Reasons why people still use MT4
Photo Credits: forexbrokerreport.com by Albert Hernandez
Why is MT4 still popular in the forex market? Its strengths related to technical analysis, algorithmic trading and expert advisors help us understand. We’ll explore why traders keep choosing MT4.
- A wide range of trading instruments.
- The interface is customizable and user-friendly.
- There are advanced charting tools.
- Expert advisors (EAs) are available.
- Furthermore, it is compatible with many devices and operating systems.
Wide range of trading instruments
MT4 continues to be a favorite trading platform due to multiple reasons. One of the major reasons is its ability to offer a diverse range of financial instruments for users to trade.
The following table showcases a few financial markets supported by MT4:
|Forex Pairs||EUR/USD, GBP/JPY, USD/CAD|
|Stocks||Apple, Tesla, Amazon|
|Commodities||Gold, Silver, Oil|
|Indices||S&P 500, NASDAQ, FTSE 100|
|Cryptocurrencies||Bitcoin, Ethereum, Litecoin|
Apart from this wide variety of tradable assets on MT4, traders can also access Direct Market Access (DMA), Electronic Communication Network (ECN), Straight Through Processing (STP), and No Dealing Desk (NDD) models. This not only adds transparency but also ensures efficient order execution and market pricing.
Furthermore, traders can easily customize their trading experience by utilizing leverage options that range from 1:10 up to a maximum of 1:1000.
Pro Tip: Stay informed about the latest events and news in the financial markets and use MT4’s advanced charting tools to make informed trading decisions.
MT4’s interface is like your favorite pair of jeans, comfortable, customizable, and always fits just right.
MT4’s popularity can be attributed to its user-friendly and customizable interface, which allows users to easily navigate and access trading tools. This platform offers a sleek and intuitive design that is easy to understand for traders of all levels. Its highly customizable charts and indicators allow traders to personalize their experience according to their specific needs. The platform also offers drag-and-drop functionality for the creation of algorithms, making it easier for traders to create their own automated trading strategies.
In addition, MT4’s user-friendly interface provides quick access to account information, trade history, and order execution without navigating through too many menus. Everything is displayed in an easy-to-read format that helps traders make more informed decisions.
Even though other platforms have come into existence with advanced features, MT4 remains popular due to its unmatched simplicity while providing excellent technical analysis tools such as custom indicators, script languages for automated trading and charting.
Traders who are looking for an advanced version of MT4 may consider using MT5 or cTrader. However, it is important to note that these platforms come with a steeper learning curve compared with MT4.
It should be acknowledged that MT4 has outdated technology and poses some security vulnerabilities, coupled with limited support from developers. Despite these limitations, it continues to remain popular among traders globally.
From trend analysis to Fibonacci levels, MT4’s charting tools have got you covered for all your trading needs.
Advanced charting tools
Advanced analysis and trading techniques are imperative for successful forex trading. MT4 offers a wide range of charting tools, indicators, and strategies required for effective trading decisions.
The table below highlights essential features of the Advanced Charting Tools available on the MT4 platform:
|Price action||Analysis of price movements using candlestick patterns.|
|Trend analysis||Identification of price trends to make informed trading calls.|
|Momentum||Understanding the momentum of price movements.|
|Support/resist||Recognition of key levels that may impact price movements.|
|Pivot points||Calculation of support and resistance levels for market entry.|
|Fibonacci levels||Application of ratios derived from the Fibonacci sequence.|
Alongside these features, MT4 offers backtesting capabilities (for demo account users) with historical data to test different strategies before live account trading. Furthermore, traders can incorporate stop-loss and take-profit options in their trades to mitigate risks.
Pro Tip: Always practice using advanced charting tools and indicators in your demo account before risking real money in your live account trades for maximum effectiveness.
Expert advisors: Because sometimes it’s easier to let the robots handle our money than trust ourselves.
Availability of expert advisors
The forex market operates non-stop, making it challenging for traders to monitor their trades constantly. To tackle this issue, trading software introduced Expert Advisors (EAs), which automate the trading process based on predetermined rules. MT4 provides a wide range of such EAs that help traders execute their strategies efficiently.
The availability of automated trading options is another reason why traders prefer MT4 over other platforms. With a vast collection of expert advisors in the market, traders can choose one as per their requirements and goals. EAs can be designed to identify trade opportunities by analyzing technical indicators and price patterns and executing trades automatically.
One unique feature of MT4’s EAs is that they can be programmed with the MQL programming language, which allows traders to develop personalized strategies without having any extensive knowledge of coding. Moreover, these EAs offer practical solutions to overcome psychological hurdles that may influence our trading decisions.
