MetaTrader 4, also known as MT4, is an advanced trading platform that specializes in enabling users to create and automate complex trades. It also provides users with a wide range of market indicators to use when making trades. This is especially useful when it comes to foreign exchange (Forex) trading, however, it can be used for a wide variety of markets. MetaTrader is free to download and use. If you would like to know more about the possibilities available within the use of MT4, you should consult with a financial advisor.
MetaTrader has been around since 2005 and is an incredibly popular trading platform. It was founded by a software company – MetaQuotes. As the name suggests, we understand that it has several versions, the most common of which is MetaTrader 4. Metatrader 5 came out in 2010, but most users use MT4 instead. Although the program offers a wide range of features, it does not directly serve customers in particular.
Overview of MetaTrader 4
Pros:
+ You can automate transactions based on your preferences.
+ Free demo accounts available
Contras:
– No direct customer support
– Not suitable for high frequency trading (HFT)
Fits
– Forex traders
– Experienced investors
MetaTrader 4: Commissions
As mentioned above, the MetaTrader 4 demo account is free to download and use. Here you can test the platform using virtual tools. However, starting a live account is a little different. MetaTrader 4 makes money by selling software licenses to brokers that users can partner with to open live accounts. Therefore, in order to open a real account, you need to choose a brokerage company and apply.
Once the brokerage accepts your application, they will send you a user ID and password so you can start using the platform for your money. After that, the commission structure will depend on the brokerage company you work with. They will determine the types of fees you will pay for using the platform, how much transactions will cost, and any other fees.
Keep in mind that MetaTrader 4 is not cheap for brokers. There is a $100,000 upfront fee for each license. In addition, each brokerage will have to pay thousands of dollars per month for other required services such as hosting, bridge, and support. Brokerage companies may offer different features, so be sure to research them before choosing one.
MetaTrader 4: services and features
MetaTrader 4 is a comprehensive trading platform and can do almost anything a trader can think of. While experienced traders will find it easier to take full advantage of the platform, beginners will also find it relatively easy to navigate the platform’s interface. In addition, while users will not have access to real-time customer service, they will be able to use a wide range of educational resources and tutorials to help them understand the platform in its entirety.
One of the most useful features of MetaTrader 4 is the ability for clients to automate their trades by programming custom indicators in their own MT4 programming language. The platform is available in over 30 different languages and it gives you the ability to copy the activities of other successful traders. While MT4 is well known as a Forex trading platform, it can also be used to trade other markets such as options and futures.
MetaTrader 4 does not offer personal financial advisors or robo-advisers. However, depending on the brokerage you choose to partner with to use MT4, you may have access to additional features such as live EA support.
MetaTrader 4: Online and Mobile Experience
If you are interested in using MetaTrader 4 on your desktop, you can download and run the software on any Mac OS, Windows or Linux computer. You can also use MT4 on your Apple or Android mobile device by downloading the MetaTrader 4 app. You should be aware that iOS devices must be running iOS 9.0 or higher to run the software. Apple and Android apps are rated above 4.5 stars in their respective app stores.
Both the app and the desktop version of the MetaTrader 4 software are relatively easy to use. While it’s true that you need to do a bit of work to take full advantage of some of the platform’s features, it’s still possible to use both relatively easily.
What’s the catch?
MetaTrader 4 has most, if not all, of the bells and whistles you’ll find on other trading platforms. However, it is not without its shortcomings. Firstly, the main complaint about MT4 is that trades are not executed as fast as on a number of other platforms. If you need high frequency trading and can’t afford to waste time, you may need to look elsewhere.
It’s also worth noting that while the interface is comprehensive, it can also be confusing. This problem is exacerbated by the fact that you won’t have access to live customer support. Although the platform is free, you should make sure that you are partnering with a brokerage company that charges a minimum commission.
Conclusion:
MetaTrader 4 is famous for its powerful trading tools, which are loved by experienced investors. While it is free to download, you will not be able to invest your own money unless you open an account with a broker that offers MT4. The easy to use interface combined with programmable trading features makes it a good choice for investors.