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Is MetaTrader 4 the best Forex Trading Platform?

MT4 has dominated the foreign exchange software industry for years. Is it still the best trading platform? Let's see what Forex brokers have to offer in 2015!

by Forex Bonus Lab

MetaTrader 4 Perspective for 2015

Whenever someone imagines Forex trading, most probably a MetaTrader 4 screenshot appears. The platform was developed by MetaQuotes software corporation in early 2000-s and since then has been updated, but not so frequently. MQ have been placing much higher importance in the last years on its new development - MetaTrader 5, yet this platform has never really been extensively adopted by the trading community. At the same time, many large Forex brokers have been offering their own custom-made trading platforms. Nevertheless, MetaTrader 4 still remains the most widely used foreign exchange trading platform, but is it the best on the market?

MetaTrader 4 for Traders and Brokers

MetaTrader 4 can be regarded as a stable and reliable platform used by the vast majority of brokers, yet it is becoming quite an old fashioned piece of trading software. The main advantage for traders is that this platform comes with a long history, which means it has lots of tutorials, materials, expert advisors and other benefits. Brokers prefer this platform due to the pricing, it comes with a license fee and Forex brokers do not have to pay anything extra for volumes.

MetaTrader 5 Drawbacks

MetaTrader 5 is not so hugely different but there are divergences. The main drawback of it is that MT5 does not support locked trades, this means that you cannot hedge your positions, once you have executed a purchase order, placing a short order will simply cancel out the long one. This is an unacceptable restriction for many traders.

cTrader as an Alternative

Over the last few years, the cTrader platform has become more popular. It still doesn't come even close to MetaTrader 4 in terms of popularity, in fact it is not even as popular as MetaTrader 5. Nevertheless, cTrader seems like it may become the main competitor to MT4 in the long-run. Its main advantage is that it comes with a native web trading solution. Unlike MetaQuotes, Spotware, the developer behind cTrader, supplies a great platform available via your browser.

Forex Brokers Custom Platforms

Some brokers have tried to compete with MetaTrader 4 by developing their own platforms. A good example is eToro, who have managed to supply quite a nice platform focused on social trading. TradeStation from FXCM has also proven to be quite popular among professional traders, although after the events around the Swiss franc earlier this year, when the company came close to banruptcy, pro traders will be far warier about using the broker. Many other Forex brokers have developed their own custom platforms, but it is hard to say that they represent serious competition to MT4.

Other 3rd Party Platforms

Other third-party trading platforms have been released recently, yet none of them has become especially popular. A good example could be Tradable, a platform that looked promising, yet it hasn't become popular with either traders nor brokers.

Brokers with MetaTrader 4 Add-ons

Much of what makes MetaTrader 4 such a good piece of software even in 2015 is the additional of different plugins and add-ons. Some brokers, for example admiralmarkets.com offer MetaTrader 4 Supreme Edition, a great add-on to boost up your trading on MT4.

Conclusion

The enduring popularity of MetaTrader 4 is still not in doubt. Forex Bonus Lab would recommend you to try MT4 with the custom-made add-ons, as it will definitely provide you with additional capabilities.


*This post was published according to the "Contributed Article Terms and Conditions"

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