Are you looking for the best forex trading app? MetaTrader 4 (MT4) may be the answer you’ve been seeking. With hundreds of add-on market indicators and trading robots available for installation, this platform is utilized by both amateur and experienced forex traders. In this MetaTrader 4 review, we will show why MT4 is an excellent platform for trading forex, futures, CFDs, and several other markets. While MetaTrader 4 may be used for free in trial mode, live accounts require the use of a licensed third-party broker.
MetaTrader 4 Review: It’s Pros & Cons
Pros:
- Free to utilize many fundamental features
- A number of indicators and analytical tools
- Stable, quick, and big processing volume operation
- Rarely do technical problems arise in trading
- Allows trading with several accounts from various brokers
- Offers trading automation
- Develop your very own technical indicators
- Support demo account prior to real-money trading
- Provide analytical tools, ranging from novice to professional degrees of sophistication.
Cons:
- Occasionally, an error occurs during the transaction.
- MT4 has fewer trading capabilities than MT5, which is a disadvantage for traders. MT4 does not provide cryptocurrency or stock items, thus traders with diverse trading demands or who specialize in investing in other products will choose for MT5.
- In general, MT4 is one of the most user-friendly systems, since it has a multitude of supplementary tools, is secure, and is transparent. That is why traders around the world are so fond of the MT4 platform.
MetaTrader 4’s Research Offerings
There are no third-party research offers on the site. The platform’s financial notifications and tools inform traders of the most recent market happenings, news from exchanges and significant financial institutions, and geopolitical developments.
You must deploy a simple plugin, a gateway for linking the platform with quotations and news sources, in order to transmit quotes and news. The platform has built feeds for key quotation and news sources, including IB Times, Trading Central, Dow Jones, Claws and Horns, MNI, Bloomberg, Reuters, Alliance News, FXStreet, and Trading Central. Using the MetaTrader 4 API, you may build your own feed.
Is MetaTrader 4 free?
Yes. MetaTrader 4 may be downloaded for free from the website. On the initial start, you will be requested to create a free trial account so that you may try all trading platform features.
When you access the platform via a broker, the broker may provide MetaTrader 4 for free to its clients or increase its spread to account for the usage of a MetaTrader 4 regular account or a MetaTrader 4 Pro account. The brokerage pays a one-time charge of $100,000 for a complete license and an additional monthly fee of around $15,000 for hosting, bridging, and other services.
Compatibility of MetaTrader 4
Even if you merely intend to see a MetaTrader 4 demo, you must verify that your computer has sufficient processing capability to use the platform. You must fulfill the minimal system requirements for MetaTrader for Windows, which are as follows:
- OS – Windows XP/2003/Vista/2008/7/8/10
- A processor that supports the SSE2 instruction set
- The other hardware relies on terminal usage, MQL4 application load, active instruments and charts, etc. MetaQuotes does not develop a platform version for Linux and Mac OS. To install MetaTrader 4 on Linux, you must have the Ubuntu operating system and Wine, a Windows software installer.
- Installing the MetaTrader 4 Mac sample on Mac OS requires the PlayOnMac application installer, which may be downloaded for free. Wine and PlayOnMac do not guarantee flawless software installation; they occasionally include problems. Android 4.0 or above is necessary to install MetaTrader 4 on a tablet or smartphone running the Android operating system. iOS 7.0 or later must be installed on an Apple device.
MetaTrader 4’s Customer Support
MetaTrader 4’s website features a page devoted to assistance subjects, which gives information under many headings, including getting started, client terminal settings, user interface, working with charts, analytics, trading, auto trading, tools, and articles, signals, market, and virtual hosting.
Brokerages can obtain the software by contacting MetaQuote’s offices in Cyprus, China, Singapore, Australia, Turkey, the United Arab Emirates, Pakistan, and Thailand. Support is also offered by brokerages offering the platform.
Setting Up
- After downloading the free platform, you must create a new account and log in with your credentials. You may then customize the MetaTrader 4 interface, including chart layouts and the choice between bright and dark modes.
- Typically, the details of trading expenses, commissions, and spreads are emphasized upon registration. Some new customers are astonished when daily swap fees are levied to their accounts. In response to the question “What is a swap? “a swap is interest charged or received at the conclusion of each trading day, depending on your position.
- Check your account balance and margin levels at the terminal. If you do not have sufficient funds to fulfill a leverage requirement, you will receive a ‘not enough money’ error while placing a transaction.
- Simply pick ‘deposit’ or ‘withdraw’ from your account section to deposit or withdraw monies. Then, pick from the available payment options.
- Brokers’ payment fees vary. However, there is often a free option. The timing of deposits and withdrawals depends on the chosen broker and payment type.
How To Trade
We’ve discussed how to register an MT4 account, but how do you trade on the platform?
- The Basics: To make a trade, pick ‘tools’ and then ‘new order’ from the drop-down menu. This link will bring you to the ordering window. Alternately, use the shortcut F9 The order window may seem complicated, but its components are simple:
- Symbol — Here, you may select markets such as currency, gold, or stock indexes like the S&P 500.
