HFM information and reviews
HFM
96%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%
XM information and reviews
XM
82%

Is MetaTrader 4 good for Crypto?


MetaTrader 4 is used to trade a variety of financial instruments including some of the world’s most popular cryptocurrencies. In this blog, we’ll look at the benefits of using MT4 for crypto trading. Developed by MetaQuotes in 2005, MT4 has since gone on to become the most popular trading platform in the world. Easily downloadable on desktop or mobile devices, the platform is renowned for its ease of use and the level of stability it offers. MT4 offers crypto traders a range of robust features from advanced analysis tools and charting features, to technical indicators and flexible trading options.

MetaTrader has also won over global traders due to the simplicity of its interface, streamlining the execution of trades, and providing easy access to the platform’s many tools. The stability of the system additionally adds to its appeal worldwide, mitigating the adverse effect of any potential downtime. This ensures traders can enjoy an optimal trading experience 24/7.

Algorithimic (automated) trading is another favourite feature of MT4 software. With it, traders can develop and depoly trading robots to execute trades, implement trading strategies, and create crypto signals. Automated trading also plays an important role in mitigating the risk that one’s trading psychology poses to trading outcomes. Human emotions like fear, greed and impulsiveness oftentimes get in the way of making rational trading decisions. Automated trading helps to minimise adverse consequences. MetaTrader 4 also offers traders access to an active, collaborative online community where they can come together to communicate and discuss issues, exchange ideas and insights, ask questions or get help.

Cryptocurrencies as CFDs

MetaTrader 4 supports CFD trading on a number of different cryptocurrencies. A CFD is a contract for difference between two parties, a buyer and a seller. The CFD enables you to trade on the price difference between the initial value of an asset and its value when the CFD was entered into. Through CFDs, traders can speculate on cryptocurrency price fluctuations without having to own the underlying asset.

Crypto CFD trading also usually comes with access to large amounts of leverage. This allows a trader to enter larger trades that what their account balance would usually permit, in order to potentially maximise profits. While leverage increases the opportunities for making larger gains, it also exposes a trader to massive losses as well. This is what makes building and implementing an effective risk management plan vitally important.

Popular features of CFD crypto trading

There are several reasons that make cryptocurrency trading so popular. For one, you can go long and short, and you can trade without having to own the crypocurrency you are trading. Markets are typically open 24/5. They are highly volatile with cryptocurrencies often moving faster than more traditional currencies. CFDs also use leverage but don’t forget that leverage magnifies profit and loss, so exercise caution.

Starting your cryptocurrency CFD trading journey

Regardless of what financial instrument you intend on trading, finding a reliable CFD broker is the first step. This requires extensive research to gather as much feedback as you can on the broker before making your choice. Refer to client testimonials and trader opinions. Review the broker’s website to ensure you understand their entire offering, be this account types, relevant fees or charges, spreads, leverage, margins, etc. Establish whether they’re regulated by a reputable authority to avoid being scammed by misleading information. Evaluate the quality of their customer support through all their communication channels.

This includes telephone, live chat or email. Ensure they have the expertise to help you become a more skilled trader and are capable of answering all of your trading related questions.

Once you’ve gathered and analysed this information, you can then proceed to select the broker that best caters to your trading style and open a trading account with them. Before you commence trading however, first build a trading plan that will serve as the guide for how you will trade. A trading plan will include your primary trading objectives and the rules to follow in order to attain them. The trading plan will also integrate effective risk management tools to safeguard your capital.

Consider a demo trading account first

Even after you’ve selected a broker, you may find yourself hesitant to embark down the road of live trading. In this instance, consider first opening a demo trading account with the broker in order to gain more experience. A demo trading account offers a simulated trading environment for you to test crypto trading, without putting your own money at risk.

A demo account mimics live trading so you can implement your trading strategies in order to assess different outcomes and make the necessary tweaks.

Using virtual funds, you can open and close trades as you would in a real trading environment, helping you gain crucial insights into trading. A demo trading account also provides you with the opportunity to learn more about the broker. It will help you better gauge what trading through them will be like, and the type of customer support you can expect to receive. Over time, once you’ve built the confidence to trade with your own funds, and are sure the broker meets your needs, you can move over to a live trading account.

