How Do I Open a Real Account in
MetaTrader 4?

How to Open a Real Account in MetaTrader 4

For many traders, the financial markets offer a great way to invest in a variety of financial instruments from anywhere in the world. However, to increase the chances of succeeding in the markets, you need to select the right trading platform as well as a good strategy, money management, knowledge, and educational resources.

Of all the trading platforms available to traders, MetaTrader 4 (MT4) is by far the most popular, especially among those trading forex or CFDs (contracts for difference. In fact, over 95% of forex brokers offer this platform on their sites. Created by MetaQuotes, MT4 has a reputation for being a stable platform with various tools and features capable of handling the fast-paced financial markets. This article explains how to open a real trading account in MT4.

Getting Started With MT4

MetaQuotes no longer allows traders to download the MT4 platform directly from the MetaQuotes website. You have to download MT4 software directly from your broker’s official site and to do this, you have to sign up for an account with the broker.

Opening an Account

To set up an account, you need to visit your broker’s site and select the sign up option. This option will depend on the broker’s site set-up. For instance, some brokers will have a ‘Sign Up’ option while others will have a ‘Start Trading’ or ‘Open Live Account’ option. After choosing to sign up you can follow the steps required by the broker.

1. In most cases, you will have to provide the information required by your broker. The typical details will include personal information such as your name, address, contact information, country of citizenship, ID or passport number, tax identification details, and your date of birth to ensure that you are over 18 years. Regulated brokers may also require additional information including your employment status, annual income, trading experience and objectives, and net worth.

2. Read and accept the broker’s terms and conditions.

3. Provide the requested documents to verify your identity. Brokerage companies are required to onboard clients through a KYC (know your customer) process and each broker will have their own requirements regarding the documents they need to verify your identity. Most brokers require your government-issued ID and proof of residence documentation such as your utility bill or bank statement.

Note: It’s unlikely that you will find a reliable broker who doesn’t require documentation and doesn’t ask questions. You should be wary of any brokers who don’t adhere to the KYC process.

Once you have uploaded your verification documents, your broker will review your application and contact you to let you know if your application was approved. Sometimes you may need to provide additional supporting documentation if the broker deems the initial documents insufficient to prove your identity. When the broker approves your application, they will provide you with account details including your account ID, account server, and passwords.

Accessing the MT4 Platform

With an account, you can now download metatrader 4 (MT4) software (MT4.exe). Your broker will provide a relevant link to the software download page where you can select your preferred operating system or device. MT4 is available on Windows, Mac, Linux, Android, and iOS.

  • MT4 on Windows requires a version of Windows XP and higher.

  • While MT4 was specifically created for Windows, it wasn’t created specifically for macOS. The MT4 client terminal can be installed and run on macOS using a macOS version of Wine, a free software that allows users of Unix-based systems to run applications developed for Windows systems.

  • As with the macOS, installing and running MT4 on Linux requires that you use a Linux version of Wine.

  • To install MT4 on Android, the system requirements are Android 4.0 version or higher. The system supports both smartphones and tablets running the Android system - simply download it from Google Play.

  • The MT4 app on iOS is compatible with both iPhone and iPad but it requires devices with iOS 7.0 version or higher - simply download it from the app store.

After downloading the relevant software to your computer, run the file and follow the installation wizard to complete the installation process. By default, the installation will create an MT4 shortcut on your computer and automatically decide the location of the program files. You can choose to save the file in a different location by specifying the location during installation. When the installation process is complete, you can run MT4 by double-clicking on the shortcut created during installation. If you are downloading the software on mobile, you simply download and run the app without any additional set up. The MT4 terminal is not a data-intensive program so it will not take up a lot of space on your device.

What Comes After Downloading the MT4 software?

After completing the software download and installation successfully, you are ready to open your real account. However, you can’t instantly open the real account directly in the MT4 platform itself. To open a real account, you need to connect to your broker’s server.

To do this:

1. Visit your broker’s site and in the account section, find and select the live trading option.

2. Select ‘MetaTrader 4’ from the platform selection.

3. Choose a trading account type with the conditions best suited to your trading needs. Brokers provide a variety of account options and many offer standard, micro, and mini accounts based on traders’ risk appetites and goals.

With the account type, you will also have to choose the various optimum trading conditions for your goals ranging from the leverage level to the base currency of the account. The base currency of an account can’t be changed and you will have to open an additional account if you wish to have an account denominated in another currency.

