Japan’s foreign exchange market is known for its deep liquidity and volatility as Tokyo is a major financial trading hub. The Asian session gains momentum during Tokyo trading hours and MetaTrader 4 has been a bridge between traders and currency markets for decades. The platform has a successor, MetaTrader 5, but many traders still prefer the MT4. Below is a summary of the main reasons and features that make MT4 still unchallenged when it comes to FX trading in Japan.
It Is Familiar
MetaTrader 4 remains a staple of modern Forex trading. Even though MetaTrader 5 was launched, MT4 remains one of the most popular trading platforms worldwide, including among Japanese traders. MT4 has been around for almost two decades and many FX traders start their career on MT4 demo accounts. The platform offers all the features necessary to analyze markets, open trading options, manage risks, and develop and test strategies. As a result, usefulness is combined with familiarity and many traders simply do not want to switch to other platforms because they have all the needed tools already on the MT4 platform.
It Has Been Around Forever
It has been 20 years since the platform was introduced on July 1, 2005, making it one of the oldest trading software out there that is still relevant in modern markets.
This is not a short time and the platform has the widest client base around the globe being the go-to for 90% of Forex traders. As a result, there are large databases of tutorials and educational content to master all of its features and make profits.
Brokers Love It
If you ever traded with a regulated Forex broker in Japan or the rest of the world, chances are super high that you would start with the MT4 platform on your demo or live account. This is because the majority of Forex brokers have been supporting the platform for decades, which contributed to its adoption and popularity among retail investors.
It’s User-Friendly And Customizable
One of the key reasons why MT4 became so beloved among traders is its superior customization and user-friendly characteristics. Surely, the platform is not for beginners as it requires some learning curve to master its features, but the process is quick and simple.
Users can tweak the interface of MT4 to align it with their needs and preferences. There are different color schemes and they can be edited. Some traders also share their color settings for free to make it an even easier process. By moving every window and menu bar around, traders can fully customize their trading environment and ensure a comfortable trading experience.
Superior Features And Tools
Comfortable trading in FX is impossible without a proper set of tools and features. MT4 offers one-click trading to open a trading position right away and there are many different order types supported to implement any trading strategy with ease. Different timeframes and chart types ensure every trading style is accessible including scalping, swing trading, and trend trading.
Trade execution is one of the fastest in the industry, which enables traders to use scalping strategies and tools like Fibonacci and built-in drawing instruments to ensure flawless technical analysis.
You Can Use Algorithms And Custom Indicators
MT4 has plenty of built-in indicators, but using MQL5 (upgraded from MQL4) programming language traders can write their own indicators, scripts, utilities, and Expert Advisors. As a result, it is possible to use custom indicators and automated trading features. Combined with multiple types of alerts, MT4 is a platform that can be used as a standalone trading software where all important features are accessible within one working space.
Official Store For Free EAs And Indicators
For traders having no programming experience, there is an official store for free and paid MetaTrader 4 EAs and custom indicators. It is easy to switch between free and paid ones and traders can directly install their indicators and EAs on their platform.
MT4 vs. MT5
MT5 is the successor to MT4 and many retail Japanese traders started to adopt it as well. It offers multi-asset trading, Level II pricing, and improved functionality. Despite its advantages, the majority of Japanese traders still prefer MT4 over MT5 because of familiarity with MT4. MT4 EAs are also incompatible with MT5 and not all brokers support MT5 yet.
The Bottom Line
In the end, MetaTrader 4 continues to dominate the Japanese FX trading scene because of its unmatched familiarity, strong reputation, broker support, useful features, and user-friendly customization. While MT5 offers modern features, MT4’s familiarity and broker adoption coupled with advanced features make it the dominant Forex platform today.
