How to set up the MetaTrader 4 forex trading platform
We’re going to take you through a MetaTrader 4 setup step-by-step to help you get started on your Forex trading journey today.
In order to execute a trade, you need to use a trading platform. This is a specially developed software application that you install on your computer or smartphone.
Once you’ve installed it you’re going to have set up your trading platform account. There are several prominent forex trading platforms out available today. We’re going to show you how to set up the MetaTrader 4 platform, also known as the ‘MT4 Platform’.
To participate as an online trader in the foreign exchange markets, traders need to register with a preferred broker. A factor influencing your choice of broker is which trading platforms are provided.
MetaTrader 4 is widely recognised and accepted as the gold standard in the Forex industry. It is the most popular electronic trading platform used globally by online retail foreign exchange traders.
The MT4 software is robust and compatible across all devices, desktop and mobile. Developed by MetaQuotes Software and released in 2005, MetaTrader 4 supports iOs and Android versions.
We covered why the MetaTrader 4 platform is so popular in a previous article. Click here to read it.
Features of MetaTrader 4
- Robust trading system
- Unlimited charts and analytical tools
- Algo trading
- MT4 Market – purchase indicators and trading robots
- Trade signals
- News and alerts
MetaTrader 4 Supported Devices
Click on the device you would like to setup to go straight to that section.
MetaTrader 4 Setup Process
We are using the Khwezi Trade broker to illustrate the Metatrader 4 setup process.
MetaTrader 4 Setup On Desktop
First we’ll take you through the Metatrader 4 setup process on desktop.
STEP 1 – Download Metatrader 4 onto your computer, smartphone, or tablet
You can find the MT4 platform and download it on the www.khwezitrade.co.za website. From the homepage, hover over ‘MT4 Platform’ and click on the first option in the drop-down menu; “MT4 Platform”.
You will be redirected to the MT4 Platform download page. Under Downloads, you will see a list of the different versions of the MT4 platform. Select the version suited to your device.
For computers and laptops, click on the ‘MT4 Platform’ link at the top of the Downloads section. For iOS devices (Apple) devices select the ‘MT4 iOS App’ option and for Android devices (Samsung, LG, Huawei) select the ‘MT4 Android App’ Option.
STEP 2 – Installing the Metatrader 4 Platform on your computer
Once you’ve clicked on ‘MT4 Platform’ you are prompted with the following window.
Click ‘Save’ to start the download. You should see the download progress at the bottom of your screen.
Once the download is complete, you should see the file at the bottom of your screen as shown below. Click on this to launch the MT4 platform and begin the installation.
This window will pop up. Click on ‘run’
You can close this tab which opens in your internet browser.
STEP 3 – Log in to your Metatrader 4 Platform on your computer
Click on ‘Login to trade account’
Use your login details your broker sent you. Always ensure you are connected to your brokers server.
MetaTrader 4 Setup on iPhone and iPad
Step 1 – Download the Metatrader 4 App on your smartphone or tablet
Just like in the first step for desktop set up, you can download the MetaTrader 4 App from the www.khwezitrade.co.za website, or you can go to the App Store and find it there.
STEP 2 – Set up your MetaTrader 4 Trade Account
Go to ‘settings’ on the bottom right. Then click on ‘trade accounts’
Click on the plus sign on the top right
STEP 3 – Login to your MetaTrader 4 Trade Account
Click ‘login to an existing account’
Type in your brokers server name
Login using your details sent to you by your broker
MetaTrader 4 Setup for Android
Step 1 – Download the Metatrader 4 App on your Android smartphone or tablet
Locate MetaTrader 4 on your play store and press ‘install’
Open the application
STEP 2 – Set up your MetaTrader 4 Trade Account on Android
Press on the three lines on the top left to access this window and then press ‘manage accounts’
Press the plus sign on the top right
STEP 3 – Login to your MetaTrader 4 Trade Account on Android
Press ‘login to an existing account’ and use the details your broker sends you
Metatrader 4 Set Up Finished
You are now set and ready to start executing trades on MetaTrader 4. At this stage of your trading journey, you should have several things in place in order to be properly prepared to put in trades.
You should be fully aware of and understand the risks of trading CFDs. After that, there are a few Forex trading strategies that you should know, and you should have a trading plan set out. Ensure you are in the right mindset when you start putting in trades.
As an experienced trader that is new to the MT4 platform we would recommend doing a few test trades with a demo account just to get familiar with the dashboard.
If you are new to forex trading but want to test out the MetaTrader 4 platform just stick to a demo trading account. You can use it to test out trading strategies as you learn them and develop and test your trading plan.
MT4 is available for download from Khwezi Trade’s website and the customer support team is happy to assist traders with setting up and troubleshooting.