MT4 is unarguably the most popular trading platform for Forex traders. On this platform, traders trade a wide range of CFDs, margin, and other derivatives. Gradually, the MTS trading platform is gaining ground among Pakistani Forex traders.
But, how do these platforms compare with each other?
This article compares the two platforms vis a vis their pros and cons to enable prospective traders to understand them better and choose the trading platform that suits them.
Differences between MT4 and MTS
MT4 and MTS are both Forex trading platforms with some differences. Their main difference is that MT4 is designed for the global community, while MTS is designed for the Pakistani community, since it makes available Pakistani securities and other assets.
MT4 and MTS, in fact, allow traders to purchase securities even if they can’t afford the securities’ total but a reasonable percentage of the value.
MT4 and MTS are two trading platforms you can check out if you wish to trade the different derivatives on the Forex trading market, depending on your location. They offer you what you need to become a successful trader, provided you are willing to understand the risks involved in trading Forex, are ready to take calculated risks, and have the time and resources to monitor your trades and take necessary actions.
What is MT4?
The MetaTrader 4 (MT4) is a trading platform specifically designed for trading futures and Forex. The platform allows traders to analyze the financial market, run trading robots, and perform trading operations to determine their profitability. MT4 also allows traders to implement different trading strategies they are comfortable with.
Quoting MetaQuotesSoftware, Benzinga reported that over 750 brokers worldwide, including Pakistan, support MetaTrader 4 while millions of traders use the trading platform.
MT4 Pros
MetaTrader 4 is one of the most recommended trading platforms for Forex traders, thanks to the numerous trading benefits on this platform. Some of the pros of trading on MetaTrader 4 are:
Ease of use: Most brokers recommend MetaTrader 4 for traders because the trading platform is easy to use. You don’t require special training to use the trading site if you understand its features and how they work.
Outstanding features: Although MetaTrader 4 started as a simple platform, the parent company has regularly incorporated new features into the trading platform to enhance its usability over the years. Some of these trading features include exchange trading, MQL5 Cloud Network, Forex signals, account history, and what have you. These features don’t only make trading a lot easier but boost your chances of making profitable trading.
User-friendly: The trading platform’s user-friendliness is another primary reason behind its popularity. The interface is designed in a way that supports easy navigation. From the indicators section to the market watch box, you have everything in place so that you can easily find your way around the platform.
There is also the Terminal at the bottom of the platform. The Terminal is home to ten sections such as Market, News, Exposure, and the rest. In a nutshell, you can easily find your way around the platform.
Multi-platform compatibility: MetaTrader is compatible with Mac, Linux, Windows, and other mobile operating systems such as Android and iOS.
Excellent customer support: Determined to help users as much as possible, MT4 offers great customer support. Through the support team, you can find solutions to various problems or find answers to questions that bother you. You can also learn about analytics, getting started, signals, tools, and more.
Low startup capital: You don’t need to break your bank or take a loan to use the trading platform. With as low as $5, depending on the broker, the door is open to every trade to put their trading skills to use.
Automated trading: It supports automated trading.
MetaTrader 4 Cons
While the MetaTrader 4 platform is a great trading platform for Forex traders, it has some shortcomings. These are some pros of using the platform:
- There is no room for a custom timeframe in its Charting package.
- It may not be the best for high-frequency trading.
- It may be a bit cumbersome for Mac computer users, thanks to the memory requirement of 200 MB.
What is MTS?
The Margin Trading System, unlike the MT4, is a trading platform dedicated to the Pakistani stock exchange. An investor has the privilege of buying some MTS-eligible securities even if they don’t have the funds needed to cover the securities cost. However, they must have a substantial percentage of the total cost.
The investor’s brokerage firm will leverage or finance the remaining amount. It is also noteworthy that the brokerage firm defines the required fund’s percentage. This figure shouldn’t be less than 15% of the purchased securities’ total value. It takes T + 2 days only to settle Margin Trading Contracts.
As it is targeted towards the Pakistani Forex trading community, it has some special features designed to make Forex trading a lot easier for the community. Some of these features are:
- The On-Line Trading System is the execution platform for all MTS transactions. The National Clearing Company of Pakistan Limited (NCCPL) provides the trading system.
- To move MT Financed Securities, the financier must pay Marked-to-Market losses to the National Clearing Company of Pakistan Limited daily.
No MT Contract will exceed 60 calendar days. MTS will release a quarter of the MT Contract Value on every 15th calendar day.
MTS Pros
Some of the benefits of trading on the MTS platform are:
- The system is specifically designed for the Pakistani Forex trading community. Hence, it’s undoubtedly the best trading platform for that audience.
- You can purchase securities provided you have a reasonable percentage of the securities’ value, not the total value.
- MTS allows traders to roll their MT Contracts over.
MTS Cons
MTS has its disadvantages. Its common cons are:
- It is restricted to Pakistan, denying international traders from accessing the platform.
- It doesn’t offer some of the technical tools available on the MT4 trading platform.
MT4 vs MTS: Closing Remarks
Take a look at the pros and cons of each platform and compare their features as well. With these pieces of information, you are equipped to make informed decisions when shopping for the ideal Forex trading platform.