Is Meta Trader the most popular online trading platform on the market? Read our article to find out about its pros and cons.
MetaTrader 4, better known as MT4, is a popular online trading platform. Its intuitive interface provides advanced technical analysis and flexible trading systems.
MetaTrader 4 (MT4) is a trading platform developed in 2005 by MetaQuotes. Generally associated with forex trading, MT4 is also suitable for other market ranges. Here are some examples:
As a reminder, the platform automates your trading. To do this, it relies on algorithms that open and close trades on your behalf according to a list of settings.
Opening a live IG account gives you access to use IG's MT4 offering. Once you have completed this step, you can set up the MT4 live account from the My IG dashboard.
Downloading MetaTrader 4 from IG is simple. After creating an account, you can download MT4 to the device of your choice and log in with your credentials.
Use the order window when you are ready to place a transaction. Then go to "tools" and click on "new order". The "order" window will appear. You can also press the F9 key on your keyboard.
Here is a quick guide:
- Symbol: This drop down menu allows you to select the market you wish to trade on.
- Volume - for a CFD account, this is the number of contracts you plan to trade.
- Stop loss - to close the trade if it moves against you. Stops on MT4 are equivalent to the basic IG platform stops. Take profits - If you want to use a limit to lock in profits, enter the desired level here.
- Comment: a small space to leave a comment on a particular trade or for more advanced business management purposes.
- Type: choose 'instant execution' if you wish to place your trade the moment you select 'buy' or 'sell'. You can also select 'Pending Order' if you wish to choose the level at which your trade opens.
You have access to over 80 markets on MT4. These include currency pairs, indexes, commodities and cryptocurrencies. In addition to the free indicators offered, you will also have access to 12 of the MT4 add-ons.
These add-ons allow you to customize the MT4 platform to your trading needs. Each MetaTrader 4 indicator or add-on has a specific purpose. Thus, you have the possibility to combine them to implement your strategy.
To get the free indicators and add-ons you need to create an MT4 account with IG. You can choose between a demo account and a live account.
All the information on how to set up these accounts can be found on the MT4 download page. Whichever account you open, you will be able to try, test and use IG indicators and add-ons.
You can download other free add-ons and indicators, or even create your own! You will need some additional software to help you with Elliott Wave Theory for example. Programs to identify support and resistance levels are also essential.
As part of the ARYA ecosystem, we have developed a social trading application available on Android and IOS. The app gives you the opportunity to interact with leading investment experts to get market insights to perfect your trading strategy.
You can choose between free access or the Premium mode. This second option will allow you to take advantage of all the features of the app.
- Freemium: free access to the application with some limits in the features, such as a limit of 10 market ideas per month.
- Premium: monthly or annual access for subscribers with full access to all the app features. You also benefit from the skills of advanced traders.
Other TechX products are available online at arya.xyz/shop.
Other available ARYA software includes:
ARYA Essentials: An essential version of ARYA Pro, this trading software consists of the basic features needed to execute a trading plan. This tool is aimed at beginners to help them execute their very first trades.
ARYA Trade Manager: Intermediate version of the trading software for use with the ARYA App. This algorithm provides market ideas and their reception. This software is targeted at experts and traders who have mastered strategy improvement by allowing them more access.
ARYA Pro: Full version of the trading software that provides full access to settings. Suitable for advanced investors, enabling them to make strategic trading executions.
ARYA Suite: Complete software suite including ARYA Essential, ARYA Trade Manager and ARYA Pro.
ARYA Scan: Offers real-time identification of trading opportunities. Not only does it offer simultaneous study of multiple markets, but it also tracks trading opportunities and movements on a daily basis. Arya Scan guarantees the monitoring of many assets at the same time. This is broken down into multiple time units.
Here is a non-exhaustive list of the best MetaTrader (MT4) brokers:
For this year 2021, IC Markets is the best MT4 broker for currency trading. IC Markets offers the full MetaTrader suite along with competitive pricing, complementary trading tools and quality market research.
IC Markets caters specifically to algorithmic traders with commission-based accounts. The only catch is that the range of markets and research material offered by IC Markets is relatively small.
