For many traders, the financial markets offer a great opportunity to invest in a wide variety of financial instruments. To increase your chances of success in the markets, you need to choose the right trading platform, good strategies, money management, knowledge and educational resources.
Of all the trading platforms, MetaTrader 4 (MT4) is the most popular, especially among Forex or CFD traders. In fact, more than 95% of Forex brokers offer this platform on their websites. Developed by MetaQuotes, MT4 is known for being a stable platform with a wide range of tools and features. In this article, we will show you how to open a trading account on MT4.
Open a free Live MT4 account
Open Free MT4 Demo Account
All steps are summarized briefly:
1. Register with MT4 trading platform
2. Download MetaTrader 4 software
3. Fund your account or use demo account
4. Start trading live
The most important things in summary
● To open a MetaTrader 4 account and trade on the stock exchange, you must first register with a broker and complete identity verification.
● With an account, you can now download the Metatrader 4 (MT4) software (mt4.exe). Your broker will usually provide a link to the software download page.
● After successfully downloading and installing the software, you can open an account. To do this, you need to connect to the broker's server.
1. Register with a broker – open an MT4 account
To set up an account, you need to go to the broker's website and select the registration option. This option depends on the broker's website setup. For example, some brokers have a "Register" option, while others have a "Start Trading" or "Open a Live Account" option. Once you select registration, you can follow the steps as required by the broker.
My Tip: Use the best MT4 & MT5 brokers with 0.0 pip spread
Here are the advantages of some reputable brokers chosen by many traders:
Exness Broker:
● Best for Forex
● Open account from $10
● Spreads from 0.0 pips
● Leverage from low to Unlimited
● Fast ECN/STP execution
● Personal Support
● Rating: 5/5✪
Vantage Broker:
● Adjusted many times
● ECN/STP spreads from 0.0 pips
● Variable Leverage
● Pay with cryptocurrency
● Bonus Offer
● Open an account quickly
● Rating: 5/5✪
Pepperstone Broker:
● TradingView support
● RAW spreads from 0.0 pips
● Low cost
● Personal Support
● Rating: 4.9/5✪
1. Information collection
First, you need to provide the information that the broker requests. Typical information includes personal information such as:
● Name
● Address
● Contact information (email or phone number)
● Country of residence
● ID card or passport number
● Date of birth to ensure you are over 18 years old
Regulated brokers may also request additional information, including your trading experience and goals, as well as your net worth.
2. Read and accept the broker's terms and conditions
3. Provide the required documents to verify your identity
Brokers are required to sign up clients through a Know Your Customer (KYC) process, and each broker has its own requirements for the documentation needed to
verify your identity. Most brokers will require you to present government-issued identification and proof of residency, such as a utility bill or bank statement.
Important: Once you have uploaded your verification documents, the broker will review your application and contact you to let you know whether your application has been approved. Sometimes, you may be asked to provide additional supporting documents if the broker believes that the original documents are not sufficient to verify your identity. If the broker approves your application, you will receive your account details, including your account ID, account server, and password.
2. Access and download the MT4 platform
With an account, you can now download the Metatrader 4 (MT4) software (mt4.exe). Your broker will provide a link to the software download page, where you can choose your preferred operating system or device. MT4 is available for Windows, Mac, Linux, Android, and iOS. MT4 on Windows requires Windows XP or later. While MT4 is built specifically for Windows, it is not designed specifically for macOS.
To install MT4 on Android, the system requirement is Android 4.0 or higher. It supports both Android smartphones and tablets — just download it from Google Play. The MT4 iOS app is compatible with both iPhones and iPads, but requires devices running iOS version 7.0 or higher. Just download it from the App Store.
After downloading the relevant software to your computer, run the file and follow the installation instructions to complete the installation. By default, the installation will create an MT4 shortcut on your computer and automatically determine the location of the program files. You can save the files to a different location by specifying the location during the installation process.
Once the installation is complete, you can launch MT4 by double-clicking the shortcut created during the installation process. If you are downloading the software to your mobile device, simply download and run the application without any additional setup. The MT4 terminal is not a data-intensive program, so it does not take up much space on your device.
What happens after downloading the MT4 software?
After successfully downloading and installing the software, you can open an account. However, you cannot open an account directly on the MT4 platform. To open an account, you must connect to the exchange's server:
1. Go to the broker's website and select the open new account option in the accounts section.
2. Select “MetaTrader 4” from the platform list.
3. Choose a trading account type with terms that suit your trading needs. Brokers offer a wide range of account options, with many brokers offering standard, micro, and mini accounts based on the trader’s risk tolerance and goals. In addition to the account type, you should also choose the optimal trading conditions for your goals, from the leverage level to the account base currency. The account base currency cannot be changed, and you will need to open an additional account if you want to open an account in a different currency.
4. Read and accept the broker's terms, conditions and risk disclosure.
Once this process is completed, the broker will send all the account parameters you have selected for the new account to your email address for your reference. Once this step is completed, you can deposit funds into the account.
Due to the risky nature of the financial markets, brokers are legally obligated to provide risk disclosure information that you should be aware of before you start trading.
3. Deposit funds into your MT4 real account
Unlike a demo account, a real account requires you to deposit funds before you can start trading. You can deposit funds into your account by logging into the broker's website, selecting the "Deposit" option in the account section and following the broker's instructions.
On the deposit page, you can see all the available deposit methods and choose the one that is most convenient for you. Most brokers offer a variety of deposit methods to accommodate the variety of payment methods that traders use to trade Forex or CFDs.
Once you have funded your account, you can open and launch the installed MT4 platform. You can now start trading. When you open the platform, you will be prompted to enter your login and password to authenticate your account, which the broker provided when you opened your account. You must ensure that the information in the "Server" field matches the information provided by the broker.
4. Start trading MT4
Now you can start trading on MetaTrader 4. However, I recommend you to test the software on a demo account first. Most brokers allow you to open orders with a minimum capital. Risk only a few dollars at first!
Extra tip: Before trading, right-click on the market and select “Show all”. This will display all the broker’s assets in the software.
Conclusion: Practice first on a demo account, then on a live MT4 account
The best way to learn how to trade with MT4 is to use a demo account. This allows you to see what works and what doesn’t in a risk-free trading environment. Starting with virtual money without risking real losses is a great way to practice before moving on to a live MT4 account.
Frequently Asked Questions
How to open MT4 account?
To open an MT4 account, you first need to download and install MT4 (either directly from Metaquotes or from a broker that supports MT4). Then, open the program and click "File" in the upper left corner, then select "Open Account". A window will open where you can select a broker and enter your account credentials.
How much does an MT4 account cost?
Using the MT4 program is completely free, including opening an account. However, this does not include the transaction fees charged by the broker you link to MT4 with. These fees vary depending on the broker.
Is there an MT4 demo account?
Yes, you can use MT4 with a demo account. To do this, you first need to create a demo account for MT4 with your broker and ask them to send you your login details. Then, in MT4, click "File" and then "Open Account". In the window that opens, select your broker and your demo account server. After entering your login details, you can start trading with your demo account.
