MetaTrader brokers are basically the Forex brokers who provides their clients the MT4 platform. The platform refers to the program in which clients can monitor the Forex market and make trades from the broker account. Despite the existence of many different platforms, the MetaTrader is the most popular, hence more brokers use it. Here are some reasons why the program is important to most brokers.
First and foremost, the MT4 is free to download and use. Of course, someone has to pay for a platform, and that would be the brokers. However, when the commissions begin to come in through victorious trades by their clients, this would actually cover up much initial cost. Nevertheless, it costs nothing for the clients to use, so if they do not mind using them, this is where business comes in for the MetaTrader brokers.
Second, the platform comes with charts that can be utilized. It does not only state the current prices of currencies, but it also lets clients open the chart to place indicators of their own. This way, you do not have to make your own charts for references, but directly refer to the existing charts and place important references onto it. Furthermore, you can set your orders directly from there. Another important thing is that clients find the program favorably because it comes with both the platform and the chart. Without the program, you may get the platform from your broker for free, but the chart has to be paid for. Yet, with the program, this is not the case, making it a favorite.
Lastly, with the automated feature of the program, both brokers and clients find it indispensable. Using the MQL, a programming language, anyone is able to customize their indicators to function in a way, and it would automatically function that way by their robots. When the robots are left to work, they are able to analyze data, conduct a range of automated tasks, and alert you of data you would find important in the market.