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For FX Brokers offering the MT4 online trading platform to their clients, the simple functionality available to their traders from Metaquotes’ MT4 platform is often insufficient. To meet the demand for increased functionality, external developers began designing and building software that could integrate with the MT4 backend system. These developers then sell these MT4 plugins to their clients (the FX Brokers) and often charge exorbitant prices.
While there are many of these MT4 plugins, some of the most popular are:
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There are two important points to note here. First, MT4 Plugins may conflict with each other and may also conflict with MT4 Bridges (which technically run as MT4 Plugins.) If there is a conflict it can cause your MT4 Server to freeze or crash. Before buying a new MT4 Plugin for your server, it’s advisable to test it in a safe environment. You can clone your existing live MT4 Server onto a new dedicated server and install the plugin there. If the new plugin runs fine in conjunction with your existing plugins for 1 week then it may be safe to try running it in your live environment. Second, in some cases you can avoid having to install a MT4 plugin altogether. Some developers have taken existing MT4 plugins and re-programmed them so that the software can operate using only a MT4 Manager login. This is important in a situation where a MT4 WL client wants to buy a MT4 plugin, but the service provider that runs the MT4 Server does not want to install the MT4 Plugin for them. (This can happen either because the MT4 Server owner is either worried about a plugin conflict, or because they aren’t getting paid on the plugin being bought.)