Metatrader 4 Trading Platform & Best MT4 Forex Brokers 2023
MetaTrader 4 is a forex and CFD electronic trading platform, which is also known as the MT4 platform. It enhances the forex trading experience though some unique features, such as analyzing the forex market and operating advanced trading, running trading robots, and much more. However, it is available to use through the official website or the MetaTrader 4 forex brokers.
MT4 is a top forex trading platform, which is used by millions of traders. Although it is not an open-source platform, it is openly extensible. This is available for free with most of the MT4 forex brokers.
Here in this article, we will get you to know every detail of MetaTrader 4. Read on to be acquainted with MT4 features and updates.
History of Metatrader 4 Trading Platform
MetaQuotes Software, a Russian software company, developed MetaTrader 4 in 2005. However, it is apparently a succession of previously made versions starting from 2002, and in 2005 MT4 became the final version after lots of research.
Furthermore, it had many updates between 2007 and 2010. A number of best forex broker were added to the platform during that time. It got popularity due to a large number of third-party advisors and scripts.
It is built on an MQL4 programming language with custhttps://bestecnbrokers.com/best-forex-broker-ecn/omizable options for the users.
MT4 Platform Features
From the beginning of MetaTrader 4, it had an immense amount of features that make them unique and popular. Additionally, over the years, they have developed more features, tools, and robots. We have researched about MT4 features and filter all the unique offering. The list provided below contains all the outstanding features.
There is no way we can deny the fact of its user-friendliness. If you are looking for a platform that is easy to use and has an understandable interface, MetaTrader 4 is the tool you are looking for. Even as a newbie, you can quickly figure out the open positions and customize the charts. Besides, you can go anywhere from the dashboard. Moreover, you can get this user-friendliness in various operating systems and devices.
Furthermore, you will need a few minutes to get used to the platform with its user-friendly interface. They made it easy and convenient so that you can focus on trading only.
One of the most demanding features is unparalleled customization. MetaTrader 4 forex brokers and traders can customize their platform without even knowing the coding. Besides, you can also create your own custom indicators and can do anything you want.
Although, the charting in MT4 is not as sophisticated as other platforms. But, still, they offer some strong and advanced charting features. It has nine different time frame options that can choose from three different chart types, such as candlestick, bar, and line.
On the other hand, it has some preinstalled indicators than can be added to the chats easily. Besides, you can add the strategy tested tool to the charts too.
MT4 trading platform comes with three trade executions modes. The modes are-
- Instant execution with 2 markets 4 pending
- 2 stop orders
- Trailing stop function
Besides, MetaTrader 4 also has a quick trading function that allows doing the trading directly from the chart. While trading, you will find a tick chart feature that provides the right method to determine the entry and exit points.
MetaTrader 4 forex brokers’ newest updates offer exchange trading features, which includes time & sales as an instrument. The new version also comes with an economic calendar along with a detailed indication of each indicator. This calendar function lets you track the trading and analysis based on that.
If you were lack behind because of less technical analysis opportunities on other platforms, now you don’t have to, as MetaTrader 4 offers a wide range of analytical options. All the technical symbols can be displayed in 9 different time frames that can get you to see the price dynamics in detail. Additionally, it has 30 built-in technical indicators along with 24 different graphic objects for a comprehensive analysis.
With these tools, you can identify trends, entry, and exit points and analyze the market movements.
MetaTrader 4 platform ensures the highest security for both MT4 forex brokers and traders. It has an encrypted data exchange feature between the server and the client terminal. Additionally, MT4 also allows using the RSA digital signature.
So, you can be assured that your data is safe with MT4, and you can do worry-free trading.
The execution time in MetaTrader 4 is faster compared to the other competitors. At the same time, unlike other platforms, MT4 doesn’t need to join any third party connections for exchanging protocols.
To relieve you from the hassle of installing software, with a good internet connection, you can start trading from any browser on any device or operating system. There is no difference between the web platform and regular platform as it is safe with encryption like the regular platform.
Let’s see the MT4 web trading platform features-
- Trade through your favourite browser
- Can be used on Mac, Windows, or Linux
- Trade with one click
- Get real-time quotes via the market watch
- Safe and secured data transfer
- Support all types of trading orders
- 9 different time frame
- 24 graphical objects with 30 indicators for perfect technical analysis
- Trading operations histories
- Mobile trading
MetaTrader 4 has a mobile application for android and iOS devices, which allows trading from anywhere at any time. Mobile trading will provide you all the features as the web trading, so you can trade when you are on vacation or even in the washroom.
Some excellent advantages of MT4 mobile trading are-
- You will have complete control just like the computer
- All order types are available along with execution modes
- All three types of charts are available which you can zoom for a closer look
- Just like the regular platform, you will get those 9 frames too
- Forex market news
- 24 analytical objects and 30 technical indicators
- Free chat option to communicate with other traders
- Access anytime from anywhere
Algorithmic Trading MetaTrader 4 offers automated trading operations along with automated technical analysis. These features made MT4 exceptional. Automated trading robots have the capability to analyze the currency quotes and relieve you from manual trading or any sudden mistakes.
