Since its release in 2005, MetaTrader 4 has been widely praised by traders. Thanks to this well-designed system, millions of people worldwide profit from forex, metals, bonds, and other assets. Both new and seasoned traders extensively utilize this platform due to the availability of thousands of market indicators and automatic trading tools that can be downloaded and installed. As we have discussed in the Oanda review, many reputable brokers still offer the MT4 trading platform because of its benefits.
Reasons for MT4 popularity
Demo Account
One of the significant advantages of MT4 is the simple process for creating a demo account. Not many trading platforms offer the option of a demo account. Setting a demo account is the go-to option for the majority of new MetaTrader 4 users. Using virtual funds, you may test your trading techniques and get a feel for the MetaTrader environment. All you have to do is just download and install the MT4 software on your device.
Optimized for all devices
In this fast-paced era, the traders want a program that they can operate whenever they want. Keeping this thing in mind, Full optimization has been made for MT4. Besides desktop software, there is also a mobile app and web-based platform, which don't need to be downloaded or set up. All of the most popular operating systems, like Mac, iOS, Windows, and Android, are covered by this app.
Different systems can be used at the same time. Because they all link to one cloud-based server, one can easily switch between different devices in a day without having to worry about optimization.
Access to a lot of trading tools
Another reason MT4 is so popular is its ability to analyze large amounts of data. Both basic and technical trading tools are available on MT4 platforms. System warnings and financial news are the basic trading tools. More than 30 technical indicators, 9-time frames, and 23 analytical objects such as support and resistance indicators are included to support short-term and long-term trading approaches. So dozens of free and premium add-ons may be used to add additional indications.
User-friendly interface
MT4 is capable of handling strategies of any intricacy. While it is less complicated than MT5, many users prefer it because of its simplicity. As a result, newcomers should start with the older version and upgrade to MT5 if needed. Trades can be conducted in two ways: through market orders or pending orders. In the first scenario, the trader receives the best price available. For delayed automatic execution, stop orders and pending orders are employed.
Multiple languages
MetaTrader 4 is available in more than 30 languages, and technical help is also available in many languages. You may discover in-depth advice articles on the MetaTrader website to help you address frequent issues and become more comfortable with the program. For the MQL4 language, there's even a particular support site. Unfortunately, there is no direct call or live chat support; however, your broker should be able to provide this.
Conclusion
MT4 is quite helpful. It is recommended by both local and foreign brokers in India. Beginners and experienced traders alike will benefit from this multi-purpose system.
