The MT4 platform also known as the MetaTrader 4 is an electronic trading software developed by MetaQuotes back in 2005. The software is majorly used by traders who speculate on the exchange of foreign currency between each other at an agreed price in the forex market. The MT4 software consists of both client and server elements. The server component on the MT4 software is run by the broker of the trading platform who provides its traders with the client component. The traders use the client component to place orders, witness live charts and streaming prices and also use it for the management of their trading accounts.
The MT4 platform gained major popularity over the years due to the automated trading facility and the ability it provides to the traders to write their own scripts. The MT4 software is also equipped with advanced analysis tools and features, algorithmic trading and various other flexible trading elements. The main reason for the popularity of MT4 software basically evolves from its assistance of automated or algorithmic trading instructions that takes into account variables such as price, volume and time. Most brokers and traders prefer the MT4 platform for trading due to its simple interface and the large number of features it provides. The benefits of MT4 trading platform increase when used with a broker offering fast order execution with minimal slippage. So along with choosing the right trading platform, it’s also important to use it with a broker with good trading conditions. Now let’s have a look at the factors that make MT4 an efficient trading platform.
10 Reasons To Choose MT4 Trading Platform
There are numerous reasons for choosing the MT4 platform as it is packed with features that no trader would want to miss out on. The MT4 platform is recognized as a benchmark in terms of trading softwares and is one of the most popular among forex traders around the globe. Its incomparable features and technical quality makes it stand out from the rest.
- Reliable– Who would want a data breach? No one! That is why the MT4 platform is considered as one of the most reliable trading softwares around the globe due to its encrypted features that prevent all forms of unauthorized access. It is backed by strong block chain technologies that are efficient in protecting the client data and financial details. There are thousands of traders around the world who are active users of the MetaTrader 4 platform due to this reason.
- Backed by Dynamic Security System- Forex market can get very volatile at certain times of the day. Traders always have a probability of losing money to such volatile market conditions in the forex market. The MT4 platform is equipped with a unique Dynamic Security System (DSS) that ensures safety of transactions during aggressive and volatile market conditions.
- Introduction Of Expert Advisors- The MT4 is ranked among the best trading platforms due to the introduction of another innovative feature, the Expert Advisors or EAs. EAs are basically small fragments of software codes that are written by a trader and can be effectively used on the MetaTrader 4 software in order to execute automated trading. EAs are a great innovation for traders who wish to enhance their trading possibilities or want to trade while still doing other jobs.
- Equipped With Numerous Charts and Technical Indicators- The MT4 platform is a great software as it puts all statistics and data at your fingertips. A trader can easily stay at the top of market developments as any type of chart and indicator function can be easily installed on the MT4 software.
- Compatible With All Devices and Connections- The best thing about the dynamic MT4 platform is that it is highly compatible on all devices even on the ones that are almost a decade old. It even works efficiently on the slowest of internet connections that does not happen in the case of other trading platforms. This amazing feature enables traders to stay connected with the real time occurrences of the market irrespective of location and internet speed.
- Offers Demo Accounts- Traders who are new in the forex market or less experienced can use the demo account feature available on the MT4 platform. Demo accounts are a great way for less experienced traders and beginners to test or practice a trading strategy without risking their own funds. This virtual trading feature is almost identical to the real one and is free to use. The most impressive feature about MT4 platform’s demo account is that it also enables the use of expert advisors in order to test the efficiency of algorithmic trading.
- Enables Access to Real-time Market Estimates- The MT4 platform also offers a watch time window that displays real time market estimates and bids. It also allows a trader to evaluate the spreads, margin ratio, contract size and margin currency.
- Trading Signals- Due to the presence of various trading signals and patterns available on the MT4 platform, traders can easily and efficiently trade on 70+ trading patterns and indicators.
- Management of the Trading Account- Management of a trading account has become very easy with the help of the MT4 platform. The software displays essential features by which a trader can easily check on their margin level and are also informed if the account is short on funds for the execution of trades.
- Multilingual Support- One of the most loved features available on the MT4 platform is that it offers multilingual support to its clients. The interface of the client terminal is available in around 39 displayed languages that makes it very easy to use for people from across the globe who speak different languages.
The advanced features available on the MT4 platform enables a trader to utilize the best of his trading capacity and knowledge due to the diverse features it is equipped with. The MT4 software is suitable for traders of all skill levels whether beginner or experienced, as it is very easy-to-use and at the same time has all the essential and advanced features a trader might require for trading successfully.