4. Read and accept the broker’s terms, conditions, and risk disclosures.

Note: It’s unlikely that you will find a reliable broker who doesn’t require documentation and doesn’t ask questions. You should be wary of any brokers who don’t adhere to the KYC process.

Once you have completed this process, your broker will likely send all the account parameters you chose for your new account to your email for your reference. When this step is complete, you are ready to fund your account. Note: Due to the risky nature of the financial markets, brokers are legally required to provide risk disclosures which you will need to know before you begin trading. The brokers’ compliance with this requirement provides some degree of protection to traders as they navigate the financial markets.

Funding Your Real Account in MT4

Unlike a demo account that requires no real capital outlay, a real account requires funding before you can start trading. You can deposit funds into your account by logging into your trading account, selecting the option to add funds, and following the instructions provided by the broker.

On the deposit page, you will be able to view all the available deposit methods and choose the one that is most convenient for you. Most brokers offer a wide range of deposit methods to cater to the numerous payment methods used by traders to trade forex or CFDs from different parts of the world.

Once you have funded the account, you can now open and run the installed MT4 platform, i.e. you can now start trading. When you open the platform, you should get a prompt to enter the account authorisation login and password details provided by the broker when you open your account. You need to ensure that the ‘Server’ field details match the details provided by your broker.

The MT4 Investor Password in Your Real Account: What You Need To Know

When you receive your account details from your broker you will get an investor password in addition to your account ID and the main password which is also known as the master or primary password. The investor password is just another password you can use to log into your MT4 account but it’s important to know how it works, especially in a real account where your funds are at risk.

Unlike your main password which gives access to your entire account, the investor password only provides read-only access. This means you can use it, for example, when you want to show other traders your trading results or when you want them to evaluate your strategy without giving them complete access to your account. Use of the investor password is especially common for traders who allow other traders to copy their trades.

Put simply, each password gives you different permissions in the trading account. The investor password only allows for the viewing of open trades and account history while the main password gives you all trading permissions (you can access all areas of the account, open new trades, and change or close existing trades).

Unlike the main password, which you should safeguard and keep to yourself, you can share your investor password with anyone you choose. If at any point you wish to deny account access to the people you’ve shared the password with, you can simply change the password.

Where do you find the investor password?

In most cases, the investor password is created automatically by your broker when you open an MT4 account with them. You can usually find the password in the email sent by your broker once they verify your account and you can also access it in the mailbox available on the MT4 platform. In some cases, you can even create the password yourself if you have the main MT4 platform password.

What to Know Before Opening a Real Account in MT4

Opening a real account in MT4 is a big step that should be well considered. With a live account, you carry the risk associated with the financial markets and so it’s important to know what you are doing before committing real capital.

Take time to practice on a demo account first

The best way to learn how to trade with MT4 is with a demo account. This account allows you to see what works and what doesn’t in a risk-free trading environment. Starting with virtual funds without incurring real losses is a great way to practice before you transition to a real account in MT4.

A demo account is useful even to experienced traders. For instance, a trader who is experienced in forex trading in the forex market may not want to risk real capital when they branch into stock CFDs trading and a demo account will be a great way to get a feel of the CFD market before switching to live trading.

When used diligently, a demo account provides a great platform to test out your strategy and the psychological aspects of trading. Nonetheless, you are likely to have a different mental state, decision process, and reactions to profits and losses when trading on a real account compared to a demo one. This is why it is important to stick to your trading plan if you want to succeed in the long run.

Consider the important factors

Your broker will play an important role in determining how well you do with your real account. It’s important to choose a broker with ample support for the MT4 platform to ensure that your trading is not disrupted if you ever experience any technical issues. You can also check if the broker offers any value-added services that add on to the stability and reliability of MT4.

Start off on the right foot

Your broker will play an important role in determining how well you do with your real account. It’s important to choose a broker with ample support for the MT4 platform to ensure that your trading is not disrupted if you ever experience any technical issues. You can also check if the broker offers any value-added services that add on to the stability and reliability of MT4.

Setting Yourself Up For Success with a Real Account in MT4

Never start trading on a real account in MT4 with more money than you can’t afford to lose. It may seem obvious, but it’s easy to feel like you know more than you do when starting out in the financial markets and this can lead to you taking unnecessary risks. Be prudent and start with small trades – a demo account can never fully prepare you for the emotions that come when your real money is at risk.

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Source - database | Page ID - 934

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