The system is designed by MetaQuotes in 2002 and has since been used by millions of traders around the world. MetaQuotes provide this platform for traders to carry out their activities in the forex market while through its own proprietary programming language allows service providers to programme their own front-ends (interface). The MetaTrader platform is an independent platform where brokerage companies are able to package and programme their own versions.
Metaquotes as Backend Engine
How it works is the MetaQuotes provide the back-end processing system for the traders while the front-end would be designed by the respective firm. This means that if one knows how to use MetaTrader, it would be similar regardless of which brokerage firm they are engaged to. The latest and most current version of MetaTrader used in the forex market today is MetaTrader 4 or MT4. This version has undergone various revisions and improvements since MetaTrader was first introduced and in its 4 major version, it is more stable and reliable in many ways. Trading can now be carried out through an automated strategy implementation.
The trader can invoke the automatic trading function where MT4 can monitor certain market movements without missing a signal. Reliability is very crucial when it comes to trading in such markets. Therefore MT4 is designed to provide the highest reliability in terms of execution rate. This means that the trader would be able to execute the trade when using MT4 and as of 2012, it has been reported that the platform has a 99.88% execution rate, more than any other platforms in the market. The features that come with MT4 include streaming real-time prices of the international forex market which is basically running throughout the day during working days, charts as well as the easy-to-navigate functions to place orders. MetaTrader 4 is designed to run on Microsoft Windows while there are customized versions that can run effectively on the Macintosh operating system.
To date, MetaTrader 4 is the most popular forex trading platform in the world where it has been incorporated in most brokerage firms and used by traders. There has been a newer version released by MetaQuotes, which is the MetaTrader 5. However, as the majority of traders (both clients and providers) are more accustomed to MT4, version 5 has not garnered the popularity expected. To enable faster and easier trading, MT4 can be used on mobile devices. While there is no official mobile version of MT4 released, several brokerages have designed and launched their own versions that can run on platforms like iOS, Android, Blackberry and others.