Why do most traders use MT4? (2024)

Why do most traders use MT4?

MT4 can help traders of all levels execute even complex trading strategies with a combination of 2 market orders, 4 pending orders, 2 stop orders, and a trailing stop. The platform also supports three execution modes (instant, request, and market), boosting flexibility.

Why do traders prefer MT4?

The simplicity of the MT4 platform makes it easy to use for traders of all levels of experience. This ensures that traders do not waste time looking around or navigating. They can carry out their trades quickly, without losing opportunities or wasting time.

Why does everyone use MT4?

MT4 is popular for two reasons. The first is that it's highly customisable to your individual trading needs and preferences. The second is that it can automate your trading by implementing algorithms that open and close positions according to pre-set parameters.

Why do people use MT4 instead of MT5?

MT4 vs MT5 Takeaways

MT4 is much easier for newer Forex traders. However, it only supports forex assets and CFDs and has fewer features than MT5. MT5 offers a greater volume of technical indicators, timeframes and graphics, along with improvements such as an economic calendar.

Why do people still use MetaTrader 4?

One of the ultimate reasons many still use MetaTrader 4 is its simplicity. This feature is highly enticing to beginners and new traders still trying to understand the forex market. As we know, trading can be an overwhelming activity.

What is the disadvantage of MT4?

Cons of MT4:

Limited Asset Coverage: MT4 is primarily designed for Forex trading and doesn't provide the same level of access to other asset classes like stocks and commodities, unlike its successor, MetaTrader 5 (MT5). Traders looking to diversify their portfolios might find this limiting.

Is it better to trade on TradingView or MT4?

If you are a forex or CFD trader who wants a powerful platform with a wide range of features and customization options, then MT4 is a good choice. If you are a trader who wants a platform that is easy to use and has a wide range of markets and instruments available, then TradingView is a good choice.

Why is MT4 banned in US?

In September 2022, a ban on the MT4 and MT5 apps in Apple's App Store, which affected all markets, made headlines. Though the reasons for the decision were unclear, there was speculation that it was related to trading scams published in the iOS app store, impersonating popular trading platforms.

Why is MT4 banned?

MT4 and MT5 have also been banned from Indian Google Play. The reason for the issue is not yet known. However, there is speculation that it has something to do with the recent actions by India's financial regulator to warn and crack down on unregulated brokers.

Does the funded trader use MT4?

What Trading platform does Funded Trader use? Funded Trader uses the Metatrader 4/5 platform, which is the most common choice for Traders and Brokers worldwide.

Will MT4 be phased out?

Will MT4 be phased out? Although MetaQuotes discontinued support for MT4 client terminal versions below 1065 in 2017 and stopped issuing MT4 licenses to new clients in 2018, the MT4 platform is still available for download via the MetaQuotes Software site (here is the link to the MT4 download landing page).

Should a beginner use MT4 or MT5?

In short, if you are new to trading, MT4 is the right choice. The basic functions in MT4 are more than enough for trading. If you already have trading experience, try MT5 as it has more features.

Can I use MT4 without a broker?

Do I need a broker for using MT4? You need a broker to facilitate your trades using MT4. Traders need to open a live account with a broker as you cannot place trades using MT4 without one.

Are MT4 and MT5 banned in the USA?

The two MetaTrader apps were banned on Apple's App Store in 2022 for their alleged use by fraudsters targeting the US citizens and residents. However, both apps were restored after a few months.

Can US traders use MT4?

MT4 has been the standard for FX, both with U.S. regulated brokers and offshore brokers. MT5 is more often used for U.S. Futures Trading. MT5 unlike 4 comes in two versions: Netting and Hedging.

Why was MetaTrader removed?

There could be several reasons behind this, ranging from technical issues to policy updates. However, it's important to note that the removal of MetaTrader from the Play Store doesn't reflect negatively on the platform itself. It remains a reliable tool for traders worldwide.

Can a broker manipulate MT4?

Yes, it is. Unfortunately, some platforms do manipulate the market. However, it does not mean you should lose hope right at once.

Where is MT4 banned?

In 2023, India's central bank, the Reserve Bank of India, blacklisted many forex firms, including prominent and regulated brokers such as Just Markets, Blackbull and Admiral Markets, and others. This is not the first incident. These platforms are banned in India. In September 2022, India banned MT4 and MT5.

Can MetaTrader 4 be trusted?

Customizability and security, simplicity of use, graphical capabilities, and high performance are all aspects of MetaTrader 4. Many traders wonder if MetaTrader 4 is trustworthy and lawful. Yes, the MT4 WebTrader trading platform is legitimate.

Do professional traders use TradingView?

Professional traders visit forums like TradingView. They use these online spaces to talk about trading strategies, share ideas, and learn from others. On these platforms, traders of all levels, including experts, come together to chat and learn.

What is the best MT4 indicator for trading?

What are the most accurate MT4 indicators? The Moving Average (MA), Relative Strength Index (RSI), Bollinger Bands and Moving Average Convergence Divergence (MACD) are among the most accurate MT4 trading indicators.

Is MT4 a Russian company?

App versions of the popular PC electronic trading platforms are provided by MetaQuotes Software Corp., a Russian software company that also has registration offshore in Limassol, Cyprus.

Why did Apple remove MetaTrader 4?

The company simply stated that these MetaQuotes instruments didn't comply with the App Store's review guidelines. Though, there hasn't been any formal explanation from the company. The MetaTrader ban has surprised traders, especially considering how convenient these platforms are for online Forex trading.

Is MT4 Russian?

MetaTrader 4 (MT4) is a popular downloadable online trading platform created by the Russian software firm MetaQuotes Software Corp. Released in 2005; the MT4 trading software became immensely popular with retail forex traders.

Did Apple ban MT4?

The MT4 platform was the most popular forex and CFD trading platform in existence, but was recently superseded by the birth of its more recent relative MT5. Much of the digital trading world was thrown into the dark when in late September, Apple made the decision to ban the download of MT4 and MT5 from the App Store.