MetaTrader 4 is one of the most popular platforms for online trading, even though it is already 15 years old. Yet, it’s versatility and powerful features attract millions of users around the world. Brokers in many countries recommend the system. So, what is the secret of its success, and does it have any vulnerabilities you should know?
Metatrader is the ultimate choice for currency traders worldwide, both rookies and experts. You can learn how to use MetaTrader 4 online. There is no shortage of articles and video tutorials devoted to the terminal. Here is a look at the most prominent strengths of this system.
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Basic Features of MT4
MT4 is a cross-platform trading system. That means users may choose between the desktop software, the web-based platform, and the mobile app. As all three connect to the same servers, data is shared instantly, so users may switch devices during the day. Over 30 languages are supported, and there is a version for every popular OS.
The terminal displays streaming market quotes and allows advanced operations. Users may install Expert Advisors — automated systems that will make decisions for them. Copy trading is also supported.
MT4 is customizable. Advanced users can automate trading and integrate their own technical indicators. The charting features include the following:
- 9 timeframes,
- 30 embedded indicators, and
- 24 graphic objects.
Orders may be executed in three different ways. These are instant execution, execution on request, and execution by market. Market orders are concluded immediately at the current price; pending orders are finalized at a predefined price level. Users may choose between limit, stop, and stop loss pending orders.
Other Benefits of Using MT4
The system gives instant access to your balance, so you know when you should top up your account. Therefore, analytical work is never wasted due to a lack of funds. It is crucial for scalpers and fans of other short-term strategies.
MT4 has historical data. Users may filter it by time, open, low, high, close, and volume. Technical traders and anyone who wants to backtest strategies will appreciate this opportunity.
Trades may be opened with a single click. There is also a feature called ‘built-in tick’. It allows users to calculate their entry and exit precisely.
Finally, MT4 is a secure system. It meets the highest standards of user data protection. Anything that is shared with the servers is encrypted. The terminal also uses RSA digital signatures.
What Are the Drawbacks?
MetaTrader 4 would not have maintained its popularity if it wasn’t convenient and reliable. However, users of Mac computers may find it cumbersome, as it requires 200 MB of memory. There is also a bit of extra work to do like the installation of additional fonts.
MT4 is less advanced than its successor MetaTrader 5. However, it is perfect for currency traders who do not want to be confused by features they will never use. That is why the system is still wildly popular.
