The forex market is one of the largest, hottest and most liquid today and it’s really not a surprise why. This market runs 24/5 around the globe under a decentralised system and attracts tons of traders each year. So no matter if you’re a novice or a pro, this trade is one you’ll definitely consider.
The forex market is accessible, provides leverage, is diverse, has market transparency and has profit potential for bullish and bear markets. So if you’re planning on investing in forex and adding it to your roster of trades, then consider a good trading platform!
To help you out, we present to you the most popular platform for forex–MetaTrader 4! In this article, you’ll be able to find out the great benefits that come when using MetaTrader 4 for forex trading, check them all out down below!
1 – ENC Pricing
A key characteristic most traders consider about MT4 is its ENC Pricing. The ability to stream price feeds straight from our liquidity providers is indicated by this. Due to the high levels of liquidity provided by reputable financial institutions, Forex traders are privy to market prices in real time.
ENC pricing is one of the main reasons why most brokers can consistently offer great competitive spreads and execution speed. Some spreads even start around a good 0.0 pip on major currency pairs.
2 – Good security
Considering you’re trading on the largest financial market in the globe, security is a must! And with MT4, this is one to expect! This platform has around 128-bit encryption that provides secure trading. So traders can confidently deposit and withdraw funds without any worry.
3 – Popularity = credibility
MetaTrader 4 is the world’s most sought-after trading platform, especially for forex trading! And because of its popularity, you can count on this platform to be credible as well as efficient. Because tons of people tune in to MT4, they conveniently provide 10 language options, quality trading tools and indicators.
4 – Trader’s toolbox
With MetaTrader 4 you can enjoy their feature “Traders toolbox” when getting a live trading account. You can enjoy over 10 great trade execution management, trading alarms, real-time news, decision assistance and access to market data through the MT4 terminal.
5 – Compatibility
Despite MetaTrader 4 being user-friendly, it’s also compatible with various platforms such as Mac OS, WebTrader and mobile versions like iOS and Android. Plus MT4 can be found supported by various brokers like FP Markets and so on.
6 – Automated trading
MetaTrader 4 allows users to enjoy their feature–automated trading. Through the use of Expert Advisors (EAs), who have personally created algorithms that may carry out transactions on the trader’s behalf using pre-established trading methods, MT4 offers automated trading. With the aid of this tool, traders may profit from trading chances even while they are not logged into their computers.
7 – Backtesting
The Strategy Tester in MT4 allows traders to backtest their trading techniques using archival market data. Before implementing their techniques in real-time trading, traders may use this capability to assess th
8 – One-click trading
One-click trading on MT4 enables traders to easily enter and terminate deals with only a single click. This functionality might be very helpful for traders who require to quickly execute deals in volatile markets.
9 – Community and marketplaces
Another great thing about MetaTrader 4 is the access to community and marketplaces. MT4 has a pretty large and active community of fellow traders as well as developers. And as a user, you’ll be able to access a wide range of EAs, custom indicators and many more.
10 – User-friendly interface
Last but not least is how user-friendly their interface is. MetaTrader 4 has made its interface more accessible for all sorts of traders, especially beginners and not-so-tech-savvy users. It’s pretty easy to navigate its tools, charts, and features and execute trades.
How do I download MetaTrader 4?
There are tons of ways to download MT4. You can either download it through their official developer, MetaQuotes’ website or through any supporting broker. An example of brokers that support MT4 are Pepperstone, FP Markets, IG Group, AvaTrade, Interactive Brokers LLC and many more.
All you have to do is head over to the brokers’ site and look for MetaTrader 4. You’ll instantly be able to find a download button or link.
Does MetaTrader 4 offer a demo account?
Yes, MetaTrader 4 offers demo accounts aside from live trading accounts. Once you register with your chosen broker, you’re given the option to choose the account type you’d like to open. Click on the demo account and sign up.
Demo accounts are a great way to practice trading, especially if you’re new to a certain market or trade in general. This allows you to practice your strategies, use charts, and tools, open and close positions, make orders and so on.
Is MetaTrader 4 only for Forex trading?
That answer is no, MT4 isn’t only for forex trading. Although this platform specializes in forex trading, it also supports other financial instruments like commodities, CFDs, cryptocurrency, and indices.
Can I use expert advisors on MetaTrader 4?
One thing you can count on MT4 is their quality EAs. Expert advisors are automated trading algorithms that help traders and investors execute trades on their behalf. (Note, based on predetermined rules)
Can I backtest my trading strategies on MetaTrader 4?
Yes, MetaTrader 4 has a feature that lets you backtest your trading techniques using data from previous trades you’ve made (historical data.) This function enables you to assess the effectiveness of your plans before applying them to real-world marketplaces.
How can I add technical indicators to my charts in MT4?
MT4 has a large selection of integrated technical indicators. What you can do is, go to the “Insert” menu, click on “Indicators,” and then choose the desired indication to add to your charts. Additionally, you may add unique indications created by other people if you choose to do so.
Take away
Overall, MetaTrader 4 has been a popular option for many forex traders worldwide due to its user-friendly interface, robust analytical tools, and assistance for automated trading. However, like with any trading platform, it’s crucial for traders to use prudence, practise sound risk management, and keep up with changes in the market.
So if you’re ever roaming the web for a good trading platform for forex trading, consider MetaTrader 4!
