MetaTrader 4 Forex Trading Platform & Best MetaTrader 4 Brokers 2024
Although forex trading has been there since the beginning of international commerce, modern trading has started in the 1970s, and it was not as easy as today. The trading became easier in 2005 when MetaTrader 4 (MT4) was invented.
MetaTrader 4 forex trading platforms are the top choice by the traders as well as brokers, as each party gets benefits of using it. Throughout this article, you will get to know all the possible details about this platform.
We find out everything about MetaTrader 4 through extensive research, which we are going to explain below.
What is MetaTrader 4?
MetaTrader 4 is known as the MT4 platform in short. It is an online trading platform, which is widely used by retail forex traders. However, MT4 started its journey in 2005 and improved in such a way that it became the first preference for all brokers over the years. Additionally, brokers can integrate this platform in their service to offer forex, CFDs, and futures trading opportunities.
Who can Use MetaTrader 4?
Anyone can use the MetaTrader 4 regardless of their trading experiences, such as beginners and advanced users. Let’s see how it may help any kind of traders.
MT4 has a simple design with an easy user interface and the functionalities such as expert advisors (EAs) and copy trading features, which are usable for beginners without having advanced knowledge.
MT4 offers advanced charting features with technical analysis, which attracts advanced traders too. Besides, the graphical tools and built-in indicators also provide cutting edge trading opportunities for the traders. Additionally, the mt4 trading platform uses its own programming language, MQL4, through which a trader can customize the platform and create their own custom indicators. Also, MetaTrader 4 brokers can provide some additional features via the brokerage account.
So, to get the most out of the MT4 trading platform, you need to open an account with the best forex broker that offers this platform.
Why would you need a broker account to use MT4?
Can I use MetaTrader 4 without a Broker?
No, you can’t use MetaTrader 4 without a broker. MT4 provides a regular trading platform that provides only the tools and features to analyze the market and place the trading orders. However, it is not a broker.
Only MT4 brokers can add it to their system to let the users use it. Additionally, MT4 also doesn’t offer any account opening service. Instead, they only connect with the brokers.
So, there is no way to open an instant MetaTrader 4 account, instead of opening an account with the broker who offers the MT4 trading platform will help.
Features of MetaTrader 4
You will be wondering why MetaTrader 4 has millions of users! It is because of their excellent features and service. However, they did not add all the features at a time; over the years, they improved the platform, and it becomes today’s MT4 platform. Following are the details of their platform’s features.
MetaTrader 4 Trading System
The MT4 system allows for research and implements any strategies through the platform. The strategies may include instant execution, pending orders, trading from charts, trading history, trading chart, stop orders, and trailing stop. However, using the MetaTrader 4 can get you a convenient and flexible trading opportunity in the following ways,
- 2 market orders
- 2 stop orders and trailing stop
- 3 execution modes
- 4 pending orders
The best forex broker for MT4 can provide some excellent analytical functions, which is one of the strongest points for this platform. However, the online quotes alongside the interactive charts with 9 periods can give you access to examine quotes details and notify any kind of price changes.
Additionally, it also provides 30 built-in technical indicators and 23 analytical objects, which tremendously simplify the job.
The customizable indicators, along with the built-in market, allows you to create your own analytical features. As a result, if there are any movements in the market, the analytical tool can detect and take critical steps when necessary. The analytical features may include-
- 30 technical indicators
- 23 analytical objects
- Interactive charts
- 9-time frames
Copy Trading and Signals
Sometimes you may not always have the time to analyze and trade accordingly. In that case, you can use the MetaTrader 4 copy trading platforms. It allows you to automatically copy the strategy from other winning traders and place the order. Additionally, you can subscribe to a signal and direct your terminal to copy that.
Apart from the thousands of free signals, you can have paid signals too with the option of various profitability as well as risk level warnings. The top features of copy trading and signals are on fingertips, such as-
- Variations in trading conditions
- A wide range of providers
- Range of trading strategies
The MetaTrader Market
For the paid technical indicators to use in the MT4 platform, they have a built-in market to find various technical indicators and expert advisors. You can choose any indicators you want from the market out of the hundreds of them. The buying process is simple and transparent on a secured server.
What can you get in the market?
You can get commercial products with more than 1700 trading robots and over 2100 technical indicators. Furthermore, free products are available too.
With the help of MetaTrader 4 expert advisors, you can apply any strategies you have in your mind, which will automatically work for you according to your command. Additionally, EA robots can have control over trading and analytics via continuous market analysis.
