MetaTrader 4 is a popular system for Forex trading. Despite the existence of MetaTrader 5, the predecessor maintains its appeal. It is tailored to currency exchange and has everything a trader needs. The system is recommended by many brokers in India, but can you use it without the middleman?
MT4 has two modes of work that require two different types of accounts. Both are opened through a brokerage. Without the login and password, the terminal won’t work. However, download, installation, and account registration are often free.
Source of Concern
So, why might a trader want to work without a broker? Some people feel uncomfortable sharing contact information, such as email or phone number, online. As long as the provider is legit, there is no reason to worry,
In many countries, Forex is poorly regulated, which is why fraudsters thrive. Today, it is easy for them to lure in victims. Such companies encourage you to start live trading immediately, as they are after their clients’ deposits.
Traders in India should look for companies with official registration and license. It is best to choose well-established brands with operations in different countries, industry awards, etc. These brokers receive oversight from industry watchdogs like the CySEC. They comply with all regulations, so your funds are safe.
How to Download and Install MT4
Brokers who work with the system usually provide it for free. Head to the website of a trusted MT4 broker like Forextime. Choose the right version and click on the ‘download’ button. The system comes in three forms: desktop, mobile, and web-based. The online terminal works in popular browsers, so there is nothing to install.
An important advantage is a cross-platform work. This means you can open a position via your laptop, edit it via the app, and close using the web trader. Forex is always a click or a tap away, whenever you need it.
Software for PC works on both Mac and Windows devices. Download the file and run it. The smartphone app can be found in both App Store and Google Play (iOS MetaTrader App and Android MetaTrader, respectively).
Installation Process
Once you run the .exe file, the installation wizard pops up. It will guide you through the necessary steps. A shortcut for MT4 will be created, and it will be installed in your Program Files directory. These parameters can be changed if needed. Wait for the installation to conclude and double-click on the MT4 icon. Now, your terminal is ready for use.
Opening a Demo Account for MT4
The best way to learn is through practice. MT4 gives a perfect opportunity to see what market conditions are like with no risk. A demo account registered through a broker will give you access to the simulated mode. The terminal will mimic real trading, so you can test your skills and get used to the controls.
Newbies are urged to begin with the risk-free mode. They can see how different strategies work and choose the most convenient style. Tons of theory cannot replace such practical training. This option is priceless.
Even experienced traders find the demo mode useful. Those wishing to explore more instruments (for example, U.S. stocks or CFDs on commodities) can practice safely before opening real trades.
Logging in to MT4
Most brokers will send your account credentials by email. This process is almost instant for a demo account and a little longer for a live trading account. The email will contain your account ID, password, and account server.
When you enter these details into MT4, the platform establishes a connection to the broker’s server. This allows you to use the trading account. To log in, users need to use the feature ‘Log in to Trade Account’ on the ‘File’ tab. Upon the first run, the platform will usually prompt you to enter the necessary details.
You may be wondering what the investor password unlocks. This mode allows you to view the account, but trading is inaccessible. The user can see what positions are open, what the balance is, live quotes, and EAs. The purpose of the investor password is to allow another person or broker to see how real trading works.
Funding Your Account
To start live trading, you need to transfer funds to your account. This can be done via your broker’s website. Each company has its own variation on the trader’s dashboard. This is where deposits and withdrawals are managed.
The system will give prompts to help you make the first deposit. When the funds are received, you will see your balance change. Generally, the process may take up to three business days, depending on the method. The more payment methods are accepted – the better. Now, you can start real trading and earn real money!
