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MT4 is the world's most popular trading platform, and for a good reason. This trading platform is reliable, and it has lots of features that are useful to traders. As a result, MT4 has become the benchmark for online forex trading.
MT4 is a multi-asset trading platform where you can exchange indexes, stocks, CFDs, commodities, and Forex. For a couple of years now, reputable brokers have been offering their clients the MT4 platform as a substitute for their patented trading platforms.
This is because MT4 has cutting-edge analytical capabilities, multi-device operability, and computerized trading functions. Many people around the world use MetaTrader 4 as it is without including any customization.
Traders can download MT4 from their broker's website, after which they can install the platform and use it as an application. Through the broker's website, they can also learn various things such as how to utilize partial close in MT4, how to close trades on half position, among other things. So what are the other benefits and drawbacks of the MT4 trading platform?
MetaTrader 4 is a very secure and reliable trading platform. Information exchange between servers and client terminals is encrypted, and the platform also supports RSA (Rivest-Shamir-Adleman) digital signatures. In addition, the IP addresses of traders are also encrypted.
All these highlights enable traders to execute all their trades in an entirely secure environment. As a result, traders can rest assured that their accounts, including their credentials and finances, are safe from hackers.
Expert traders and novices can deploy the automated trading feature in MT4. Automated trading in MT4 allows traders to leverage market occurrences without any involvement on their part and without any human bias whatsoever.
MetaTrader 4 gives traders access to real-time forex estimates so that they can execute trades. Currency pairs and any other security that a trader decides to trade via a broker are listed in the watch window alongside the real-time bids.
From the 'Watch Window,' traders can see other details such as margin ratio, margin currency, contract size, and the spread. Also, there is a "Depth of Market" feature that informs traders of real-time market activity, such as the number of buy orders for a currency pair.
MT4's stability and fast trade execution allows traders to perform trades with very little chance of slippage. Traders can also access MetaTrader 4 using various devices such as smartphones, tablets, and PCs, allowing them to trade on the fly.
MT4's mobile version, which is available for both Android and IOS devices, has all the critical features in the desktop version, such as mechanical analysis tools, communicative charts, and real-time forex estimates.
MT4 is a very flexible trading platform because its USPs are very customizable. As a result, MetaTrader 4 remains the ideal trading platform for experts and novices alike with unlimited technical tools, demo-trading capabilities, educational resources, and user-friendly controls.
Traders need to program and shape the MT4 trading platform according to their preferences. To do this, they need to have a certain level of programming know-how.
The support system provided by MT4 is very inadequate for most traders. Customer support is one of the weakest aspects of this platform. This could be a significant letdown for novices and expert traders as well. MT4 is also geared more towards organizations than individuals.
Some traders have complained that changing certain structures such as Fibonacci charts and trend lines is a bit complicated due to the way the database is arranged.
To sum it all up, MetaTrader 4 has its benefits and drawbacks, as illustrated above. Therefore, if you're constantly using MetaTrader 4, you need to keep an open mind because you won't like all the aspects that it has to offer.
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