What is MetaTrader 4? – FX Guide

MetaTrader-4-MT4-Forex-FX-Guide
1.
4.8 stars from 552 ratings

Broker Verified

With Blackstone futures, you'll pay low fees and trade under good conditions. So is this broker a good choice for Kenyan traders?
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
2.
4.7 stars from 389 ratings

Broker Verified

Markets.com is among the best forex brokers that offer PayPal deposits in Kenya. The Markets.com review discusses the broker in detail.
CFD service. Your capital is at risk.
69% of retail investor accounts lose money when trading CFDs with this provider.
3.
4.6 stars from 156 ratings

Broker Verified

Exness is among the best forex brokers that offer M-Pesa deposits in Kenya. We've provided a review to check how good this forex broker is.
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.

Financial markets offer traders a wide array of investment opportunities, allowing them to participate in financial instruments worldwide. However, if you want to succeed in Kenyan markets, you will need a good trading platform, such as MT4 forex, money management capabilities, knowledge, and educational resources.

Kenyan traders are most familiar with MetaTrader 4 (MT4), one of the most popular trading platforms. This is especially true of traders of forex and CFDs (contracts for difference). Over 95% of forex brokers provide this platform on their websites. MetaQuotes’ MetaTrader 4 platform is known for its ability to handle the fast-paced nature of financial markets while offering many tools and features.

If you also want to learn how to open a MetaTrader account with your broker, this article is for you. The purpose of this article is to explain how you can open a real trading account in Kenya for MT4.

What is MetaTrader 4?

Online trading platforms such as MetaTrader4 (MT4) allow you to automate your accounts. Using its user-friendly interface, you can easily access advanced technical analysis and flexible trading systems.

By 2005, MetaQuotes released MetaTrader 4 (MT4). MetaTrader 4 can trade several markets, including forex; however, it is most commonly associated with forex trading.

A major reason for its popularity is its ability to be highly customised to meet your individual trading preferences. In addition to automating your trading, it automatically uses algorithms to open and close trades based on your set parameters.

Getting started with MT4

The MT4 platform can no longer be downloaded directly from the MetaQuotes website. Instead, MT4 software can only be downloaded from your Kenyan broker’s official website, and to do this, you need to create an account with them.

Opening an account

Concept Open a new account message on notebook with glasses, pen

Broker
Rating
Regulated
Bonus
Min. Deposit
Max. Leverage
1.
Blackstone Futures Broker Review
4.8 stars from 552 ratings

Broker Verified

FSCA

up to 30%

USD 100

1:400

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
2.
Markets.com Broker Review
4.7 stars from 389 ratings

Broker Verified

FCA, ASIC, CySEC, FSCA, BVIFSC

up to 50%

USD 100

1:300

Review Visit Site Visit Site
CFD service. Your capital is at risk.
69% of retail investor accounts lose money when trading CFDs with this provider.
3.
Exness Broker Review
4.6 stars from 156 ratings

Broker Verified

SFSA, FSC (BVI), CBCS, FSCA, FSC (Mauritius)

up to 10%

USD 10

1:2000

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
4.
CM Trading Broker Review
4.6 stars from 156 ratings

Broker Verified

FSCA

up to 100%

USD 250

1:300

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.

You can open an account by visiting your broker’s website and selecting the sign-up option. It depends on how the broker’s website is set up. For example, a broker may offer a ‘Sign Up’ option while another may offer the ‘Start Trading’ or ‘Open Live Account‘ options. You must complete the steps that the broker specifies once you sign up.

  1. Your broker will typically require you to provide certain information. Typically, these details will include names, addresses, contact information, country of citizenship, ID or passport number, tax identification number, and date of birth so we can ensure you’re over 18. In addition to your employment status, annual income, trading experience, and goals.
  2. Ensure you are familiar with the broker’s terms and conditions.
  3. Verify your identity by providing the requested documents. KYC (know your customer) is a requirement for all broker companies, and each company will have its requirements regarding the documentation they require. For example, some Kenyan brokers generally require your utility bill or bank statement that proves your residence.

If the broker doesn’t ask questions and requires documentation, it’s unlikely that the broker is reliable. Therefore, brokers who don’t follow KYC procedures should be avoided.

If your application is approved, your broker will contact you once the verification documents have been uploaded.

If the broker believes the initial documents are insufficient to prove your identity, you may need additional documentation. You will receive account details, including your account ID, your account server, and a password, from the broker when they approve your application.

Assessing the MT4 platform

By signing up for an account, you can immediately download Metatrader 4 (MT4) software. Then, you can select your operating system or device from the software download page your broker will provide you with. Mobile platforms include Android, iOS, Windows, Mac, and Linux.

  • Windows XP and later are required for MT4 on Windows.
  • The MT4 software was created specifically for Windows but not specifically for Mac. However, the MT4 client terminal can be run on macOS by installing and running Wine on the mac. Wine is a free application that allows Unix-based systems to run Windows-based applications.
  • MT4 for Linux must be installed and run using a Linux version of Wine, just for macOS.
  • Android 4.0 version or higher is required for installing MT4 on Android. Google Play allows you to download the system for both smartphones and tablets that run Android.
  • Download the MT4 app from the app store on your iPhone or iPad if your iOS version is higher than 7.0. It works with any iPhone or iPad with iOS 7.0 or higher.
  • Install the appropriate software on your computer by running the downloaded file and following the installation wizard’s instructions.

