Why do so many of active retail traders prefer the Metatrader platform? Because in addition to its versatility and ease of use, it offers all sorts of advantages like multiple language use, security, customization, automated trading, speed, and the ability to trade a wide variety of assets. For anyone interested in an online platform and wanting to know more before diving into using this as their main tool, it’s important to know what it is, what the variations are, and what its main benefits are.
What is Metatrader?
The primary and most widely used Forex platform for traders is called Metatrader. Users simply download the program’s software onto their preferred device, PC or phone for example, and then access it whenever they wish to place an order or check on the status of their positions. The main thing people use it for is to sell or purchase currencies in the Forex markets. Not only is it the most used program of its kind, but it offers all its key components in a single, easy to use interface. Not only are there powerful analytics but a whole host of tools that let any user employ highly effective strategies and approaches to the Forex market.
Most traders wonder about which version of the platform they should use, given the fact that there are choices. Regardless of the pros and cons of MT4 vs MT5, there’s no question that the former is by far the preferred option for users. The side by side comparison includes dozens of technical factors, but the key point for trading enthusiasts is that MT4 is primarily functional for CFD and Forex activity while its counterpart, MT5, is more geared toward futures, commodities, and equities markets.
Additionally, MT5 users have the ability to test strategies in a multiple currency environment and to do netting. The speed of MT5 is also a bit faster, does position aggregation, and is set up as a USA-friendly tool because of its FIFO (first in first out) accounting compliance. So, for US-based and non-Forex trading, MT5 is probably more suitable, but its counterpart is more Forex oriented. They use different programming languages as well, either MQL4 or MQL5, based on the numerical version, 4 or 5.
Advantages and Benefits of the Platform
In addition to the numerous benefits listed below, Metatrader 4 has gained hordes of worldwide fans and loyal followers due to the fact that is offers robust cross-availability on operating systems and devices. In short, that means you can download the software and use it on your Android or iOS mobile device, as well as on your desktop MAC or Windows computer. In fact, Metatrader 4 for MAC is currently one of the trending uses among new and experienced traders. What are the other pertinent advantages to this versatile, adaptable trading tool? Here are some of the one’s reviewers mention most often in online chat rooms, on product review sites, and elsewhere:
- Order placement: You can easily and quickly place any of the four kinds of pending orders as well as standard market orders. For Forex enthusiasts, this feature is one of the key advantages.
- It’s fast: Because the program uses so few resources on your device, order execution and analysis functions move very quickly. Plus, there’s no problems with interruption of your device’s general operation or function.
- Excellent communication: It’s easy to receive and send messages to your broker via the system, which can come in very handy during busy and volatile market days.
- Top notch charting: Foreign exchange traders need a versatile, adaptable, an easy to use charting function, and they get it with Metatrader. In fact, currency pair analysis is nearly impossible without an outstanding charting capability, so this benefit is probably at or near the top of the list for many who use the program.
- Ability to do automated trading: For anyone who wants to set their activity on auto-pilot and use EAs (expert advisors), it’s simple enough to attach your preferred EAs to the platform and allow it to monitor your activity and even place trades for you.
- You can speak any language: You need not speak English, Spanish, or French to use the program because it operates on all major languages as well as many less-frequently spoken tongues.
- There’s total customization: There’s an endless number of ways to customize the look and functionality of the platform. For example, you can enable one-click order execution and alter the entire look of the main screen based on personal preferences.