When it comes to Forex trading, you can not but consider trading platforms. Trading platforms make it possible for traders to initiate buy and sell orders, monitor price movement from charts, automate orders using stop loss and take profit, and also keep an eye on their trade from time to time.
Metatrader 4 stands out amongst other platforms as the most popular and widely used for trading forex.
Apart from Metatrader 4 (MT4) and Metatrader 5 (MT5), there is another version of the Metatrader platform, which is the MT4 Multiterminal.
What is Metatrader 4 (MT4) Multiterminal?
A look at the name already suggests to you that MT4 Multiterminal makes provision for users to manage multiple accounts on one platform. This platform offers account managers a unique advantage and also for traders that have and work with many accounts at the same time. So, the functionality is high on ensuring seamless trading with many accounts and allows many users as well.
MT4 Multiterminal platforms have a striking difference from other Metatrader adaptations because it allows you to trade simultaneously on up to 128 real accounts or 10 demo accounts on the same server. One other distinction of MT4 Multiterminal is that it doesn’t feature charts, expert advisors, scripts, and indicators. Also, there is no mobile or web version to it.
How To Use MT4 Multiterminal
Only brokers who provide MetaTrader 4 as their main trading platform offer MT4 Multiterminal. To determine whether a broker offers MT4 Multiterminal you can browse through the menu on the broker’s website.
To get your MT4 Multiterminal working after you have downloaded it, you have to log in with your trading account. This platform can only work on Windows OS. Once it has been downloaded and installed on your device, here are other steps to follow:
- When it requests that you create a new account, just click on “Cancel”.
- Once you go to “Tools”, under “Options”, you can choose the server given to your account from the drop-down menu on “Server”. Once you have made your choice, click on “OK”.
- To fill in your trading details, Open “File” and proceed to “New Account”.
- To add multiple accounts, repeat the third step, but you must make sure that the account you want to add is from the same server.
The installation and its use are simple. Even a novice can figure it out.
Limitations Of Metatrader Multiterminal
Every good design has its limitations. Limitations are pointers to a good design. MT4 Multiterminal with its many advantages has limitations too. These are three limitations you should consider:
- Management of Trading accounts from servers other than Metatrader is not accepted. So make sure your assigned trading account has a reliable server. In addition, not all brokers accept multiterminal. Choose your broker with this in mind.
- The design of the platform doesn’t feature price charts and analytical tools.
- You cannot trade the same currency pairs on different accounts at the same time. This limitation is dependent on the type of account. For instance, trading on a cent and standard account simultaneously.
Regardless of its limitations, Metatrader Multiterminal is a good trading platform to try out.