How to Open a Metatrader 4 Account
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This article will explain how to open a trading account on MetaTrader 4 (MT4) trading platform, and how to create a live trading account, and a demo trading account. We'll also take a look at other options available to you, such as how to create a MT4 test account, and how to install the software on different devices. Creating an account in MetaTrader 4, whether you want to create a live account or a demo account, involves two key elements. The first element is installing the actual MT4 terminal (that is, the platform). The second element is all about how to set up a trading account — with which you log in to MetaTrader.
How to Get Started with a MetaTrader 4 Live Account
To get started trading with MT4, you need to follow four simple steps:
- Download MetaTrader 4
- Install MetaTrader 4
- Open a trading account with a broker
- Log in to MetaTrader 4 with your live account details
Now let's explore these steps in more detail:
Downloading MetaTrader 4
Go to the MetaTrader 4 download page and click the relevant link for your preferred operating system or device. If you are using a PC or Mac, download the relevant software to your computer, and then run the file to complete the installation. If you are using a mobile device, simply download and run the relevant app. For Apple Devices, get the iOS MetaTrader App from the Apple App Store. For Android Devices, get the Android MetaTrader App from the Google Play Store.
Installing MetaTrader 4
Once you have downloaded MetaTrader 4 to your computer, run the file and follow the instructions in the installation wizard. By default, the installation process will create a shortcut for MetaTrader on your computer and decide the location of the program files. You can easily specify a different location of your choice though. Once you have finished the installation, you can run MT4 by double-clicking on the shortcut.
How to Open a Trading Account on MetaTrader 4
Next, we need to look at how to create an account in MetaTrader. You now have the MT4 platform on your device, but to actually trade, you need to connect to a broker's server. Please note, you cannot instantly open a live account with the MetaTrader 4 terminal itself. Instead, you need to open an account through a broker first. If you're wondering how to make a MetaTrader broker account, the easiest way is to visit the 'Sign Up' page of your chosen broker. There you can detailed instructions on how to set up a live account for MetaTrader 4. From within the MT4 platform, you select the 'File' tab at the top of the platform and select 'Open an Account'. This will open a window showing you a choice of available servers, as shown in the image below:
Source: MetaTrader 4 platform - Opening an account
If you select a server and then click 'Next', the following window will appear:
Source: MetaTrader 4 platform - opening an account
If you select 'New real account', it will simply link you through to the previously mentioned 'Sign Up page'. When you open a trading account with a broker for MetaTrader, they will provide you with your authorisation credentials.
- Your account ID number
- Your password
- Your investor password
- The server name.
Once you have opened a real account for MetaTrader 4, the next stage is to use the account details to log in.
Logging in to MetaTrader4
The process of authorisation enables traders to add a broker trade account to MetaTrader 4. By logging in to MT4, you can connect the terminal with a broker server and gain control of your trading account with the broker. When you run the installed MetaTrader 4 application for the first time, it should prompt you to enter your account details.
You simply need to enter your account ID number, the password (this is not the investor password), the full or standard password – and then you need to make sure that you are connecting to the right server. Alternatively, you can click on the 'File' tab at the top of the terminal and select 'Log in to Trade Account'. This will open the following window:
Source: MetaTrader 4 platform - opening an account
If you are wondering what the investor password is for, it allows access to view the account, but not trade. So you can see open positions, balances, live prices, and even use Expert Advisors – but this is not for trade. The investor password grants a broker or trader the ability to let another person see how trading on MetaTrader 4 works. Another way to see how trading works on MT4 is through a Demo Account.
In fact, probably the best way to learn how to trade with MetaTrader 4 is with a demo account – because it allows you to see what works through trial and error, using virtual funds and by trading in risk-free trading environment, without incurring losses with real money. If you're just a beginner, this is a great way to start off, until you are ready to transition your MetaTrader account to a live one.
Let's suppose that you are ultimately interested in trading with a MetaTrader 4 supported Forex account. You can first start using a Forex MetaTrader 4 Demo Account as way of training for the real thing. A demo account can still be useful however, even if you are an experienced trader. You might, for example, be well-versed in trading Forex, but you might also want to branch out into European shares. You could first practise with European share CFDs in MetaTrader with a demo account, before moving on to making live trades.
So how do you get a demo account for MetaTrader 4?
How to Get a New Demo Account in MetaTrader 4
If you download MT4 with Admiral Markets, a free MetaTrader demo account will be created automatically for you. There is no actual demo account download for MetaTrader 4. Just as with a live account, once you have installed MT4, it is a case of going through the authorisation process. So you just need to log in with the account ID, password, and the server details that are sent to you for your demo account. You can even open more than one demo account.
But now, let's address the question of 'How to open a demo account in MetaTrader 4?' with some brief instructions. Firstly, click on the 'File' tab and select 'Open an Account', secondly, choose a demo server and click 'Next'. Finally, select 'New Demo Account' and click 'Next' again. Alternatively, if decide to create an account with Admiral Markets, you can sign up directly for a Demo Trading Account via the website itself.
Now that you know how to make a test account in MetaTrader 4, let's look at some other important account functions that you may find useful:
MetaTrader Supreme Edition
Whether you are considering to trade Forex in MetaTrader with a demo account, or a live account, you should consider taking a look at the MetaTrader Supreme Edition (MT4SE) plugin. This is because MT4SE greatly increases the scope of the platform. MT4SE is a custom plug-in that expands the number of indicators available, as well as offering a wide array of cutting edge trading tools.
How to Fund a MetaTrader 4 Account
If you opt to go with Admiral Markets, the best way to fund your MT4 account is via the bespoke Trader's Room tool. This offers a convenient way of managing your account and conducting money operations, such as withdrawing or depositing funds. To deposit or withdraw funds, just log in to Trader's Room and select the 'Money Operations' tab. You can withdraw funds directly to your registered bank account or via Skrill and Neteller, if you wish.
MetaTrader 4 Trading Accounts – Conclusion
Hopefully now you know how to open an account for MetaTrader, how to open a demo account, and how to authorise your terminal to trade either type. We hope that you have found this discussion of how to create new accounts on MetaTrader to be interesting, informative, and useful.
If so, you might also like to read our Guide to MT4 & MT5 Shortcuts, which teaches traders various shortcuts that they can use to speed up the process of trading, and make it much more user-friendly, and most importantly, a more enjoyable trading experience!
If you would like to learn more about account creation, and would prefer a more visual guide, we recommend that you watch the videos available via the Forex 101 online course, which covers this topic, and other important topics for beginners in Forex trading.
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.