How to Trade Cryptocurrency in MT4 - Beginners Guide


Long post here so fair warning
So I’m very new into forex and I plan on studying it a while before really getting involved with it. I have messed with bitcoin a good bit in the past and I’m very aware of how emotionally taxing trading can be but could anyone give me an idea of lucrative it could turn out down the road. I don’t plan on starting with more than 50-100$ after I try my demo account and even then I plan to be pretty conservative until I’m comfortable with my strategy and whatnot. Also I’m aware some brokers trade btc pairs and since I have more experience with those I would like a large selection of alt coins because being able to use leverage on those sounds pretty nice on paper. As far as brokers go I’ve had my eye on either Hugosway or fxglory. Also this is my first post in reddit so hello world.
Edit: oh can anyone explain the Difference between MT4 and 5? Because a lot of brokers say MT4 but there’s a MT5 available.
submitted by Bl00dlustx to Forex [link] [comments]

Forex Broker Technology

Forex Broker Technology
Corona Virus/Covid-19 Pandemic: Right time to start your own Forex
The world as we know is in doldrums primarily due to Corona Virus or COVID-19 which has been declared Pandemic by WHO. Almost all the securities markets are falling world over. This is probably the first time when even Gold is falling when stock market is falling. Crude has nosedived. Bitcoin which has been touted as “safe” investment same as Gold has depleted its value sharply contrary popular belief of it should have been gone up.
There is no vaccine or medication available for Corona Virus. Moreover, it may take while before we see any substantial results. So, the only solution to the Corona Virus or COVID-19-update) is physical distancing by social distancing. Many people have gone into “Self Quarantine” and staying home.

Now is a good time to start forex brokerage business that you have been planning for so long. Here is the reasoning:

  • Stock Markets are in turmoil and Liquidity is fast eroding. The liquidity is the life blood of all the securities markets be it stocks, bonds, crude, gold, commodities or FOREX. Without liquidity, markets are worthless.
  • Many countries have either implemented restrictions like ban on short selling or are planning to put these restrictions. Short selling is not the only restrictions; there could be many more going forward if the conditions don’t improve. China kept its market almost closed and has been controlling it vigorously.
  • Many businesses are either shut or partially closed. Large Corporates are bailed out by stimulus packages. Small businesses are not going to get much benefit. What are they and their employees going to do to make living?
  • Since Forex Market is decentralized, Liquidity doesn’t depend on just one market or government. No one agency can control or stop trading in Forex.
  • It doesn’t cost much to start a Forex Brokerage Business. One can start a fully branded MT4/MT5 White Label Brokerage for less than USD 10,000 in first month charges and USD 3500 in monthly charges depending on what jurisdiction they operate in.
  • A co-branded Forex Brokerage also known as Forex Grey Label (MT4/MT5 Grey Label) would cost much less. You can start Forex Grey Label Business for as low as USD 2000 in first month charges and USD 1500 in monthly charges.
  • Forex Brokerage Business is largely run on technology only. A good Turnkey Forex Solution Provider or Forex Brokerage Technology provider would set you completely free.
  • What kind of operational set up is needed?
The core function of a Forex Broker is to help traders discover the best prices. Moreover, let them trade at best prices. Forex Brokers can be broadly divided into two categories on the basis of how trade orders are filled:

All you would need is to on-board and serve the traders/clients to start and run your won forex brokerage business.

  • Since you are just starting up your brokerage, you should target both seasoned and first time traders.
  • You may offer promotional packages to seasoned traders to open account and trade with you.
  • First Timers should be offered with DEMO Account to learn the ropes of Forex Trading. It takes a while to understand what is a currency pair, lot sizes, brokerage charges, and spread, swap charges, etc.
  • DEMO Forex Trading Account would give them confidence. The conversion rate of DEMO account to Live Trading Account is very high.
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Am I being Scammed? Please Advise.

