The minimum deposit for Metatrader 4 is around $50 and $100 for competitive brokers, and this applies for IronFX too. However, to be able to trade effectively, have more room and flexibility to test your strategies, and complete your trades with certainty, you will need to deposit more than the minimum deposit available.
One of the big changes afforded by the internet and online trading is the availability of CFD brokers and trading platforms. As a result, costs and fees have gone down, so every individual who is now interested in online trading and CFDs can participate in the market with relatively low costs. You won’t be surprised to find out that the deposits for MetaTrader 4 have gone down too, with an average minimum being around $100.
This, however, will depend on the broker you choose and the specific account you open. Each broker has their own requirements for a minimum deposit which can also depend on the account you select.
Many brokers offer a very reasonable minimum deposit in order to start trading. Especially, if you are a beginner, you possibly don’t want to spend a lot of money at the start, so depositing as little as possible you will face fewer risks. However, less risks don’t necessarily mean higher profits, and trading with very little money will not get you far. A demo account may also be a good choice for a beginner trader as you can trade with virtual funds and not risk your own real capital.
With so many forex brokers offering the MT4 trading platform and accommodating a variety of traders, you are spoiled for choice. So, how do you get started?
How to get started with a forex broker
The best way to get started if you are a beginner is to go for a demo account. Instead of opening a live trading account and jumping straight into it, it is perhaps safer to explore the broker and MT4 through a demo account. Once you choose a forex broker, head over to their website and open a demo account.
The easiest way to find IronFX’s Demo account is by clicking the “Log in” button at the top of the website and scrolling down to click on the blue button “Open Demo Account.” You can then complete the form by adding your personal details and selecting between a Demo Floating Spread account and a Demo STP/ECN Absolute Zero account. You can choose your currency, leverage, and deposit amount.
Once you click the button “Trade for Free”, your demo account will be created. If you wish to open a live trading account, then you can just click “Register,” and complete the form.
Downloading the platform
Once you have created your demo account, the next step is to download the MT4 trading platform. You can download the MT4 trading platform from IronFX’s website, via the Client Portal or if you want to download it on your phone, you can go straight to the App Store of Google Play Store and search for IronFX’s MT4 platform.
For Android devices, go to the Play Store, search for MetaTrader 4, select it, click on the “Install” button, and then on “Open” once the installation is complete. The application will open automatically. On the main menu, select “Manage Accounts” and click on the “+” sign from the top right corner to “Login to an existing account.”
Search for your server and once found, add your credentials. For iOS devices, go to the App Store, search for MetaTrader 4, click “Get”, and then double-click to install. It will open automatically. Go to Settings, then New Account, and then log in to an existing account. Search for the server and once found proceed to add your credentials.
You can find your Login details in the email you received from IronFX when you registered. Login in with the account number and the password you set during registration. Tap on the checkbox to save your password if your device is private and not shared. You should be taken to the Quotes tab where you can view live quotations. If the Quotes tab does not appear, try entering your credentials again. Seeing the live Quotes, means you have successfully logged in.
Logging into the platform
Once MT4 downloads, open the setup to install the platform. Click next and once it loads, click finish. Your platform should open automatically, or you can find a shortcut on your Desktop.
Open MT4, and then on the top left corner of the screen, click “File” and then “Open an Account.” Search for the server name which was given to you in the email “Your Live account has been approved”. If the server is not listed, then you can re-scan the servers and search for the server address. If you still cannot see it, you can manually type the server address name and click scan. If you can see the name of the server you are using, then you will know you are connected to the server. To continue, select “existing trade account” add your account number and password, and then click “Finish.”
Once you have entered the correct account and server details you will be able to log in. Your balance should appear on the bottom right of the terminal. You will know if you have successfully logged in, when you can see on the bottom right-hand corner of your screen the connection bar has turned green. If you cannot see this, you need to turn on the status bar, by going to the menu bar, selecting “View” and then “Status Bar.”
Moving from a demo to a live account
When you feel is the right time to move to a live account, you can easily go ahead and open a live account. However, a live account comes with a lot of risk, so practice first on a demo account so you can learn how to open and close trades, set limit orders, and trade effectively without risking your trading capital.
What to look for in a Metatrader 4 broker
With a great variety of MT4 brokers, it may be difficult to choose one, but go through them and try and find whether they have those key tools or services that are a priority for you. One of the key factors you need to consider before choosing a CFD broker is whether your broker is reputable and has years of experience in the industry. Their expertise and good reputation will offer a few guarantees, but you should keep an open mind.
An older broker may not be a good fit, whereas a relatively newer broker may offer tools or services that talk to you and will help you in your trading journey. For many forex traders these days, a good broker with extensive resources, including education and a dedicated team that can assist you 24 hours, is essential and key to their success.
Another factor that is important, especially to more experienced traders, is how to cut down costs, and access zero commission accounts or competitive spreads, so they can increase their potential profits and minimize extra costs. If you partner with a broker that charges high fees, most likely the fees will significantly reduce any of your profits. So, do your research and consider all the pros and cons of your top favorite brokers, before settling for one.
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.
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