MetaTrader 4 (MT4) is a highly advanced and sophisticated trading platform designed for forex and CFD traders. Developed by MetaQuotes Software Corporation, MT4 is widely known as one of the best trading platforms in the financial markets.
It offers a comprehensive set of tools and features that help traders analyze financial markets and make informed trading decisions. This article will discuss why MetaTrader 4 is so popular and better than its newer counterpart – MetaTrader5 (MT5).
Metatrader 4 Review
This is our short review of all the advantages and disadvantages the MetaTrader 4 offers.
What Does MetaTrader 4 Do?
MetaTrader 4 (MT4) allows traders to access and manage their trading accounts and execute trades through a broker. Forex traders widely use MT4 due to its various features and functionalities, including:
- Backtesting: MT4 provides a backtesting feature that enables traders to test their trading strategies on historical data, helping to optimize and refine them before they are used in live trading.
- Charting: MT4 offers a comprehensive charting system with a wide range of technical analysis tools and indicators to help traders make informed decisions.
- Customization: MT4 is highly customizable, allowing traders to create custom indicators, scripts, and templates to fit their trading styles and preferences.
- Automated trading: MT4 allows traders to create and use automated trading strategies, known as Expert Advisors (EAs), which can automatically execute trades based on predefined rules and conditions.
- Multi-language support: MT4 is available in many languages, making it accessible to many traders worldwide.
Overall, MT4 is a robust and versatile platform that provides traders with the tools required for meaningful analysis and executing trades in real-time. However, it does have some limitations as well.
Limitations of MetaTrader 4 (MT4)
Some of the limitations of MT4 include the following:
- Limited Order Types: MT4 only supports basic orders such as market orders, pending orders, and stop-loss orders. However, it doesn’t support more advanced order types, such as trailing stops, OCO (one cancels the other) orders, etc.
- No Built-in News Feed: MT4 does not provide a built-in news feed to inform traders of the latest market events and economic data releases. Traders must use external sources to stay up-to-date on market insights and economic events.
- Lack of Advanced Charting Features: While MT4 provides a comprehensive charting system, it lacks advanced features such as customizable tick charts, Renko charts, and Kagi charts.
- Limited Customization Options: Although MT4 is highly customizable, there are still some limitations to the customization options available on the platform. For example, you must write custom indicators and scripts in the proprietary MQL language, and the platform has limited support for custom templates and workspaces.
- Limited User Interface: The MT4 user interface can be difficult for inexperienced traders, and some traders may find the interface outdated or clunky.
- Vulnerability to Hacking: Like any software, MT4 is vulnerable to hacking and malware attacks, and traders should take steps to secure their trading accounts and devices.
How Telegram.Forex Helps You Enjoy MetaTrader 4
Since MetaTrader 4 also supports and allows copy trading, Telegram.Forex can help you make the best of social trading. Essentially, with your access to the platform, you can connect it to all your social media accounts to receive and implement signals. This makes it easy to integrate signal tools and automate your trading for a better trading experience with incredible results.
Is MT4 Better Than MT5?
Although both MT4 and MT5 are powerful platforms, there are some factors why is MetaTrader 4 so popular among traders and why they consider it better than MT5, such as:
- Broader Compatibility: MT4 has a larger user base and is available with most brokerage firms, making it easier for traders to find a broker that offers the platform.
- Stronger Community: MT4 has been around for longer and has an established community of developers, making it easier for traders to find support, resources, and tools for their trading needs.
- More Established Ecosystem: Trading indicators, scripts, and EAs (Expert Advisors) developed specifically for MT4 make it simpler for traders to find solutions that work for them.
- More Stable Platform: MT4 has a more established and stable platform with a proven track record and is less prone to bugs and technical issues than MT5.
- Better Support for Automated Trading: MT4 has a stronger focus on automated trading, with a profound ecosystem of EAs and a more reliable platform for running and testing automated strategies.
While MT5 offers some advantages over MT4, such as improved market analysis and an advanced charting system, people sometimes wonder why MT4 is so popular compared to the MT5 platform. The fact is that these benefits may not be as significant to some traders as the factors mentioned above.
Is Metatrader 4 Safe?
MetaTrader 4 (MT4) is generally considered safe for online trading. The platform has been widely used for many years and has a proven security and reliability track record. However, like any software, it is not entirely immune to security risks. Here are a few steps traders can take to ensure the safety of their MT4 trading accounts:
- Use a reputable broker: Make sure to choose a reputable and regulated forex broker that uses MT4 as their trading platform. This will help ensure the security of your trading account and funds.
- Keep your software up to date: Regularly check for updates to the MT4 platform and install them promptly to ensure that any security vulnerabilities are patched.
- Use strong passwords: Use a solid and unique password for your MT4 trading account, and avoid using the same password for multiple accounts.
- Enable two-factor authentication: If available, enable two-factor authentication (2FA) on your MT4 trading account to add an extra layer of security.
- Be cautious with email attachments: Be careful when opening email attachments, especially from unknown sources, as they may contain malware or viruses.
- Use antivirus software: Make sure to have up-to-date antivirus installed on your device to protect against malware and other security threats.
Employing these steps, traders can help ensure the safety of their MT4 trading accounts and protect their funds from security risks. However, it’s essential to remember that no platform can guarantee complete security, and traders should always be vigilant and cautious when using online trading platforms.
Is MetaTrader 4 Still Available?
MetaTrader 4 (MT4) is a classic in online trading and continues to dominate the charts even today. Despite the emergence of newer platforms, such as MetaTrader 5 (MT5), MT4 remains a favorite among traders worldwide. Its user-friendly interface, robust features and functionalities, and vast library of custom indicators and automated trading strategies make it a top choice for forex and CFD traders. With its proven track record and widespread popularity, it’s no wonder MT4 is still going strong even after so many years.
Currently, there’s no sign of MT4 slowing down, and it will likely remain a staple in online trading for the foreseeable future. So, whether you’re a seasoned trader or just starting, you can count on MT4 as a reliable and trustworthy companion on your trading journey.
MetaTrader 4 (MT4) has been a game-changer in the online trading industry and is the preferred platform for many traders. Its popularity is sourced from its simplicity, versatility, and reliability. Unlike other platforms, MT4 provides an intuitive interface that does not require extensive technical knowledge to use. With a comprehensive suite of tools, including charting, technical analysis, and automated trading, MT4 provides a one-stop solution for traders making informed decisions in the market.
The platform’s open-source architecture has also enabled the development of a vast library of custom indicators and expert advisors, further enhancing its capabilities. Furthermore, the huge MT4 community of users and developers provides traders with a wealth of resources, support, and advice, making it an excellent choice for those looking to maximize their trading potential.