I'm new to forex and have been trading on a real account for a month now. Almost everywhere (e.g. social media, videos and this forum) I've seen people posting their MT4 platform, so I assume the majority of forex trades use MT4 as their trading platform. BUT WHY? What are the benefits of MT4? I've been with IG broker and currently using their Web Platform and Android App for daily trading. So far, I find it much better and more convenient than MT4. Here are few reasons
I can trade on the Web Platform from anywhere and on any devices (independent of operating systems)
I have access to over 16.000 financial markets (stocks, cryptocurrency, indices, etc.) and is not limited to forex only
A great UI and UX , their charts are as good as TradingView, so I can do my analysis there as well.
Almost instantly execution time
IG sends me "trading statements" (history/balances) via email daily, so I'm not afraid that they could screw me, e.g. deleting my account and leave no traces behind.
My understanding is if I connect IG broker to MT4, then the MT4 trading platform will use the IG server to process all trading activities. So MT4 is just a client, just like the IG Web Platform/App - they all connect to the same server. Therefore, the execution time and delays should be the same for all platforms. I'm not interested in all the indicators and automation tools (MQL programming) MT4 offers, as I trade purely on price actions and fundamentals. The only drawback I see is that I can't connect IG platform to myfxbook. So what are the benefits of MT4 (as the majority are using it), and should I switch?
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