Installing MT4 creates a shortcut to the program on your computer and decides where the files are located. In the installation process, you can specify a different location for the file to be saved.

By double-clicking the shortcut created during installation, you will be able to run MT4. The mobile app can be downloaded and run without needing any additional setup if you download it on your phone. Because the MT4 terminal is not a data-intensive program, your device will not be burdened with much storage.

What comes after downloading the MT4 software?

You are now ready to open your real account as soon as you have completed the download and installation of the software. Unfortunately, the MT4 platform does not allow you to open a real account directly. Instead, connect to the broker’s server to open a real account.

To do this, follow these steps:

  1. Navigate to your broker’s site and select the option for live trading under the account section.
  2. Choose MetaTrader 4 from the list of platforms.
  3. Choose the type of trading account that meets your trading needs best. Brokerage firms offer various account options, from standard accounts to micro and mini accounts, depending on traders’ risk appetites.

In addition to choosing the account type, you will need to decide how to best reach your trading goals by choosing a leverage level and a base currency. Unfortunately, it is not possible to change the base currency of an account, so if you want to have an account in another currency, you will have to open an additional account.

  1. Understand the terms, conditions, and risk disclosures of the broker.

In general, you will not find a reliable broker who does not ask questions or requires documentation. Any broker who does not follow the KYC process should be avoided.

Following this step, your broker will most likely send you an email containing all the account parameters you selected for your new account.

Now that your account is ready, you can fund it. Because financial markets are risky, brokers are required by law to make risk disclosures, which you should know before you start trading. Thus, traders’ navigation of the financial markets is protected to some extent by brokers’ compliance with this requirement.

Funding your real account in MT4

Real accounts require funding before you can begin trading, unlike demo accounts that do not require capital outlay. Using your trading account, you can add funds to your account by selecting the additional fund’s option, following the broker’s instructions, and entering your username and password.

The brokers offer a variety of deposit methods that you can choose from on the deposit page, according to your preference. Brokers offer many different deposit methods to accommodate traders’ payment methods to trade forex or CFDs in Kenya.

MT4 can now be opened and run, i.e., you can start trading once the account has been funded. Upon opening the platform, you should be prompted for your account authorisation login and password that you received from your broker when you opened your account. Make sure the information in the ‘Server’ field matches what your broker has provided.

The MT4 investor password in your real account- what you need to know

Your broker will provide you with account details, including your account ID, the main password (the main or master password), and the investor password. Knowing how the investor password works are crucial if you have a real account with funds at risk. It’s simply another password you can use to log into your MT4 account.

A read-only investor password differs from your main password, which gives you access to your entire account. Consequently, it is useful when you want to share the results of your trades with other Kenyan traders or when you want them to evaluate your strategy without giving them complete access to your account. The Kenyan traders who copy the trades of other traders frequently use the investor password.

Depending on the password you use, a trading account gives you different permissions. For example, investor passwords allow you to view only open trades and account history, whereas main passwords grant total trading permissions. Account access includes opening new trades, changing or closing existing trades, and access to all account areas.

Your investor password can be shared with anyone instead of your main password, which should be kept secret. You can change your password at any time if you wish to prevent other people from accessing your account.

Where do you find the investor password?

When you open an MT4 account with your broker, the investor password is typically created automatically. Once your broker verifies your account, they will send an email containing the password.

It can also be found on the MT4 platform in the mailbox. When you know the main MT4 platform password, you may even be able to generate your password.

What to know before opening a real account in MT4?

Glowing light bulb and book or text book with futuristic icon. Self learning or education knowledge and business studying concept. Idea of learning online class or e-learning at home.

 

It is a big step to open a live account in MT4, which should be carefully considered before taking. With a live account, you take on the risks associated with the financial markets, and as such, you must know what you are doing before investing real money.

Take time to practise on a demo account first

It is best to experiment with a demo account when learning how to trade with MT4. Using a risk-free trading account, you can find out what works and what doesn’t. To practice before transitioning to a real account in MT4, it is best to start with virtual funds.

Even experienced Kenyan traders benefit from having a demo account. For example, if you are experienced in forex trading, then a demo account might be a great option if you want to expand into stock CFD trading; before switching to live to trade, you can get a feel for the CFD market on a demo account.

Demo accounts provide a great platform for testing your strategy and studying the psychology of trading when used diligently. Nonetheless, you are likely to act differently on a real account compared to a demo regarding your mental state, your decision process, and your reactions to profits and losses. When it comes to trading, sticking to a plan is crucial to success in the long run.

Consider the important factors

You will need a broker for your real account if you wish to do well. To ensure that your trading is not disrupted if you have any technical difficulties, it’s essential to choose a broker that offers plenty of support for the MT4 platform. Additionally, you can check if the broker offers any value-added services that enhance MT4’s stability and reliability.

Start off on the right foot

You will need a broker for your real account if you wish to do well. To ensure that your trading is not disrupted if you have any technical difficulties, it’s essential to choose a broker that offers plenty of support for the MT4 platform. In addition, check to see if the broker offers any value-added services that improve the stability and reliability of MT4.

Bottom line

Trading with a real account in MT4 is never a good idea if you can’t afford to lose it. It may seem obvious, but when entering the financial market of Kenya, it can be easy to feel more knowledgeable than you are, which can lead to unnecessary risks. Moreover, you cannot fully prepare for the emotions you will feel when trading with real money on a demo account if you start small.

Relevant Posts

Leave a Reply

BlackStoneFutures-Logo.png

Best Overall Spreads Award South Africa 2021