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How to Open a MetaTrader 4 Account | Start Trading

January 29, 2021 16:25 UTC
Reading time: 9 minutes

Creating MetaTrader 4 account involves two key elements. The first element is installing the actual MetaTrader 4 (MT4) platform. The second element is all about how to set up a trading account — with which you log in to MetaTrader.

This article will explain how to open a live and demo trading account on the MetaTrader 4 (MT4) trading platform. We will 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 a MetaTrader 4 account

Trading With MetaTrader 4

To get started trading with a MetaTrader 4 account, you need to follow four simple steps:

  1. Choose a MetaTrader 4 broker
  2. Download MetaTrader 4
  3. Create a MetaTrader 4 account
  4. Log in to MetaTrader 4
  5. The MetaTrader Supreme Edition
  6. Add Funds to Your Account

Now let's explore these steps in more detail:

1. Choose a MetaTrader 4 Broker

The first step in opening a MetaTrader 4 trading account, is to choose a Forex broker who offers the MT4 trading platform. Choosing a good broker can be a daunting task due to the amount of choice that there is out there. Make sure you do your research carefully and, if you need some assistance, check out our guide on 'How to Find the Best CFD & Forex Brokers', which will help with this process.

At Admiral Markets UK, we offer our customers the ability to trade with both MetaTrader 4 and MetaTrader 5 trading platforms absolutely free.

2. Download MetaTrader 4

Whether you are considering opening a demo or live trading account, you will need to download the MetaTrader 4 software on your computer.

If you are using Windows head over the MetaTrader 4 download page, fill in your details and begin your download!

Once you have downloaded the installation file, open it in order to start the installation progress. Once the download has completed, move onto the next stage of our article to learn how to open a MetaTrader 4 account.

3. Create a MetaTrader 4 Account

Now that you have downloaded the MT4 platform, you will need to open an account with your chosen MetaTrader 4 broker.

For those who are completely new to trading, it is recommended to practice on a demo account prior to making the transition to a live MetaTrader 4 account. The process for opening a live account does not differ greatly from that of opening a demo account, nevertheless, we will walk you through both processes in the following sections.

Opening a Demo Account

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 are just a beginner, this is a great way to start off, until you are ready to transition your MetaTrader account to a live one.

To create a new demo account for MetaTrader 4, simply visit the demo account page on our website and complete the form. Once you have done this, you will receive an email with your trading account details, which you can then use to log in to MT4.

Opening a Live Account

Next, we need to look at how to create a live account in MetaTrader 4. In order to do this, head to the 'Sign Up' page of your chosen MetaTrader 4 broker.

If your chosen broker is Admiral Markets, once you have signed up then you can follow these steps to apply for a live trading account:

  1. Log in to the 'Traders Room'
  2. Click the 'Open Live Account' button.
  3. Add and verify your phone number.
  4. Add your details over the following pages. These details will include contact information, tax identification details and your passport number.
  5. Read and accept the confirmation notice.
  6. Verify your identity by uploading the requested documents.

From here, Admiral Markets will review your application, after which we will contact you by email with the results of your application.

You can see the full process for opening a live MetaTrader 4 account in the video below.

4. Log in to MetaTrader 4

Once you have opened your account, you will receive your account details by email, including your account ID, password and account server. You will need these details to log into your MetaTrader 4 terminal.

To log in to MT4, open the program, click on the 'File' tab at the top of the terminal and select 'Log in to Trade Account'. This will open the following window:

MetaTrader 4 broker login

Depicted: Admiral Markets MetaTrader 4 - Login

Enter your login details, ensuring that you select the account server specified within the email from Admiral Markets.

If you are wondering what the investor password is for, which should be included with your account details email, 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 not to trade. The investor password grants a MetaTrader 4 broker or trader the ability to let another person see how trading on MT4 works.

5. The MetaTrader Supreme Edition

Whether you are considering trading Forex in MetaTrader 4 with a demo account, or a live account, you should consider taking a look at the MetaTrader Supreme Edition (MTSE) plugin. This is because MTSE greatly increases the scope of the platform. MTSE is a custom plug-in that expands the number of indicators available, as well as offering a wide array of cutting edge trading tools. Watch the video below to find out more!

6. Add Funds to Your Account

If you opt to trade with Admiral Markets, the best way to fund your MetaTrader 4 account is via the Trader's Room dashboard. This offers a convenient way of managing your account and conducting money operations, such as withdrawing or depositing funds. To deposit or withdraw funds, scroll down to the account you would like to add funds to and click 'deposit. Choose your preferred payment method and follow the prompts to make your deposit.

Depending on your payment method, funds may take up to three business days to clear. Once they have cleared, your account balance will appear in your Trader's Room dashboard next to your live account details.

Note that you can also withdraw funds from Trader's Room. Both the deposits and withdrawals processes are outlined in the video below.

Final Thoughts

Hopefully now you know how to open both a demo and a live MetaTrader 4 account. We hope that you have found this discussion of getting started on the MT4 trading platform 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.

Trade With MetaTrader Supreme Edition

Admiral Markets offers traders the ability to significantly enhance their trading experience by boosting the MetaTrader platform with MetaTrader Supreme Edition. Gain access to excellent additional features such as the correlation matrix - which enables you to compare and contrast various currency pairs, together with other fantastic tools, like the Mini Trader window, which allows you to trade in a smaller window while you continue with your day to day things.

Get all of this and much more by clicking the banner below and starting your FREE download!

MetaTrader Supreme Edition

About Admiral Markets

Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!

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.