Creating and funding an MT4 trading account is simple with this article. But, what is MT4 or MetaTrader 4? MetaTrader 4 is one of the most popular trading platforms in the world for forex traders. It was released in 2005 by MetaQuotes Software Ltd. It is estimated that over 750 forex brokers provide it. The MT4 trading platform is available on the desktop version, as a mobile app. This article will assist in creating and funding an MT4 trading account.
Its popularity among CFD traders is attributed mainly to these features:
- Initiating trades directly from the price charts through one-click trading
- Availability of different types of orders including market orders, sell stop, sell limit, buy stop, and buy limit
- A wide range of technical analysis tools with 30 inbuilt technical indicators and over 24 graphic tools
- Real-time news alerts
- Automated trading systems and traders can program trading robots and automated indicators using MQL4.
For beginner traders, MetaTrader 4 Telegram groups can provide comprehensive guidelines on how to navigate the MT4 trading platform. Advanced traders can benefit from Telegram. Forex Expert Advisor to develop proper trading plans and MetaTrader 4 signal Telegram.
We’ll show you step-by-step instructions on funding an MT4 trading account.
Step 1: Find a suitable CFD broker
The first step towards setting up an MT4 trading account is finding a credible Forex broker. MetaTrader 4 Telegram groups help you identify the most suitable broker for you, depending on your country and trading strategy.
With most brokers, you first have to register as a user before signing up for a trading account. Depending on the broker, you can sign up via email, your Google account, Facebook account, or Apple ID.
When signing up for the first time, you’ll be required to provide your name as it appears on your official government-issued documents and your phone number.
Step 2: Fill in personal details
You will be required to disclose more personal details such as your date of birth and your residential address. You will also be asked to declare the sources of funds you intend to use for trading. This is from personal savings, employment wages, inheritance, gifts, or from a pension.
Fill in this information as accurately and factually as possible.
Step 3: Declaration
This step is part of the Know Your Client (KYC) due diligence. You must certify that the personal information you have provided is accurate and factual. You will also be asked some further questions such as your estimated net worth, your knowledge of trading, criminal record, employment status, and whether you are a politically exposed person.
Step 4: Choose your trading account type
In forex trading, there are several types of trading accounts specifically tailored to different kinds of traders. The first distinguishing feature of the accounts is whether your broker is providing an ECN or an STP trading account. The difference between these two accounts is on how your broker connects you to the liquidity provider.
Another common classification of trading accounts depends on the minimum amount that a trader can deposit. Under this category, traders can choose from standard, mini, micro, or cent accounts. For the standard account a minimum deposit of $1000 is required, mini $100, and micro-accounts $10.
Other brokers offer proprietary types of accounts with varying privileges and fees. The most recent trend is the provision of Islamic trading accounts which are compliant with the Shariah laws. These types of accounts do not attract any interest costs such as swap fees.
Step 5: Configure your trading account
The next step will be to configure your trading account. You get to select your desired leverage and the base currency of your trading account.
In forex trading, leverage is the money that your forex broker loans you. It is represented as a ratio. For example, if you choose a leverage of 1:1000, it means that your broker will multiply any deposits you make into your trading account by 1000. Therefore, if you deposit $1000, it means you can open a position worth $1,000,000; i.e., (1000 * 1000).
Note that, although leverage can significantly increase the profits you make by trading larger sizes, your potential losses can also be magnified. MetaTrader 4 Telegram groups can help guide you through selecting the most appropriate leverage for you.
The account currency you choose in this step will be the currency that denominates your deposits, profits, and losses. For example, if you choose USD, the deposits into your account, the profits you make, losses you incur, and any other charges will be denominated in USD.
Step 6: Funding an MT4 Trading Account
Now that you have fully set up and configured your trading account, all you have to do is deposit funds into the account to start trading.
One of the major benefits of the current digital era is the availability of numerous online financial service providers. A trader, therefore, has a lot of options to choose from when deciding how to deposit their funds. Most forex brokers provide several deposit options. These include bank wire transfers, debit and credit card options, and digital wallets such as Skrill, Netteler, VLoad, WebMoney, FastPay, Crypto Payments, BitPay, etc.
Note that for most of these options, deposits are reflected instantly in your trading account.
Step 7: Download and Install MetaTrader 4 after Funding an MT4 Trading Account
After your account is fully configured and funded, the next step is to download the trading platform, in this case, the MT4 platform. One of the main advantages of the MT4 trading platform is its versatility and compatibility with various trading tools such as Telegram to MT4 EA.
Select the platform that corresponds to your device. For the desktop and mobile versions of the platform, select the download corresponding to the software of your device; whether Windows, Mac, iOS, or Android.
Step 8: Login and Start Trading
After installing the MT4 platform on your device, log in using the account number provided by your broker and the password you set during registration.
If the trading platform seems intimidating at first, do not worry; MetaTrader 4 Telegram groups can help train you and show you how to navigate the platform. For beginner traders, MetaTrader 4 signal Telegram can provide you with accurate signals of when to enter and exit positions saving you the time to conduct analyses.
Conclusion: Creating and Funding an MT4 Trading Account
Setting up and funding an MT4 trading account is a simple process that, on average, shouldn’t take more than 4 minutes. Afterward, you can rely on Telegram to MT4 EA for your trading needs.