What is MetaTrader 4 and how do you use it PSO (2024)

FAQs

What is MetaTrader 4 and how does it work? ›

What is MT4? MetaTrader 4 (MT4) is a trading platform developed by MetaQuotes in 2005. Although it's most commonly associated with forex trading, MetaTrader 4 can be used to trade a range of markets including forex, indices and commodities, via CFDs.

Yes, you can. With MetaTrader 4 you have the option to set buy and sell limits in the 'orders' window. They are presented as the 'stop loss' and 'take profit' options.

MetaTrader 4 is the ideal platform for beginning traders. Its user-friendly and intuitive interface gives you access to a variety of markets. You can even automate your trades or try a demo account first. But ultimately, your success with MT4 will depend on your trading strategy.

MetaTrader 4 offers numerous features to traders for streamlining and automating their trades. It also offers advanced charting tools to help traders make informed decisions. By connecting MetaTrader 4 to a broker, traders can create live trading accounts and trade with real money.

MetaTrader 4 minimum deposit is in the range of $50 and $100 for the most competitive brokers, and this includes T4Trade as well.

MT4 doesn't have a deposit or withdraw function, but you can fund by logging into My IG and clicking 'add funds' next to your MT4 account in the dashboard. You can also transfer funds to and from your MT4 account using your other IG accounts, by going to the 'live accounts' tab and clicking 'transfer funds.

You can open an MT4 account with the majority of brokers with a small deposit which can start from $100. This is because forex trading has a relatively low margin requirements and is accessible to everyone.

The time it takes for your broker to process your withdrawal request and for you to receive your funds is usually one to five business days.

Do I need a broker for using MT4? You need a broker to facilitate your trades using MT4. Traders need to open a live account with a broker as you cannot place trades using MT4 without one.

Can MetaTrader 4 be trusted? ›

Yes, the MT4 WebTrader trading platform is legitimate.

MT4 is absolutely free to use. You may download it separately for individual trading or access the software from a broker you are assigned to.

No, the platforms aren't banned. Not sure if it's even possible to ban some specific software in the US. However, it looks like some prop firms stopped working with brokers that provided MT4/MT5 platforms.

Recommended lot size for $10: Micro and nano lots

Based on the above calculation, micro lots (0.01 standard lots) or even nano lots (0.001 standard lots) are the most suitable for a $10 account.

You will discover the different ways of executing trades, and be able to test a variety of trading strategies. You'll very quickly come to the conclusion that MetaTrader 4 is by no means a fake platform, but rather a system that can help you achieve your trading outcomes.

Yes, the minimum deposit is $100. We'd always recommend making sure you have more than the minimum available, to afford you more flexibility with your strategy. Start trading on MT4 by opening an account, or practice first using virtual funds with an MT4 demo.

You will discover the different ways of executing trades, and be able to test a variety of trading strategies. You'll very quickly come to the conclusion that MetaTrader 4 is by no means a fake platform, but rather a system that can help you achieve your trading outcomes.

As mentioned above, a MetaTrader 4 demo account is free to download and use. Here, you'll be able to test out the platform using virtual funds. However, launching a live account is a bit different. MetaTrader 4 makes money by selling software licenses to brokers whom users can partner with to open live accounts.