The Meta Trader4 platform is a free forex trading platform that is used as a standard for trading. It includes other financial instruments like commodities, indices, futures, cryptocurrencies, and CFDs.
This platform is readily available to retail traders. However, users can access the site through specific brokers that license the platform individually license the platform.
If you plan to delve into forex trading through this platform, below is everything you need to know before you begin using it.
What is Meta Trader4
Commonly known as MT4, this is a platform developed by MetaQuotes Software. It is used by both traders and investors who wish to open, close, or manage the market positions through a financial mediator. It is a forex trading platform and can also be used to analyze future markets and CFDs.
You can analyze financial markets and even perform advanced trading with this site, as long as you know how to operate it.
MT4 is considered the gold standard among other trading platforms. It is a free trading platform that allows its users to customize it to suit their preferences. Beginners who want to take risks can use this platform to analyze the market. Also, advanced traders who have more experience can use this platform to garner data.
Pros
- Easy to use
- It does not overload your computer
- Unser-friendly interface
- Can be customized to fit user’s preferences
- Available in multiple native languages
- Compatible with several operating systems
Cons
- No comprehensive historical data used for backtesting
- Low speed, unsuitable for high-frequency trading
- Doesn’t allow automated trading
- No custom time frame is provided
Who can use the MT4 platform?
This trading platform can be used by anybody willing to take a risk in forex trading. It has more benefits to offer, and the disadvantages listed above are not deal-breakers. This platform supports the following users:
Beginners
This site features a simple design and an easy-to-use interface. It comes with functionalities like expert advisors, copy trading, and multiple languages make it ideal for beginners.
Brokers offer this site as an individual platform or an add-on to their proprietary platforms. Therefore, beginners will have access to several educational resources as well as tutorials. This helps beginners to catch up fast and become experts with a few weeks.
Advanced traders
The advanced charting capabilities, technical analysis, graphical tools, and built-in indicators make this platform ideal for advanced traders. So, people who have experience in forex trading also have access to this platform as it suits their needs.
What is MT4’s Research Offerings?
The Meta Trader4 platform does not include 3rd-party offerings. This is because the platform provides its users with trending market events, important news from big financial companies and exchanges, geographical developments, and interest rate decisions. This keeps traders updated and ready to plan their next move.
The Pricing of MT4
Users can download Meta trader4 from the website without incurring any cost. Once you install the app, you will find a free demonstration account to test all the site’s essential features.
If you access this platform through an experienced broker, you may have access to a free account. Also, you may use the standard account or an advanced account. However, you may need to pay the broker some money to have access to the platform fully.
MT4 Compatibility
The Meta Trader4 platform supports several operating systems, including Linux, Android, and iOS. Its website is responsive, making it easy to use in different displays.
You can install this app on your mobile form as long as your device’s operating system supports it. However, you must follow the installation directions provided.
Conclusion
MT4 is the most preferred platform by most traders and brokers. Once you get to know its capabilities, you may not want to use another platform. This site provides analytical tools that are highly advanced. Also, copy trading features help beginners to catch up quickly. This makes this platform to stand out among the rest.
