How to Open a MT4 Live Account
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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 log in MT4 platform.
1. Choose a MetaTrader 4 Broker – Which broker is best for MT4?
The first step in opening a MT4 trading account is to choose a broker which offers the MT4 trading platform. Learning how to find a broker for MetaTrader 4 might be a difficult undertaking due to a large number of options available.
A couple of things that you should consider when selecting a broker are the following:
- Trust, Reputation and Stability – It is very important that you ensure your broker is licensed and registered with legal authorities such as FCA, CySec, etc., and is not a scam. This ensures the safety of your capital as well as minimizes risks for investors.
- Broker’s Fees – It is one of the most important factors when choosing a broker as they may affect your trading profits. For every transaction you make, the broker will get a certain percentage of that amount. There are other fees that are mandatory such as commissions, spread, overnight fee, VAT, etc,. And these fees would vary from broker to broker.
- Trading Platform – An easy-to-use, intuitive trading platform helps traders quickly get acquainted and avoid unfortunate mistakes. In addition, various indicators and supporting tools will make trading and analysis of 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 offering the MT4 platform on their sites, XM has a reputation for being a stable broker with various instruments, low fees, etc. See more about XM: XM.com review: Xm is a scam or not?
Overall, you should pick a broker who matches your investing needs. Make sure you do your research carefully before investing with your real capital.
2. Open a MT4 Live Account with your broker
Now 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 opening your MT4 live account that apply for almost all brokers:
On your preferred broker’s website, you will click on a button that asks you to sign up for a live trading account. You will then provide your personal information required by all legitimate forex brokers. Some typical details are your name, address, contact information, country of citizenship, and your date of birth.
Regulated brokers may also require additional information including your employment status, annual income, trading experience and objectives, and net worth.
Next, you will also be required to provide your tax details and certain identification documents to verify your identity through a KYC process. Each broker will have their own requirements. Most brokers require your government-issued ID and proof of residence documentation such as your utility bill or bank statement.
To open a MT4 live account with XM.com, follow the detailed instruction below.
- Step 1: Go to the XM.com official website.
- Step 2: Fill in some information required by the broker (including Personal Details, Trading Account Details, Trading Knowledge & Experience, Account Password).
- Step 3: Verify your account by uploading your ID documents (passport, driver’s license, identity card,etc).
Once you have completed your verification, it simply takes time to process the information you provide. If your application is approved, you will be provided with some account details including your account ID, account server, and passwords for later 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.
2. Log in MT4 Live Account
After successful account opening and verification, you can log in to MT4 and start trading.
When MT4 is run for the first time, it prompts the trader to log in with account information.
To log in to your MT4 account, click on the File tab at the top left -> select Login to Trade Account. Then, enter the Real account information (include your login credentials, password, and the server).
Your login details are sent to you via email once your account has been created. If you have forgotten your MT4 live account password, you can reset this via your broker.
After you log in to your live trading account on your MT4 platform, you can access all the features that are provided by MT4 and make your trading decisions based on your analysis on the chart and with technical tools. Happy trading!
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