MetaTrader 4, usually referred to as just MT4, is one of the most popular forex trading platforms for retail traders today. The trading platform was originally developed by Russian firm MetaQuotes Software in 2005. Despite its old age, the platform has remained popular among forex traders around the world to this day.
Part of the reason for MT4’s popularity is the very large marketplace for automated trading strategies – known as Expert Advisors – that is available within the platform. When the developers came out with a re-designed version of the platform called MT5 in 2010, adoption among traders was slow because the newer version did not support the large marketplace that already existed in MT4. To this day, many forex brokers continue to rely solely on the MT4 platform.
Background of Metatrader 4
The Metatrader 4 or MT4 platform is a forex and CFD trading platform that was created in 2005 by Metaquotes Inc, a Russian software company. This software has grown over the years to become the most popular retail forex trading platform. So popular has this platform been over the years, that even the best brokers that never used to offer the MT4 to their clients were forced to effect a change in software so as to be able to compete favourably with other brokers in the market. An example of such brokers is AvaFX (now AvaTrade), which after years of offering another rival trading platform, eventually added the MT4 to its arsenal of trading platforms. Today, the MT4 features very clearly in the platform stable of AvaTrade.
What are the Features of the MT4?
The Metatrader 4 platform has some beneficial features for beginners and intermediate level traders alike. A new build of this software was recently released into the markets. So what are these features?
- The simplicity of the platform is encapsulated in the charting software that it provides. Charting is an integral part of forex trading, and without interactive charts, analysis of forex pairs and other assets traded on the MT4 is impossible. The MT4 interactive charts remain a major feature of this platform and traders are able to use these charts from the forex brokers offering the MT4 for a wide variety of purposes.
- Traders also have access to a wide variety of tools and indicators used for technical analysis. For instance, there are about 30 indicators, and several tools which are classified under the Gann, Fibonacci and Channel tool classifications.
- You can use customized indicators and expert advisors for your trading. The process of creating these automated trading software is very easy and can be done using the F4 button, which opens the MQL coding interface. You can also import indicators and expert advisors that have already been created using the Data Folder function.
- The Metatrader 4 community is an online marketplace that allows traders access various tools and plugins which have been created specifically for the MT4. You can import both free and commercial EAs, indicators, scripts and libraries into the MT4 platform. All you need to do is to login to the Metatrader Community website, directly from your instance of the MT4 platform. You can also use the Codebase function to see what new EAs and indicators have been released into the market.
- As you create new demo accounts from within the MT4 platform, or sign into your existing trading account, you are shown a pop-up box. This pop-up or dialog box showcases an important piece of information which is not usually noticed by a lot of traders. This is the display of the available trade servers for your broker, and the latency of these servers. Latency describes the time it takes for your orders to get to the execution servers of the broker after you have clicked the order button of your MT4 platform. You can use the latency timing of the available servers which are displayed on the pop-up box to make a decision on whether or not to use a virtual private server to make your trades happen a lot faster. This is an invaluable tool for those who want faster executions on their trades. It also works well for those looking to get into news trades a lot faster. The writer has used this information to take a very good news trade that banked 300 pips on the US GDP report.
- You can now register your account as a source of trading signals within the MT4 Community, directly from the trading platform. This is done by clicking the “Register Account as Source of Trade Signals” button on the website. You can also register a trade server using a similar button located just beside the previously mentioned button.
- The forex brokers that offer the MT4 platform that are featured on this site provide a news bar which allows traders to get access to the latest market-moving news releases as they occur. These news releases are critical for those who wish to trade the news.
- Access various services from the Metatrader Community by using the Help navigation button on the MT4 platform interface.
Why is the MT4 Very Popular?
The MT4 created a revolution in retail forex trading, mostly by the use of additional features which greatly simplified the act of forex trading. This is why the MT4 has become the flagship platform of retail forex over the years. It has been so popular that Metaquotes has become a victim of its own success. A successor platform known as the MT5 was released in 2010, but 9 years after, the MT5 has been unable to displace the MT4 from its prime position as the go-to trading platform for retail forex brokers and traders.
No other retail forex platform has been able to deliver the powerful features in the way the MT4 has:
- Providing a large marketplace for Expert Advisors, indicator and scripts.
- Compatibility with virtual private servers.
- Development of new technologies by third party companies such as the building of the MT4-ECN bridge by FxOpen, which allows traders get access to ECN-style execution from an MT4 platform.
- A simple programming interface.
- The sheer number of systems that have been made compatible with the MT4, such as social trading networks and even trade verification software such as Myfxbook.
These features have become engrained in the hearts of the millions of traders across the world who use the MT4. It will really be hard to get this platform displaced by any other.
Who Are the Forex Brokers Offering Metatrader 4?
The Metatrader 4 is a turnkey software. What this means is that any broker that wants to offer a branded version of the software has to approach Metaquotes Inc, get the necessary licensing, customizations and branding done, and offer the trading products to their clients.
On our page, we have the forex brokers that offer the Metatrader 4 and which have some specific features that appeal to today’s forex traders.
- These forex brokers offering the Metatrader 4 will provide access to a diversified asset listing which features indices, stocks, metals and energy assets, all traded as Contracts for Difference (CFD) assets.
- Majority of these forex brokers are regulated and provide good trader protection.
- You will get access to high leverage, which enables whatever small capital you have to go a long way.
- Some of the forex brokers offer virtual private servers, which enable users to trade with their EAs on a 24-hour basis. These servers can also help reduce trading latency when located close to the broker’s servers.
- Some of these brokers (those that generally operate in offshore zones) will allow you to conduct deposits and withdrawals using cryptocurrencies such as Bitcoin, Ethereum and Litecoin. Often such accounts do not even require the use of conventional verification methods. It is a case of simply filling the online form, depositing with a preferred crypto, and engaging the markets.
We therefore present on this page, the best forex brokers that offer the Metatrader 4 platform. Use these brokers to derive the benefits of the software that have been mentioned above.