A trading platform is essential for investing in any financial market. It should feature news and updates, live market prices, accurate order placements, and charting tools.
MetaTrader 4 (MT4) is one of the most popular trading platforms in the world, since 2005. It has the reputation of being stable and capable of handling fast transactions. Additionally, it features all the necessary tools when trading different markets. And although MetaTrader 5 is now available, a lot of traders stick to MT4.
There are two types of MT4 trading accounts— demo and live. The demo account enables traders to practise, especially if they’re beginners. On the other hand, the live account works when you fund your account and trade for real. Both possess the same functions, such as trading in real-time, but the latter helps you make a profit.
Here’s how to obtain a MetaTrader 4 account:
Choose a broker
Before, MetaQuotes, the creator of MT4, allows traders to download the platform straight from the MetaQuotes website. Today, traders need to find a broker first and download it from their website.
So, how do you choose a broker? Choosing a broker can be difficult given the wide range of choices. Furthermore, this intimidating task requires a lot of research and assistance, so feel free to consult experts before deciding.
For your reference, an ideal broker offers services that align with your investing goals. Aside from that, they have a great reputation according to past and current clients. Usually, the website of trading brokers contain the information you need, so it’s best to inspect them thoroughly.
If you want to be sure of the broker you choose, you can start with the popular ones, and see if they offer what you need.
Download the MetaTrader 4 platform and install it
Brokers have different ways of setting up an account. It’s either they allow you to download MT4 first or will redirect you to their registration link. But whatever comes first, you still need to download the MT4 platform.
Downloading MT4 is the easiest step. Brokers usually have a specific tab for MT4 that you can find on the homepage. Once you find the said tab, click the link that indicates, Download MetaTrader 4. You have options whether your computer is Mac or Windows.
After that, you can now set up the platform. Be mindful of your computer system as compatibility is the key to a successful installation.
Read the terms of the agreement and create an account
Now that you’ve successfully installed the MT4 platform, it’s time to create an account. But before that, it’s recommended to read and analyse the terms of the agreement. Besides, if you’re new to trading, you should be aware of the fees and other regulations your broker implements.
When creating an account, the options are a demo or a live trading account. Click the one you prefer and fill up the form. Normally, the demo account doesn’t require much information, so you’re just like signing up for a social media account. Meanwhile, the live trading account requires identification and other relevant documents.
Once you’re done, the broker will review your application and give you your credentials if you pass the screening. After the verification, you can go back to the MT4 platform and log in with your details.
Deposit funds to your account
Now that you have access to all the features MT4 has, you can either start trading or start practising. It depends if you choose a demo or a live account. If you choose the former, adding funds to your account is no longer necessary.
On the other hand, if you have a live account and are ready to start trading, start by funding your account. If you’re going to use financial instruments, consult your broker first so that you know how much money to put into your account.
Brokers have various available methods of funding a trading account. Look at the choices they have for you, and pick the most convenient one. After that, add a substantial amount to your account, and start trading.
Finding a broker and creating an MT4 account might be the easiest step when trading as a beginner. Now, you can start creating strategies, and enhance your trading skills. Since MT4 is a widely used platform, you can also take seminars and training to get to know it better.