Forex trading novices can feel overwhelmed by the complex processes and terminologies of the forex market. They might have questions about how much can they risk? If they need a forex broker? What are the issues they must be careful of? Which currency pairs must they trade? Of course, several decisions are more difficult than others.
Although there are various foreign exchange trading platforms, selecting the right foreign exchange broker is necessary for an easy experience. Retail and professional traders use the MetaTrader 4 platform for several beneficial reasons.
Reasons to use MT4 Platform
The Australian Forex trading market has adopted the MetaTrader 4 trading platform as a standard for hundreds of professional brokers and independent traders from around the country. It offers advanced technology and improved security, allowing forex traders to open and close positions without worrying about the reliability and stability of the trading platform. has led to the Australian dollar having a daily turnover of over 119.15 billion dollars in 2019 alone. It shows a 100% growth from its value in early 2001.
Features
The platform provides over 50 preloaded technical indicators. MT4 provides users with 9-different time frames and 3-chart times to trade on versatile assets. All these features enable traders to closely monitor the market, allowing them to enter and exit the market at the right time.
User Experience
It has a highly user-friendly interface that allows beginners and experienced brokers to trade in this volatile
market easily and comfortably. From beginners to professionals, every trader will find this forex platform easy. Mobile trading apps provide them with access to the MetaTrader platform wherever they are global, from their computer, phone, or tablet.
Charts
Additionally, the MT4 platform also offers innovative charting abilities that allow traders to trade and analyze the technicalities of the
market at the same time. They can also change the color and style of the chart, or load preset templates, reflecting their priorities. It makes the graph easier to understand and removes features that the traders are not interested in.
Expert Advisors
It is a popular feature in the MT4 functional portfolio. An Expert Advisor allows dealers to automate trading with tailor-made choices most suitable for their needs. The popularity and success of this platform are mainly due to its algorithmic trade.
Communication
MT4 platform also includes advanced tools that allow traders to communicate and post messages in real-time. Of course, this eliminates the need for lengthy, complex email threads, making the trading experience much easier.
Low Resources
Unlike numerous trading platforms, the MetaTrader 4 platform has relatively few resources. So the impact it has on the device is lesser. It makes the platform more responsive and allows traders to implement their requests at moment’s notice.
Profile
Program users can also view their profile information from the original platform interface. All the necessary details, including account balance, transaction history, login credentials, password information, and more, are safe but accessible. They can place charts and windows by the profile for easy tracking and market switching.
Safety
Those handling confidential transactions like forex trading want to know that they are not exposed to attacks and hacking of their accounts. MT4 is a secure platform that encrypts the profile and transaction data with 129-bit keys between dealers. They also hide the dealer’s IP address.
Flexibility
The MT4 platform supports all currency types. It also offers the ability to trade assets apart from currencies such as raw materials, futures, and stocks.
Adaptation
The MT4 platform supports a complete adaptation function. It includes the possibility of developing expert advisors or technical indicators with the advanced MQL programming language.
Author: Siddhi Chothani
