What is metatrader?
MetaTrader is an independent trading platform designed for forex trading (online currency trading), futures trading and other forms of CFD trading. Especially for more experienced traders it is a great platform, because it offers many possibilities for market analysis and technical analysis.
MetaTrader is popular with many (experienced) traders. It was developed in 2002 by the Russian company MetaQuotes. What’s special about this trading platform is that it has its own programming language, allowing it to support automated trading bots. These trading bots are also called expert advisors or forex bots.
There are several MT4 indicators available which can quickly provide insight into price movements. Some of them also provide automatic trading signals when a particular situation or pattern develops.
You can even program your own trading system and run it on Metatrader (also known as MT, MT4, or MT5, the current version of MetaTrader).
MetaTrader works independently of forex brokers, but the forex broker where you are trading has to support it. The best forex broker that supports MetaTrader is Markets.com (broker review Markets.com)
There are three MetaTrader Platforms
MetaTrader Client Terminal
This is the most popular MetaTrader platform which is also free. Install it on your PC and you can analyze the markets.
To be able to trade with it as well you need to open an account with a forex broker that supports MetaTrader. One of the best brokers for Metatrader is Markets.com
MetaTrader Mobile Terminal
This trading platform is not free, though it’s very convenient because it allows you to trade from your mobile phone. MetaTrader 4 Mobile Terminal costs $ 45.
With this platform you can trade simultaneously on multiple accounts. This is useful for money managers and traders who have managed accounts for clients. However, this platform does not support automated trading through expert advisors and forex bots.
What can you do with MetaTrader
The popularity of this trading platform among traders and brokers is not without reason. It offers some great advantages and possibilities for traders.
MT4 supports automated trading. You can apply (personalized) expert advisors which then open automatic trades if the predetermined conditions are met. Especially for forex scalping this can be extremely useful.
MT4 is both a market analysis tool and trading platform. You can view graphs, apply technical indicators to these charts and then directly open trading positions from the same platform. What’s more, the technical analysis tools of MT4 are totally free.
MT4 is capable of exchange messages between you and your broker (If the broker supports MT4). So when your broker provides news, analyses and the like, this can simply be sent via MT4.
MT4 has its own programming language. This language is called MQL (Meta Quote Language) and you can create programs with it that automate both the evaluations of your trades and the trading itself. And if you’re not so skilful in these things there are of course plenty of ready-made programs which can be purchased.
Screenshots MetaTrader 4
MetaTrader 4 (MetaTrader 5 is in beta testing at the moment) is a recommendation for experienced Forex traders especially. It combines technical analysis with actual trading and the main version of this platform is free.
For novice traders MetaTrader is often a bridge too far and unnecessary. If you start too early with MetaTrader it can also have the opposite effect, because you don’t give yourself to the opportunity to learn to trade yourself. Beginners are therefore better off with a forex broker like Plus500, iForex, or eToro, where you get a no deposit bonus and an additional bonus on your first deposit.
The best forex broker to use with MetaTrader 4 is Markets.com. See the list below for more good MetaTrader brokers.
Best MT4 brokers
The MetaTrader trading platform is growing rapidly in terms of popularity, both among traders and brokers. Because more and more traders have asked us about good MetaTrader brokers we have listed some of the best MetaTrader brokers below.
Markets.com is known as a professional broker, registered with FCA, BaFin, AFM and regulated with CySEC. The site is available is many languages and its customer support is very decent. Maximal leverage is 200: 1 and smallest lot size is 0.01 lot, or 1000 units.
XM is a fast-growing broker which offers a webtrader besides MT4. It is registerd with the FCA and BaFin and regulated by CySEC. XM has a wide range of tradeable instruments, including Forex, comodities and indices. The site is also available in multiple languages.