Forex brokers offer many different platforms for trading. However, for a forex trader, one of the most important considerations is the choice of a broker that offers a good trading platform. Whether you are an experienced forex trader or just a beginner trader, the MetaTrader Platform is considered as one of the best ways to access the money markets and conduct trades. Advanced features of the package and the flexibility that it offers make it a good tool for the traders to craft their trade strategies. It also offers many security features and these make up for a stable trading platform.
Recommended MetaTrader (MT4 & MT5) Forex Brokers
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Advantages offered by MetaTrader Platform
The following is a list of advantages that a MetaTrader trading platform user enjoys.
#1: User Friendly Interface
The complexity of the currency markets is eased through the use of a simple and easy-to-navigate user interface offered by MetaTrader.
A unique feature of the MetaTrader platform is that traders around the world can use the trading platform with the complete data listed in their own native language.
Advanced charting capabilities and the display graphs offered by MetaTrader help the traders to analyze the technical aspects of the market movement and trade accordingly.
#4: Expert Advisor Plug-in
The Expert Advisor plug-in is a valuable tool that comes with the MetaTrader platform. It helps the trader to understand the data that they pull out of the system. In effect, it becomes easier for them to handle multiple accounts simultaneously and help to make the investment where it is needed most. It helps the traders to automate the system in a manner that best suits the trader’s individual needs.
#5: Communications Features
The MetaTrader platform offers advanced communications features. It has a host of facilities to communicate with the traders and send them alerts in real time. This feature eliminates the need to send complicated mails to the clients from time to time. The trader’s experience is made easier and simpler.
#6: Minimum Resource Usage
The MetaTrader platform is designed in such a manner that it uses up a minimum of resources on the PC that it is running on. This feature gives the package faster reaction time which is perfectly suited to the ever-changing characteristic of the currency markets. It can also help to implement the traders’ requests and trades without any time delay. Further, disruption of PCs is also kept to a minimum.
#7: Profile Views
The trading platform allows profile views from the inside and provides all features such as the trading history, account balance, password and other access details.
#8: Security Features
Sensitive as they are, it is important that the trading platform on which the trader works is impervious to hackers’ attacks and other dangers. MetaTrader is a platform with high security features. Data communications between the trader and the system server is encrypted end to end with a 128 bit key. The traders’ IP address is also not visible to anyone and is completely hidden.
The MetaTrader platform is very flexible in that it supports trades of all types of currency pairs. It also allows the trader to access other markets such as commodities, equities, futures, etc.
In addition to all of these, MetaTrader offers a number of features that can be customized to suit individual trading needs. The package allows the traders to develop their own Expert Advisors and other technical tools using the advanced MQL programming language.
#11: On-Call History
The MetaTrader platform stores history of the currency market of many years. Traders are successful when they have adequate knowledge of the market and its performance as well. Recent history is also provided by the platform. All these help the traders to manage their account options and trade calls to analyze the markets appropriately and maximize profits.
#12: Back-End Administration
In addition to a simple and user-friendly front end interface for the trader, the MetaTrader has an extensive back end administration factor that sets it apart. The back end side is highly secure and uses a proxy server. Remote administration is possible and the trader can do his trades from a mobile device. Simultaneously, access to the servers is not compromised. The software package’s functional architecture is split into six categories namely, data, mobile, server, client terminals, administration and manager. These functional units enable complete and efficient administration of the package and all aspects of trading as well as management of the traders’ accounts.
#13: Mobile Trading
MetaTrader allows a trader to trade with ease on the mobile while he/she is on the move. Trading can be accomplished with ease on smartphones and other mobile units with adequate features. The mobile version allows for complete access of all databases and data feeds. The mobile trading feature allows the proxy server with MetaTrader to be used by multiple offices and brokerages around the world. It guarantees forex access to the traders for all the 24 hours. The mobile version is as extensive as the original version and has the same high-end security features as the full version of the package.
#14: MetaTrader Demo Version
The MetaTrader demo version can be used by traders to find out if the platforms and its features suit their individual training needs. Though the package has many of the common forex trading tools, trying out the MetaTrader demo version can tell the trader as to how the package can be customized to suit their trading needs.
#15: IT Support
The MetaTrader package comes with a complete IT support accessibility. Extensive documentation capabilities help to sort out broker trade issues. All the data generated by the different trading tools in the package can be pulled into a single interface by the trader. The package supports multiple currencies and different languages. The package also allows for remote switching between interfaces and standards. The MetaTrader package is also compatible with major financial tools, data feeds and analysis forms for optimum functioning of the trading platform.
Related : Top Online Forex Trading Brokers