MetaTrader 4 doesn’t offer in-person financial advisors or robo-advisor services. While MT4 is well-known for being a forex trading platform, it can also be used for trades within other markets, such as options and futures. The platform can run in over 30 different languages and gives you the option to copy the activity of other successful traders. One of MetaTrader 4’s most useful features is the ability for customers to automate their trades by programming custom indicators in MT4’s proprietary coding language. Plus, while users won’t have access to live customer service, they’ll be able to use a wide variety of educational resources and tutorials to help them understand the platform in its entirety. While seasoned traders will have an easier time taking advantage of all the platform has to offer, beginners should have a relatively easy time navigating the platform’s interface as well. MetaTrader 4 is a comprehensive trading platform, and there isn’t too much it doesn’t do. Brokerages may offer different features, so make sure you do your research before deciding on one. Plus, each brokerage will need to pay thousands of dollars per month for other necessary services, like hosting, bridging and support. Each license incurs an upfront fee of $100,000. Keep in mind that MetaTrader 4 isn’t cheap for brokerages. They’ll determine the types of fees you’ll pay to use the platform, how much trades will cost and any other fees. The fee structure will thereafter depend on the brokerage you work with. Once a brokerage accepts your application, they’ll send you a user ID and password so that you can start using the platform with your own money. So in order to open a live account, you’ll need to pick a brokerage and submit an application. MetaTrader 4 makes money by selling software licenses to brokers whom users can partner with to open live accounts. However, launching a live account is a bit different. Here, you’ll be able to test out the platform using virtual funds.
– Can automate trades based on your preferencesĪs mentioned above, a MetaTrader 4 demo account is free to download and use. While it offers a wide range of features, it notably has no direct customer service. While Metatrader 5 came out in 2010, most users have stuck with MT4 instead. As its name suggests, it has multiple versions, with MetaTrader 4 being the most common. It was founded by MetaQuotes, a software company. MetaTrader has been around since 2005, and is an incredibly popular trading platform.
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