Additionally, with MQL4 programming languages, you can build your own expert advisors trading robots. It can also help you to develop your trading strategy.
MetaTrader has its market for forex applications that can ease the trading. The market provides a wide range of applications/ software consisting of 2100 technical indicators and 1700 trading robots. Besides, you can buy or rent robots form the market with convenient payment methods.
Some excellent features of the market are-
- Free and commercial downloads are available
- 1700+ robots and 2100+ indicators
- The largest market for trading applications
- You will get all the necessary info about the product before buying it
- Test option before paying for a product
- Available to rent for months to a year
- Secured marketplace
- All the popular payments methods are available
- Copying trades
MetaTrader 4 trading signals allow you to copy other’s trade in real-time. Many forex traders keep their trading open to the public, so a newbie can see and learn from it. However, on other platforms, you may need to copy the trader manually. But, in the MT4 trading platform, robots copy the trade automatically.
Additionally, there are more than 3200 free signals available on MetaTrader 4. Signals can do all the works for you according to your parameters.
These features will definitely attract you to open an MT4 account and start trading.
How to Open MetaTrader 4 Account
You can open an account in two ways. You can open through MetaTrader 4 Forex Brokers or through the official MT4 website. Either way will work fine. If your broker already has MT4 in their platform, it is better to open through your broker’s account. Opening an account is easy, like a piece of cake. You can just click the create account option and give all the necessary information, and your account will be ready in minutes.
However, you can open a demo account first before going for a live account.
- MetaTrader 4 Demo Account
A demo account is the best way to learn to trade through MetaTrader 4 brokers. The demo account offers the same functionality as the live trading account. They will give you virtual money to trade, which you can never withdraw. You can trade in real-time and analyze the market. If you want to open the MT4 demo through their official website, you can easily do it on desktop or mobile platforms.
How to trade on the MT4 Platform?
So, we assume you have an MT4 broker account through MetaTrader 4 Forex Brokers or though directly their website. You can follow the steps provided below to initiate a trade.
- To trade, you have to login first and then go to the order window where you can select order types.
- After that, select your desired currency pairs through the window tab and then select a new window.
- Next step, you click ok the order tab, and you just placed your first order.
- On the other hand, to the trader at market bid/offer, you have to enter the trader size in lots and select sell or buy and choose market execution as the order type.
Best Forex broker for MT4 2023
Since almost all the brokers offer MetaTrader 4 platform, it becomes challenging to select the best one from hundreds of mt4 Forex Brokers. Because of that, we follow some criteria to identify the best broker for MT4.
- Regulations: This is the first thing we look for, then go further. We always check whether the MetaTrader 4 Forex Brokers are regulated or not as unregulated brokers are risky to trade.
- Execution Time: As we know already that MetaTrader4 is fast in execution time. However, you may get delayed because of the integration with the broker. So, we check the broker how speedy their server is. Furthermore, a delayed execution may put you through potential loss.
- Deposit and Withdrawal: We also look for the deposit and withdrawal policies while selecting the best broker for MT4, as an easy and quick transaction process is mandatory.
- Transaction Costs: Some MT4 broker may charge a huge commission rate as they offer MetaTrader 4 for free, while some may charge less. We consider both of the types after checking other factors.
MT4 on Other Devices
MT4 trading offers a wide variety of devices. MT4 aimed to distribute for all and made it available for almost all the devices and operating systems. Download options for different devices are available on their website. MT4 Forex brokers are available for-
Advantages of Using MetaTrader 4
MT4 is a trusted platform in the forex world. The following advantages make it trustworthy to the forex brokers and traders.
- You can access the market in real-time, which can show you the market prices and liquidity.
- It offers a wide range of technical and fundamental analysis tools for all.
- Multiple trading orders give you an opportunity to earn more through the MetaTrader 4 brokers.
- It offers robust security while transferring data and doing the transaction.
- The automated trading option relieves from the hassle of daily manual trading.
You already know all the advantages and features. At the same time, it has some drawbacks too.
- Despite having 9 different timeframes, those are preset only. You cannot customize them.
- They are continuously fighting to make it bug-free as here and there rarely some bugs pop ups.
- Since 2018, they have stopped giving licenses to a new broker. So, if your broker is new, you might not be able to get MetaTrader 4.
They provide support from 9 different countries. When it comes to customer support, MT4 provides prompt customer support for the traders and MetaTrader 4 brokers. However, they have everything on their platform, and you may not need to contact them. Instead, if you face any problems contacting your MT4 broker first might get you the solution.
Congratulations, as you have made through this. It means you are ready to trade with MetaTrader 4. However, it is wise to open a demo account through MetaTrader 4 forex brokers. As a result, you will get to know both the broker and MT4.
Despite a few drawbacks, it is one of the top forex trading platforms. Its simple, user-friendly interface and features help to gain popularity. It has been a friend for the traders since the beginning.
If you are looking forward to boosting your forex journey, MetaTrader 4 will be a perfect choice undoubtedly.