MetaTrader 4 is arguably the most popular online trading platform for forex traders. It is not an exaggeration to say that 9 in 10 brokers will offer MT4 on their respective portals. A lot of factors go into its popularity, including the multiple features that can handle the nuances and volatility of the financial markets, as well as the stability of the platform itself.
While metatrader 4 was created by MetaQuotes Software in 2005, you can no longer download it directly from the developer’s website. You have to go through your broker’s website to download the app, which gives you an idea of what the answer to the main question is.
So, Do I Need A Broker Or Not?
Yes, you do need a broker when trading in forex using the MT4 platform.
Even today, people mistake MT4 as a broker rather than a trading platform. How it works is that MetaQuotes licensed the proprietary software to the forex brokers, which will then provide the online platform to their clients. The app has both the server and client components, with the broker running the server’s side. The customers can use the client component to view live charts and prices or place their orders.
There is actually a successor to MT4, which is the MetaTrader 5. The upgrade was released in April 2013, but it has not been widely accepted. Foreign exchange brokers still use metatrader 4 today.
How To Download MetaTrader 4
You can go to your broker’s website and proceed to the download page. The MT4 was originally designed for Windows, but it is now available for Mac, Android, or the iPhone. For Android phones, you can go to the Google Play Store to download the software. Apple also makes the platform available on its App Store.
Once you download the app, you simply follow the instructions on how to install it. For Android and iOS devices, the app will automatically install after downloading. For Windows, you need to follow the installation wizard. Once it is successfully installed, a shortcut will automatically appear on your desktop or your phone’s main menu screen. You simply have to double-click the MT4 icon to run the software.
What Is The Minimum Trading Amount For MetaTrader 4?
Remember that MetaTrader 4 is simply a trading platform tool. A good analogy is to think of it like your car. You need it to drive you places. However, how long you can go depends on how much gas it has. Gas, in this case, refers to your minimum investment.
In the stock market, day traders need to have at least $25,000 in assets. With forex, however, you do not have to maintain a minimum amount on your account. So, your initial investment into your MetaTrader 4 will depend on the broker and the type of account you have. You can have $50 or $100 and start trading immediately.
But you should also need to know the minimum trade size for the platform, which is 1,000 notional trading units, or equivalent to 0.01 lots. The lot is the standard size used in each currency pair transactions. In real terms, each lot is equivalent to 100,000 units of the transaction currency. The base currency does not refer always to the fiat, but rather the first currency that appears in the quotation.
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