How to Trade Cryptocurrency in MT4 – The Ultimate Guide
If you are new to the crypto market, you may wonder how to trade cryptocurrencies in MT4. The platform comes as an ultimate tool letting users buy and sell various assets. Coins are not an exception. The process is quite the same as trading commodities indices and other instruments. All you need is to take some baseline points into account.
In this article, we will provide some fundamental tips to explain how to trade cryptocurrencies in MT4.
Step 1 – Decide on a Broker
The idea is to find a trusted platform that offers crypto trading. The following parameters define a trusted and reliable service provider:
Licence. The platform must be licensed to deliver financial services. Additionally, it is supposed to have a valid registration, which proves it meets the highest standards in terms of safety, data protection, etc.
Leverage. Crypto trading is generally as highly leveraged as any other type of CFD trading. It means that the exposure can be enormously higher if compared to real funds you have on the balance. So, you need to select a broker with the best trading conditions when it comes to leverage offered by the company.
Spreads. Commissions and spreads can affect your final gaining. It is very important to realise the cost of trading. Make sure you clearly understand all commissions that will be charged by a chosen broker.
Payment gateways. When trading crypto, you might not need traditional payment methods. Check the availability of preferred coins in the list of supported cryptocurrencies. Besides, you may need a separate crypto wallet to complete transactions.
Customer support. This factor defines users’ loyalty to the platform and vice versa. At some point, you can face specific technical and other issues and it is vital to have professional support always there to help. Check the availability of the Live Chat feature and ticketing system. It is also great to have a direct telephone number to solve problems instantly.
Protection features. Functions like negative balance protection are a great option for beginners who do not want to lose all their funds right at once, especially when the crypto market moves against them.
After the broker has been finalised, you need to open a trading account. While learning how to trade cryptocurrency in MT4, a demo account can also come in handy. It is a great tool to practice your skills and try out a strategy under real-market conditions with no risk of losing real coins. You should note that only registered users can download and install Meta Trader. As a rule, the software is available right on the official website of a chosen broker.
Step 3 – Login and Learn Basics
Now, you are ready to enter the crypto market. First of all, you have to make a deposit making sure your funds are enough to meet margin amount requirements. Most brokers offer generous welcome bonuses. You can use them to get extra cash to the balance at no cost. Then, run the MT4 to start trading. Make sure you are familiar with the following aspects:
Crypto Symbols. To identify a preferable coin to trade, you need to be familiar with major symbols and abbreviations. BTC, LTC, ETH – learn each of them before placing the first order and make sure they are available in the lift of instruments inside the MT4 platform.
Lot Size. Also known as trading volume, the number of lots may vary. For example, for BTC it is generally between 0.01 and 10.
Define the trading tactics. This is where you need to decide on the trade position to take. You can enter the market with either a long or short position depending on whether you want to purchase or sell coins.
Risk management. Do not avoid traditional instruments to manage risks. They include trading strategy backtesting, stop-loss orders, and other tools to keep beginners away from the risk of losing all funds.
The Bottom Line
If you do not know how to trade cryptocurrency in MT4, you only need to learn some baseline steps. The process is generally the same as trading any other asset like indices, commodities, or currencies. All you need is to select a broker, open an account, and check the availability of crypto coins in the Meta Trader. Novice users should never ignore typical risk management tools. Those who want to avoid any risk can benefit from automated crypto trading options like crypto copy 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. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.