If you are into crypto trading, now is the right time to switch to the MetaTrader 4 terminal for testing new strategies and taking advantage of unparalleled customization and a steady trading environment. This article covers everything about the MT4 trading software, along with its functions and benefits. This step-by-step guide will assist you in setting automatic trades in crypto.
What Is MetaTrader 4 (MT4)?
MT4 or MetaTrader 4 is a widely popular trading platform which is primarily used for trading forex, cryptocurrencies, stocks and many other financial instruments. MetaTrader 4 was developed by MetaQuotes in the year 2005; since then, it has gained excellent goodwill among traders due to its user-friendliness and stable interface. The best thing about MetaTrader 4 is that it can be easily downloaded to your computer or mobile phone. Additionally, the download does not take much of your space, and you can enjoy the features immediately.
Why Should You Trade Crypto Through MT4 Instead Of A Broker?
Crypto trading platforms are at their evolving stage. Thus, one can say that crypto lacks a robust trading platform which affects traders seeking a steady trading environment for creating their strategies and automating trades. This is where MetaTrader 4 trading platform comes into the picture. The trading platform has numerous benefits, which is why many brokers have started offering their services to crypto traders.
However, when you look for MetaTrader, make sure you choose a reputable exchange that provides traders with a fully-functional MT4 trading platform with no restrictions. Choose a company with the best market depth, excellent multilingual customer support available 24*7 and a smooth onboarding process. Here are some of the best reasons to use MetaTrader 4 rather than a crypto broker for trading:
- Non Dealing Desk: When you trade crypto on the MT4 trading platform, all your orders will be entered into the order book directly through STP (straight-through processing). It’s a much better option than taking the services of a crypto broker. The reason is they merely act as an intermediary. Thus, they might manipulate the exchange rates for their own selfish gains.
- 24*7 Trading Hours: Unlike traditional brokers, MetaTrader 4 does not take any breaks during the weekends. Thus, the software can be used 24*7 for trading. This way, you can manage all your trading positions at any given time, which allows you to minimize your risks of stop-losses getting filled.
- Highly Customizable: Many traders are attracted to MT4 crypto trading software because it can customize each and every aspect of trading. Furthermore, it is highly customizable, allowing traders to change time frames and execute orders when they wish to. Furthermore, the trading platform comes with more than 30 built-in technical indicators. You can choose anyone that fits your trading style. In addition, if you don’t find a technical indicator of your choice, MT4 lets you create one of your own.
- Automate Trades: Algorithmic trading makes MT4 stand out from other trading platforms. Rather than sitting in front of the monitor screen, you can develop and apply technical indicators and EAs and run your dearest trading strategy on autopilot mode.
- Large Community: MetaTrader 4 enables traders to access a huge community where anyone can put queries, discuss a trading strategy or ask for help to create an automated trading system. Typically, it is impossible when using a brokerage account for crypto trading. The reason is that many brokers have their proprietary softwares for trading with limited possibility for customization and a smaller community.
To conclude, one can say that the fusion of cryptocurrencies with the MetaTrader 4 trading platform has brought a revolution in the manner we trade. MT4 crypto trading software has so many remarkable features with world-class technology that it has become a trendsetter for future trading systems. So, what are you waiting for? Join this frenzy today and start trading crypto!