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Forex Brokers Offering MetaTrader 4

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If you have ever traded forex, dabbled a little, or read about it, you would have come across the MetaTrader4 platform. Metaquotes Inc developed this platform in 2005 to replace the MetaTrader 3 platform. This platform was developed specifically for the retail end of the market. This market segment is "unsophisticated," and the participants at this level are not trained professionals, making it impossible for them to use the tools and pro-level trading platforms that institutional traders use. This created a need to develop an easy-to-use trading platform that is easy to learn and has a pleasant user interface (UI).

When it hit the market, the MetaTrader4 platform became an instant hit, and seventeen years down the road has remained the mainstay of retail forex and CFD trading worldwide. The popularity of the MT4 over the years made it impossible for the MT5 to take off entirely as a replacement. Due to this, the MT4 has been left to function along with the MT5 platform. The result is that the number of forex brokers offering the MetaTrader4 platform continues to grow.

Who is a Forex Broker Offering the MetaTrader4 Platform?

A forex broker offering the MetaTrader 4 platform is a market maker. They operate dealing desks that provide pricing for their clients and allow them to trade several FX and CFD assets with the MT4 platform. Executing these orders is the function of the in-house dealing desk, not the interbank market. Without this feature, there would be no individual forex traders today as this feature is what enables the placement of small-level orders in the market.

What are the Advantages of Forex Brokers Offering the MetaTrader4 Platform?

There are some advantages in trading FX with an MT4 broker. The forex brokers offering the MetaTrader 4 are responsible for the liquidity that gives retail traders access to the FX market. The pricing of FX products comes from the interbank market (wholesale), and transactions are done in billions of currency units. Retail traders must go through the MT4 brokers to gain access to this market. The forex brokers offering the MetaTrader 4 platform bridge the liquidity gap by acquiring contracts at the interbank market and offering these to retail traders in smaller sizes (retail).

This model offers traders lower transaction costs as spreads are fixed, and there are no commissions. The brokers also offer the MT4, a simplified platform that makes it easy to trade the FX market and create custom indicators, scripts, and expert advisors.

The MetaTrader 4 Platform: What is so Special About It?

What features make the MT4 a sought-after platform in the market?

A) Slower Speeds But Speedier Options

The MetaTrader 4 platform is a 32-bit, mono-threaded platform. Despite being slower than the MT5 platform due to its mono-threaded and single-server architecture, it can be used on systems with no programs that compete with memory and server space, such as a hand-held device.

Using a forex virtual private server compensates for the slower speed of the platform relative to the MT5.

B) Download From the Broker's Interface

You can access the MetaTrader 4 platform from the interface of the forex broker offering the MetaTrader 4 platform. This ensures that you can get the genuine and latest version of the MT4 and create both a demo and live account in one place without filling the account opening forms multiple times.

C) Trading Interface and Tools

The Terminal Window features several tabs that you can use to perform multiple functions. The navigator bar shows the line, channel, Fibonacci, Gann, and Elliot tools. You can check your account history and exposure levels and access to articles within the MQL community that show the trader several opportunities to maximize the MT4 platform.

D) Expanded Asset Base

The forex brokers offering the MT4 listed below now offer an expanded asset base that features several crypto assets. These can be accessed by clicking the Ctrl + U buttons or the View->Symbols dropdown menu. The assets have also been classified according to the asset class subtypes to make it easier to look for assets to add to the trading list. For instance, rather than just have a "forex" asset class, you have the "majors" (EUR/USD, GBP/USD, etc.), the "minors" (EUR/AUD, GBP/CAD, etc.), and the "exotics" (USD/NOK, EUR/SEK, USD/ZAR, etc).

E) Whole Order filling

The forex brokers offering MetaTrader4 offer whole order filling, allowing you to take partial profits. Partial order filling is not available on the MT4. Most traders who use this platform do not trade huge volumes that require partial and staggered order fills. Their orders are small and cannot change prices significantly. So when an order is placed, it is executed all at once.

What happens if a trader wants to bank partial profits? It is possible to bank partial profits when the trade is still active. When the “Close Order” function is deployed, the trader can reduce the lot size to the preferred volume that reflects the profit percentage to be banked, before clicking the execution button.

Features You Can Use on Forex Brokers for MetaTrader 4

There has been a widespread debate about the differences between MetaTrader 4 and MetaTrader 5. There has been an increase in MT5 usage in the last few years owing to Metaquotes Inc deciding to reduce support for the MT4. The differences between the MT4 and MT5 border on the following:

  1. Markets available for trading
  2. Tools for market analysis
  3. Algorithmic trading

In presenting these differences, you will see what features you can get when using forex brokers offering MetaTrader 4.

1) Markets Available

The MetaTrader 4 platform has a robust forex product offering but has fewer markets for other CFDs such as stocks and indices. Besides, if you are trading from the UK, Europe and Australia, you will find the leverage conditions of the CFD products very restrictive. So forex brokers offering the MetaTrader 4 platform will provide an acceptable range of FX pairs to trade. Since most forex traders will focus on the FX pairs and not other CFDs, the forex brokers offering MetaTrader 4 will suit their needs just fine.

2) Tools of Market Analysis

Regarding the tools of market analysis, here is what the forex brokers offering MetaTrader 4 will give you.

  • You will get only nine-time frames with the MT4. These are the M1, M5, M15, M30, H1, H4, D1, W1 and MN. Most retail traders have been used to this over the years, even if they were trading on demo. The additional time frames on the MT5 may not matter to these traders.
  • The MT4 offers 30 built-in indicators and 24 analytical objects. The MQL market provides additional access to over 3,000 customized indicators, of which about 800 are commercially available for purchase.
  • The MT4 provides a limit of 128 charts.

There is no economic calendar in the MT4 and no depth-of-market tool.

3) Algorithmic Trading

The forex brokers offering the MetaTrader 4 allow traders to use indicators and expert advisors built on the MQL4. This programming language is known for its simplicity and ease of use, making it suitable for beginners.

The MQL4 and MQL5 are not compatible in terms of programming languages. If you have access to indicators or EAs programmed with the MQL4, then you should select the forex brokers offering MetaTrader 4 to continue to use them.

Conclusion

The forex brokers offering the MetaTrader4 give you the potential to maximize the retail trading experience with a platform that has been tried and tested for more than two decades. Several forex brokers offering MetaTrader 4 are in the list below. Feel free to make your choice as you step up your trading experience.