Is MT4 still best FX platform?

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MetaTrader 4 is a platform that has been specially designed for currency trading. It is supported by more than 90% of online trading brokers on the market. Notwithstanding the fact that you might be a seasoned veteran in trading Forex, we would like to remind you those great features that have impressed investors worldwide.

Main reasons for MT4 popularity

The technical aspects represented by MetaQuotes brainchild are definitely worth attention. You are able to access multiple charts simultaneously, try one click trading, use the library of 90 integrated indicators, make the best use of automated trading by implementing Expert Advisors (EAs). Thanks to the MQL4 programming language every user with sufficient programming experience can create EAs.

Furthermore, traders prefer MT4 because of the convenience of trading it provides. Platform developers ensure full server stability of the platform connecting thousands of traders around the world. Additionally, MT4 is equipped with top-notch protection technologies.

MetaTrader 4 owes its dominance in the market of trading software partially due with the customizability. Right from the desktop, you can adjust the general look of the platform in accordance to your preferences. For instance, you may change the appearance of charts, install and enable any custom indicators and much more.

Alternatives for MetaTrader 4

MT4 once used to be a revolutionary platform, though its most glorious days are in the past. Today, the top position of MetaTrader 4 is seriously contested by a few new platforms. Despite all previously mentioned features of MT4, these alternatives show different and even better ways of trading Forex. Let’s have a short outlook on them.

If you decide upon switching to other trading platforms, we will undoubtedly recommend you cTrader. This software is now promoted by many brokerages, especially the ones that have been known for their ECNs, such as FxPro and Liquid Markets currently employ this trading platform. cTrader is easy to use and it seems more convenient for newbies to start with cTrader in comparison to the complexity of MetaTrader 4. Nevertheless, currently, most of the brokers are using cTrader as a supplementary platform next to its MT4 offering. Still, there are some cTrader only brokers, just like Kawase, that appeared within the last year.

Now we would like to draw your attention to one attractive trading platform called Sirix. It is one of the most simple Forex platforms currently available. It is web-based and fully compatible with all popular browsers. You do not have to download any kind of software to access the platform. Just like MT4, both Sirix and cTrader offer trading experience through mobile platforms. As cTrader, Sirix is typically offered by the brokers that also supply MT4 to its clients. Nevertheless, these brokers try to target all of the beginner traders with Sirix trading.

Conclusion

In our opinion, MT4 is no longer a must-have choice of the trading software as it used to be some years ago. There are better options to choose right now and will definitely be more in the nearest future. Nevertheless, we cannot deny that MetaTrader 4 will remain the most popular trading software for some years to come. However, the competition is here.

Post by Konstantin Rabin of Best Social Trading

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About Author

Konstantin has been in the FX Industry since 2008. Until early 2015 he was working in marketing for one of the leading brokers and after that, moved into developing his own site dedicated to promotions in the retail FX sector - http://forexbonuslab.com. Currently Konstantin focuses on writing the reviews about traders' education, platforms and brokers.

  • Kirk Hilles

    Perhaps I’m the exception, but to me MetaTrader is a solely API and I use it as such for systematic trading which I believe is the ONLY way to make money long term (and you DO either make money long term or you lose and eventually give up). I couldn’t care less about “features” or how pretty it is or whatever and I doubt there are many SERIOUS traders that make trades on their phone or worry about how slick and pretty it is. I used to use individual Broker APIs but as they got discontinued, it was a huge mess to move onto others and I think the MetaTrader platform will continue onward. My hope is that version 5 (and beyond) allows all of the access to things like File Reading/Writing and MySQL includes (both CRITICAL to me) and focuses on systematic trading for the long haul. Otherwise, you can use just about ANY broker’s web apps or mobile apps to buy and sell manually if that’s what you need to do.

  • Kyrian Paul

    Wrote a piece on Top Forex trading platforms http://www.nigerianinfopedia.com/best-forex-trading-platform-top-10/, I don’t know whether my list is correct. Could you please help me out to know which one i should remove or even add. Thanks

  • Dotun Betiku

    Have you heard about xstation? My broker uses this and I am newbie. Though there is the option of MT4 but the leverage on the platforms are different…Xstation from Xhub