Metatrader 4 Overview: A Dive into Its Functionality
32.4% of Forex firms, according to data, use MetaTrader 4 as their trading platform. Why is this solution so popular? MT4 integration is often regarded as the most functional and successful trading system available. This is why brokers should choose platforms that would appeal to the broadest possible audience. On the other hand, brokers profit from a variety of advantages. So let’s have a look at the capabilities of MetaTrader 4.
The Platform Interface and Key Features
MetaTrader 4 was the first trading platform built from the bottom up when it joined the Forex market in 2005. As a result, the platform entails a robust trading system adaptable to various tactics and skill levels. Having said that, MT4 is equally useful for novice and experienced traders.
The platform’s UI is very simple, with the following features:
- “File” allows users to manage their profiles by combining setting instructions.
- “View” traders may manage windows, toolbars, and programming languages through this feature
- “Insert” brings up a palette of indicators, lines, and other tools for applying to a chart.
- “Charts” includes instructions for configuring and controlling charts and indicators.
- “Service” allows customers to place new orders and manage platform settings, among other things.
- “Window” is used to manage the chart’s windows.
- “Reference” includes additional instructions and a section dedicated to technical analysis.
MT4 is a collection of interactive charts, nine timeframes, 23 analytical tools, and 30 technical indicators designed to help traders maximize their profits.
Types of Orders Supported by Metatrader 4
Market orders (buy/sell) and pending orders (buy/sell stop, buy/sell limit) are supported on the MT4 trading platform.
Market orders enable users to purchase or sell assets at current market prices, while pending orders would allow traders to buy or sell assets at the specified price in the future. Order execution on the platform is available in two modes: immediate and market.
Additionally, customers may manage their trading process by using stop loss, take profit, and trailing stop choices.
MetaTrader 4 offers a variety of order types, but brokers may choose which to recommend to their customers.
New Horizons for Brokers
While the benefits to traders are apparent, what about brokers? Can broker firms benefit from the MT4 Forex solution?
- Integration with the customer relationship management (CRM) system. Manage traders’ data to ensure that you are making the most advantageous offers to your customers.
- Connect various plugins to the platform to enhance its capabilities for collecting reports, incorporating new payment methods, for instance, crypto payments, and so forth.
- Distribute quotations and financial news from Reuters, Bloomberg, and other sources to keep your traders informed.
When it comes to financing, brokers must constantly look for the most cost-effective option. Although the license for MT4 is over $100,000, B2Broker, a market leader renowned for its unique variety of technological solutions, provides the best Forex White Label solutions. This is how a broker business may significantly decrease its costs.