MetaTrader 4 is available for apply devices including the:
- MT4 for Mac
- MT4 for iPad
- MT4 for iPhone
Features Of MetaTrader 4 For Mac
MetaTrader 4 offers real-time charts, news analytics and live quotes when forex trading. Automation is also offered through Expert Advisors allowing strategies to be traded over the marketplace or developed. These can be back-tested using historical data. So in summary, key features include:
- Customised Indicators
- Multiple Time Frame Options
- Live Quotes
- Unlimited Charts
How To Install MT4 On Mac
The first step is to install Play On Mac. This is an application that allows users to play windows programs on a mac. The application is free unique its alternatives like Bootcamp and Virtual Machines. These though can be used as an alternative if that’s your preference.
Next you will need to go through the terminal installers. Download MT4setup.exe, launch the setup file, allow shortcuts the follow the prompts.
What Forex Broker Is Recommended For MetaTrader 4?
A comparison of the top 10 forex brokers offering the MetaTrader 4 trading platform found Pepperstone was the best forex broker.
The finding was based on five key factors:
The difference between the buy and sell price of any currency pairing is called the spread. In almost all cases there is almost a natural spread between an ask and sell price but most forex brokers add extra pips as their charge. The exception are forex brokers with ECN trading accounts including the:
- Pepperstone Razor Account
- AxiTrader Pro Account
- IG Forex Direct Account
- IC Markets True ECN Account
ECN accounts allow forex trading that is direct with liquidity providers such a global banks and financial institutions. Pepperstone’s arrangement with liquidity provides combined with their Price Improvement Technology which routes currency orders to detect hot-spots helping achieve low spreads.
2) Execution Speeds
Execution speeds is the time it takes to make a currency trade on the market. This is critical when forex trading as slow trading can lead to slippage. This phenomena is when a trader executes a trade but contract is filled at a worse rate due to the delay of the forex broker. Factors that impact execution speeds includes the physical connection, server and access to inter-bank servers. The two top forex brokers based on execution speeds (Pepperstone & IC Markets) both use the Equinix setup to achieve the top speeds.
Equinix is on the Nasdaq with forex trading servers both in New York and London. The New York (NY4) facility is used for MT4 traders and is located near the banks (11km from wall street). This facility has over 60 exchanges and more than 150 financial service providers. With over 400 buy/sell first and close to 700 network bandwith options, its the ultimate forex transaction hub.
3) MT4 Forex Trading Platform Features
The two most popular forex trading platforms are MetaTrader and cTrader. Pepperstone offers both including MT4 platform for mac.
The MetaTrader Platform for Mac through Pepperstone offers:
- Live Quotes
- Real-Time Charting
- Detailed Analytics & News
- Expert Advisors
- Management Tools & Indicators
The platform can be customised for different environments and it easy to use and integrate with Pepperstone funding. There is no need for the windows emulator, over eighty pre-installed currency indicators and multiple charting setups. This makes it easy to complete physical forex trading or use automated trading which can utilise a VPS. This is why Pepperstone is viewed as the preferred MT4 platform for Mac.
Leverage is the amount a forex broker will amplify a deposit by when currency trading. For example, a 100:1 leverage level will amplify a $100 to be $10,000 on the forex market. This means a small movement will lead to large profits or losses, increasing the risks and also the potential rewards.
Pepperstone was considered the best MT4 forex broker in-part due to their high leverage of 500:1. Once of the highest rates of the leading forex brokers.
It’s important to understand the risks associated with high leverage levels. Pepperstone offers stop-loss orders and technology to prevent negative balances. Neither of these though are guaranteed so if your risk appetite is lower, then consider a forex broker offering the following:
- Deal Cancellation
- Guaranteed Stop Loss Orders
- No Negative Balance Guarantee
One forex broker offering these three features is EasyMarkets. This forx broker though doesn’t offer the MT4 for Mac forex trading platform.
5) Extra Benefits – Qantas Points
Pepperstone is the only forex trader that rewards forex trading with Qantas Frequent Flyer points. These Qantas points are are gains across the following five major forex pairings:
- AUD / USD
- EUR / USD
- GBP / USD
- USD / CHF
- USD / JPY
There are also several minor currency pairings and crosses. Commodities, exotics, indices and futures don’t earn Qantas points.
The earning rate of Qantas Points is 10 points per a single lot. Each month up to 10,000 points can be obtained.
It’s important to make sure you link your Qantas Frequent Flyer membership prior to trading with Pepperstone to receive the points.