MT4 is a trading software released in 2005 that has been widely popular and used over the years. However, with the accelerating pace of technological advancement and the rapid development of big data and cloud computing—particularly in the field of financial trading software—MT4 can no longer meet the needs of today’s traders.After more than a decade of operation, the MT4 platform has encountered numerous issues. Its shortcomings have long been criticized, and its main drawbacks are as follows:
- MT4 has limitations on the number of trading groups. MT4 White Label accounts can share trading groups with the MT4 Master Label, and the MT4 Master Label can configure up to 512 groups. In contrast, Sirix Broker—which offers the same trading software—has no restrictions on the number of trading groups, making it more convenient for traders.
- MT4 lacks margin call alerts. Both the MT4 white-label and MT4 main platforms only display margin levels and do not provide margin call alerts. In contrast, Sirix Broker—a comparable trading platform—not only displays margin levels but also shows the distance to a margin call, deposit requirements, and other information, enabling traders to better manage their positions and reduce trading risks.
- MT4 lacks currency conversion and P&L reporting features. MT4 is a highly complex and specialized trading platform; beginners often find it confusing and struggle to get started quickly, typically requiring a long period of learning and adaptation—and they rarely use most of its features.At the same time, MT4’s lack of compatibility with third-party integrations significantly impedes the convenience of clients’ trading and hinders their progress. In contrast, Sirix Broker is simple, clear, and highly user-friendly, while offering a richer set of trading features that are trader-friendly.
- MT4 is incompatible with third-party integrations. While nearly all systems on the market currently support third-party plugin integration, the developers of MetaQuotes MT4 have adopted a closed-system approach, which significantly impacts the convenience of clients’ trading and hinders their growth.
- MT4 requires weekly server reboots, which is quite inconvenient. Both MT4 White Label and MT4 Main Label versions require server reboots on weekends, which is troublesome for traders. In contrast, the comparable trading software, Sirix Broker, does not require weekend reboots; it can be activated with a single click, making it convenient and efficient.
- MT4 White Label and MT4 Master Label do not provide exchange rate conversions or P&L reports, requiring traders to calculate these figures themselves—a cumbersome process. In contrast, the comparable software, Sirix Broker, allows users to view this information in the account details; simply clicking on “Account Details” displays the trading P&L status and exchange rate conversions.
- MT4 is not very user-friendly, especially for beginners.
- Maintenance for the MT4 software system has been discontinued.To date, the MT4 platform has been in operation for over a decade. Although major system vulnerabilities are rare, the possibility of encountering bugs during use cannot be ruled out. If you report such issues to MetaQuotes, they may not necessarily address them proactively, as the company announced in November 2016 that it would no longer update the MT4 platform.Even if technical staff were to address the issue, it would likely take a long time. Therefore, the current MT4 platform is not secure for trading, and the risk of encountering bugs should not be underestimated.
- MT4 lacks new features. Although the company announced in 2016 that it would stop updating MT4, the evolving forex market and advancements in fintech have led to increasing user demands for trading software—such as community trading services and copy trading features.Although traditional trading software remains usable, in this fast-paced forex market, opportunities can vanish in the blink of an eye. Therefore, traders should choose software equipped with features suited to today’s needs—such as the powerful community trading capabilities of Sirix Broker, which, when utilized effectively, can become a “powerful tool” in forex trading.
- MT4 suffers from slow trading speeds. During periods of high market volume or peak trading hours, it can experience lag and delays, which are extremely detrimental to traders’ forex operations.
Therefore, given all of the above shortcomings, MT4 is no longer our first choice for trading.There are other software options available that offer greater versatility and are better suited to today’s trading environment, such as the Sirix platform provided by Leverate. It features both a simple and user-friendly trading environment and community-based copy trading services, making Sirix the ideal choice for those engaged in long-term forex trading.
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