In the past few years, many brokers have stopped offering support for MT4 as it uses outdated technology compared to modern platforms like cTrader or MT5. However, due to its advanced charting tools and highly customizable interface, MT4 still attracts a lot of users that prefer manual or automated trading styles.
Trade from your bed, the beach, or the bathroom – MT4’s compatibility lets you trade on any device, any time.
Compatibility with multiple devices and operating systems
MT4’s capability to operate on multiple devices and operating systems is a significant factor behind its continued usage. Below is a table highlighting the various compatible devices and systems.
|Devices/System||List of Compatible Devices|
|Desktops/Laptops||Windows, Mac OS, Linux|
As seen in the table, MT4 can be accessed on numerous devices and operating systems. This flexibility permits traders to engage in mobile trading, which is becoming increasingly essential in today’s fast-paced environment.
One unique aspect is that MT4 gives brokers the option to offer clients their branded mobile trading application without requiring them to build it themselves.
According to Statista, the number of smartphone users worldwide in 2023 will reach roughly 7.33 billion (Source: Statista). With this many smartphone users, it only makes sense for traders to have access to trading tools that work seamlessly on their devices.
MT5 might be the newer model, but MT4 still has that vintage charm that traders can’t resist, while cTrader is just the new kid on the block trying to fit in.
Comparison with other trading platforms
Photo Credits: forexbrokerreport.com by Elijah Perez
To check which trading platform is best for Forex trading, we considered MT4, MT5, and cTrader.
Two of these sub-sections will be looked at closely: MT5 and cTrader. These are the other platforms that traders use to make trades. We assessed which one worked best in terms of traders, technical analysis, algorithmic trading, expert advisors, and the Forex market.
MT5 is regarded as the successor to MT4 and has been developed to cater to the evolving needs of traders. It is a multi-asset platform that provides access to various financial markets, including forex, stocks, futures, and options.
MetaTrader 5 offers advanced technical analysis tools and allows traders to develop algorithmic trading strategies using MQL5 programming language.
The platform supports both manual and automated trading methods and has an enhanced order system for real-time execution of trades. It also includes a built-in economic calendar, news section, and analytical tools that are useful in making informed trading decisions.
One unique feature of MT5 is its hedging option, which allows traders to open multiple positions simultaneously on the same symbol with different directions. This feature can be useful when implementing complex trading strategies.
Ultimately, the decision to switch from MT4 to MT5 depends on the trader’s individual preferences and requirements. While MT4 remains popular due to its versatility with expert advisors (EAs) and user-friendly interface, it is always recommended for traders to evaluate their options based on their needs before choosing a trading software or forex broker. Don’t let fear of missing out hold you back from exploring new opportunities in forex trading. Take advantage of the features offered by MT5 and enhance your overall trading experience today!
Why settle for a regular trader when you can have a cTrader superhero by your side?
In recent years, cTrader has become a popular platform for forex trading among traders. This trading platform offers advanced features to enhance the user’s experience. It comes with an intuitive interface that provides a responsive and stable environment for traders. The seamless connection to the forex market makes cTrader a reliable option for traders.
Notably, cTrader is a versatile platform that supports algorithmic trading through expert advisors. Traders can express their trading strategies in code and execute them automatically using the software. Additionally, the platform allows for technical analysis of charts that informs traders’ decisions on market trends.
The metalanguage of cTrader is unique with developer friendly APIs and methodological approaches which help them build new and innovative solutions both on web and mobile platforms as it offers compatibility over multiple devices. Moreover, its fairly rare-intuitive trader console comprises chart-based analytics, advanced order types, real-time pricing rates ensuring speedy execution.
One trader shared his success story of moving from MT4 to cTrader stating improved trading performance due to better reliability and connectivity with excellent support staff from his broker. He also appreciated ease of use feature such as efficient navigation tools within managing complex widgets facilitated by customizable window grids which are optimizable to suit preferred usage patterns.
MT4 may not be the Lamborghini of trading platforms, but at least it’s reliable – unlike the windows in its security system.
Limitations of MT4
Photo Credits: forexbrokerreport.com by Bobby Campbell
To tackle the issues with MT4, such as outdated tech, security weaknesses, and little help from developers, you need to consider the potential solutions. Outdated tech is a problem as forex trading tech has improved. Security vulnerabilities address client fund safety. And the sub-section of Limited support from developers looks into customer support difficulties.
Metatrader 4’s outdated technology is a concern among traders in the forex trading industry. The platform was developed over a decade ago, and since then, it has not seen significant updates or upgrades. Despite this fact, MT4 remains popular due to its familiarity among traders and extensive support from brokers.
This outdated technology can present challenges for traders who seek advanced features and better user experience. For example, the absence of an integrated economic calendar is noticeable in MT4. Also, as newer platforms emerge with more intuitive designs and advanced charting tools, the limitations of MT4 become more apparent.
