Traders can also save all their charts within their profile, so the entire workspace is backed up — including all trend lines and chart configurations. Though MT4 is still more widely used, the number of MT5 servers recently surpassed the number of MT4 servers globally (it took only a decade). This is mainly because more MT4-only brokers continue to launch MT5, offering the full MetaTrader suite, in addition to increasing the range of trading products available on MT5. In addition to CFDs and forex trading, MT5 can support stock trading and futures trading, making it more of a multi-asset platform. MT5 also includes advanced functions like utilizing cloud storage to run strategies and to conduct backtesting. With MT4, backtesting must be done locally or through a virtual private server (VPS).
WesternFX offers to the clients some of the best trading conditions available. Our clients have free access to a variety of trading instruments and state-of-the art information.. It can be lost so it can actually protect accounts from Margin Calls and Stop Outs during drawdown periods. The starting spread you get depends on the account forex broker listing you are using and are as follows. The leverage can be selected when opening up an account, should you wish to change it on an already open account then you can do so by getting in touch with the customer service team with your request. Browser-based MetaTrader platforms are tested using the latest version of the Google Chrome browser.
- Forex trading has evolved tremendously in the last few decades, and today, with daily volumes exceeding $5 trillion per day, an increasingly large number of people are driven towards exploring its potential.
- Each year we publish tens of thousands of words of research on the online forex brokerage industry, and we evaluate dozens of international regulator agencies (click here to learn about how we calculate Trust Score).
- While backtesting is used by traders, it is also used by the signal creators too.
- We determine whether the broker offers the full platform suite offered by MetaQuotes Software Corp, and we look for a number of supplementary features that can distinguish MetaTrader broker offerings.
- The information about which countries are accepted and which are not is not present on the website, so if you are interested in joining, be sure to get in contact with the customer service team to check if you are eligible for an account or not.
MT4 alternatives do exist; cTrader is another popular third-party trading platform. I’ve been using cTrader for over five years – check out my cTrader guide to learn more. The handy table below clearly demonstrates the major features and differences between our ranges of trading accounts we offer.
Popular guides to forex trading tools and platforms
Using data from our forex broker comparison tool, here’s a comparison of the MetaTrader platforms offered by the best MT4 brokers. I’ve tested dozens of the best forex and CFD brokers and compiled a list of the best MetaTrader 4 brokers. Our top pick for MetaTrader in 2023 is IC Markets, which offers the full MetaTrader suite alongside competitive pricing, add-on trading tools, and quality market research. MetaTrader 4 is a third-party trading platform that connects to a broker for forex trading. MetaTrader 4 is the most popular third-party platform for trading forex.
WesternFX Reviews and Comments
After you enter your information, you will receive an email with your account login, passwords, PIN code and Meta Trader 5 Platform server. MetaQuotes Software does not release any figures that reveal the number of brokers that use MT4. That being said, our research found that there are at least 3,006 (counted on mobile) MetaTrader 4 (MT4) servers, and an even larger number of MetaTrader 5 (MT5) servers globally. The number of actual brokers will be fewer than the number of servers, as many brokers will offer multiple servers in order to cater to different groups of clients and across various locations.
In this review, we will be looking into the services being offered to see if they are of the standard stated and so you can decide if they are the right broker for you. PayPal has become a popular method for depositing and withdrawing money from live forex trading accounts, and there are a number of highly rated, well-trusted forex brokers that support the use of PayPal. PayPal also has an extensive international presence and accepts a wide range of global currencies. Learn more about using PayPal by reading our guide to the best PayPal forex brokers. We examine a wide range of features and evaluate forex brokers based on our own data-driven MetaTrader-specific variables.
Does MetaTrader support copy trading?
Some developers may optimize their strategies over a historical data set (i.e., run it multiple times over the past three months of EUR/USD tick data) on purpose, which can lead to curve-fitted results. Most EAs have a range of customizable parameters that let users specify the position size and risk/reward-related attributes, among other elements, that may be configured before automated trading is enabled. WesternFX offers the award-winning MetaTrader 5 to facilitate trading through Windows, Mac, iOS and Android platforms.
WesternFX Account Type
Our support desk will answer all your queries related to trading and help you deploy effective trading strategies. The information about which countries are accepted and which are not is not present on the website, so if you are interested in joining, be sure to get in contact with the customer service team to check if you are eligible for an account or not. There are no added fees for deposits from WesternFX, however, you should check with the bank or processor that you are using to see if they add any fees of their own.
Free Market Update and Analysis
Today, MT4 and MT5 have extensive documentation, codebase, and articles to help developers create algorithmic trading systems. The MetaQuotes Language (MQL) syntax enables programmers to create automated scripts and trading systems. WesternFX runs several bonus programs, designed to make trading profitable for you. Click here or one of the “Open Live Account” Buttons anywhere on the site, then fill out the straightforward registration form.
Always choose MetaTrader brokers that are highly regulated in reputable jurisdictions. Even brokers that are not outright scams can use questionable dealing practices within the MetaTrader platform – such as providing poor execution and causing asymmetrical slippage. I’ve been covering the forex industry for over twenty years, and I always recommend choosing a forex broker that is properly licensed and regulated. Our proprietary Trust Score can help you find a regulated, trustworthy broker – click here to learn how it works. Also, any trades and orders held over the weekend are subject to execution based on available liquidity at the next available market price. Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com.
Is MetaTrader safe?
Yes, MetaTrader itself is safe – but it’s important to remember that MetaTrader is a software suite (developed by MetaQuotes Software), not a broker. When trading forex on MT4 or MT5, your level of safety will depend entirely on the trustworthiness of your broker, and any measures they’ve taken to safeguard their customers. You can also read my guide to the best free forex trading courses to jump-start your educational journey into the world of forex trading. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
An EA will either be a modifiable copy of the original .MQ4 file that contains the source code, or it will be an .EX4 (executable) file of the same code, which cannot be modified or tampered with. The latter is often chosen by those who want to distribute their strategies without revealing their source code. Our high standard of market and fundamental analysis keeps traders engaged and offers valuable insight into the trading world. WesternFX offers a choice of account types including STP and ECN account. Each of which serves as a universal trading tool for work on international financial markets. Place any type of market and pending orders, trade
currencies, stocks and futures with one click from a chart or Market
Depth, as well as perform comprehensive market analysis using 30
technical indicators and 24 graphical objects.
For example, a given broker may maintain one server in London and another in Australia, or a different server for each of their account types. IC Markets alone has dozens of servers, and it’s no surprise they are the largest MetaTrader broker by volume in 2023.
At this time, trades and orders held over the weekend are subject to execution. Any new quotes made during this time are not executable for market orders. After the open, traders may place new trades, and modify or cancel existing orders. The proprietary MQL language supports custom scripts, utilities, libraries, indicators, and automated trading strategies known as Expert Advisors (EAs). Both MetaTrader 4 and MetaTrader 5 provide an easy-to-navigate layout, with customizable templates that can control the appearance of default charts. While the numbers may vary, you’ll generally find a few dozen different charting tools and technical indicators, providing traders with a good starting point for performing basic technical analysis.