As a Forex trader, you always need to have a clear overview of your positions, market moves, and macroeconomic data. While it is often possible to achieve this using your mobile device, it is still very challenging to modify the positions on your phone in accordance with the market developments. This is where web trading solutions come handy as such apps allow you not only to clearly see the chart but also to modify your positions based on the most recent information. As a client of a certain MetaTrader 4 broker, you have most probably struggled due to the lack of a proper web application.
Recently MetaQuotes, a company behind MT4, has released a web terminal for its flagship product. Yet not every broker has added its Web Trader from MetaQuotes to the armory of its platforms. The reason for this is rather simple, MT4 Web looks like quite an inferior platform compared not only to its Windows version but also to its rivals. Today we will compare MT4 Web version to one of its rivals, UTIP, a platform that a broker can launch either as a standalone solution or in conjunction with MT4.
MT4 Web Description
From the first look Web Trading solution from MetaQuotes seems rather neat and nice. It has nice a modern look & feel, unlike the desktop application. It has received a slightly improved design and color scheme, better-drawn icons, while everything else roughly stayed unchanged.
When looking at the advantages of MT4 Web, we can certainly highlight the provision of 1-Click-Trading terminal, presence of 3 types of charts and 9 time frames for detailed analysis.
It also comes with an integrated Fibonacci tool, graphical objects, and 5 indicators. This is rather a downgrade, as most of the MT4 traders have used to have 50+ indicators with an ability to apply their customly developed indicators and trading robots. In other words, MT4 Web can be used as a fallback trading platform, but it is certainly not capable of becoming the only platform a trader will ever use.
Another disadvantage of MT4 Web is the lack of customization. At the moment you are simply unable to customize any part of your trading platform. This is quite a big disadvantage, especially considering that most of the traders are actually using a dark interface of the platform.
UTIP Web Trader
This platform has been around for quite a few years and it has achieved quite some success with a vast pool of Russian brokers. Till today there are over 70 brokers that are offering trading via UTIP. Let’s take a look at this platform in a bit more detail.
Unlike MT4 Web, UTIP positions its toolbar on the right side of the platform, this makes it slightly more convenient to access quickly the tools you need.
When it comes to types of charts, UTIP demonstrates the same quantity and the same types of charts as MT4 Web. UTIP also supports multiple charts via tab interface, although tabs at UTIP are placed above the chart.
UTIP tries to simplify trading as it offers 5-time frames from 5 seconds to 1 day, which makes this platform a bit more convenient for intraday traders. Customization options are also a field where UTIP excels as you can easily customize any element of your platform using a color palette.
Also, with UTIP it is possible to use hotkeys for your trading, something that can be quite useful, especially for scalpers and something that is not currently available at MT4 Web.
Another advantage of this platform is that you can easily change the view options and monitor multiple charts within the same screen.
Even though MT4 remains quite a popular platform, its Web Terminal needs quite a few additions to become at least anywhere close to such rivals as UTIP Web Terminal. As you can see, MT4 Web misses a few items, yet these missing features are often something that can set the trader apart from the profit.
This article is a guest post written by ForexBonusLab