Are you new to the Forex market? This article will walk you through how to trade crypto on Metatrader 4.
MetaTrader4 is a popular and well-known online trading platform used to automate trading. The simple user interface gives one access to advanced technical analysis and also flexible trading systems. Here’s a guide on what MetaTrader 4 is and how to use it. And also, how you will add cryptocurrencies, like Bitcoin and Ethereum, to your MetaTrader 4.
What Is MetaTrader 4?
MetaTrader 4 is a trading platform developed in 2005 by MetaQuotes. Although it is most associated with forex trading, MT 4 can be used to trade a wide range of markets, including forex, cryptocurrencies, indices and commodities, via CFDs.
MT4 is highly popular due to the fact that it is highly customizable to your individual trading preferences. And It can also be used to automate trading, using algorithms that close and open trades on your behalf according to a list of set parameters.
How To Add Cryptocurrency To MetaTrader 4 Mobile
Step-By-Step Guide to adding cryptocurrency to the MT4 platform
- The first thing to do when opening your MT4 program is to click on “View” in the horizontal menu.
- Next, Choose “Symbols“
- Then, select the folder name.
- Next, click “Show” Note: one can either right-click on the “Market Watch Symbols” table, or you hit CTRL+U.
- Once you have all the cryptos on the trading list in your MT4, you can choose a file or a new chart and launch the crypto of your choice from that list.
Noted also that MT4 offers users a U.S. dollar currency pair, too. And it can be accessed by visiting the “Quotes” tab and choosing the “+” button at the top right-hand corner, which leads you to a sub-menu.
What Is A Demo Account?
A demo account is the best way for newbies to explore trading. The demo account’s functionality is similar to that of the real account, only with the exception that you trade with virtual money. Working on this demo account will provide you with a Forex trading experience using all the trading features provided by the MT 4 platform.
One can trade in real-time and also learn how to analyze the markets using technical indicators without actually risking your money. Copy-trading with Signals’ subscriptions and Expert Advisors purchases from the MetaTrader Market is also available for demo accounts.
A demo account can be opened on a desktop platform, as well as in the MT 4 mobile applications.
Creating a MetaTrader 4 demo account is the best way to begin mastering the MetaTrader 4 platform and trading in the currency markets.
How To Check Your Profit On MetaTrader 4
One can monitor their running profit for their open trades by looking in the ‘Trade’ tab in the ‘Terminal’ window (CTRL+T to open and close the Terminal window). Your Profit is displayed/shown in your deposit currency by default, but it is easy to switch this to display as pips instead.
How To Cash Out On MetaTrader 4
MetaTrader 4 is just a trading platform where you connect your broker account and then start trading. So basically, whatever fund/cash you have in your broker account is displayed in meta trader.
MetaTrader 4 has nothing to do with your Deposits / Withdrawals. It’s just a mere display platform.
How Long Does It Take To Withdraw From MetaTrader 4?
It usually takes one to five business days for your broker to process your withdrawal request and for you to receive your funds.
How To Trade Crypto On MetaTrader 4
we will show you how to trade crypto on MetaTrader 4. Mt4 is the most known and used trading platform out there in the Forex market. So, follow the steps outlined below, and you can easily make your start on the Crypto CFDs market:
- The first step on how to trade crypto on MetaTrader 4 is to actually find a reliable MT4 crypto broker that offers Cryptocurrency CFDs trading. Nowadays, lots of forex brokers allow Cryptocurrency CFDs trading, but you should look for a broker that is regulated.
- Open a live or demo account on your preferred regulated MT4 cryptocurrency broker. next, download the MT4 platform using the link sent to your email after your registration.
- Next, Open the MT4 platform and log in to your account using the information sent to you by your broker in your email.
- next, click “View” and then “Symbols” from the navigation window on the top, or simply press Ctrl + U on your computer. This will display the Crypto CFDs listed on the platform.
- Next, click on the + sign beside ‘Crypto’ to open the list of cryptocurrencies. Next, click on “Crypto” to select all the cryptocurrencies. Then, click “show” to show them all in the Market Watch window. However, you can pick each cryptocurrency pair individually.
After completing the steps above on how to trade crypto on MetaTrader 4, you can trade with your favourite cryptocurrency pairs on MetaTrader 4.
Differences Between An MT4 Live Account And An MT4 Demo Account
- Trades made on your demo account will not be subject to slippage, interest and dividend adjustments, or even out-of-hours price movements
- Trades may be rejected if one has insufficient demo funds to open them but, unlike on the live account, will never be rejected on the grounds of price or size.
- You will not be charged for chart packages on a demo account but would be charged on an MT4 live account
- Trades will not be closed in a demo account if you have insufficient funds to cover margin and running losses, while in a live account, trades could be closed in such a scenario.
The Difference Between MT4 And MT5?
MetaTrader 4 is based on a prior/first-generation (version) of software, while MetaTrader 5 is the latest version. In addition to forex trading and CFDs, MT5 can support stock trading and futures trading, this making it more of a multi-asset platform.
MeTatrader5 includes advanced functions such as utilizing cloud storage to run strategies and also to conduct backtesting. With MeTatrader4, backtesting must be done locally or via a virtual private server or VPS.
While MetaTrader 5 looks and feels similar to MT4, MeTatrader5 is a faster and also a more modern trading platform. Though MT4 is still more widely used, but the number of MT5 servers surpassed the number of MT4 servers globally (it only took a decade).
This is because more MT4-only brokers continue to launch the MT5, offering the full MetaTrader suite and increasing the range of tradings available on MT5.
Kindly drop your view on how to trade crypto on MetaTrader 4 in the comment section below.