You’ve probably heard of MetaQuotes Software’s well-known MetaTrader platform, even if you’re only vaguely familiar with the forex market. One of the most popular trading platforms for retail forex and CFD traders worldwide is MetaTrader 4, sometimes known as MT4.
According to research MetaTrader 5 (MT5), has failed to gain ground against its predecessor, MetaTrader 4.
To Begin, What Is The MT4?
MetaTrader 4 (MT4) is a forex and CFD trading platform provided by a third party that can be linked to the broker of a trader’s choice. Several third-party trading platforms exist, but MetaQuotes Software Corporation’s MT4 is the most widely used.
You can use the full MetaTrader suite on your mobile device, web browser, or PC. Forex and CFD traders worldwide utilize MetaTrader, a trading platform licensed by brokers and made available as a service.
MetaTrader 4 (MT4) brokers are called “MT4 brokers” in trading jargon. MT4 might be offered to you as a customer by a forex broker who has obtained a license from the developer. It is, however, crucial to only choose MT4 brokers that have been appropriately regulated by the countries in which they operate.
The Best MT4 Brokers
Using a patented formula that considers a wide range of characteristics, including trust, we have ranked the finest forex trading firms in the industry. Using the user’s reviews, we were able to compile a list of the top MT4 brokers:
· IC Markets
· Admiral Markets
· FP Markets
· FxPro
· Pepperstone
· CMC Markets
· Vantage
· BlackBull Markets
· HFM
Is Metatrader 4 Considered A Broker by The Industry?
No, MetaTrader 4 is not a broker. Third-party trading platform MetaTrader 4 (MT4), built by MetaQuotes Software Corp., is extremely popular. To trade forex, you can use the MT4 software to establish a connection with a broker.
Third-party trading platform solutions, such as cTrader, are available on the market, while some brokers construct their bespoke trading platforms.
Why Do I Need a Broker to Use MT4?
If you want to place actual trades on the MT4 platform, you’ll need to register a live account with a broker (or its newer iteration, MT5).
The developer has made it possible for you to open an account with the broker of your choosing from a drop-down menu if you have downloaded MT4 directly from them. After that, you’ll be able to use MT4 to access market rates and trade live.
However, MetaTrader allows you to open a free test account without connecting to a forex broker. Traders can use the demo account to perform technical analysis, such as looking at historical rates. Still, it does not provide access to any live trading (or updated market rates).
Pros and Cons Of MT4:
Pros:
- For beginners, it’s simple to use. Even for rookie traders, the ease of use, intuitiveness, and accessibility of MT4 is frequently praised.
- You’re covered regardless of the device you’re using.
- MT4 is available on various devices, including smartphones, tablets, laptops, and desktop computers. Mac and Linux computers can also operate the Windows-based MT4 trading platform, but it requires a little extra effort (and software).
- Scalp? Hedge? Automate? Sure. There are many tools in MT4 that allow traders to hedge their positions and facilitate scalping tactics like one-click trading. MQL4’s extensive support community and the ability to run EAs open new automation options.
- Considering a change in financial advisors? There’s nothing to worry about. Most forex and CFD firms use the MT4 platform, so switching brokers will not need you to learn a new trading platform.
- This product has a lot to admire, thanks to its abundance of features. One of the most valuable features of MT4 is the ability to perform technical analysis using the platform’s advanced charting tools.
Cons:
- Traders who want to use high-frequency trading (HFT) tactics will have to find another solution. In general, high-frequency trading is not a good fit for this platform.
- MT4’s final days are drawing near. Because MetaQuotes no longer issues MT4 licenses, any new FX or CFD firms launched after 2018 will not provide the MT4 platform (instead of issuing permits for its more unique MT5 platform).
- For this reason, plug-ins and accounts created for MT4 will not work on MT5, which runs on a different programming language (MQL5) than MT4.