With fierce competition in the forex market, MetaTrader brokers need to optimize and automate their internal procedures to survive in the long run. The default functionality included in the trading platform starts to fall short when a business starts to grow and you need individual plugins. Does it worth the effort? Read on to find out.
Generally, most trading platforms are comprised of in-built functionality to manage multiple operations. But when your business starts to scale, you need additional plugins and automation capabilities to streamline your workflows to a great extent.
There is no denying that forex trading has become a lot easier with MetaTrader 4 and MetaTrader 5. It comes with plenty of features that make them widely popular amongst all trading platforms. While you enjoy a great interface, it is slightly impossible to meet everyone’s expectations and that’s where MT4 plugins become a huge necessity.
But before you pick any additional plugin, it is necessary to know more about it in detail and narrow down your best options to drive superior results. So without any further ado, let’s get started!
What are MT4 Plugins?
MT4 or MetaTrader 4 is a commonly used trading platform due to its useful functional and user-friendly support. However, forex brokers may need additional functionality at some point in time and this dominant platform isn’t sufficient. With a wider audience, it can be challenging to satisfy everyone’s needs, and thus, the need for plugins for the MT4 server arises to bring in functionality that fits your precise business needs.
Plugins for MT4 are needed to install on the server and configure through the MT4 administrator. MT4 brokers should take the resources and functionality required into account to make the right selection and improve the current features of MetaTrader 4.
Key benefits of MT4/MT5 plugins:
• It allows you to alter the features and functionality of your current trading platform
• It makes your operations simpler than a standard MT4
• Ultimately, it helps you save time exhausted because of inefficient functionality
Plugins Options for MT4 Brokers
1. Multi-Tier IB:
This server plug-in for MT4 can help forex brokers to calculate and give commissions in real-time, with safety and ethical values. Moreover, it can calculate rebates if IB needs to distribute bonus expenses to the client. You can easily operate it with web API via MetaQuotes Manager API.
2. Multi-Account Manager:
This plug-in can help the asset managers to handle different sub-accounts through one centralized master account by dividing the trade margin needs among them. It is compatible with up to 128 master accounts; each operates with a particular allocation mode and tackles specific sub-accounts groups. It can simplify all workflows related to sub-accounts, deposits, fund withdrawal, and commission payouts.
3. GAP Helper:
The main purpose here is to manage how an order is implemented. This plug-in precedes all types of trades such as stop limit, stop loss, take profit, etc. Additionally, you can select the algorithm for each order type from start to end and the order’s price.
4. Flexible Limit:
This plug-in can help modify limits and stop levels for particular groups at a determined date or may be set as repeatable for a couple of days a week, everything at a defined schedule.
Deciding on the right plugins for MT4/MT5 plays a significant part in smooth business operation and processes. Besides cost, there are plenty of elements you should focus on to make an appropriate selection, such as features, security, performance, functionality, and value.
Incorporating the most reliable and updated MT4 plugins into your existing trading platform will eventually make things simpler for you and help pay attention to core business objectives.
About the Author:
A specialized programming team is dedicated to offering web applications, server plugins, customized solutions, trading tools, and technical support, helping MetaTrader 4 brokers, their IB’s, and white labels to automate their business processes and achieve ultimate success in the forex industry.
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