MetaTrader 4 (MT4) Manager API is the bridge between the MT4 Trading platform and third-party applications and helps establish a 2-way-communication channel between them. It is a true gift from MetaQuotes to the forex trading community including brokers, traders, developers, etc.
Let’s understand it in detail.
MetaQuotes launched the iconic forex trading platform MT4 in July 2005. And to date, it’s the most popular forex trading software. Despite the fact that MetaQuotes has stopped selling new MT4 Admin Licenses, MT4 still remains in high demand.
Forex Traders & Brokers still demand MT4 trading software.
During the initial months, brokers and traders were just mesmerized by the features and functions that were made available to them with MT4 trading software.
But as we all know, Forex Market is fast-paced and changes rapidly. These changes do require several custom forex software, tool, and modules. This is where an MT4 Manager API comes in handy.
What is MetaTrader 4 or MT4 Manager API?
MetaTrader 4 (MT4) Manager API is the public interface provided by MetaQuotes (who developed MT4) that allows establishing a connection between a MetaTrader 4 and a third-party application. MetaTrader 4 (MT4) Manager API comes with practically countless integration options.
2 Key Functions of MetaTrader 4 (MT4) Manager API
As explained above, MetaTrader 4 API establishes a two-way communication channel between an MT4 Manager and a third-party tool or application.
It facilitates 2 key functions:
I. Transmitting any data from the MT4 platform
It’s up to the requirement and abilities of the development team what all they can do with the data.
II. Passing control commands from a third-party application to MT4.
This helps you to add, edit, delete and modify the data and records directly from a third-party application to MT4.
How to choose the best MT4 Manager API?
If you are looking to develop custom software or MT5 tool, there are several MT4 Manager API providers. But you need to be a little cautious while subscribing or buying an MT4 Manager API.
Here is what we believe is a simple checklist that you should check before subscribing or buying an MT4 Manager API.
- MT4 Manager API should provide access to all administrative & relevant function to be executed from MT4 Manager.
- MetaTrader 4 Manager API must be easy to use and well documented with sample codes.
- MT4 Manager API access should be provided in web services as JSON and XML format can be consumed in PHP, JAVA and DLL access for .net and C++. This architecture enables the MT4 MANAGER API to be used cross-platform by nearly all of the modern programming languages, easy to plug and helpful in third party development.
- Do check whether it supports multiple MetaTrader (MT4) managers with a single API license.
- You might want to check if the MetaTrader API can be used for Prime and an MT4 White Label Broker.
Key Features of MT4 Manager API
MT4 Manager API opens a Pandora box in front of a seasoned product manager and creative developer.
Some of the key features are listed below:
- Open Trading Account: User Registration directly from web app to MT4 Manager
- Add, Edit, Delete Customer profile and Account
- Change of Password
- Manager Fund Deposit & Withdrawal: Instant deposit/Withdraw from account automatically.
- Leverage: Change or update the leverage from account.
- Change trading group of traders
- Manage the Trading Terminal Access: Enable or Disable Trading or change to access to Read only mode.
- Report: Traders can see open, close & other transaction report.
- Open & close position: A dealer at brokers end open and close positions in clients account on clients request or as per internal policies to manage risk
- Risk Management: Brokers and Traders get access to several risk management tools to avoid undue losses and manage their trades
- Event based recent open & close position.
- Feed Source
What kind of forex software, tools, and applications can be developed using MT4 Manager API?
With MetaTrader 4 Manager API you can develop the following tools and applications
- MT4 CRM
- MT4 Traders room aka Trader Cabinet
- Risk & Exposure Management Tools
- MT4 Forex Signal Software
- Mobile Apps like MT4 Manager App
- Contest & Rewards Application
- Managed Fund Software like Multi Account Manager (MAM MT4)
- Performance & Statistics Dashboard
- Custom Plug-ins
- IB & Affiliate Module
MT4 Manager API Cost
If you look to get MT4 Manager API providers, it’s a little unclear. Some forums suggest that MetaQuotes provide the MT4 Manager API to its broker clients only and it’s not available to the public. While there are several MT4 Manager API providers who offer different packages on monthly/quarterly subscriptions and one-time purchases as well.
If you are starting small and have limited requirements, you may opt for subscription packages. As you work with API and if there is a requirement and budget, you may choose to upgrade to higher subscription licenses.
Here is the price list from one of the MT4 Manager API providers we got the quotation from some time ago. Please treat it as an indicative package and price. We don’t guarantee its accuracy.
Do check for a detailed MT4 Manager API package and cost from your provider.
|MT4 Manager API (Lite)||MT4 Manager (Standard)||MT4 Manager (Enterprise)|
|Support MT4 Manager||2||5||Unlimited|
|Source Code||No||Extra Charges||Extra Charges|
|$1500 (One time)|
|$2200 (One time)|
|$3000 (One time) |
IMP: We recommend you contact MetaQuotes directly and ask them how you can get the Manager API. They are the best ones to guide.
MT4 Manager API Documentation
MT4 Manager API Documentation is the most important part of and the API solution you get. It has a list of functions and how to call them.
This makes forex software, tool, and application developer’s life much easier.
When you connect with an MT4 Manager API provider, always insist to get a DEMO code and documentation to test the code yourself or your developer.
The functions should work as per the instructions provided in the MT4 Manager API Documentation. If they don’t, it should ring a bell and you should check if there is some glitch.
MT4 Manager API is a blessing for MT4 Brokers, Traders, and developers who develop forex software and apps.
It allows several custom developments as per the requests and requirements of brokers and customers.
Well, the forex trading industry changes frequently so do the needs of its participant for the different tools and software. MetaTrader 4 Manager API works are a foundation stone for all these custom tools and apps developments.
A word of caution; there are several cracked versions of MT4 Manager API in the market that are sold for way lower cost and you need to be cautious about them.
A good developer could identify a genuine MT4 Manager API license from a cracked API.
Do try to check. You may still not identify but do try.
Wish you develop the next big MT4 tool that helps the forex community further.