.
While designing this platform, MetaQuotes factored in the need for information for its users, and so this platform stream financial news and alerts that may have an impact on your trading. Once you have your login details, you are free to set up your notifications so that you only receive those reports that interest you. This feature is also available in the demo version that is available for those who want to test MT4 for a limited time.
Other Useful Features and Tips for Using MT4
- Charts: You can save charts if you want to remember how they are arranged. You simply select the Profile icon and then save any selected profile. There is no limit to the number of charts you can save. Saved charts are easy to access later. You only choose your preferred profile from the drop-down menu and open it to access the chart.
- Trendlines: The platform has trendlines to allow you to spot areas of resistance and support. You only need to click and drag where you want to draw a trendline, and you can always change it by double-clicking it.
- Expert Advisors: The Expert Advisors program is one of its key selling points of MT4. The program allows automated trading by giving you all the tools you need to develop a trading algorithm, test, and optimise it. Once you are done with programming your Expert Advisor, the platform allows you to add them to charts and profile as many functions as you would like. You can then use your own app for trading or to automate trading.
- MT4 Multi-Terminal: The multiterminal allows traders to manage funds across multiple accounts from a single account called the Master Account.
- Copy Trading: One of the features that MT4 offers new traders is many tutorial PDFs, some of which come with copier services that allow you to copy trades from professional traders. All you have to do is choose your provider, enable the signal, and the terminal will automatically copy the trades for you. This feature allows new traders to benefit from the knowledge of experienced traders as they learn how to trade professionally.
The MT4 platform conforms to high-security standards so users can rest easy knowing their data is safe. The data exchange between the client terminal and servers is encrypted to ensure that it is not interjected by online criminals.
MT4 Mobile Experience
Most people do almost everything on their smartphones these days, and so developers of any platform have to bear this in mind. MT4 ensures you get the same features on your phone as you would on a desktop to give you full control of your account from anywhere. Free chats enable you to have and save conversations with other traders while automated trading robots – EA – enable automated trading. Here are the key features that make MT4 mobile interface great:
- You have complete control over a trading account at any time.
- You can access all order types and MetaTrader 4 execution modes.
- 30 technical indicators
- Over 20 analytical objects and access to worldwide financial news.
To install MT4 on an android phone, then you will need Android 4.0 or a higher version. Other hardware requirements will depend on the number of tools you need as well as the terms of using the terminal and the MQL4 load.
Generally, when you create a new account with a forex broker, you want to concentrate on placing profitable trades; which is extremely demanding even without having to worry about finding your way around the platform. That’s why MT4 focused on simplication. The platform has all the tools you need to trade, but still, it’s intuitive and easy to navigate. You can access the platform using any browser on both Mac and Windows computers. The key highlights of the MT4 desktop client are:
- You can trade via any browser.
- It is compatible with all OS – Windows, macOS, Linux.
- Data is protected.
- One-Click Trading
- History of trading operations.
The desptop version of MT4 is super stable. According to information from the company, you can place up to thousands of trades simultaneously without overworking the software. The platform also uses fewer resources no your computer compared to competitors. It works well even if you internet bandwithdth is relatively low.
MetaTrader 4’s pricing
As we mentioned at the beginning, this platform is free to download from the company’s site. When you first launch it, you will be prompted to open a demo account that will show you the features and how to use the platform. You can even test it for a while, during which time you will have unlimited access to all the features and tools.
MT4 is availed to brokers who have to pay to use this platform. Each brokerage spends $100,000 on the license and an additional $15,000 monthly fee for hosting and a host of other services.
Broker who operate under the MT4 platform enjoy customer support via live chat, phone and email 5 days in a week. The brand also maintains a detailed FAQ section that hosts answers to all frequently asked questions on topics such as getting started, working with charts, user interface, analytics, trading, client terminal settings, virtual hosting auto trading, tools, signals, and the market. If a question is not sufficiently addressed, then you can start a live chat.
MT4 is the most preferred trading platform for brokers for a reason. It is easy to use, thanks to a simple design and a demo account that covers everything traders would like to know even when they are new to the business. The features are superior too, and customer care tops it off. Traders can also develop their own EA for better analysis and control of their accounts. The mobile option only sweetens the deal. While MT4 has a few cons, it is overall an excellent platform for beginners and advanced traders alike.
Is this your final decision?
We suggest you visit one of the popular trading platforms instead!
- The Platform is Free – There very few Forex Trading platforms that are free to use.
- The platform is light, and so it won’t overload the computer.
- Compatible with several operating systems – Mac and Windows as well as iOS and Android for mobile.
- Ease of deployment.
- The platform is user-friendly even for beginners.
- Low execution speed that makes it unsuitable for high-frequency trading.
- Lacking historical data for backtesting.
- Its nascent web platform makes automated trading impossible.
7 Binary Options review: MetaTrader4: 5 stars