MetaQuotes, a Russian software development company, created MetaTrader 4 (MT4) for the internet retail market in 2000. They weren’t sure they had a winner in their hands just yet, especially on the market. emerging foreign exchange retail market. Despite the fact that its partner company launched MT5 in 2010, MT4 quickly became the industry standard, recognized by both brokers and traders. It has yet to loosen its monopoly hold on forex trading platforms.
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There are a number of reasons for the market’s aversion to moving away from this popular product line, the most important of which are its features, third-party support, and the user-friendly qualities that are ingrained in its global customer base. MT5 has improved functionality, access to liquidity, hedging capabilities and more, but many analysts argue that the new MT5 platform is designed to meet the needs of brokers rather than traders. Because MT5 is not backwards compatible, MT4 plugins and EAs will not work in the updated environment, which is a major drawback.
It has been interesting to see the reaction of the market. According to the most recent estimates, there are over 700 separate forex trading platforms available. Many are either updated versions of the MT4 package or tailor-made versions aimed at the more experienced. traders. Despite the fact that MT4 is a closed system without open source code, a number of third parties have created add-ons using the MQL4 software coding language to extend or improve the base MT4 package.
You would think that as a ‘top dog’ MT4 would suffer when competitors offered much better solutions, but forex traders who avoid overly complex platforms that feature cluttered screenshots with way too much information have adopted simplicity and intuitive interfaces. A trader does not need anything that distracts his attention from his main objective, which is to react to market conditions. Information the overload causes decision making paralysis when there are too many features. There is no doubt that MT4 has a few flaws that traders have been willing to ignore, but what are its main selling points? This article will suggest five reasons why MT4 is still in demand.
Scope of industry
One of the main advantages of the software is that it is widely implemented on many different platforms due to its accessibility. Some companies have stopped selling the MT4 package to new ones forex brokers about a year ago, which forced the question.
“Most of the company’s previous and existing customers were able to obtain the software for their new brands. If we stopped supporting it altogether, there would be a search for a Chinese copy to replace it quickly,” Jun Dambara from Milton Markets said ValueWalk in an interview about their new product, Milton prime.
Some brokers, such as Saxo Bank, have ditched MT4 in favor of their own private series SexoTradeGo and SexoTraderPro. However, it is a tactic that may have worked for them but not for their competition.
MT4 also gets a big boost in this case too. It offers a basic user interface that allows you to start trading immediately. Also, if your broker is bought or you change brokers, you won’t have to learn a new system from scratch as long as you have access to MT4. For those traders who need more sophistication, there is an active external market with plugins, additional indicators, and expert advisors that could help them.
MT4 graphics capabilities are considerable, although they have been criticized for their lack of completeness. We live in an age where programmers create updates to accomplish all kinds of things that are beautiful but not essential. The last thing a trader wants or needs on their screen is clutter or a multitude of icons that need to be toggled to see what cool new features have been added. There are nine timelines available and a variety of indicators and add-ons, but the overall concept should be kept simple.
Ability to customize
If one has to choose only one thing that makes MT4 valuable, it is its unparalleled customization. The trader can bring up almost any style of screen, indicator or other object and act as they wish. Although it lacks some of the more advanced features found on proprietary platforms, there is a large community of programmers who have created plug-in solutions to meet all your requirements. There are over 1,700 trading robots and 2,100 technical indicators.
Some of you may ask about features like notifications, signaling services, and expert advisors. Now we come to the part that makes the switch to MT5 so painful. Many automated solutions for MT4 have been created. None of the features mentioned above will work easily on MT5 or any other platform. MetaQuotes monitors signal service providers for one month and publishes continuous results to eliminate the likelihood of fraud, which is common in the external market.
It should be noted that MT4 has clearly stood the test of time and has a dedicated following around the world, which is why it remains the industry standard in forex retail.