So I am now demo trading on the IG platform, but I’ve heard from the start that MT is the platform to use. I downloaded the MT, but I’ve still been practicing on Instagram. Could someone describe the advantages and disadvantages of each? Will utilizing IG be prudent when I begin legitimate trading?
MT4/5 is available to be used on dozens of forex accounts with different companies. On the other hand, IG’s platform is only for use in IG’s market. That is all there is to it. You can even use MT4 with IG if you wish.
MT4/5 is useful as a charting program that uses much less CPU, which means you can have five charts open at once without slowing your machine down. But the lack of what is commonly referred to as “floating charts” will piss you off no end. You can’t drag the price around as you wish. But it has a massive online following which helps ask questions etc.
I am personally an IG user from day one and I love its simplicity. It is also a lot more intuitive and involves far less effort. I still occasionally run MT4 on my other screen just as a ticker when I need it.
If you’re happy with the IG platform I’d advise you to just stick with it; the obsession with platforms is pretty meaningless- forex should be kept as simple as possible.
MT4 (or 5) are platforms to execute orders, and install indicators.
IG is the broker you are using and u can trade directly from it or log into MT4 with IG accounts to execute. Honestly, MT4 is the most popular platform, I trade from there and find it easy.