The brainchild of MetaQuotes Software was revolutionary at the time. It gained immediate recognition due to its versatility and convenience. The MetaTrader 4 platform meets all the typical needs of currency traders in South Africa. It is still relevant today despite a plethora of alternatives. But where should you get it?
Overview of the Platform
MT4 is a comprehensive environment for technical and fundamental traders. Its analytical arsenal suits both groups. First, you have access to the latest news affecting the currency market. Secondly, there are dozens of indicators, flexible price charts, and a full spectrum of timeframes (9). This lets you practice any strategies from scalping to position trading. Focus on any segment of the chart from 1 minute to 1 month.
Moreover, MT4 has a wide functionality for automated Forex trading. First, it supports delegation, so you may copy experts (strategy managers) easily. Secondly, it comes with a range of free robots. Expert Advisors are pieces of software that analyze the market or execute trades on your behalf. The official collection features over 1,700 such products. Users even create their own EAs based on MQL4, the native programming language.
Demo and Live Trades
MT4 works in two modes. Demo credentials from a brokerage unlock its features for training purposes. The system mimics real market conditions. Meanwhile, you have a virtual deposit to practice with.
Like any subject, Forex has a learning curve. Therefore, demo trading is compulsory. Learn to set different parameters for your trades. Afterwards, when real capital comes into play, technicalities will not distract you. Every beginner ought to spend 2 to 3 months building the necessary skills. MT4 facilitates learning, which is a major advantage.
What Brokers Offer MT4
MT4 is integratable into most brokerage accounts. Regulated firms do not have to invest in their own software. Unsurprisingly, most of them stick to generic solutions, and nothing beats MT4. It is promoted as the perfect system for beginners and traders with a focus on currencies.
Remember that whatever profit you make is pointless if your broker is scammy. Sadly, Forex fraud is wide-spread. South Africa has the largest trading community on the continent. Its residents buy and sell more currencies than any other African nation. Cybercriminals take advantage of this vibrancy. They create fake websites to steal deposits.
Make sure your provider is law-abiding. Forex brokers may be licensed by entities in different jurisdictions. For instance, Forextime has been approved by the FSCA, the FCA in the United Kingdom and the CySEC in Cyprus. This international broker serves millions of customers, offers free VPS, 24/5 support, a wealth of educational resources and an array of software including MT4.
Can You Get It For Free?
Yes, MT4 is distributed free of charge by regulated brokers. You may also get it from the official site of MetaQuotes. Using the terminal is free — there may be no subscriptions or other charges. The broker must ensure free support around the clock.
Free distribution is a major advantage. The cost of every position entirely depends on the brokerage. For example, an ECN charges a commission per trade. Meanwhile, market makers offer wider spreads instead. Any overnight fees are also stipulated in your provider’s policy.
Be wary of any company that offers the program for a fee. Check our tips above to make sure the source is trustworthy. You can always download the system from the developer to avoid malware and viruses. Then, enter your password and login and start trading.
What OS Can You Install It On?
There is a version for every popular OS. Users work on laptops and PCs with Windows or Mac. They install free apps on smartphones and tablets, both Android and iOS. Finally, the web-based terminal opens directly inside browsers without installation.
Your choice is not restricted to just one version. Use all three and switch when necessary. They connect to the same servers, so data exchange is instant.
Key Takeaways
- MetaTrader 4 is an all-in-one terminal for Forex trades developed by MetaQuotes software and released in 2005.
- MT4 supports copy trading and the use of Expert Advisors.
- Today, the system is still used by millions of traders in many countries.
- In comparison with MT5, it is more narrowly focused and primarily used by currency traders.
- Contemporary versions of the system are compatible with all popular types of desktop and mobile OS.
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