The IC Markets brand maintains regulatory status in a Tier 1 and Tier 2 jurisdiction. This broker is therefore safe (medium risk) for trading currencies and CFDs.
Third-party research and trading tool plug-ins are part of IC Markets' MetaTrader platform offering. This earns it the reputation as the number one MetaTrader broker in 2021. Unfortunately, IC Markets is not among the best Forex brokers. The breadth of its market research that covers technical and fundamental aspects is lacking.
IC Markets excels at low cost and scalable execution. This is perfect for traders running algorithmic strategies (Expert Advisors) on the MetaTrader and cTrader suite of platforms.
FP Markets' low effective spreads (gross ECN account), its platform add-ons and access to over 130 tradable symbols are a winning combination in 2021!
XM Group is a broker that offers the full MetaTrader suite. It also provides some notable upgrades to improve the experience, in addition to custom indicators.
Alongside trading tools, XM Group's research offering is rich and varied. It challenges the advantages offered by industry leaders such as IG and Saxo Bank.
While Pepperstone offers a small set of tradable products, it provides one of the largest selections of third-party platforms. These include many social copy trading options.
Pepperstone's Smart Trader Tools module, developed by FX Blue LLP, brings a dozen add-ons. Note that these enhance the default MetaTrader experience if you have a balance of more than 500 AUD.
In addition to offering the full MetaTrader suite, FxPro stands out for its execution methods. Agency execution and market making are available by account type. It is certainly not a discount broker, but FxPro does offer an active trader program. This can help high volume traders reduce their trading costs.
Vantage FX offers the full MetaTrader suite, which includes the Smart Trader add-ons. Like FxPro, it's not a discount broker. If you deposit $20,000 to access the PRO ECN account, Vantage FX offers low effective spreads with a commission comparable to leading prices.
Traders who are prepared to pay a premium to have their brokerage account held with a Swiss bank choose Swissquote. This choice is explained by its competitive and multi-active offer. Like its competitors, Swissquote offers the full suite of MetaTrader platforms.
FXTM offers forex trading on MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the industry's leading trading platforms. Both sites provide pioneering automated trading systems with expert advisors. However, each of the two versions has very different features. Contrary to popular belief, MT5 is not an upgrade to MT4.
MT4 was designed specifically for forex traders. MT5 on the other hand was designed for traders interested in CFDs, stocks and forward contracts.
Below is a comparison table of the two platforms to help you decide which one is right for you:
Features
Description
MT5
MT4
Types of order execution
Number of supported order execution types
4
3
Details of order execution types
Instant execution
Yes
Yes
Contract performance
Yes
Yes
How the request is executed
Yes
Yes
Exchange execution mode
Yes
No
Partial order filling policies
Partial output option where a transaction that is now available with a maximum volume is executed, not exceeding the requested volume in the order, and the unfilled volume is cancelled
Yes
No
Order Filling Policy
Additional terms and conditions for order fulfillment
Fill or Kill
Immediate or Cancel
Back
Fill or kill
Pending order types
A type of pending order that instructs a broker to buy or sell a financial security under predefined conditions in the future.
6
4
Netting
Having a single open position in a financial instrument.
Yes
No
Coverage
Holding multiple positions in a financial instrument, both in the same direction and in the opposite direction
Yes
Yes
Market depth
Bids and offers for a financial security at different prices depending on the volume
Yes
No
Technical indicators
Technical indicators are used to automatically detect trends in the dynamics of financial instrument prices
38
30
Graphical object analysis tools
Help identify price trends in financial instruments, detect cycles and support/resistance levels, create channels and more
44
31
Deadlines
Grouping financial instrument quotes by time intervals.
21
9
Economic calendar
A fundamental analysis tool that presents macroeconomic news from many countries that can affect the prices of financial instruments
yes
not
Messaging system
Integrated messaging service, where you can receive notifications from FXTM directly to your platform
Yes
(with attachments)
Yes
(without attachments)
Strategy Tester
EA tester and optimization modes.
Multi-threaded
+ Multi-currency
+ Real ticks
Single thread
Integrated MQL5.community chat
Chat with other traders directly from the platform
Yes
No
