Many brokers will argue that there is no better platform for Forex than MetaTrader. They have a great community which is critical for a better user experience. On top of that, you can customize your interface however you want, depending on what charts you are following. Of course, they have automated software, so you have a variety of choices when it comes to the way you want to trade. Even despite developing custom platforms, most brokers offer MT4 or MT5 alone or along with custom made platforms.
Pros and Cons
In addition to what we’ve already said, MetaTrader uses indicators that are advanced and what’s even better it analyzes activities of successful traders. This means it’s easier for you to see different patterns and ways people trade, and maybe pick up something along the way. On MetaTrader, you can trade Forex, CFD and many more. Of course, like any other reputable software or a company, they offer demo accounts for free, but if you’re going to trade live, then you should get a Forex broker, which is a must wherever you decide to trade.
What we don’t particularly enjoy is the lack of instantly available customer service. We would maybe add that the trading speed could be better, but that is something that catches our eye the most since Forex operates 24/7 and sometimes you need customer service when you least expect it.
What makes it special?
MT4 began its journey in 2005 and is still one of the most used trading apps. Fifteen years! There must be an excellent reason why people trust them so much. They’ve grown a lot and gained lots of following thanks to their efforts to make app better all the time. Their level of automation and customization are great, especially for new traders who want to try out everything. They do offer a risk-free demo account, and they even have Expert Advisor applications to add on top of their excellent service.
While newbies enjoy this side of Metatrader, experienced traders appreciate advanced charting and analytics MT4 offers. It’s useful since you can build in your trading indicators while observing other people’s actions.
How do you open an account?
MT4 can be installed on every device, whether mobile or a computer. Starting with a demo account, you are setting yourself for a good start, since you will be able to catch up on strategies and test them out without any real risk of losing money. They have the MetaTrader ecosystem, which enables you to use virtual funds. Right after you install MT4 on the device of your choice, you will have a demo account, making it super easy, since you are downloading it at the same time as software.
If you decide to start a live account, you will need to put some effort, since you’ll need a third-party broker. Live account means you will use your own money for trading, and the process will be different depending on the company of your choice. If you choose a regulated company, don’t be taken aback when they ask you for some necessary information (ID and maybe tax information). This is how they decide whether you are ready for trading and meet the standards. Once they approve you, they will provide you with an account number, password and a server that you will use to log in to MetaTrader.
What does MT4 Offer?
We mentioned Expert advisors, a program that serves for helping you if you want to set up automated trading. The quality can depend on third parties who designed it, but if you use it the right way, it can be beneficial for your trading. We also mentioned how customizable it could be, and it takes that word to a whole other level. There are numerous charts, and you can tailor it all to your needs. Even though we mentioned support is not their best trait, it exists in more than 30 languages which is more than useful, even though calling them is not an option. MetaTrader is ideal for beginners, since they will be educated and entertained at the same time, and it is a useful thing to have since it has one of the best analytical tools in the world. What more do you need than that?
