How To Open A Real Forex Account On Metatrader 4 – Metatrader 4 is a platform intended for forex traders. Using Metatrader 4 will be quite difficult for novice traders. Therefore, on this occasion, we will discuss a complete tutorial on how to register for Metatrader 4 for beginners.
Forex aka Foreign Exchange is a foreign currency exchange transaction, which in Indonesian is also known as foreign exchange or foreign exchange. In trading forex, customers can use a special platform called Metatrader 4. However, for novice traders, the Metatrader 4 platform is considered quite difficult to use.
What is Metatrader?
Metatrader is a forex trading application that is very popular and widely used by forex traders. In addition to forex investment, Metatrader is also used for other virtual investments such as CFD (Contract for Difference). By forex traders, this Metatrader can help traders access to online forex broker systems.
Metatrader has 2 versions, namely Metatrader 4 and Metatrader 5. Metatrader 4 was first released in 2005 which is specifically designed for forex, futures and CFD trading. While Metatrader 5 was released in 2010 which has been adapted to the latest developments in forex trading technology.
This application developed by the company MetaQuotes Corp. was created with the aim of supporting mini trading with medium to high investment values. This application, also known as the MT application, can actually be a learning tool for novice traders. Because the Metatrader application has been equipped with sophisticated facilities and tools so that it can help novice traders in analyzing financial markets.
For beginners, it is recommended to try the Metatrader 4 platform, because MT4 has an easier and less complicated system for beginners to master. Even MT4 is much more popular than MT5 because it is more widely used by investors and forex brokers.
The Metatrader 5 application itself has started to increase in popularity lately as more and more brokers are providing this platform. In addition, the MT5 application is designed to do some things that MT4 cannot do, such as trading stocks and commodities on the exchange.
The Metatrader application has many advantages and advantages for forex traders. The advantages of the Metatrader platform are as follows:
- Metatrader can be accessed and used on various devices, namely PCs/laptops and smartphones. Especially on Windows, Mac, Android and iOS operating systems.
- Facilitate various types of trading products such as Forex, CFD, Futures and Indices and Commodities.
- The Metatrader app is available in many languages.
- Has an internal email system that allows forex traders directly to get information about forex news, messages from forex brokers, etc.
- Easy to export data, both softcopy and print data.
- Supports various execution technologies, both Market Execution and Instant Execution.
- It has been equipped with encryption which is updated regularly so that it is proven to have a good security system.
Keep in mind that this Metatrader application is not an application made by a broker, but is made by a specialized forex trading tool development company, MetaQuotes Corp. So if you want to change brokers, it is enough to change to a broker who also uses the MT application so that traders don’t have to adjust from the beginning again with other forex trading applications.
How to open a real forex account in metatrader 4 Easily for Beginners
To trade forex, prospective traders must first have an account, either a real account or a demo account. For beginners who still want to learn forex trading, they can use a demo account where the capital is virtual or not real.
To have an account, prospective traders must first register with the chosen forex broker. The data needed to register a real account include:
- Email address.
- Scan the identity card for data verification.
- Bank account for deposit and withdrawal flow.
- Have an account with Liberty Reserve Bank.
After having a forex account, traders can directly install the Metatrader 4 trading terminal application on the desktop, android or IOS. Please open the official website at https://www.metatrader4.com/
Then the trader must login first. The account number and password for logging in can be seen in the email on account registration. If you are successful in logging in, you will see a green connection status.
After that, you can continue to use Metatrader 4 to make forex trading transactions.
Features of Metatrader 4
In order to more easily understand how to use Metatrader 4, traders must first understand the features contained in the Metatrader 4 platform.
1. Can be used for Demo Account
The advantage of Metatrader is that it can be used for both demo and real accounts. Whether it’s using a demo account or a real account, there is no difference in the application. All features and functions for both real and demo accounts are the same. The only difference is that the virtual account from the demo account is virtual money too.
2. Have Various Order Types
There are 3 types of order types, namely market order types, pending order types, and other order types.
- Market order types are divided into 2, namely buy and sell which can be executed instantly.
- The types of pending orders are divided into 4, namely buy stop, buy limit, sell stop and sell limit. Also can be executed directly.
- Other types of orders include Take Profit and Stop Loss for automatic transactions, as well as Trailing Stops which are useful for maximizing profits.
3. Chart and Indicator Facilities
There are various complete facilities for charts and indicators, including interactive charts with 9 time frames that can assist traders in concluding in detail the conditions of market price movements. Then the technical indicators include moving averages, Ichimoku, Bollinger, Fractal etc.
The custom indicators include CCI, ATR, Bull Power, Bear Power, RSI, etc. Then MetaEditor and Steategy Tester.
4. There is a Trading Robot Library
Trading robots can be downloaded according to the needs of traders. This trading robot can be made from a script that can make transactions done automatically.
5. There is Financial News Information in Real Time
The news feature in Metatrader provides real-time news and analysis from market analysts.
6. Notification Time
The use of this feature is for the accuracy of doing analysis for fundamental traders.
Using Demo Account for Beginners
Traders who are trading forex for the first time are advised to use a demo account first. This demo account was created with the aim of giving beginners the opportunity to learn how to trade forex. In addition, it can also be used to try new forex trading strategies.
Traders are free to open as many demo accounts as they want, because there is no limit. However, keep in mind that any demo account that is inactive for 180 days will be automatically closed.
Thus the article on how to open a real forex account in metatrader 4 for beginners. May be useful.