Due to the advancement of technology, you will find several trading tools or platforms online. And with the help of an online trading platform, you can trade securities and manage, close, and open market positions. Well, there are different trading platforms in the market, and one of the widely used and popular platforms is the MetaTrader 4 or MT4. Many online brokers or financial intermediaries recommend using the MT4 platform. But what exactly is this platform? Is it incredibly beneficial? Read on and get all your questions answered in this article.
What Is MT4?
The MT4 platform has been widely recognised across the globe by several brokers and traders. This state-of-the-art online trading platform, built by MetaQuotes Software, helps you oversee various market positions with the help of an online broker. This platform was developed to assist investors while trading for contracts for differences (CFDs), foreign exchange (FOREX), and future markets. You can also analyse the financial markets with this software. And you can acquire this platform either for free or at a reduced price, and you can download it without any conditions attached to it.
What Are the Benefits of Using the MT4 Platform?
Millions of users gain profits from trading with this well-built system. The developers describe it as one of the most convenient trading platforms. So, what makes it beneficial? Following are some of the advantages:
Language: The language barrier can stop your dreams of trading and earning money. But thanks to the MT4 platform, you can find it in various languages; all you must do is change the language settings of the software. So, on the left-hand side of the software, you will find a “View” menu with the option to select languages. And if you want your new language to be displayed, you will have to restart it.
Automation: With the help of MT4 Expert Advisors (EA), it is effortless to use automated trading options. Traders can use automation to leverage market positions without any manual intervention. In addition, you can create and customise technical indicators or your own Expert Advisors (EA) with MQL4 Integrated Development Environment (IDE). Likewise, you can implement your strategies and monetise them, and as a result, you can master the MQL4 language and earn by programming.
Access to real-time market prices: MT4 trader allows access to real-time estimates of foreign exchange. You will find a watch window in the software where you can trade currency and security through a broker and gain bids in real time. And apart from viewing bids, you can look at other details and information like contract size, margin ratio, and margin currency. Also, you can search for a “Depth of Market” feature, which allows traders to be well-informed about real-time market activities like buying orders for a particular currency.
Security: Security is a significant concern for many traders. After all, you don’t want your account to be hacked since Forex trading is private and sensitive. But you can ensure that the MT4 platform is incredibly secure and encrypts the information with a 129-bit key between the server and trader. This platform ensures that the IP address of the trader is not revealed.
Stability: The stability of the MT4 allows traders to manage trades with fewer possibilities of slippage. You can also access this platform using PCs, tablets, and smartphones. The mobile version for iOS devices and Android comprises all crucial features, such as real-time estimates, mechanical analysis tools, and communicative charts.
Although there are many platforms, many experts will recommend you use the MetaTrader 4 software for trading. This way, your trading journey will be completely effortless, and you can gain an online broker to help you with every transaction.