The simplicity of the MT4 platform makes it easy to use for traders of
all levels of experience. This ensures that traders do not waste time looking around or
navigating. They can carry out their trades quickly, without losing opportunities or
The platform shows symbols and rates on the left side, while the
charts are displayed on the right, along with the other indicators. Other features are
clearly displayed at the top, allowing quick navigation and fast trading. The menu
provides users an option to choose instant execution, if they want to place a trade
immediately, or to set a pending order, if they want to choose the level later.
Traders also have the option to leave
specific comments about a particular trade they are undertaking.
MT4’s standard toolbar contains shortcuts to switch on or off the
main features of the platform and data windows. This toolbar, which duplicates the View
menu commands, is fully customisable and located in the top left corner of the
platform’s default screen. Users can change the order of the icons and even drag and
drop the entire toolbar to change its position. This standard toolbar allows users to
add new charts, create profiles and even open the terminal’s main screen. Once a trader
gains familiarity with the location of the toolbar and other functions, trading becomes
easy and quick.
The inclusion of hundreds of in-built technical indicators and
charting tools helps traders to conduct extensive technical analysis. Some widely used
tools include Moving Average Convergence Divergence or MACD, On-Balance Volume or OBV
and Fibonacci Retracements. The MT4 platform allows traders to view several charts at
the same time, besides displaying a currency pair in different timeframes, varying from
one minute to monthly intervals. Traders can also build their own charts or source
additional ones from the MQL4 community. The availability of so many tools allows a
trader to carry out in-depth analysis of price activities and customise the indicators
to suit their own requirements. This further allows forecasting of price movements,
identification of support and resistance levels, defining entry and exit points and
setting stop loss or take profit levels.
Designed to support thousands of trades on a daily basis, MT4
is a highly reliable platform. It works well even with low power devices and internet
connections that are slow. The platform has very little or no downtime, thus ensuring
that a trader does not lose any money due to their inability to place a trade. Trade
execution takes place at a fast pace, allowing traders to trade with minimal negative
Option of Virtual
Traders using MT4 have an option to lease a virtual private
server for a small monthly fee or get one from their broker. By registering for a forex VPS with your
broker, you can ensure a smooth trading experience. The VPS allows a
trader to run the platform remotely, which makes automated trading quick and reliable.
One of the first apps to introduce copy trading, MT4 enables users
to automatically copy the trades of others on the platform. This means that a user can
subscribe to specific signals and instruct the terminal to copy the relevant
transactions. The advanced trading system allows users to copy trades from one MT4
platform to another, even across different VPS servers. This means that a user can copy
trades from one or multiple master accounts at once, to an unlimited number of slave MT4
accounts on different computers located in different countries. Since the Local Trade
Copier feature does not use an internet connection to transfer trades between two MT4
platforms, it works fast and there is no risk of loss or leakage of information.
MT4 is a highly secure terminal that can prevent cyberattacks, such
as denial of service or DoS attacks, besides allowing brokers to communicate important
information to their clients via a mailbox section. This saves a lot of time and makes
trading more efficient. The data exchange between the client terminal and the server is
encrypted through a 129-bit key, with the platform also supporting RSA digital
signatures. Trader IPs are also secure and allow them to perform monetary transactions
MT4 can be operated on Windows PCs, Android machines,
iPhone and iOS devices and even via web browsers. You just need to log in to your
account and access the platform from any device. This allows traders to continue trading
without compromising on their other tasks. So, traders can download MT4 on any device of
their choice and operate it from anywhere and at any time. The mobile version of MT4
comes with all the functionalities available in the desktop version, which includes
interactive chats, technical analysis tools and a full set of orders. You can even track
the history of your trades or buy and sell instruments with a single click. An
additional feature of the mobile version is the push notifications.
The online WebTrader, offered by several MT compatible brokers,
can be loaded within a compatible web browser, for trading on your live or demo account.
However, this option comes with several limitations related to the availability of a
number of indicators, besides the absence of automated trading. However, you can use
this option to check your account and trades, even if your computer is not available.
Customise and Create
Your Own EAs
The MQL4 IDE or Integrated Development Environment allows
traders to create their own technical indicators and expert advisors. Traders also have
the option of back testing their strategy on the system’s strategy tester. MT4 also
allows traders to develop algo, or automated trading, programmes and to test and
The MT4 platforms comes with an in-built as well as a
web-based marketplace for expert advisors, indicators and signals. The EAs and trading
signals available on the marketplace can be rented or bought via a wide range of payment
options. The flexibility of renting for a short period or buying outright is highly
beneficial for traders.
The numerous advantages offered by MT4
make it one of the most preferred options for traders.