Despite these shortcomings, the platform continues to remain relevant due to its massive user base and comprehensive third-party add-ons that enhance functionality.
Interestingly, the release of Metatrader 5 (MT5) was intended to address these concerns by providing a more modern infrastructure that enabled developers to include advanced functionalities. However, brokers are reluctant to adopt MT5 due to its initial setup costs and compatibility issues with custom indicators.
In short, while MT4’s outdated technology is a valid concern for traders looking for sophisticated trading software, it remains appealing due to its flexibility and widespread adoption. Nevertheless, the rise of newer platforms such as cTrader signals a shift away from MT4’s dominance in forex trading.
As a pioneer in forex retail trading software development with over two decades of existence, MetaQuotes has been commended for bridging the gap between institutional and retail traders despite facing stiff competition from other offerings.
MT4 may have security vulnerabilities, but in the forex trading world, risking your client’s funds is just another day at the office.
Metatrader 4 is known for being reliable and secure when it comes to forex trading. However, despite its reputation, there are some security vulnerabilities associated with the platform. These vulnerabilities can place client fund security at risk.
Attackers can exploit vulnerabilities in Metatrader 4‘s code by using malware or other forms of malicious software. One example is the use of Expert Advisors (EAs), which can execute actions on behalf of traders without their knowledge.
In addition, Metatrader 4‘s lack of support for multi-factor authentication (MFA) means that traders’ login credentials could be compromised. This can lead to unauthorized access and theft of funds.
Pro Tip: To mitigate these risks, traders should always keep their MT4 installations up to date and use strong passwords. It’s also recommended to use a reputable broker that takes client fund security seriously.
MT4’s limited support from developers is like having a dentist who doesn’t believe in teeth cleaning.
Limited support from developers
Metatrader 4 has limitations due to its outdated technology and security vulnerabilities. These limitations have resulted in limited support from developers, which is of great concern to forex traders who rely on the platform for their trading activity.
The following are some limitations of Metatrader 4:
- Developers are no longer actively adding new features or updating the software, resulting in a stagnation in innovation.
- Any issues or bugs that arise are unlikely to be fixed promptly and efficiently, which could lead to significant financial losses for traders.
- The lack of attention from developers also translates to customer support, where responses may take longer than desired or may not be helpful at all.
- The inability to keep up with market trends and changes could result in Metatrader 4 becoming obsolete eventually.
- Other trading platforms have caught up with advancements in technology and offer better features and support for traders.
- This limited support has caused some traders to switch to other platforms or seek alternative solutions such as customizing EAs or utilizing third-party plugins.
As forex trading involves significant financial risks, relying on a platform with limited support can be concerning for traders. It is essential to prioritize the safety of investments and consider alternative options that offer better features and reliable customer support.
In this scenario, it may be suitable for traders to diversify their options by incorporating another trading platform alongside Metatrader 4. Forex brokers offer platforms like cTrader or Metatrader 5 that come with improved features that cater explicitly toward trader’s needs. Additionally, seeking assistance from a programmer or developer specialized in MT4 can help create customized EAs that suit individual preferences.
Ultimately, placing faith entirely on Metatrader 4’s continued availability may not be practical. Traders must actively research alternative options and ensure they get adequate customer support before opening any trades on platforms.
FAQs about Why Do People Still Use Mt4?
Why do people still use MT4?
Even though MT5 has been released, many traders still use MT4 for many reasons:
- MT4 has a larger user base, meaning more customized indicators and expert advisors (EAs) are available on this platform.
- MT4 is more familiar to traders since it has been around for over a decade, making it easier for traders to navigate and use.
- MT4 has faster execution and requires less computer resources when compared to MT5.
- MT4’s MQL4 programming language is easier to learn and more widely used than MQL5.
- Many brokers still offer MT4, making it easier for traders who do not want to switch platforms or brokers.
- MT4 has a wider variety of charting tools and features, which is perfect for traders who rely on technical analysis.
Can I use MT4 and MT5 at the same time?
Yes, it is possible to use both platforms at the same time. However, you will need to download each platform and log in separately with different account credentials.
Can I transfer my MT4 account to MT5?
Yes, you can transfer your account to MT5 if your broker allows it. However, keep in mind that not all brokers offer this service, so it’s best to confirm with your broker before making the switch.
Can I run EAs on MT5?
Yes, you can run EAs on MT5. However, you will need to convert your MQL4 code to MQL5 code since MT5 uses a different programming language.
Is MT4 still secure to use?
Yes, MT4 is still secure to use. The platform uses 128-bit SSL encryption to protect personal and transaction data, making it a safe platform for traders.
Is MT4 free to use?
Generally, most brokers offer MT4 for free to their clients. The cost of using the platform is already included in the spread or commission that your broker charges you.