Does Oanda Support MT4

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Forex traders always look for reliable and trusted trading platforms. There are many online forex trading platforms, including MT4, MT5, cTrader, and others. These platforms provide access to forex markets. Most forex brokers use MT4 as their default trading platform. So, if you are considering using Oanda as your broker, you may be wondering if it works with MT4.

Oanda is one of the popular forex brokers, offering forex, CFD, and Crypto CFD trading. In this article, we will discuss the compatibility of Oanda with MT4. We will also explore alternative trading platforms, pros and cons, MT4 account creation, and more

Does Oanda Support MT4?

Yes, Oanda supports MT4 as its trading platform. MT4 is one of the most popular trading platforms in the world. It is known for its user-friendly interface, advanced charting tools, and automated trading capabilities. Traders can access the MT4 platform on Oanda through various devices, including desktop computers, web browsers, and mobile devices

What Other Trading Platforms Does Oanda Support ?

Oanda supports several other trading platforms. They include:

MT5

Released in 2010, MT5 is a multi-asset trading platform developed by Metaquotes, the same company that developed MT4 in 2005. MT5 is the upgraded version of MT4. It offers more timeframes on charts, with 21 compared to MT4’s 9. MT5 also offers a built-in economic calendar and partial order fill policy. Additionally, MT5 allows depth of the market (DOB). The programmatic language of MT5 is MQL5. However, it is not as popular or user-friendly as MT4 yet

WebTrader

WebTrader typically refers to an online trading platform accessible through a web browser. It allows traders to execute trades, analyze markets, and manage their portfolios directly from a web-based interface, without the need to download or install any software. WebTrader platforms often offer a range of features, including real-time market data, charting tools, technical indicators, order management capabilities, and account monitoring functionalities. They are popular among traders for their convenience, accessibility, and flexibility, as they can be accessed from any internet-connected device without requiring additional software installations

NinjaTrader

Founded in 2003 by NinjaTrader LLC, NinjaTrader is a popular trading platform renowned for its advanced charting tools, technical analysis features, and order execution capabilities. Traders can use NinjaTrader to trade various financial instruments, including futures, forex, and equities.

Ninjatader offers a highly customizable interface which  allows users to tailor their trading environment to their specific preferences. Traders can develop and customize their own trading strategies using NinjaScript, the platform’s proprietary scripting language, or access pre-built strategies from the NinjaTrader ecosystem.

NinjaTrader also offers a comprehensive range of technical indicators, drawing tools, and chart types to help traders analyze market trends and make better trading. Additionally, it provides advanced order types, such as bracket orders and trailing stops, to assist traders in managing their positions effectively.

MotiveWave

Founded in 2010 as a privately held company, MotiveWave’s Trading Software is broker-neutral and equips active and professional traders with a leading-edge trading platform for analysis of stocks, equities, futures, and fore.MotiveWave provides a wide range of chart types, technical indicators, and drawing tools to help traders analyze market trends and make better  trading decisions. The platform also supports automated trading strategies and allows for customization through scripting languages. MotiveWave” has very advanced charting and drawing tools that are highly customizable and yet still easy-to-use, and also specializes in advanced analysis tools like Elliott Wave, Fibonacci, Gartley, Gann and Ratio Analysis. 

MultiCharts

Released in 2020, MultiCharts is a Windows-based trading application developed, sold, and distributed by MultiCharts, LLC, headquartered in Columbus, Ohio, United States. It serves as both an electronic trading platform and technical analysis software. It uses a proprietary programming language called PowerLanguage.As an professional electronic trading platform for individual and corporate traders, the platform provides the means to receive market data, perform technical analysis, and send and manage orders to a broker, both manually and automatically. 