MetaTrader also provides development, optimization of the algorithm, and testing environment before deploying a strategy. Moreover, you can code your own algorithm and post it in the code library for all or put it for sale. To process the algorithmic trading, you can access the following features-
- Free trading robot’s library
- MQL4 language
- Strategy tester
Desktop Trading and Web Trading
In the beginning, MetaTrader had only a desktop application, which you had to download to start trading. However, over the years, they have developed a web trading system, which can be used from any browser from any device.
With the use of MetaTrader 4 brokers, now you can trade via smartphone and tablet apps. They have apps available for iOS and android to trade from anywhere.
Furthermore, you will get full functionality such as technical indicators, broad analytical capabilities, technical indicators, graphical objects, like the desktop or web trading.
MetaTrder 4 App for iPhone/iPad
MT4 for iOS provides 24 hours trading service by connecting to 2000+ broker servers. Besides, access to the 30+ trending indicators with 24 analytical tools will surely increase the trading experience. Additionally, 2 real-time symbol quotes with 4 order types and 2 execution modes also provide an enhanced experience.
MetaTrader 4 App for Android
Android app works on a version of android devices. Like iOS apps, android will also provide all the mirrored services.
News and Alerts
The latest financial news always allows you to make the right decision at the right time. Besides, news and forecasts also help to make the proper strategic plan. MetaTrader 4 trading platform sends the latest news on financial markets every day to keep you updated. So, the alerts and financial news includes-
- Timely notification
- News on present financial information.
- Changes in market conditions
Benefits of Using MetaTrader 4
When you use MetaTrader 4 brokers, you will feel the ultimate benefits. However, we have mentioned some benefits below.
- When you use MT4 with the best forex broker, it is free of charge. However, some brokers may charge for the platforms, so you better check before choosing.
- Whether you are a tech-savvy or nontech background, it is suitable for all.
- Almost all the brokers from the top forex brokers list use MetaTrader 4. So, even if you change your broker, you can still avail your previous MT4 account and trade with that.
- The interface is smartly designed but simple and easy to use.
- You can use the same account on any device, such as Windows, MAC, iOS, and Android.
- The multi charting tool with variations of indicators makes the trading life easier.
- Access to a wide range of forex and CFDs.
- One-click feature for the scalpers.
- With the right MT4 broker, you can enjoy hedging features.
- The MT4 platform offers a multi-language option for traders other than English speaking countries.
- Security is one of the top priorities of MT4, and they use a highly secured server for trading and transactions.
Cons of MetaTrader 4
It has some cons too, but once you go through the following cons, you may find the benefits outweigh these cons.
- The charting tool doesn’t offer any custom time frame.
- Some unwanted bugs may pop up sometimes, but those should be gone quickly.
- Although some traders may prefer to have social trading, they don’t have this kind of feature.
- They stopped providing licenses for new traders after 2018. So, if you find a broker via forex broker reviews, which started their operation after 2018, you may not get the MetaTrader 4.
MT4 Customer Support
Firstly, if you face any issues regarding trading, you should contact the broker. Additionally, if you still persist with the problem, you can contact MetaQuotes. They have a dedicated page to contact different office locations along with phone numbers. They have offices in 9 different countries, and you can choose the one you want. However, if you face a problem in charts, interface, auto trading, tools, etc., you can directly contact MetaTrader 4 support first hand.
Does MetaTrader 4 Cost Money?
Technically it cost money, but you are not paying directly. MetaTrader 4 brokers will get you access to it for free. However, brokers have to pay to get the license and let you use it. On the other hand, MT4 broker will make a profit from you while you do any trading, so, ultimately, you are paying for it, and it is not free.
Is Meta Trader 4 Safe?
MetaTrader 4 is a reliable forex trading platform, which has been in the business for the last 15 years without having any significant negative reviews, and millions of traders are using them. Additionally, brokers are also taking their service. So, we can say without any doubt that MetaTrader 4 is safe. Additionally, MT4 uses the highly secured server to ensure the trader’s safety.
No trading platform offers you the perfections, so does MetaTrader 4. However, if you keep aside their negligible drawbacks, MetaTrader 4 forex trading platform is the best in the trading world. There are few alternatives for CFDs and forex, but no one can deny the performances and offering of MetaTrader 4.
It is highly necessary to check the broker if it offers the MT4 platform so that you can get all the benefits.
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