Do you need a broker for MT4?

While you can download MetaTrader 4 (MT4) and explore its features, you cannot trade the market with real money without registering with a broker. So, the quick answer is yes, you do need a broker for MT4.

If you are not ready to register with a broker and trade with real funds, you can go straight ahead and download the MT4 platform directly from the MetaQuotes website.

You can then use the free demo account to practice trading with virtual funds. However, if you are serious about trading and want to eventually explore the markets under real conditions, then you need to find a broker that offers the MT4 platform. You can then open an account with the broker and download their own version of MT4.

So, basically, the first step will be to research and find a trusted broker offering the MT4 platform.

What is MetaTrader 4?

MetaTrader 4, or MT4, is an online trading platform and one of the leading trading platforms used by both beginners and professional traders to place orders. It was released in 2005 by MetaQuotes Corporation and remains, to this day, one of the most popular platforms preferred by traders globally. Due to its flexibility, advanced tools, and ability to trade currencies and CFDs on shares, indices, cryptocurrencies, and commodities, the MT4 remains loved by many traders. It is said that more than 8 million forex traders use MT4!

With its own in-built programming language called MQL4, or MetaQuotes Language 4, MT4 allows traders to program trading strategies and create their own expert advisors to automate trading management. Traders can also create their own technical indicators (custom indicators), scripts, and libraries.

MT4 provides cross-platform support for traders and is accessible on different operating systems, including Mac, Windows, and Linux. Traders can also download the platform on their Android and iOS devices.

An easy-to-use and friendly platform, MT4 has set the standard for online trading.

Can you use MT4 without a broker?

As we mentioned, you can use MetaTrader 4 without a broker. But you won’t be able to trade the live markets with real money. MT4 allows traders to place orders to trade the live markets.  But these orders will be then automatically sent to the broker to be executed. Just downloading MT4 on its own, you won’t be able to place or execute any trading orders.

If you haven’t signed up with a broker and just downloaded MT4, you will only have the option to register for a demo account on MT4, not a live trading account.

Demo

A demo account will give you the opportunity to practice trading with virtual funds on MT4. If you are a beginner, this is a great thing, as it will give you the freedom to make mistakes without consequences, test your strategies, and become more comfortable with the platform.

Live trading account

If you register with a broker, you will be able to use a live trading account. But with a live account, there are more risks, as you will be trading with real money. You also have to factor in that the prices and trading conditions of a demo account may not be the same as those of a live trading account.

The same goes for profits, as whatever you have earned via a demo account, you will only be able to use to continue practicing, as it is not real money you can withdraw. To trade with real money, you have to register for a live trading account with a broker that supports the MT4 platform.

Downloading MT4 with IronFX

Traders can download the MT4 directly from their broker’s website. On the IronFX website page, under Trading, you can find the Platforms page and the page on MT4 with the relevant link to download and install MetaTrader 4.

You can also find all the links you need to download the MT4 from the Client Portal if you are already logged in as a client. For an iPhone or iPad, you can go to the App Store and download MT4, whereas for an Android mobile device, you can get MT4 on the Google Play Store.

You can also access the MT4 from any browser through IronFX’s Webtrader, which requires no download and can be used from any computer connected to the Internet.

Opening a demo account

Whether you are opening a demo account or a live trading account, it is good to start by registering with a broker. Once you register with a broker, you can then log in to the MT4 platform. Once you sign up on a broker’s website, you can then log in to their demo account.

If you haven’t decided with which broker you want to register with, you can still open a demo account directly on MetaTrader 4 without a broker. When opening MT4 for the first time, a pop up will ask you to ‘Open an account.’ This is where you will be on the broker server list.

Click on the ‘Add new broker’ button and type ‘MetaQuotes-Demo’. You will find the MetaQuotes-Demo server list on search results and select it. Click on Next and in the ‘Select Account type’ window, select ‘New demo account’ and click on Next. You can now enter your personal details, leverage, deposit amount, and trading currency. Click on Next once done.

You will then be provided with a unique login ID and password. Make sure to protect these, as you will have to use them to log in to MT4 later. Click Finish and start trading.

Connecting a broker to MT4

If you have created a demo account directly on MetaTrader 4, you won’t be able to connect it with a broker. If you want to create a live trading account, you will need to register with a broker but you will also lose access to all your data saved on the demo account, including custom indicators, EAs, and trading strategies. This is why as we mentioned, perhaps it is better to find a broker first and properly register with them before opening a demo or a live trading account.

A broker will offer a free demo account, and when you are ready to trade with real funds, you can make the transition to a live trading account without losing any of your information.

MetaTrader 4’s features are impressive and once you get to know how to use them, you can trade efficiently, automate your trades, or making better-informed decisions with MT4’s advanced charting tools.

IronFX: leading MT4 broker

IronFX specializes in MetaTrader 4 and offers more than 500 trading instruments across a wide range of markets with superb trading conditions.

If you are still looking for a broker or you want to start fresh with a new broker, why don’t you switch to IronFX?

For more than a decade, IronFX has set itself apart from the competition, remaining a leader in CFD trading.

With its Academy and educational resources and a choice of trading platforms, which include its own Web Trader app and mobile app, copy trading, and many more, IronFX will give you the opportunity to explore the markets with confidence.

Disclaimer:
This information is not considered investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced or hyperlinked in this communication.