Why Metatrader Trading Platform is so Popular For Forex Traders ?

Ever since the introduction of MetaTrader by MetaQuotes, many brokers have bought the licensing rights of this platform to provide this trading client to traders. Indeed, there are many MetaTrader Forex traders , and the number is set to grow. So why Metatrader Software is so Popular For Forex Traders ?

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Benefits of MetaTrader platform to Forex traders

Ease of use

MetaTrader, the most popular version provided by almost all MetaTrader Forex, is very user-friendly. Its interface is intuitively designed and the essentials are all clearly laid out for the trader. For example, in the “Charts” window, the toolbar contains useful tools such as pip rulers and line-drawers to give traders a graphical aid when deciding on the execution of a particular trade.

Expert advisors

Expert advisors are programs that execute trades based on a very specific set of rules and instructions. This provides one of the main reasons for the popularity of the MetaTrader platform. The use of expert advisors potentially allows traders to essentially trade hands-off, or at least trade without the influence of greed or fear.

Expert advisors are designed and programmed by a C-like programming language known as MQL. As such, traders fluent in this language can customize their own expert advisors or create them from scratch. These expert advisors will, in essence, mimic the trading behavior set up by their programmers, determining the viability of a trade based on only logic alone.

Free-of-charge

The MetaTrader trading platform is free-of-charge. This means that you can download the trading platform from any MetaTrader Forex platform or directly from the MetaTrader webpage itself and run it on your computer without paying a single cent.

There are a lot of traders offering MetaTrader software download for free. Despite creating an account, signing up and using the demo account is not as complicated. Usually the signing up process does not take longer than 5 minutes. Since most MetaTrader platforms offer free demo account, anyone can try and see how it works without having to commit for a full and paid account.

Vibrant MT community

The MT community is an active one. Many programmers have created and sold expert advisors to traders and these traders actively review the utility of these expert advisors. In addition, MQL programmers frequently create custom indicators, and share them on various Forex forums. This has led to the thriving market for pre-made expert advisors and has also led to the creation of many expert advisors and custom indicators for the community.

Provide complete charting environment

The MetaTrader trading platform offers a unique experience such that it provides a platform wherein an individual can incorporate their entire trading experience in a complete charting environment. This kind of platform also provides different kinds of charts which make it easier for traders to manage their trading affairs. The charts are equipped with automatic updating features in real time. MetaTrader can also display different frames for a specific currency pair.

Receiving news feeds from brokers

It is also possible to receive news feeds from brokers using the platform. Basically, the MetaTrader platform is a complete tool which offers virtually everything a trader needs.

There are kinds of MetaTrader options that also allow a trader to program and customize features. This is convenient because anyone can use the platform completely suitable to their needs and preferences.

Support VPS for MetaTrader

VPS for MetaTrader refers to virtual server. This service is the best solution for someone who wishes to use MetaTrader but doesn’t have to leave his/her computer on and to run trading platform 24/7.

Another benefit the user gets is that he/she doesn’t need to depend on the internet connection reliability to make sure that the robot runs continuously. Another benefit of using a VPS for MetaTrader is there is no risk of trading projects being affected when virus or spyware intrusion into the Pc.

How do I start trading on MetaTrader?

As mentioned, it is free-of-charge to download MetaTrader. However, you can only trade in Forex with this platform by going through a MetaTrader Forex Broker. The broker will l act like a middle-man, executing and consolidating orders from the traders. Luckily, because of the popularity of MT, most major Forex brokers, will allow traders to trade through MT as well as their own in house developed platforms.

It is therefore no wonder that MetaTrader is currently the most popular trading platform with financial traders. With so many advantages from using this platform, the reason for the abundance of MetaTrader Forex platformis self-explanatory.

Forex MetaTrader is considered a widely used platform in forex trading. The prevalence of its use is further demonstrated in the fact that more and more forex brokers are in fact only using and offering forex MetaTrader as their platform. The popularity of forex MetaTrader has in fact surged up to the point that while traders may have been using a certain platform for a very long time, they are still considering and even using MetaTrader as their support or alternative means.

Rebecca Howell
After working 5 years as a Software Analyst in reputed MNC, Rebecca decided to settle down and work from home. Having an expertise in business & being a life motivator, she loves to share similar stuff on our website by the means of her articles.