- Volume – Determine the amount of your deal – how many lots or CFDs do you intend to trade? One lot is equivalent to one hundred thousand units of the base currency.
- Type – Select “instant execution” to execute a deal immediately after clicking “buy” or “sell.” Alternately, use ‘pending order’ to determine when a transaction is initiated.
- Stop-loss — This risk management instrument limits the extent of losses by automatically tracking pips and canceling transactions when they reach a predetermined threshold.
- Take-profit — This performs the similar function for profits, meaning deals are automatically closed when profits reach a predetermined level.
- Comment — Here you can provide trade remarks, for example, in your trading log.
You may limit slippage by adjusting the ‘deviation’ parameter.
Monitoring & Closing Positions
To access the MetaTrader 4 terminal, pick ‘view’ and then ‘terminal’ from the menu bar. Click “trade” now. By clicking the ‘x’ to the right of the profit column, you can close a trade from this page. You may also edit stops and limitations by right-clicking the desired location or pending order and selecting ‘Modify.’
You may also edit stops and limitations by right-clicking the desired location or pending order and selecting ‘Modify.’
To draw on a chart, choose the desired object from the toolbar and then click on the chart. To modify the timeframe of a price chart, right-click on the chart and select ‘timeframe’ from the context menu. Then, you may select from the drop-down menu:
- M1 (1 minute)
- M5 (5 minutes)
- M10 (10 minute)
- M15 (15 minutes)
- M30 (30 minutes)
- H1 (1 hour)
- H4 (4 hours)
- D1 (1 day)
- MN (1 month)
You are not restricted to the nine usual periods. Additionally, custom periods, such as 2 minutes and 8 hours, can be set.
In addition to the 30 built-in technical indicators, MetaTrader’s Code Base and Market provide thousands of additional chart indicators that may be downloaded. Examples include the Elliot Wave indicator, Bollinger Bands, and pivot points.
The addition of third-party add-ons enables traders to begin customizing the MetaTrader 4 interface to their trading style. Stealth Orders and Alarm Manager are two examples of popular applications. Stealth Orders anonymizes trades, whilst Alarm Manager gives a portal for coordinating notifications and alarms. MetaTrader 4 extensions may also be developed via the Java API.
Who Is MetaTrader 4 For?
MetaTrader4 offers much to offer traders of all stripes. Compare how it may aid novice and experienced traders. Yes, a Meta 4 demo would be useful, but you must also understand what MetaTrader can achieve.
Newbies
MT4 is perfect for novices because of its simple design, decent user interface, and features such as copy trading and trading robots.
In addition, you may use the MT4 Demo account to practice trading until you grasp it. You will be granted a virtual money, and you are free to use all the tools, indicators, and charts in real-time, just as you would with a real account.
Professional Trader
Professional traders are drawn to the MT4 platform because to its comprehensive charting and technical analysis capabilities, built-in indicators and graphical tools, and a host of other distinctive features. The software also offers automated trading through programming in MetaQuote’s MQL4 language and the creation of custom indicators.
FAQ
1. Ques: Is MT4 a secure platform?
Ans: Yes. MetaQuotes – MT4 is a provider of platforms that fulfill the most demanding IT security regulatory requirements established by financial authorities in every nation around the globe. During MT4 trading, all user information is encrypted for account protection. Therefore, the MT4 product is secure, respectable, and dependable software.
2. Ques: Is MT4 free?
Ans: MetaTrader 4 may be downloaded for free by all traders on their PCs and mobile devices. To access MT4 and trade, you must create an account with a broker or exchange that supports MT4. Moreover, depending on the broker, you will incur transaction fees (such as spread, swap, deposit/withdrawal fees).
3. Ques: Which instruments are available on MT4?
Ans: On MT4, currency pairings, commodities, and CFDs may be traded.
4. Ques: What is the minimum amount required to trade on MT4?
Ans: MT4 is basically a platform for trading and technical analysis. MT4 does not directly manage the deposits and withdrawals of investors.
Consequently, the minimum account deposit will be established by each exchange.
5. Ques: Which Reputable Brokers offer MT4?
If you are seeking dependable MT4 platform trading platforms, you may turn to brokers such as:
- XM
- Capital.com
- ICMarkets
- FXTM
- HotForex
- FxPro
6. Ques: Does MT4 offer a Demo account?
Traders can use a Demo account with virtual currency to test the MT4 software and investigate the market. MT4 Demo is intended to resemble a real account (look, chart, markets). The free MT4 indicator, tools, and add-ons may be used just like a genuine account. The MT4 Demo Account is compatible with desktop, tablet, and mobile devices running Windows, iOS, and Android.
MetaTrader is a popular trading platform among financial investors, particularly forex traders. Although Metatrader 5 was subsequently introduced with greater capabilities, MT4 still has a larger user base since it almost entirely satisfies traders’ trading analytical demands.
You should be aware, however, that MT4 is only a platform that facilitates buy, sell, and technical analysis transactions. You will need to register an account with another broker and connect into MT4 in order to analyze and trade. Therefore, use caution while selecting a trustworthy and secure exchange to prevent extra dangers.