Meta Trader 4 is a well-known trading platform amongst Forex traders and investors in other financial trading sectors. For example- cryptocurrencies, CFDs, or contracts for differences, indices, futures, commodities, and some other products.
It’s considered as the gold standard for forex and other trades. Till date, two versions of this platform have been launched for use – Meta Trader 4 or MT4 and Meta Trader 5 or MT5. So here is a forex auto trading software review for beginners in case of many beginner level traders may not be familiar with it.
Meta Trader4: forex auto trading software review
How Meta Trader4 came into the picture of Forex trading
It was launched in 2002. It is owned and developed by MetaQuotes Software. After that, quite a few versions of the software have been released, but in 2005 Meta Trader4 was launched, and it came on the radar of the forex community worldwide due to its remarkable performance.
Shortly after that, in the time span of 2005 to 2010, the majority of Forex Brokers switched from their paid and closed-source trading software to Meta Trader4. Today, Meta Trader4 is licensed to more than 750 forex brokers, and they granted access to individual forex traders.
The Meta Trader4 program is very flexible in dealing with brokers. But individual traders can’t have access to Meta Trader4 or any MetaQuotes software t unless it’s registered under a licensed broker.
Meta Trader4 is a user-friendly platform that is highly suitable for traders of all levels of expertise. It comes with some attractive features, tools, and functionalities that make it feasible for both beginner and advanced level traders.
Exhibit A- functionalities like Expert Advisors and copy trading, along with a simplified design and easy-to-use user interface, adds to its appeal to even those who are new to forex trading.
The platform also comes with a lot of educational resources such as how-to guides, in-depth courses, blogs, and forums that come in handy for beginner level traders to brush up their trading skills.
Pro traders love Meta Trader4 as it comes with many built-in indicators, advanced charting functions, and technical analysis tools. You can also custom-make it according to your needs. You can save a fortune by customizing its interface according to your requirements.
Exhibit A- you can change the appearance of windows that are being displayed, the facade of charts, symbols, and lots more. The software can also a couple of indicators and signals from both interior and exterior sources. Meta Trader4 comes as a blessing for all kinds of traders.
Why you should use Meta Trader4
New traders often can’t decide which trading platform to use, the proprietary one, or something else. But the proprietary ones often offer poor spreads and additional fees.
The MataTrader4 platform is designed to allow the brokers to manage the server while account owners can see live-stream prices and charts and can easily micromanage their accounts. All these exciting features make MetaTrader4 the most popular electronic trading platform amongst forex users.
Pros and Cons
This trading platform, like all the others, comes with a whole bunch of pros and cons. Here they are explained so you can consider them and choose your trading platform wisely.
- This software is used by most forex or CFD brokers. So, just in case, if you ever switch to another broker, you don’t necessarily need to change your trading platform as most brokers support it.
- As Mta Trader4 and Meta Trader5 are from the same developer, they are very similar in layout and design. So if you ever need to change to MT5, it shouldn’t be difficult for you.
- It comes with a brilliant and user-friendly interface.
- It supports most devices so you can use it from your PC, smartphone, tablet, or laptop, whichever suits you best.
- It supports a lot of languages, so if you are more comfortable with another language, it probably has your preferred language.
- It can be used as software, so you don’t have to log in to the website again and again and face browser bugs and crashes.
- .One-click trading is possible, so it’s good news for scalpers!
- It has great charting abilities.
- If your forex broker allows you, you can also hedge.
- Expert Advisors or EA can be used to trade using an algorithm automatically. The people in the forex community are aware of that algorithm that makes chart templates and signals.
- There is a messaging section too!
- Provides the traders and brokers with high security using encryption methods.
- Back-testing is possible!.
- Many add-ons can turn your trading platform into a trading simulator.
- As it is a closed-source program, the users cannot fix the bugs by themselves. It cannot be updated either.
- New brokers who have started their journey at forex after 2018; are not able to join MetaTrader4.
- There’s no option for social trading, but it’s actually an advantage as social trading can harmful from time to time.
- The algorithms used in EA in Meta Trader4 and MetaTrader5 are different from each other.
- The back-testing option doesn’t have enough historical data.
- Sometimes it can have slow performance.
Meta Trader4 is undoubtedly a platform with a rock-solid base for forex brokers. Although the interface can seem a little outdated to some and you can’t trade in nano lots, it is very quick and easy to perform trades online. Many brokers do not use MT5 yet, as the codebase of MT4 is much bigger than the codebase of MT5.
Other important features include charts, trendlines, EAs, multi-terminal, copy trading, etc. Meta Trader4 is undoubtedly an excellent automatic trading platform for forex traders, and its fanbase makes sense. I hope you found this forex auto trading software review helpful.