MT4 Trading Platform – An Overview of Its Benefits and Drawbacks

Trading platforms are the chief constituent of online trading, utilized for analyzing the price charts and trading in the financial markets comfortably. Launched by MetaQuotes Software in 2005, MetaTrader 4 is one of the most popular trading platforms today, boasting high functionality, a simple interface, and advanced features.

The MT4 platform is used for trading forex and various financial assets, namely futures, CFDs, commodities, and indices. The simple design and easy usability of MT4 is the reason why the majority of the online brokers have licensed this platform for their users/retail traders. Moreover, an MT4 download for pc, mobile, and other web-based devices is easily available, making it possible to access the markets anywhere.

MetaTrader 4: Ideal for both beginner and advanced traders

MT4 is a completely free and reliable trading software. Its simple configuration and user-friendly interface make it a top choice, especially among new traders. Its advanced charting tools, built-in indicators, financial news, analysis reports, and graphical objects suit the majority of the advanced traders as well.

Moreover, MT4 is designed for various operating systems and incorporates multiple order execution modes, nine timeframes, 30 built-in indicators, and 24 graphical tools.

In addition, MetaTrader 4 is known for its swift order processing, customizable options, and high efficiency. The MT4 software allows the usage of automated trading and copies trading, which enhances its proficiency and usability. Through MT4, users can trade on a fully-functional demo account, thus familiarizing themselves with the trading dynamics before real money trading.

There is no denying that security is the most crucial component to be considered when financial dealings are involved. MT4 consolidates a solid security framework by utilizing RSA digital signatures and the 128-bit encryption protocol to safeguard the exchanges between client and trading terminals.

Another benefit of the platform is using historical data for the backtesting of strategies. Traders who develop strategies, especially indicators, use the backtesting feature regularly and it is a tried and true way to better your trading routine.

A few downsides of the MT4 platform

Though MT4 does not have many disadvantages, it does not allow the setting of any custom time frames on the price charts besides the available ones. Users have complained about delayed order executions and lagging of the platform at times. Moreover, the web platform does not allow for the use of EAs.

In addition, setting up automated trading can be complicated for beginner traders who are not familiar with the interface.

Bottom Line

MetaTrader 4 is a convenient, secure, and easily accessible trading platform, suitable for newbies and experts. It integrates various prominent features such as multiple tools and indicators, diverse financial assets, fast functionality, display of live and up-to-date price quotes, quick order execution, and real-time updating of price graphs. All of these naturally contribute to its widespread positive reputation.

Moreover, besides being a trading terminal, MT4 releases a plethora of daily financial news & price prediction reports and assimilates a trader’s community forum, where experts and advisors can exchange ideas. In a nutshell, MT4 is a free and popular platform, giving all traders uninterrupted and secure access to the financial markets.