If you are a Forex trader, you have probably heard of the MT4 platform. This is one of the most popular platforms in the world, and for a good reason. It offers traders a wide range of features and tools that can help them succeed in the Forex market. However, there are also some drawbacks to using this platform. In this blog post, we will discuss the pros and cons of using the MT4 platform so that you can make an informed decision to download mt4 for PC and start trading.
What is Metatrader 4?
MetaTrader 4 (MT4) is a popular trading platform that caters mostly to the forex market. Not to mention, the user has the ability to trade in other assets as well, like CFDs, commodities, and cryptocurrencies. Metatrader was originally launched in 2005 by MetaQuotes software and has since become one of the most popular forex trading platforms on the market, with millions of users across the world.
Metatrader 4 advantages
- Wide availability
One of the biggest advantages of MT is that it’s available on almost every single trading platform. In other words, you can find this software on desktops (Windows and Mac), web-based platforms, and even mobile devices (Android and iOS).
- Features and tools
Another great thing about MT4 is that it offers a wide range of features and tools that can be very helpful for forex traders. For example, the platform has a built-in economic calendar, which is essential for keeping track of important events that could impact the markets.
In addition, MetaTrader4 also has a number of built-in technical indicators that can be used to help make better trading decisions. And if that wasn’t enough, thousands of third-party indicators can be downloaded and used on the platform.
- Ease of use
Even though MetaTrader4 has many features and tools, it’s quite easy to use. The interface is user-friendly and intuitive so most people will have no problem navigating around the platform.
- Perfect for those starting out
Expert and novice investors both prefer MT4 because of its user-friendly interface. Traders can quickly access fundamental and technical analysis data to make educated judgments using the platform's user-friendly layout. Not only does it have charts that beginner traders can use to find patterns, but those charts are also customizable. Platforms that offer a lot of information make it easier to develop strategies.
- Favorably affordable
Even through brokers, the MT4 software's popularity makes it simple to acquire. According to Public Finance International, most big brokers employ a variant of the MetaTrader due to its rapid and dependable trading platform. The application is accessible to users from a variety of backgrounds. You can download it on your computer or phone. MT4 can even be accessed from any internet-enabled device.
- Automated trading is one of the key features
Traders may customize their trading methods for maximum effectiveness when using MT4, including market and stop-loss orders. The automated trading feature has the potential to increase efficiency greatly. MT4 allows users to create their own algorithms, which they can change using the Integrated Development Environment (IDE) and MQL4 programming language. The software can provide users with any market changes that demand a shift in strategy through the built-in notifications and news feature. These features allow you to make fast decisions that can improve your likelihood of making a profit.
Cons of MetaTrader4
- Installation process
Some users may find installation time-consuming. Downloading and setting up the software is only the beginning- users must also download extra fonts to keep the program running properly. Furthermore, because the program was created for Windows, Mac users may run into difficulties.
The web platform does not have an automated feature
The second disadvantage is the web platform of MT4. While it is convenient and readily available, it does not allow users to develop or modify automation algorithms.
- Lack of cloud-based access
The lack of cloud-based access is one of the most significant drawbacks of MetaTrader 4. In order to view your marked-up charts while away from your computer, you need to use remote viewing access on your PC or VPS.
MetaTrader4 is one of the most popular trading platforms available, and it offers a wide range of features that can be very helpful for forex traders. However, there are some drawbacks to using the platform, such as the installation process and lack of cloud-based access. Overall, MetaTrader4 is a great choice for those starting out in forex trading.