A newbie Forex trader is sure to become overwhelmed by the complexities of online trading. However, with platforms like MetaTrader 4 at your disposal, you hardly have anything to worry about.
Online trading platforms like these are a great help to new users and veterans alike, as they offer valuable guidance to users and assist them extensively. Here is why MetaTrader 4 is a brilliant and extremely rewarding trading platform for online traders and is highly recommended by ETX Capital and other brokers:
The platform has an extremely friendly and responsive user interface that allows novice and experienced traders to perform online trading activities with ease. The interface offers a positive and comfortable space where traders can access information, perform transactions and keep an eye on market trends.
Communication is extremely important when it comes to trading online. MT4 offers advanced tools for communication that enable brokers to communicate with traders and send them messages in real time unlike the conventional method of sending long emails. Not just that, users around the globe can access the information on the platform in different languages as well.
With money at stake, online security is extremely important for traders. Forex trading deals with private and sensitive financial information of users which needs to be protected. MetaTrader4 is a very secure platform and encrypts the data between the server and the user with a 129 bit key. The IP address of the trader is concealed entirely as well.
This is a key feature of the MT4 platform. The platform offers traders an option to automate their trade using customized EA (Expert Advisors) that is most suitable for them. Novice traders can use this option while learning how to trade online. ETX Capital allows traders to use their own automated EAs on their hosted MetaTrader4 platform too.
Flexibility and Customization
The MT4 platform is quite flexible and offers ease of use for users across the globe. It supports all currency crosses and also enables users to trade various other markets futures, equities, and commodities.
Another valuable benefit of this platform is its ability to offer customization features to users. Traders can customize the platform depending on their individual trading needs. They can develop their own technical indicators as well as Expert Advisors using the platform’s MQL programming language.
In addition to having many rewards, there are some risks attached to using MT4 as well. However, most of these risks can be overcome once a trader has mastered the platform and knows how to use it to their own advantage. Some of the risks of using MT4 as an online trading platform are:
The platform is not quick enough to run several high frequency strategies and has a slow execution pace. Some patience is required to perform online trading activities on this platform.
MT4 cannot react to current news or events immediately. Any sudden changes in the market will take some time to register with the platform and may cause the trading profit to increase or decrease, depending on the situation.
Overall, MT4 is an excellent platform for online trading and ETX Capital and many other brokers online, endorse it as one of the best platforms.