TradingView

Founded in 2011 by Konstantin Ivanov (CTO), Denis Globa (CEO) and Stan Bokov (COO), TradingView is a cloud-based charting and social networking platform for traders and investors. It offers a wide range of tools and features for analyzing financial markets, including stocks, forex, cryptocurrencies, and more. Users can access real-time data, advanced charting tools, and technical indicators to conduct in-depth market analysis. TradingView allows users to create custom watchlists, set up alerts, and share trading ideas with the community through its social networking features. Additionally, it supports the development and sharing of custom indicators and trading strategies. TradingView is known for its intuitive interface, extensive charting capabilities, and active community of traders and investors 

Features of Oanda MT4

Automated Trading Strategies:

OANDA’s MT4 platform allows traders to implement automated trading strategies using Expert Advisors (EAs). EAs are custom-built scripts or algorithms that can execute trades on your behalf, based on predefined criteria and signals. This feature is particularly useful for traders who want to automate their trading and take advantage of algorithmic strategies.

Trade from Charts:

OANDA’s MT4 platform offers the convenience of trading directly from the charts. This means you can place, modify, or close trades by simply interacting with the price chart itself. It provides a visual and intuitive way to manage your trades, making it easier to analyze price movements and make quick decisions.

Proprietary MT4 Plug-in:

OANDA provides a proprietary MT4 plug-in that enhances the platform’s functionality. This plug-in can offer various additional features, tools, and indicators that may not be available on the standard MT4 platform. These enhancements can help traders gain a competitive edge and make more informed trading decisions.

MT4 Premium Upgrade:

OANDA offers a premium upgrade option for the MT4 platform. This upgrade may include access to premium features, tools, or data sources. These enhancements can vary but are designed to provide traders with more advanced capabilities and resources to improve their trading experience.

MT4 Open Order Indicator:

OANDA’s MT4 platform includes an open order indicator that provides expanded details about your active trades. This indicator offers real-time information about your open positions, including trade size, entry price, stop-loss and take-profit levels, and other relevant data. Having this information readily available helps traders monitor and manage their positions more effectively.

How to create an MT4 Trading Account on Oanda

Creating an account on Oanda is easy and simple. Here are the steps : 

Step 1: Account Setup:

  • Create an Account: If you haven’t already, sign up for an account on Oanda. Follow the registration process and provide the necessary information.
  • Account Verification: Complete the account verification process by submitting the required documents, ensuring compliance with regulatory standards.

Step: 2 Download and Install MT4:

  • Access Oanda Website: Login to your Oanda account through the official website.
  • Visit to MT4 Section: Locate the section related to MetaTrader 4 on the Oanda website.
  • Download MT4 Platform: Download the MT4 platform from the provided link.
  • Install MT4: Follow the installation instructions to install the platform on your computer.

Step 3: Login to Your MT4 Account:

  • Launch MT4: Open the installed MT4 platform on your computer.
  • Login Credentials: Enter your Oanda account credentials (username and password) provided during the account registration process.
  • Server Selection: Choose the appropriate Oanda server from the list.

Step 4: Explore the MT4 Interface:

  • Market Watch: View available instruments and their real-time prices in the Market Watch window.
  • Charts: Open charts for different financial instruments. Customize chart settings, and timeframes, and add technical indicators.
  • Order Execution: Execute trades using the ‘New Order’ window. Specify trade parameters, such as volume, stop-loss, and take-profit levels.

Step 5: Use of Trading Tools:

  • Technical Analysis: Leverage the advanced charting tools for technical analysis. Add indicators, trendlines, and other analysis tools to enhance your decision-making.
  • Expert Advisors (EAs): Explore and use Expert Advisors for automated trading. Install EAs or create your own to automate trading strategies.

Step 6: Monitor and Manage Trades:

  • Trade Management: Monitor open positions, view account history, and manage trades using the ‘Trade’ and ‘Account History’ tabs.
  • Modify Orders: Adjust stop-loss and take-profit levels or modify existing orders directly from the platform.

Step 7. Mobile Trading (Optional):

  • Download Mobile App: If desired, download the MT4 mobile app on your smartphone or tablet.
  • Login to Your Account: Use your Oanda account credentials to log in to the mobile app.
  • Trade on the Go: Manage your trades, monitor the market, and execute orders from your mobile device.

Step 8: Customer Support and Resources:

  • Oanda Support: Reach out to Oanda customer support for any platform-related queries or assistance.
  • Educational Resources: Explore educational materials and resources provided by Oanda to enhance your trading knowledge.

