How to start Trading Cryptocurrency on the MT4 platform

Cryptocurrency traders who want greater sophistication and automation are increasingly using the MetaTrader4 platform. One of the best established trading tools for trading traditional financial assets, it is now being adopted by a new generation of crypto-traders. In this guide we cover the benefits of MT4 for cryptocurrency trading and how to get started.

What is MT4?

MetaTrader4 (MT4) is a trading platform that enables automated trading. MT4 was developed in 2005 by MetaQuotes. It has become one of the most popular trading platforms for forex, indices and commodities. More recently it has become a favourite tool for cryptocurrency traders who are looking to bring automation to their trading strategies. It is important to note that you will still need to have a live trading account with one of the best MT4 forex brokers. However, because of the popularity of MT4 it integrates easily with many of the leading forex brokers.

MT4 has some fantastic features that make a firm favourite with traders. This includes advanced charting functionality, technical analysis tools and an excellent selection of indicators. MT4 is not just suitable for more advanced traders. The trading platform has proven popular with beginner traders because of its easy to user friendly design and intuitive interface. MT4 comes with beginner friendly functionality like Expert advisors and copy trading. The platform is home to some great educational material. This includes both courses and how to guide.

Features of MT4

As mentioned above, MetaTrader4 comes packed with a range of fantastic trading features to simplify and improve your crypto trading. Some of the most popular of these features include:

Technical indicators – MetaTrader4 comes with 30 technical indicators. Indicators are tools used for technical analysis that can help to time your entry and exit points. Some of the indicators that come free with the MT4 platform include Trendline, Moving Averages, Fibonacci, Stochastic, Ichimoku and more. Not only are the MT4 indicators easy to use, they also are updated automatically.

Automated trading – MT4 allows for automated trading through its Expert Advisors (EAs) functionality. EAs can be used to receive signals or execute trades. MetaTrader has its own programming software called MQL. This makes it easier for traders to build their own automated trading programs. In addition you can purchase software or trading robots and load these into the MT4 platform.

Smartphone friendly – Mobile trading has become extremely popular with crypto traders. The MT4 platform allows traders to monitor the market and make traders using their smartphone. MT4 on mobile allows for a wide range of trading order options including buy/sell limit, pending and instant.

Quick start guide for MT4 cryptocurrency trading

Here are the steps to get started using MT4 for cryptocurrency trading.

Step #1: Download and install MT4

Go to the MetaTrader4 download page. Then select the correct link based on your operating system and device. Once you have downloaded the appropriate file, run the file to install. You can also use MT4 on mobile devices. In this instance, you need to download and run the app. You can access the MT4 app through the Apple App Store or Google Play store.

Step #2: Open a trading account

To start you will need to have a live trading account with a Forex broker that integrates with MT4 and allows for cryptocurrency trading. According FXDailyReport.com, some popular MT4 Forex brokers include:

• FBS Markets
• OCTAFX
• COM
• XM
• FXOpen
• CityIndex
• Pepperstone
• AVATrade

Once you have an account with one of these MT4 forex brokers, it is a good idea to test using a demo account until you are comfortable with the MT4 interface and functionality.

Step #3 Login into MT4

Now that you have a trading account with a forex broker and installed MetaTrader4 you are ready to login. When you opened your account you will have received your account details via email. This will include your account ID, account server and password. These details are required to login. When you enter these details into MT4 it will connect the platform with your brokers server. You will now be able to execute trades on MT4.

Conclusion

MT4 is a tried and tested solution for automating your cryptocurrency trading. While it has all of the sophisticated functionality that advanced cryptocurrency traders require, it is also user-friendly for beginners as well. Cryptocurrency traders who are looking to “level up” their trading, would be well advised to take a careful look at MT4.