If you were to connect with any forex trader in Australia, they would hype about the MetaTrader 4 or MT4 platform. Despite the upgrade of the MetaTrader 5, the MetaTrader4 continues to remain the most popular trading platform.
But unfortunately, it is not entirely free from criticism. This guide will weigh the pros against the cons to see how the MetaTrader4 platform still emerges as the best.
The MT4 Platform Does Have its Drawbacks
Just like every rose has its thorns, the MetaTrader4 platform also has certain disadvantages. These are as follows –
Lack of Flexibility in Some Areas
The database’s arrangement in the MetaTrader4 platform can be challenging for some traders. Complaints have been lodged regarding the difficulty to change structures such as trend lines and Fibonacci charts.
Inadequate Support System
Now, this is something that most novice traders complain of. MetaTrader4 platform’s customer support may be lagging. But this also entirely depends upon the MT4 Australia broker that you choose.
A reliable and experienced broker will never leave you stranded in your trading journey but guide you throughout the way.
Programming Know-How Needed
Now, this drawback is again on a case-to-case basis. The MetaTrader4 trading platform is designed such that traders can shape the platform according to their preferences. Herein lies the problem – doing so requires a certain degree of programming knowledge.
Again, with the help of a good broker for guidance, this problem should be resolved.
Benefits of the MT4 Platform
Now, let’s look at all the reasons that make the MetaTrader4 platform one of the most popular among Australian traders.
High Degree of Security
The MetaTrader4 is a highly secure platform. The information you exchange between clients and servers is end-to-end encrypted. Not only that but your ID address will also be encrypted. Finally, the platform uses Rivest-Shamir-Adleman (RSA) digital signatures for added security.
Given the level of security offered, you can easily execute all kinds of trade, resting assured that your credentials, accounts, and finances will be safe against hackers.
Nothing is more frustrating than having human bias and constant market monitoring get in the way of successful trading. Thankfully, the MetaTrader4 platform features automatic trading. When deployed, automatic trade responses can be set without heavy involvement on your part.
Stability and Flexibility
The MetaTrader4 trading platform in Australia is very flexible and stable. The former because it has customizable USPs, and the latter because it allows traders to trade faster without any slippages in the process.
Moreover, it is easily accessible through different devices such as smartphones, desktops, tablets, etc. This makes it convenient to trade on the go.
Market Prices Can be Accessed in Real-Time
To execute trades accurately, the MetaTrader4 platform offers traders real-time forex values. The security you wish to trade with the currency pair can be found in the watch window against their real-time prices.
Not only that, but the watch window also gives other valuable information such as contract size, margin currency, spread, etc. To top that, the ‘Market Depth’ feature lets traders know market activity in real-time.
So, the answer is right before you! Though the MT4 platform has its drawbacks, they can be easily resolved with the help of a reliable broker. Just make sure that your broker is registered and regulated by the Australian Securities and Investments Commission (ASIC).
Finally, remember that the MetaTrader4 platform is simple and easy to understand. Plus, you’ll become a better trader as you learn along the way. So, take it easy!