Make learning a continuous process

In the course of selecting your broker, ensure you choose one that provides you with the tools to become a skilled trader. T4Trade’s Academy is a great resource for learning everything that you can about opening and closing trades, technical analysis, and so much more. Access educational resources such as videos, podcasts, webinars, blogs, LiveTV, etc, to widen your scope of knowledge and build your expertise. Get answers to the questions you want to ask and acquire a wide range of tips to help you make more informed trading decisions.

#source


RELATED

Netflix Stock: Should You Invest in Netflix in 2022?

We can argue about whether investing in Netflix (NFLX) stock is a good or bad option, but there is no denying that the American entertainment company has changed the rules of the game...

FBS: Trading Cryptocurrencies on MetaTrader 5

Millions of traders all over the world use the MetaTrader 5 trading platform to trade Forex, stocks, and futures. Over time, it has become popular among cryptocurrency trading enthusiasts as well...

Emerging markets: an intriguing niche

Emerging markets are the countries that possess some characteristics of a fully developed market but do not have enough to be...

Five Bitcoin Day Trading Setups to Help You Make Money

Bitcoin trading has become big business in recent years as people have realised that the new and emerging market place is one that has the potential...

NFP's Effect on Gold Prices

While the relationship between gold and NFP is not clearly defined, in the short term, it could serve as an indicator and a trading opportunity. Being one of the most...

When a fracture in the spread of COVID-19 pandemic can be expected?

The fall in global financial markets, which began in February 2020, is associated with the COVID-19 pandemic...

TOP-10 stocks of major US companies that did not notice COVID-19

Many stock and bond markets have won back 50% or more of the fall wave that started at the beginning of the year by now...

What Is A Crypto Faucet And How Does It Work?

Bitcoin, Ethereum, and other cryptocurrencies are the talk of finance once again, and everyone wants to own a piece of the action. But as prices of Bitcoin...

Trading based on fundamental analysis

Fundamental analysis has been used for decades by investors wanting to identify the factors that can have an impact on asset values. Such...

Best ways to invest in cryptocurrency

Cryptocurrencies have emerged as one of the most exciting new tradable asset classes in the world. What many investors don’t know, however, is that there are more...

Scalping as a trading style

A wide selection of financial and analytical tools allows the trader to put into practice any trading ideas. Moreover, ready-made and effective trading strategies...

Why you need a forex trading plan

A forex trading plan is a comprehensive strategy that outlines the trader’s approach to trading the forex market. It covers all aspects of trading, including the trader’s goals...

Common Knowledge is a Trading Trap

It is no secret that trading can be just as risky as it can be profitable. Many amateur traders dive into it without a proper plan or strategy in place, which costs them lots of money. But an even bigger mistake they can make...

Blockchain Beyond Cryptocurrencies

Blockchain has become one of the most influential technologies after being one of the key elements supporting digital currencies. It is the technology...

When is the best time to buy Bitcoin?

Should you buy Bitcoin at $20k or wait for an even bigger drop? There are many arguments in favor of not postponing the purchase of the flagship crypto...

Why is Crypto currency so Popular?

Cryptocurrency has emerged in the last 10 years and continues to gain popularity among various sectors of the population. There are hundreds...

Can you make money with crypto arbitrage?

Crypto arbitrage is the practice of and methodology behind taking advantage of price fluctuations in the price of various cryptocurrencies, such as Bitcoin or Ethereum. These variances...

All you need to know about how to trade cryptocurrency

Cryptocurrencies have received devotion from millions of investors across the globe due to cryptography and transparency of transactions. They have started...

APR vs. APY in Crypto: A Comprehensive Guide

Cryptocurrency investments have become increasingly popular in recent years, attracting investors from all walks of life. As the crypto market continues to grow and evolve...

MetaTrader 4. Advanced Features

As people are becoming more dependent on electronic devices, many forex brokers now offer applications to support MT4 on mobile devices. The functionality of the MT4 application is similar to that of the desktop version...

FP Markets information and reviews
FP Markets
81%
IronFX information and reviews
IronFX
77%
T4Trade information and reviews
T4Trade
76%
Exness information and reviews
Exness
76%
Just2Trade information and reviews
Just2Trade
76%
FXNovus information and reviews
FXNovus
75%

© 2006-2025 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.