What is MetaTrader?
MetaTrader is a popular Forex trading platform that is able to trade Options and Futures too. MetaTrader was launched in 2002 by MetaQuotes. The most popular version is the Metatrader4 (MT4) but the latest version is the MetaTrader5 (MT5). MetaTrader offers advanced charting and the use of multiple built-in indicators. It provides also multiple-account management. This piece of trading software is offered for free.
Most ECN and STP Forex brokers nowadays are supporting MetaTrader4 and MetaTrader5. Each Forex Broker provides its own version of MetaTrader but the back end solution remains the same, so it is very easy to use any version of MetaTrader under the same rules and the same conditions.
Both manual and automated trading is possible with MT4. The Metatrader platform is well known for its capability to support Forex Robots and Expert Advisors.
MetaTrader Trading Features
1) Offering MQL4, which is a built-in language capable of programming trading strategies.
2) MetaTrader offers Expert Advisors, Custom Indicators and a Strategy Tester.
3) MetaTrader offers historic data.
4) It provides state of the art technical analysis and many graphic tools.
5) It provides the latest news live.
6) MetaTrader includes internal e-mail support to generate updates concerning market changes.
7) Save as a picture or print easily your chart window.
8) Execute trades with just a click.
What is a Forex Broker
A Forex broker works as the middleman between traders and the market liquidity. A Forex broker may execute buy and sell orders on behalf of his clients charging a trading spread or/and a predefined trading commission.
Forex Brokers are divided into 2 major categories according to the way they execute orders: The Dealing Desk (DD) Forex Brokers and The No Dealing Desk (NDD) Forex Brokers.
1) Dealing Desk Brokers (DD) or Market Makers
■ Market Makers
Market Makers Forex Brokers are trading on the opposite side than their clients. They charge fixed spreads and usually no trading commissions. This type of broker is ideal for Forex beginners.
2) No Dealing Desk Brokers (NDD)
No-Dealing Desk Brokers are divided into ECN and STP Forex Brokers.
■ ECN Forex Broker
An ECN Forex broker is providing its clients with direct access to the global Forex market. ECN brokers charge variable spreads and sometimes trading commissions too. They are considered the most competitive of all Forex Brokers.
■ STP Forex Broker
A STP Forex Broker is passing its clients orders directly to the liquidity providers. STP brokers are offering fixed spreads and sometimes they charge trading commissions too.
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