The long wait is over, forex fanatics! MetaQuotes Software Corp., maker of the popular MetaTrader 4 forex trading platform, has finally released an iOS app designed for MT4 users!
And it’s about time too! Last December, many forex geeks were wondering why the company already had an MT5 app out on the market even before releasing a MT4 app. I guess the folks at MetaQuotes finally listened to the nerdy calls of forex junkies!
But before you grab your favorite mobile devices, you should know that this app is only available for Apple fanboys and girls. In fact, the latest version of the app is only compatible with iPod touch, iPhones and iPads that have iOS4 or later versions.
Let’s do a quick review on the app, shall we?
First, you gotta download the app from iTunes. Don’t worry, it’s free!
Then, using your new/existing account, input your log-in details. Make sure you choose the right server from the list!
Ta-da! That’s it! You’re ready to go! Now on to the fun stuff – what’s actually part of the app!
Just like other mobile trading apps, the MT4 app provides users with access to real-time price feeds and charts. The platform offers multiple set time frames, ranging from 1-minute charts to daily charts. You can even pop on some of your favorite indicators like moving averages, MACD, RSI, and Bollinger bands!
The platform also has tabs that let you access your entire account history, as well as your current balance, open positions, and pending orders. Pretty snazzy, eh?
Even with a long list of features to excite any mobile trader, the MT4 app does have its drawbacks.
For one, shifting between different charts isn’t as easy as one would like it to be. Instead of being able to change from one chart directly to another while on the chart tab, you must first go to the quote board and select a currency pair. Only then can you pop on the desired chart. The software also doesn’t allow you to view two charts at the same time.
While this isn’t too much of a burden, it does delay the trading process and could be bothersome for those who like to shift between charts quickly or see multiple charts side by side.
Secondly, I find the list of indicators to be somewhat lacking. It doesn’t include drawing tools so the trader can draw trend lines or horizontal support and resistance levels. It’s like they never heard of Draw Something! It also doesn’t include the Fibonacci tool, which is a must-have for many traders.
Last but not the least, you should note that MetaQuotes just released this app recently. I’m sure there will be updates and revisions which should make the app better.
That said, we don’t advise newbie traders to hop on the mobile trading bandwagon and use it to trade live. In fact, we don’t advise it to pro traders either, UNLESS you have a very stable internet connection and you’ve had tons of DEMO practice using the platform. You don’t wanna be in a scenario where you just entered a trade but can’t add a stop loss because you got disconnected or you accidently put too many units because you tapped one too many zeroes!
For now, here are three other useful forex mobile apps that you should try out as well!
Hope y’all found that review helpful! Hit me up with your thoughts and comments below!