MetaTrader4 (MT4) has been the most popular trading platform among Forex traders for more than a decade. Even the releases of new innovative platforms and its successor MetaTrader5 (MT5) are yet to match the success of this highly customizable platform. Although MT5 provides access to other trading information and is much faster and efficient than MT4, the older platform still dominates the world of Forex trading.
However, over the years, MT4 has attracted its fair share of doubters and skeptics. The questioning of the platform's integrity often scares away interested beginners looking for an opportunity to trade on the foreign exchange market. Let's take a look at these doubts to figure out the legitimacy of MT4.
MT4 - A scam platform simulated by the brokers?
Some traders shy away from using MT4 because they believe it presents a trading environment simulated by brokers. However, the real problem lies within the lack of understanding of what the platform actually does.
MT4 is a program that opens up communication between the trader and the broker. If you are experiencing any problems or feel suspicious about getting scammed, the problem may lie in your choice of a broker. If you choose a respected, legitimate broker, you will never question the legitimacy of the platform.
So many brokers use MT4 not because it is a great tool to scam customers, but because it gives the user many customizable tools that allow us to create an individualized system for trading in the most comfortable fashion. Brokers also appreciate MT4 because of its availability and a strong stance on security
Potential MT4 problems
MT4 has been the most popular Forex trading platform for quite a while now, but it is by no means perfect. While most users appreciate the platform for its accessibility, customization, and free-of-charge use.
One of the biggest downsides of MT4 is its functionality on non-Windows operating systems. If you want to run the platform on macOS, Linux distributions, and other Unix-like OS, you'll have no choice but to use Wine to compile and run a Windows application.
Also, the functionality of MT4 can mess up after a Windows 10 OS update, forcing users to reinstall the platform and regain access to MT4 only with a new key from the developer.
Despite some difficulties, MT4 is a legitimate platform that provides traders with the best tools for each level of technical proficiency. If you find a good broker, you can even set up Expert Advisors (EA) to scale up automate a big portion of your trades.
How can I push MT4 to the limit?
If you already possess the basic trading skills, you will start to notice the minute details that can make a big difference when trading on the foreign exchange market. Great internet connection, low latency, and a location at close proximity to your broker make your trades much more precise, but that is rarely achievable from the comfort of your home. VPS Forex Trader rents Virtual Private Servers (VPS) to fulfill the needs of serious Forex traders. VPS Forex Trader creates the best circumstances to run one or multiple MT4 platforms that execute trades without much delay. Get yourself a VPS today to maximize your trading potential!