Most trading platforms come with enough in-built functionality required for a brokerage to set up its operations. However, as the business starts growing, the default functionality falls short of the broker’s requirements, and additional MT4 plugins are needed to simplify the workflow.
Since 2013, when Brokeree Solutions was established, we have helped hundreds of brokerages automate and optimize internal processes as well as set their ventures afoot for long-lasting success. During these years, we’ve been asked a lot of questions regarding the initial setup of the trading platform, and this blog post is an attempt to share some of the commonly used and requested MetaTrader 4 plugins for brokers.
What are MT4 plugins?
MT4 plugins are software add-ons that enhance the core functionality of the MT4 trading platform. While MT4 already supports automated trading through Expert Advisors, indicators, and scripts, plugins are typically developed on the server side by brokers or third-party developers to provide additional tools, features, and automation capabilities beyond what’s possible with client-side scripts alone. Plugins are server-side tools, which means that only brokers (or MT4 license holders) can install and run them, and traders benefit from them indirectly through the broker’s services.
List of MT4 plugins
- Feed Server
- Dealing Desk
- Negative Balance Protection
- Trade Copier
- Dynamic Margin and Leverage
- Extended Agent Commission
6 Essential MT4 plugins by Brokeree Solutions
Data Feeds plugins for MT4 and operations with quotes
1. Feed Server
Trading platforms on their own, of course, do not have any market data and should be connected to market data providers to stream quotes to MT4. Feed Server technology allows brokers to receive raw quotes and symbol information from multiple market data sources, filter spikes, modify or create new symbols, and stream stable price feeds to MT4.
Why is the choice of the robust Feed Server plugin for MetaTrader crucial?
Even the smallest obstacles in this area may result in severe risks to the funds of brokers and their clients. Some technical failures on the feed side may appear as “frozen quotes,” displaying the last received values. For such collapses, brokers should have pre-configured risk management solutions that immediately switch the trading platform to an alternative feed, ensuring the trading process is not interrupted and traders do not experience serious troubles.
Another important element of risk management when managing quotes is spike filtering. Sometimes, due to the technicalities of the market, the price may rise or fall extremely sharply – this move is called a spike. Plugins for MetaTrader, like Feed Server, help the trading platform determine if the change was a market movement or a technical spike and allow brokers to limit spikes displayed on the trading platform.
Risk Management MT4 Plugins for Brokers
2. Dealing Desk
As forex pairs are the most traded financial instruments, with daily trading volume reaching $6.6 trillion, brokers may find it improbable to manually detect issues. That is where tools like Dealing Desk by Brokeree Solutions come into play, providing automatic scalping detection and risk management functionality.
For example, there are instances where trading is still allowed for a symbol even though there is a problem with data streams. If a broker continues to execute trades with off-market prices, it may lead to unpredictable losses and a huge gap once the price stream resumes. In such cases, the Dealing Desk MT4 plugin spots issues like “frozen quotes” and spikes to help brokers mitigate risks.
Sometimes, when quotes are “frozen”, the trading platform continues to confirm incoming requests from traders. As described above, the emerging difference in market quotes and quotes on the trading platform puts the funds of brokers and their clients in a very risky position. The broker should stop the acceptance of requests for irrelevant quotes as soon as possible. Some advanced MetaTrader 4 plugins, such as Dealing Desk, may automatically stop the trading process if quotes have not been updated for more than a specified time, for instance, 30 seconds.
Besides efficient pre-set solutions, a broker needs to swiftly receive information about all significant errors on the servers. To ensure it, they may use special MT4 plugins like System Alerts. The solution enables brokers to instantly obtain crucial information about the occurred problems, so they can make a decision and prepare the technical support service.
3. Negative Balance Protection
When a trader comes to a broker, the worst they expect to happen is to lose their deposits. However, an influx of bonuses in the trading account may also be dangerous. Some trading strategies based on operating with big leverage and small deposits may lead to significant fund losses. In some extreme cases, clients’ account funds may drop below zero – this is called a negative balance. The key function in this process is taken by credits or bonuses – funds, temporarily provided to a trader by a broker.
There can be cases where the account loses all its deposited money and continues trading with a bonus (credit money). Since in most cases bonuses are distributed by third-party applications, trading platforms’ in-built functionality isn’t always enough to monitor the negative balance. Brokers around the world are using Negative Balance Protection plugins for MetaTrader 4 to prevent such cases. The solution automatically tops up the account if the balance drops below zero, thereby stopping clients’ losses.
4. Coverage Accounts and Trade Copier plugins for MetaTrader 4
Instead of using complex analytical systems, brokers can set up their trading platforms for real-time monitoring with simple plugins. Plugins like Trade Copier or Terminal Hedger allow brokers to aggregate clients’ positions in one place through a combination of different copying modes.
By utilizing different copying modes, these MetaTrader plugins provide a centralized overview of aggregated positions to streamline the monitoring process. Brokers can conveniently monitor executed orders from selected groups or individual trading accounts in a single MetaTrader 4 account. With this setup, brokers can monitor total exposure per symbol and overall profit and loss, all from within the MetaTrader interface.
Furthermore, having all this data accessible in one place means that brokers can make informed decisions. They can respond to market movements, adjust strategies on the fly, and manage risks. Hence, these plugins for MetaTrader ensure that brokers can offer their clients stability and reliability, which are critical in retaining their trust and business.
5. Dynamic Leverage
With the development of forex, CFD trading regulators started paying more attention to the provided leverage, which at some point could get as much as 1:1000, whereas with just a 100 USD account, you could trade as if you had 100,000 USD. Besides being a great client attraction tool, high leverage ultimately increased risks for traders and jeopardized the reputation of foreign exchange investments.
To prevent the “gamification” of capital management and minimize the risks to retail traders, financial authorities have introduced regulatory measures aimed at capping leverage per security. Since most popular trading platforms consider leverage to be a trading account-specific value, brokers have started using Dynamic Margin and Leverage plugins for MetaTrader to expand the default functionality.
Bonus management
6. Extended Agent Commissions
The default functionality of MetaTrader 4 allows brokers to specify one agent per trading account, which is enough for a handful of “introducing brokers” (IB) or when a company begins operations. However, as the number of IBs increases and the agent network expands, it becomes very difficult to manage and oversee agent chains. To solve this problem, products like Extended Agent Commissions are gaining popularity as they allow brokers to create agent chains and specify remuneration for each agent tier.
Conclusion
With these plugins, brokers can automate risk management, streamline IB remuneration processes, and optimize dealing operations.
Request a free 2-week demo for any of the products via the contact form below.
Elite Automation Package
Brokeree’s Elite Automation Package is a comprehensive solution that includes all the above-mentioned plugins and is available at a monthly subscription.
Product packages are a convenient and cost-efficient way to acquire several apps and plugins. Each package is complemented with additional development and consultancy hours that enable brokers to fine-tune chosen products or gain operational insights from leading industry experts.
Schedule an introductory call via [email protected] or by filling out the form below to learn more about simple yet effective solutions for MetaTrader 4.
