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| MetaTrader4 (MT4) is legit or scam |
MetaTrader 4 (MT4) is a trading platform developed by MetaQuotes in 2005. Although most commonly associated with forex trading, MetaTrader 4 can be used to trade a number of markets including forex.
MT4 is very popular because it is customized to your personal trading preferences. It can also be used to automate your transactions using algorithms that open and close transactions on your behalf in accordance with a list of specific parameters.
Why MT4 is popular?
MetaTrader4 (MT4) is the most popular platform for retail forex traders. More than 95% of Forex brokers offer this platform on their website. Many features, indicators etc. It is one of the most complete trading platforms on the market. But MT4 was not originally created that way, it has not been popular since day one. As we explained in our previous article on this platform, it started with a simple graphics package in 2000 and has evolved over the years. MT4 was introduced in 2005; Although it is very similar to the version we use today, many updates have been made and many features and indicators have been added since then. These days I wonder if there are any forex traders who have never heard of the MT4 platform. What exactly makes it the most popular platform?
MT4 Trading is Legal or Scam?
The Metatrader platform, including Metatrader 4 and Metatrader 5, is legal, the main thing to consider is which broker you are using it with. While the platform itself does everything necessary and efficient, the broker may not be in your best interest. The platform itself is there for the broker to facilitate your transactions electronically and provide a range of tools and resources for both the broker and the client investor.
Considering the gold standard in trading platforms, MetaTrader 4 is a free platform for forex trading and other financial instruments such as CFDs, futures, indices, commodities and cryptocurrency. MetaTrader4 is available for retail traders through several brokers that license the platform individually. According to its developer, MetaQuotes Software, the platform is available through more than 750 brokers and banks, with millions of merchants serving.
Considering the gold standard in trading platforms, MetaTrader 4 is a free platform for forex trading and other financial instruments such as CFDs, futures, indices, commodities and cryptocurrency. MetaTrader4 is available for retail traders through several brokers that license the platform individually.
According to its developer, MetaQuotes Software, the platform is available through more than 750 brokers and banks, with millions of merchants serving. Official website of MetaTrader4 (MT4)
How Forex Trading Works
Forex, also known as FX, takes advantage of fluctuations in trading exchange rates. "The FX market does not determine the absolute value of one currency, but the value of one currency versus another," said Robert Johnson, a finance professor at the Heider School of Business at Creighton University. “In the FX market, you can take positions in almost any position against another major currency in any major currency.
For example, you can bet on the US dollar against the yen yen. Or yen and Mexican peso.
While most activity in the Forex markets is done by multinational corporations to maintain natural positions, individual investors sometimes assume currency movements.
“Investing in currencies, be it traditional currency or cryptocurrency, is fundamentally different from investing in stocks, bonds or real estate,” Johnson said. “In the long run, investing in the stock market is a positive overall game” because the value of stocks rises in the long run.
“On the other hand, investing in currencies, both in the short and long term, is a zero-sum game,” Johnson said. "When the US dollar strengthens against the yen, those in positions of the US dollar win, and those in positions of the yen lose an equal and opposite value."
Therefore, he said, those who want to build long-term wealth should stay in the stock market.
But if you are going to enter the world of forex, you need a forex brokerage account. The problem is not all forex brokers are in your best interest.
Are Forex Brokers a Scam?
While forex is legal, "there are many potentially bad actors in space and a significant environment for fraud, shading and / or front runners," said Braden Perry, state regulatory and investigating attorney for Kennyhertz Perry. The LLC is located near Kansas City, Missouri.
Spoofing and shadowing is when a trader manipulates the market by placing a large order, the trader does not plan to apply it to create an impression of interest in the position. The front-run is when a broker, knowing that a client is placing a large order, places an order for the broker’s own account before the client’s account.
Perry said the rise of internet-based trading platforms adds risks further, creates more opportunities for fraudulent promotional schemes, increases returns, and makes payments unacceptable . "What's more, some artists use manipulative software to cheat the system."
The main problem in Forex trading is the lack of transparency and inadequate management, and ambiguous regulatory structures. However, there are forex products listed on exchanges with regulatory oversight. Also, there are legal brokers doing business in the market.
MetaTrader 4 (MT4) is a trading platform developed by MetaQuotes in 2005. Although most commonly associated with forex trading, MetaTrader 4 can be used to trade a number of markets including forex.
MT4 is very popular because it is customized to your personal trading preferences. It can also be used to automate your transactions using algorithms that open and close transactions on your behalf in accordance with a list of specific parameters.
