Why Everybody Still Loves MetaTrader 4 And What Are The Alternatives?
MetaTrader 4 is a widely used platform for Forex traders. MetaQuotes Software Corp developed this trading platform in order to help banks, brokerage companies, trading centers and financial companies all over the globe. The Forex market is full of complexities. Fortunately, MetaTrader 4 allows traders to untangle these complications to ensure their future success. There are many reasons why people still prefer using MT4 despite having other options.
Advantages of MT4 over MT5
- Forex traders consider MT4 a better platform than MT5 because of its user-friendly features. This is especially true for beginners.
- MT5 offers more advanced capabilities than MT4. This allows Forex traders to trade and conduct technical analysis all at once. The difference between them is how the charts appear on the user interface. 5th version of MT platform offers bigger icons and graphs that many traders considered to be bulky. In fact, they see this feature as more of a waste of chart space.
- The Fibonacci Retracement tool is among the traders’ favorites in MT4. Unfortunately, major changes were made in the Fib for MetaTrader 5. It actually made some users disappointed when they tried this tool in 5th version of MetaTrader. The Fib drawn in currency charts has changed so much that traders find it useless. In any case, feel free to download Fibonacci tool for PC.
- MetaTrader 4 supports hedging while 5th version does not. This is why many traders still use 4th version as it provides them with more trading freedom.
- The most surprising thing about MT5 is that it also does not support expert advisors from the previous platform version.
- MT5 memory consumption is higher. It uses about three times more RAM than its predecessor.
- Nowadays, there are actually more brokers using MT4. They find the older trading platform more convenient than the new one. MT5’s core concept lacks many things that could only be found in the previous version. Experienced traders claimed that MT4 was designed for them while MT5 is for other parties.
The Alternatives of MetaTrader platform
JForex is another platform designed for traders who are interested in both automated and manual trading. JForex claims to be a lot different than MetaTrader when it comes to operation system support. JForex can run in different operating systems, including Linux and Windows. However, JForex works best when it is used with MT4 through the T3 Integration Bridge. This allows traders to trade through any of the two platforms. This is mainly because MetaTrader 4 and JForex work in significantly different ways. They work more efficiently when they are both open during trading.
MT4 can be used as a standalone tool, but JForex works even better with it. The MT4 platform can help traders perform technical analysis in the easiest and most convenient way. It will also help them do away with potential mistakes.
Ninja Trader is another popular online trading platform available today. NT has some functions that are quite difficult to achieve with MetaTrader 4 or 5. This includes: building renko charts, a turbo-charged quote sheet, level 2 market data and etc.
However, it is a low-key platform compared to MetaTrader. Many traders considered MT4 to be more user-friendly than NT. MetaTrader gets higher recognition than Ninja Trader based on its overall performance.
Choosing the right trading platform matters a lot. The most important thing is that the platform chosen should be a perfect match for the user. 4th version of MetaTrader was designed to meet the needs of every trader. That platform continues to dominate the market because of its flexibility and its customized features.
Additionally, MetaTrader 4:
- supports all currencies
- is capable of trading commodities
- has an impressive security system
- has functions that can conceal a trader’s IP address. Therefore, there is less risk of hacking
- creates only minimum PC disruption and allows the fast platform reaction
Furthermore, there are hundreds of expert advisors, custom indicators and other useful tools available for MetaTrader 4. When only few of them for other platforms. All these advantages have been realized by many new and experienced traders. This is why they would rather stick with MetaTrader 4 trading platform.
Article by Chris Pentago from OzForex, Australia’s leading currency converter service.
P.S.: Why do you still love MetaTrader 4 platform? Share your thoughts in the comments.