How to work with an online webtrader

Software is not always convenient to install. Sometimes, your OS is incompatible. Sometimes, there is not enough memory. Businesses invest in web optimisation, so their products look good on any screen. In online trading, web-based platforms give 24/7 access to the financial market wherever you are. Here is how this works in South Africa.

Internet-based trading has been around for decades. Today, Forex is one of its avenues. It is popular around the world, as millions of people have a passion for currency exchange. Timely decisions bring profit, and risks can be limited by a wise strategy. Here is how MT4, a web-based platform for Forex trading, works.

Online vs. Downloadable

MetaTrader 4 is a powerful terminal for trades developed by the MetaQuotes Software Corp. It has been popular for many years, despite the existence of a newer version. Today, MT4 is chosen by currency traders, while MT5 is used by holders of diverse portfolios.

Both systems come in three versions: software for desktop computers, a mobile app, and a web-based trader. Users can get all three for maximised freedom. This is especially relevant when you often switch devices.

An online platform can be used on any tablet, laptop, or smartphone. It does not require downloads. All you need to do is open your browser and start working! Access is quick and easy, as everything works directly in your browser.

How to Trade via the Platform

Here are the fundamentals of trading in a browser. Generally, anyone familiar with other versions of MT4 will easily adapt to the interface. The differences are only subtle.

1.   Create an Account

You need an account to use any version of MetaTrader 4 or 5. Trustworthy brokers like Forextime offer two types of accounts: demo and live. Through the FXTM webtrader account, you can trade currencies, stocks, and more without commissions or dealing charges.

Steer clear of companies that encourage you to trade live immediately. Every rookie should first try the risk-free demo environment. Otherwise, if you have little or no experience, expensive mistakes are guaranteed.

Accounts are registered in a few simple steps. For the demo, fill in the necessary form on your brokerage site. This requires only basic contact details. Usually, login and password are emailed immediately. For live access, you will usually be asked for a copy of your ID. As real trades involve real money, brokers need to verify every client’s identity. Login details are emailed after approval.

2.   Log in to MT4

Open the web trader in your browser. The same login and password are valid for all versions of MT4. Remember to choose the correct server (demo or live). By default, your password is saved in the browser storage. Do not untick the option unless you need to. If your login attempt is successful, the platform will become active.

The Interface of MT4 WebTrader

The interface includes three main windows. Market Watch displays all the pairs and quotes (Bid and Ask) offered by your broker. You can right-click on the symbol to initiate a new order. The Chart Window shows the chart of the selected currency pair.

Finally, the Account Status Window reflects any changes to your balance. It has a ‘Trade’ tab with active and pending orders, a ‘History’ tab with closed trades, and a ‘Journal’ tab with a list of all activities performed by the platform.

Full Functionality

In terms of features, you won’t notice any differences. This platform has all the charting aids and tools that make the software so popular. It is just as convenient as the native app. You can access all tradable instruments.

Freedom of Access

Users do not have to download or install any programs. Browsers are pre-installed on all devices. All they need is access to the Internet.

Cross-platform Synchronisation

Data is stored on cloud-based servers. This allows instant sharing between the desktop, the mobile, and the online MT4. For example, the same trade may be initiated from a laptop, edited via a tablet, and closed in the browser.

This is also known as cross-platform functionality or two-way synchronisation. You can use any compatible devices in any order you need. All three interfaces reflect the same data.

HTML-based Application

HTML is the basic language of web pages. It is recognised by all browsers, so users enjoy ultimate streaming connectivity.

No Delays in Trading

The system syncs up with your MetaQuotes software flawlessly. There is no need to worry about possible delays or non-communicated trades.

The Bottom Line

Web-based products are often inferior to desktop counterparts. Users may experience delays and crashes that hinder their work. Luckily, MT4 is a well-crafted system that is just as powerful as the eponymous software.

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