PowerFlow Forex Expert Advisor

Why Everybody Still Loves MetaTrader 4 And What Are The Alternatives?

By Alexander
In Guest Blogging
May 29th, 2012
10 Comments
1746 Views

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

mt4 vs 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

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

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.

Author:

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.

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10 Responses to “Why Everybody Still Loves MetaTrader 4 And What Are The Alternatives?”

  1. biplob says:

    Nice traders platform

  2. Our customers prefer MT4 simply because the amount of RAM it consumes compared to other platforms is much smaller.

    Also other platforms demand C++ or JAVA programmers which are very expensive, so thats another reason.

  3. Jack says:

    hello
    this nice and perfect platform.i testd this software and good.
    good luck

  4. Laurent says:

    Absolutely right. MT4 also support indices trading and among the numerous indicators available, every body can select its own favourite to set one’s strategy.
    I also tried RTFX (broker) platform. It has a few advantages (several orders windows open in the same time, news, automation…) but MT4 is far more easy and complete.

  5. Mason M says:

    A type of web based Mt 4 would be great, something that works on all platforms. I’m surprised the MT developers are behind the times with mobile computing. MT 4 is so sleek and simple, there really aren’t many other great alternatives.

  6. Seekforex says:

    It is a good and nice software. I tested it and found it useful.

  7. ac says:

    I think there’s a reason brokers prefer mt-platform. If there was a trading tool that made winning too easy, the retail forex business model could be in shambles liquidity wise and end up in a retail vs retail exchange model like futures are. My belief is the so-so platforms make retail forex business more attractive to the bigger players. I mean why would a bank or hedge fund want to be sellers to retail traders if the retail had same or better tools than them and were winning most of the time…

    Try studying some $$$$ trading platforms and it seems that rather simple to implement features are missing from MT platform because well, they might tip the balance and retails losers might actually end up break-even (and then there would be the 5% or more of winners). It’s not fun to play video games with people with special/secret tools or just plain better players and same goes here. I don’t believe the bank traders are that much better, they are just better tooled and can pay to get the news sooner/have lower latencies. Then there’s things like “last look” which can be gamed only by the sell side to have very decisive advantage. I didn’t even mention the lack of various ways to execute orders in MT platform.

    The question really is, if you are profitable with MT, would you be more profitable with something else? Given everything that’s missing from MT(4) it’s certainly likely.

    Slippage could be a very large part of costs and MT(4) doesn’t really give you everything there is available to minimize it.

  8. Packer says:

    MT4 is a much better and far much traders friendly platform than MT5, whatever they say they added to MT5 are nonsense if the execution functions are not acceptable to traders

  9. Jan Willem Sten says:

    To be honest, I don’t think MT4 has a very long life left. Metaquotes is taking away possibilities and forcing changes upon brokers and traders alike by removing things like ‘one click trading’ which brokers had implemented, blocking MyFXBook and ZuluTrade, and threatening to block all external DLL calls. The moment they do that, there will no longer be any way to protect Expert Advisors from decompilation. EA’s and all the indicators for sale are what make MT4 immensely popular. Most interestingly, MetaQuotes is soon going to be sued by a large group of investors and two major brokers for the recent changes to their software (Build 500).

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