MetaTrader 4 (MT4)
Investing in the financial markets requires a lot of effort from investors and traders. They have to analyse, research and predict the market fluctuations before going live. A MetaTrader4 trader with good market knowledge and understanding of technical advancement can achieve the goals set.
If a trader knows how to use and when to use the trading platform and its tools, then they can be successful traders in the market. One of the known and most used trading platforms is MetaTrader4. It is the trading platform that was specifically designed for the forex market, but due to its user-friendly interface, it is used by all other financial markets.
MetaTrader4 is a software that was developed by MetaQuotes company in 2005 for the forex market and futures trading. The trading platform helps traders with analysing the financial markets, advanced trading operations, Expert advisors, and many other services.
In addition, the platform also supports three trade execution modes, including instant execution. Investors can have two markets, four pending and two stop orders. There are quick trading functions in it that enable the traders to send orders directly from the charts with just a click.
There are analytical tools that could be used to get details of the markets. A trader can have access to 30 in built indicators, 9 time frames, 24 graphic objects and helps traders get the most comprehensive analysis of price dynamics. Moreover, there is security and convenience with the MetaTrader4 trading platform.
The trading platform is customisable, user-friendly, dynamic, analyses markets, execute orders, has 9 timeframes, 30 in built indicators, charts, and patterns, and most of all, predicts the market with accessibility over different devices simultaneously. However, traders should not completely rely on this software and keep cross checking.
How to use MetaTrader4?
MetaTrader4 is the best trading platform provided by brokers, but how do we use the trading platform? With this paragraph, we’ll understand the process of using MetaTrader4 in the steps given below:
Open a trading account
The first step to having access to MetaTrader4 is opening a trading account with an online broker. For this, traders have to register by providing information like name, email id, contact number with country code, and set a password to protect the account.
The next step that traders need to perform is giving personal information asked by brokers, which could be related to work or trade experience. Then they upload their documents online for verification. Once verified, traders can select the account type they will trade with.
At last, traders deposit funds in their accounts and start the trade.
Traders download the software from the broker’s website as per their device and install it. After downloading it, traders can open their trade position in the market. This could be directly done with MT4 in the tools section, where traders can go and select the new order option and place their order.
Once downloaded and placed the order, traders then monitor their investment through the application that could be used on mobiles and through the web browser. Traders check the investments regularly for opportunities and close positions if they see a loss. Traders can even use the stop-loss and take profit orders to manage their investments.
Traders have the option to customise the software as per their requirement and can change the chart, indicators, and other features that they feel are not required. It makes the trade more focused and helps predict the market movements accurately.
History and Trade Reports
The significant benefit of MetaTrader4 is its history feature that helps traders check their investments and the action taken during particular situations. Moreover, traders can download the trade reports for deep analysis.
Best MT4 Forex Brokers
There are several online forex brokers present in the financial markets to assist the traders. To select one is difficult; however, traders can keep a few points in mind, first is the regulation and the authority of the broker, and secondly, its services in the market. These two make a broker trustworthy and perfect for trading.
Here we have discussed the best forex brokers of the financial market for readers reference:
PrimeFin is a forex broker with a set objective of providing the traders with high speed trade execution. This will help the traders understand the market fluctuations and trade accordingly. The broker is regulated by the Labuan Financial Services Authority (LFSA) with license number MB/20/0052.
Working under the name of Caps Solution Ltd., PrimeFin is the best forex broker with MetaTrader4 as the trading platform. In addition, the broker has WebTrader and Mobile apps as the trading platforms to support the trade and earn profits. Traders with the regulation and popular trading platform make the forex broker popular with high trade volume and clients in the market.
Here we have the pros and cons of PrimeFin:
- Segregated funds
- High leverage
- Commission free trading
- Data encryption
- No MetaTrader5
ABInvesting began its services in the financial market in 2021 and, within a short span, became the leading broker. The forex broker operates under the name of Hub Investments Pvt. Ltd and is based in Mauritius. Regulated by the Financial Conduct Authority (FCA), ABInvesting has all the basic and advanced necessities of the traders.
A trader can enjoy several facilities with the broker, such as 350 plus tradable assets, trading platforms, leverage, zero commission, and easy deposit and withdrawal. In addition, there are CFDs options, three types of accounts to trade with different facilities as per the client’s need.
Here are the pros and cons of ABInvesting:
- Commission free trading
- Segregated accounts
- Range of assets
- No MetaTrader5
- No US clients
FPMarkets is a forex broker that helps traders make opportunities to trade. The broker is a top forex provider based in Australia and works with a vision to create a superior forex trading destination to help traders access global markets. The forex broker is regulated by the Australian Securities and Investment Commission (ASIC), having license number 286354.
A trader of FPMarkets can have advantages of the following:
- Tight raw spreads from 0.0 pips
- High leverage upto 1:500
- MT4, MT5, Iress, and WebTrader trading platforms
- Fast trade execution
- Segregated client funds
- High stock CFD fees
- Limited product portfolio
Trading with the best brokers and trading platforms increases the chances of success. A trader can choose the above given forex brokers with the MetaTrader4 and other trading platforms to enhance their trade. Thus, traders can predict the market movements, analyse them, use various technical and fundamental tools, have a trade history and get the trade reports with the MetaTrader4.
All the given online forex brokers provide an MT4 trading platform for helping traders or clients. However, traders should never forget that these are machines and could go wrong. Therefore, they should keep monitoring in between and use their brains as well for forex trading.