After installing MT4 and trading on your personal computer with a demo account, you now need to open a Metatrader 4 live account.
However, MT4 is only a trading platform and you cannot use it to directly access the financial market. To do this, you need a trading account that you can open with a broker.
This article explains how to open a real trading account and how to access the MT4 platform.
1. Choose a MetaTrader 4 broker – Which broker is best for MT4?
The first step to opening an MT4 trading account is to choose a broker that offers the MT4 trading platform. Learning how to find a broker for MetaTrader 4 could be a difficult undertaking due to a large number of options available.
A couple of things you should consider when selecting a broker are as follows:
- Trust, reputation and stability – It is very important to make sure that the broker is licensed and registered with legal authorities such as FCA, CySec, etc. and is not a scam. This ensures capital security and minimizes risks for investors.
- Broker Fees – It is one of the most important factors when choosing a broker as they can affect the profits of trading. For each transaction made, the broker will get a certain percentage of that amount. There are other commissions that are mandatory such as commissions, spreads, overnight stay tax, VAT, etc. and these fees would vary from broker to broker.
- Trading Platform – An intuitive and easy-to-use trading platform helps traders quickly familiarize themselves and avoid unfortunate mistakes. In addition, various indicators and support tools will make trading and analyzing traders more accurate and convenient.
- Risk management tools: Hedging tools such as stop-loss are provided to control losses when the market is volatile. Most brokers offer this tool. However, traders should also check before trading.
Of all the brokers that offer the MT4 platform on their sites, XM has a reputation for being a stable broker with various tools, low fees, etc. See more on XM: XM.com review: Is Xm a scam or not?
Overall, you should choose a broker that matches your investment needs. Be sure to do your research carefully before investing with your real capital.
2. Open an MT4 live account with your broker
Now that you have selected your preferred broker, you will need to open a live account with your chosen MetaTrader 4 broker. Here are our steps to open your MT4 live account that apply to almost all brokers:
On the website of your preferred broker, you will click on a button asking you to register for a live trading account. You will then provide your personal information requested by all legitimate forex brokers. Some typical details are your name, address, contact information, country of citizenship and date of birth.
Regulated brokers may also request additional information including employment status, annual income, experience and trading goals, and net worth.
After that, you will also be required to provide your tax information and some identification documents to verify your identity through a KYC process. Each broker will have their own requirements. Most brokers require government-issued ID and proof of residency documentation such as utility bill or bank statement.
To open an MT4 live account with XM.com, follow the step-by-step instructions below.
- Step 1: Go to the official website XM.com.
- Step 2: Enter some information required by the broker (including personal details, trading account details, trading knowledge and experience, account password).
- Step 3: Verify your account by uploading your identity documents (passport, driver’s license, ID card, etc.).
Once the verification is complete, it simply takes time to process the information provided. If your application is approved, you’ll be provided with some account details, including your account ID, account server, and passwords for subsequent logins.
For those who are completely new to trading, it is recommended to practice on a demo account before investing with a live MetaTrader 4 account.
3. Log in to your LIVE MT4 account
After successfully opening and verifying the account, you can log in to MT4 and start trading.
When MT4 is first run, it requires the trader to log in with the account information.
To access your MT4 account, click the File tab at the top left > select Sign in to trading account. Then, enter your real account information (include your login credentials, password, and server).
Your login details are sent to you by email once you have created your account. If you have forgotten your MT4 live account password, you can reset it through your broker.
After logging into your live trading account on your MT4 platform, you can access all the features provided by MT4 and make your trading decisions based on your analysis on the chart and with technical tools. Happy trading!
