What makes MT4 so popular?
by FP Markets team
MetaTrader 4 (MT4) is an electronic trading platform that was specifically developed by MetaQuotes for forex trading. MT4 became a popular choice among brokers from around 2007 and it remains the world’s most used and popular trading platform to date.
The majority of Forex & CFD brokers globally offer FX trading through MT4. It’s probably the most versatile of all forex trading charting platforms and it can satisfy the needs of both beginner and experienced traders. So, what is it about MT4 that makes it so popular?
1. Cost and Ease of use
Despite being a leading trading platform, MT4 has no setup costs or data access fees when trading Forex. This makes it preferable to other platforms.
Additionally, the platform is user-friendly. Trading is challenging enough without having to navigate a complicated trading platform, therefore simplifying the platform is crucial. The platform has a clean interface and it’s easy to navigate. Setting up MT4 is also relatively straightforward and quick. Learn more about setting up MT4.
The MT4 platform offers various trading and analytical technologies together with additional services for professional traders. The platform also offers algorithmic trading, which allows for trading with the help of automated trading systems. Learn more about technical-analysis.
MT4 has many customisation options. For instance, you can arrange the way windows are displayed, switch account-to-account with ease, change the appearance of charts and colours of technical indicators, and input various internal and external indicators.
All these customisations can be saved as templates which can be transferred to other users, computers, or MT4 installs. Customisation allows traders to organise platform features according to their preferences, saving them lots of time and enhancing navigation.
4. Available features
The number of features made available to traders was one of the main reasons MT4 went viral when it was first introduced in 2005. The platform was also one of the first to introduce the concept of social trading. Over the years, MT4 has continued to add new features frequently. Some of the main features which make the platform popular include:
• One-click trading. This allows traders to trade directly off the charts.
• Real-time quotes in MarketWatch and customisable alerts
• Access to MQL4 community and MetaTrader market
• Expert Advisors (EAs). Traders can create personal advisors of any complexity.
• Fully customisable tools. Traders can choose from 3 chart types, 30 indicators, 9 timeframes from one minute to one month, and 24 analytical objects which can all be customised to suit various trading styles.
• Availability on multiple channels. MT4 is compatible with Windows, Mac, iOS and Android devices.
• Multiple language support. Traders from around the globe can use MT4 because it supports dozens of languages. Switching to another language is also easy.
Convenience is a must for any trading platform and MT4 is known for being convenient in several aspects. Some of the most popular ones are:
Communication: MT4 comes integrated with an advanced communication capability. The client terminal has a mailbox section which enables brokers to communicate with their clients in real-time. This means important information is communicated fast, giving traders an advantage in the fast-paced financial markets.
Server stability: The MT4 platform developers ensure full server stability of the platform which connects many traders worldwide and can support tens of thousands of trades simultaneously.
When you think of complex software you probably get an image of slow processing that takes up all of your computer’s memory. MT4 is complex, however, it’s relatively light on resources and works well even with low internet bandwidth. This means that it hardly disrupts a traders’ machine and it reacts fast, making it possible to implement trades reliably.
MT4 facilitates high-security trading. It uses 128-bit encryption to protect trading and personal data. The platform also conceals traders’ IP addresses hence providing enhanced security and reducing the risk of hackers gaining access to accounts.
Trading with MT4
MT4’s ease-of-use has removed many barriers to the financial market and built a significant number of loyal users. With its wide range of features, flexibility and advantages, MT4 will likely maintain its position in the market for a long time.
Do you use MT4 for trading? How does it compare with other trading platforms? Join the conversation and leave your comment. Go to MT4.