Every trader needs an active account to start trading in the financial markets. With the growing popularity of online trading, it is imperative to explore the ways beginners can get started. One of the things a trader needs is a trading platform. While many are in the market today, MetaTrader 4 (MT4) is the most popular platform.
This software, created by the world renowned company MetaQuotes, is ideal for beginners and enjoys decades of popularity around the world. Remember that you can use MT4 for PC or the mobile version. We are going to discuss how to open an account on both as the process is quite similar.
Find a broker and open an account
The preliminary step is to find a broker. To buy/sell currencies, you need an intermediary – this service provider. You can only use the MT4 trading platform if you have registered with one of them. Finding the right broker is an important preliminary step that requires vigilance. They should be able to meet your personal needs, including a reasonable minimum deposit, various withdrawal methods, high standards of customer support, etc.
Once you have found a good broker, follow the steps below to open an account:
- Provide the required personal information. The details you need to submit include your name, address, ID/passport number, country of citizenship, contact details, tax identification information and proof that you are over 18 years old. Some brokers may ask for additional information such as employment status, net worth, trading experience, etc.
- Read and understand the terms and conditions before accepting them.
- Upload all requested documents to your broker’s platform. The documents will go through a verification process, where your application will be reviewed. Later, you will be contacted with information about the approval status of your request.
Access the MT4 platform
With an open account, you can proceed to download the MT4 software. You will get a link to your broker’s download page. When you get to the download page, select your preferred operating systems. You can access the MT4 platform on Windows, Linux, Mac, Android and iOS.
When downloading, you need to know the system requirements for the MT4 platform to work on your device. After downloading, follow these steps:
- Install and run the software on your device. A shortcut will be created on your computer’s home page after installation is complete, if you choose to use one.
- Double click on the MT4 shortcut to open the program
As you wish, you can change the location of the MT4 software files on your computer. If you are using a mobile phone, simply download the app and start using it without additional configuration.
How to get started after downloading MT4
After completing the download process, you are now ready to start trading on your real account. You need to connect to your broker’s server to get started. To do this, visit your broker’s site and select the “live trading” option. Next, select MetaTrader 4 when choosing the platform, then choose a type of trading account.
When you have completed this process, your broker will email you your account settings. Then you can fund the account and start explore the markets. With the MT4 trading platform, you can enjoy various features that will enhance your trading experience.