The Pros and Cons of Using MT4

Pros
  • Free to Use 
  • User-Friendly Interface 
  • Real-time access to market prices
  • Widely Used for Traders 
  • Customizable Indicators 
  • Backtesting Capabilities 
  • Large Community and Support 
  • Allows Automated Trading 
  • Multiple Servers 
  • Low System Requirements 
  • Multi-Language Availability 
  • Support Mobile, PC, and other Devices 
  • Support Multi assets including Forex, CFD, Crypto CFD, Indices, and Commodities.
Cons
  • Limited Number of assets 
  • Lack of Build-In News Feed 
  • No Economic Calendar:
  • No Depth of Market
  • Older Architecture
  • Lack of Advanced order type  ( 4 Pending order while MT5 has 6 ) 
  • Mono-threaded platform with 32-bit operating system
  • Limited Timeframe on charts (9 Timeframe while MT5 has 21 time frame)

Frequently Asked Questions (FAQs)

What is Oanda?

Founded in 1996.  Oanda is a regulated forex broker. It allows restriction-free trading facilities to traders worldwide. Oanda offers Forex, Indices , Metals , Shares, Commodities, Cryptocurrencies trading with up to 1:500 leverage. It claims itself as a true ECN forex broker.  

What is MT4?

Metatraders 4 (MT4)  is a widely used electronic trading platform for forex and other financial instruments. It offers a user-friendly interface, advanced charting tools, and support for automated trading through Expert Advisors (EAs). Traders can execute trades, conduct technical analysis, and implement automated strategies on the MT4 platform.

Does Oanda offer an MT4 Demo Account for Free?

Yes, Oanda provides a free MT4 Demo Account. This allows users to practice and familiarize themselves with the features of the platform without risking real money. It’s an excellent way for beginners to learn and for experienced traders to test new strategies.

What is the timezone of Oanda MT4?

The server time for Oanda is GMT+2 or GMT+3 depending on the time of year. During the winter months, the server time is GMT+2, while during the summer months, it is GMT+3. 

Can I Use EA with Oanda MT4?

Yes, traders on Oanda can use Expert Advisors (EAs) with the MT4 platform. EAs enable automated trading by executing predefined trading strategies, making it convenient for traders who wish to implement algorithmic approaches.

What is the Minimum Amount I Can Deposit for Oanda?

The minimum deposit for Oanda is as low as $0. This low entry requirement makes it accessible for traders with low levels of capital.

Is Oanda MT4 Available for MAC Users?

Yes, Oanda MT4 is available for MAC users. Traders using MAC computers can easily download and install the MT4 platform to access the full suite of trading features.

Is Oanda MT4 Available on Android Devices?

Yes, Oanda MT4 is available on Android devices. Traders can download the mobile app from the Google Play Store and enjoy the convenience of trading on the go.

Does Oanda Offer Mobile Trading on MT4 Platforms?

Yes, Oanda offers mobile trading on MT4 platforms. Whether on Android or iOS devices, traders can use the MT4 mobile app to manage their trades, monitor the market, and execute orders from anywhere.

What Instruments Can I Trade on Oanda MT4?

On Oanda MT4, traders have access to a diverse range of instruments, including Forex, Indices , Metals , Shares, Commodities, Cryptocurrencies. This allows for a comprehensive trading experience across various financial markets.

Does Oanda Use MT5 Trading Platform?

Yes, Oanda uses the MT5 platform. MT5 is the upgraded version of MT4. Both MT4 and MT5 are developed by Metaquotes

Where is the Headquarters of Oanda Located?

The headquarters of Oanda is located in New York, New York, United States.

What are the Account Types in Oanda?

Oanda offers 2 types of accounts: Standard , Elitetrader

Final Thoughts:

Oanda uses MT4 as its trading platform. It also uses other platforms like MT4, MT5, WebTrader, NinjaTrader, MotiveWave, MultiCharts, TradingView and more.

MT4 is one of the most popular and widely used trading platforms in the forex work. It is known for its user-friendly interface and advanced tools. It facilitates online trading in various financial markets, offering features like chart analysis, automated trading through Expert Advisors, and accessibility across multiple devices
Disclaimer : Trading forex and CFDs comes with the risk of losing your trading capital.

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

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