The two most popular types of trading platforms on the market are the MT4 and MT5 trading systems. Both platforms have a web and mobile version to suit the unique needs of different types of users. Traders are always advised to familiarize themselves with the features of these trading platforms before they start trading Forex, commodities, CFD’s, options and futures among other types of financial assets and derivatives. This will help them make informed decisions time and again, thereby increasing their profits. One of the most common questions that traders often ask themselves is what is an MT4 Webtrader? Keep reading to find out.
The MT4 Webtrader Explained
This is a browser-based metatrading platform that has come to be one of the most popular. It makes it possible for users to trade the market, and do technical and fundamental analysis on any internet enabled device. Imagine your laptop and phone running out of power when you want to continue trading. Since you cannot access the MT4 trader on your device, all you’ll need to do is visit a cyber cafe, library or borrow a computer and open the MT4 Webtrader to access your account. It is worth noting that most people who already have the MT4 application installed on their devices still use the webtrader for one reason or another.
Benefits of the MT4 Webtrader
1. No Software Updates
The main benefit of the webtrader is that no software upgrades are needed from the user end. This is because service providers offer the latest software versions on their websites. With desktop or laptop-installed metatrading platform, users have to update their software versions every now and then. This can be inconvenient especially when a trader has sat down to focus on market analysis before opening a trade.
2. Reliable Data Protection
When you install the MT4 or MT5 application and install it on your device, your data may be compromised. After all, there are many types of mobile and computer applications that have data mining capabilities. Besides, you may fall prey to malicious attacks. This can be avoided by using the MT4 webtrader, which does not store any data locally. This means that your data will not be exposed when you are attacked. In addition to that, online brokers use the latest security solutions to ensure client data is safe at all times.
3. Compatibility
Compatibility is a big issue when it comes to software products. There is nothing as bad as downloading a software package and find out that the application is not compatible with your operating system or computer hardware. Since the MT4 Webtrader is not downloadable, aspiring traders do not need to worry about this. They only need to open their browser, open the webtrader, log into their trading account and start trading. It is as simple as that.
Please note that the MT4 webtrader has almost the same capabilities as the desktop MT4 application. To get the best trading experience, it’s advisable to use both platforms. Both options allow traders to use dummy trading accounts to hone their skills.