The MetaTrader 4 or MT4 platform is known as a standard forex trading platform, but with the help of certain extensions, can also be used to trade binary options. Despite coming out in 2005, MT4 is still one of the most popular trading platforms for independent traders. And due to how often traders use it, it is in many ways the standard against which all other trading platforms are judged.
But even though the MT4 can technically be used to trade binary options, most brokers offer a separate platform for trading binary options. And since binary options trading is so different from other kinds of trading, having a separate platform just for it is often the best way to go.
MetaTrader Features Guide
Both the MT4 and MT5 platforms are made up of certain basic components. By understanding these building blocks, you will be able to trade on the MT4 with ease and skill.
The Navigator
Users can navigate their different accounts, data analysis pointers, expert advisers, and articles with the Navigator. This would mostly be used by trading professionals who have multiple accounts with different sellers.
The Graph Area
Most of the work will be done in the graph area, which can be altered any way you want. As the name suggests, this is the place where you can view financial information and look for patterns. Still, some users might choose to just use one graph and view it using different data estimation tools, because calculating the probability is the best MT4 indicator for binary options.
The Tool Bar
The Tool Bar is probably one of the most important parts of the interface. It has many useful tools to help you set up charts, expand modern windows, change the language, or check the current trading climate.
How To Use
One way to use the MT4 platform is by downloading the software directly from the website. Another option is for the trader to download and use it directly from the platform of a compatible broker.
There is also an option of demo trading with just MT4 and no broker. But when you switch to trading binary options in real-time, you will need a broker. So, choosing a broker is the first step in using MT4 for binary options.
Choose The Broker
Choosing a broker is one of the most important steps in trading Binary Options using MT4. A broker is the main person who tells you what trades to make and how to make them.
There are many things that can affect who you choose as your broker. But the most important things you should look for are regulation from a top authority and valid MT4 and/or MT5 licenses.
Download MT4 Software
To trade Binary Options on the MT4 platform, you need to go to the MetaQuotes website and download the latest version of the software. During the download, you will see that there are different versions available for different operating systems like Windows, Android, Mac, etc. Be sure to download the right version.
One can also download the plugin for the software through a compatible broker's platform.
Create An Account
The next step to using the MT4 platform to win binary trades is to log in with the broker's credentials. This may not be needed if you use the demo feature, but as we've already said before, you need a broker to use the platform to make trades in real-time.
To do this, you have to go to the broker's website and join the platform. This information is enough to open an account with MT4. When the binary trade goes live, remember that the broker is important.
Open Trading Position
After setting up your account, you can finally start trading. The method to open a position may differ a little from one broker to the next. But, as usual, a tool option will be part of the platform's user interface.
On MT4, a trader can use Binary Options on a wide range of assets. Traders can pick trending assets on the platform to have the best chances of winning. Or use the trading charts and tools that come with the platform to figure out which asset will make them the most money in that position.
Benefits of MT4
- A very creative interface for looking at data and diagrams
- Lots of software options with add-ons and expert adviser strategies
- Trading warning signals and social trading to listen to the best investors on the planet
- Best by test: an online trading software administrator for more than a decade
Conclusion
To summarize, while the MT4 trading platform is far from perfect for the binary options trading niche, it may absolutely be used for that purpose. MT4 has remained at the forefront of online trading due to its well-designed, user-friendly, and innovative platform, as well as a robust community of investors and programmers.