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

FAQs

What is MetaTrader 4 and how does it work? ›

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.

On the Market Watch window, double click on the asset you wish to trade (you can also right-click on your desired asset and then select 'New order') Right-click on the Trade tab on the lower terminal and select 'New Order' Press F9 for one-click trading on the chart of your favourite asset.

You can either open a live trading account in which you can deposit real money to trade and withdraw later, or you can open a demo account and trade with virtual funds. Most online CFD and forex brokers offer access to the MT4 platform for free, which can be downloaded on your desktop or mobile.

Is there a minimum deposit to trade on MetaTrader 4? 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.

If you're a beginner, it might be best for you to start with MetaTrader 4. Its interface is intuitive and easy to use. It's fairly simple to place a trade in both MT4 and MT5. But as a new trader, you may not be as familiar with the different trading tools available in MetaTrader 5.

MT4 is popular for two reasons. The first is that it's highly customisable to your individual trading needs and preferences. The second is that it can automate your trading by implementing algorithms that open and close positions according to pre-set parameters.

Yes, you'll need to open a live trading account with a supporting broker if you want to place real trades within the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms.

To comply with generally accepted anti-money-laundering rules and regulations, your broker can only allow you to withdraw money to a bank account in the same name as your MT4 trading account.

XTB is one of the most popular MT4 broker across most measurable metrics. First and foremost, there is no minimum deposit to get started and XTB is regulated by multiple financial bodies. This includes the UK regulator, the Financial Conduct Authority (FCA) – so XTB should be considered a safe place to trade.

Do I need a broker to use MetaTrader 4? ›

You can not use MetaTrader platforms for trading without a broker. MT4/MT5 are trading platforms that offer tools and features for analysing quotes and making trades. Nevertheless, this act can be done with a broker's open trading account and connect to the platforms via the menu.

MT4 is considered a good choice for beginners due to its user-friendly interface, educational resources, demo account, multi-device compatibility, and comprehensive features such as technical analysis tools and automated trading capabilities.

MT4 can help traders of all levels execute even complex trading strategies with a combination of 2 market orders, 4 pending orders, 2 stop orders, and a trailing stop. The platform also supports three execution modes (instant, request, and market), boosting flexibility.