I know NOTHING about Trading and I need some people who DO know about it to PLEASE help me see if I am or not, or maybe being scammed…please read on...
Sorry for the wall of text!
About a month ago I matched with a girl on Tinder. After a few days we started chatting, moved to using WeChat, and it turns out that she lives in Hong Kong and works in financial management audit, for a company there.
After about a week, whilst chatting she sends me a screenshot of a financial exchange graph (which I now know was from MetaTrader4) and she asks me: "Can you read this?"
Screenshot 1:
I noticed that it had BTCUSD in there and I said something about Bitcoin which I had got 0.3 of back in 2011 lol, but I have virtually no more experience with that stuff. so we chatted about that for a bit.
Over the next week, we chat like normal and the subject comes up every now and again, quite gently about how much she's making (she sent me 2 screenshots of deals she made on the days we were chatting, with dates, both with over $20,000 profit) and how I could make money too, quite easily.
Screenshot 2:
Screenshot 3:
So, after a week of this type of talk (approximately 2 weeks after we first started chatting) I ask her what website she uses to trade and tells me to get MetaTrader4 on my phone, so I do, and she says she'll help me learn how to trade.
To get a demo account up and running she lets me use the login details for her old demo account that her broker gave her. Please note the Image where she shows me how to open a new account seems to show that she herself is using a demo account (but I'm not sure, do you know?) - despite showing screenshots of her amazing profits over the previous week. But again, I'm not sure.
Screenshot 4:
The demo account was loaded with $50,000USD to play with
Later that night she gives me a brief tutorial and after a few laughs I'm ready to try trading. We go through the deal flow and I lose $168 haha.
So in the days following this development, she contacts me almost every weekday with word from her analyst that there is a good deal opportunity coming usually in the next hour or so.
She'd send me messages like "Forecast upside target 5305, buy" So after a slip up or two, roughly in my FIRST WEEK I made profits like $311, $6,273 $21,720, $12,230 etc etc
Even while this is all happening we chat regularly about many things and seem to get on really well.
She suggests that I open a real account but even though I am making these pretend profits I still don't really know what I am doing in terms of Stop Loss, Take Profit, Units, How to read the Graphs etc etc, so most of my deals feel like good luck so I mention this to her that I need to learn more….
So then she tells me she's gonna ring the MT4 manager at her broker and that she'll put me in contact with her. Which she does via WeChat.
During deals over 3-4 days this Mt4 manger broker person tutors me very briefly about some of the things I'm not sure about and I make a couple great deals and good profits around the $10,000 - $20,000 range. This screen shot is my full deal history:
Screenshot 6:
By now my feeling of "this is too good to be true" is ringing hard. The MT4 manger asks if I'm still keen to open a real account and I go along with it and say yes so she sends me an application to fill in. I say "I'll get back to you in a few days"
At that point I google their website. it looks kinda dodgy but says it is regulated by the NFA but I don't know what that means and the website is only about 6 months old.
By this time I'm even more suspicious, and worried that I 'll sign up and invest only to have my luck suddenly (or slowly) change and lose all my money and the original girl I met will unexplainably disappear.
So now, I am at a place where I don't know how to find out if this is real or these people are just trying to fleece me and others of my hard earned money.
I don't really know what questions I can ask you or them.
It seems to good to be true, but maybe its just a good opportunity uniquely timed with bitcoins recent upturn (we started chatting just before it took off again.)
*Can a broker manipulate data on a demo account to make me think this is a sure thing? i.e. set the rise and fall, give me a forecast then i close when they say and it looks real?
*What can I do to determine if this is a scam or a real opportunity?
*What questions should I ask?
*Should I email the broker and ask them something?
*What would you do?
Remember, I know nothing of trading.
Thanks in advance for reading this far and any advice or experience you can offer!
EDIT: Formatting
submitted by reddituser888 to Trading [link] [comments]

MT4 brokers?

Hi all, new to Forex.
I have $500 I want to learn with. I already have a demo account with TradeKings. I started with their shitty Java platform but have since liquidated that account, moved to MT4. I love the platform but TradeKing's customer service is absolutely appalling so I want to move brokers.
Any ideas on a broker that will take
I was paying at a minimum .30c round trip on my trades at TradeKing forex. With only $500 to start that's taking health chunks out of my trading, especially when I have to set my stops @ 50 pips and it may not make for a decent trade.
Any questions?
submitted by DownhillYardSale to Forex [link] [comments]

Evolve Markets Review - The Crypto FX Broker

Evolve market is based in Island of St Vincent and the Grenadines. They offer trading in Forex, indices, commodities and crypto currencies. Forex , indices, & commodities on MT4 & MT5. The broker offers great spreads and allows you to trade on a zero commission and Pro account types. The zero commission account offer STP spreads with no commission on top and the pro account offer 0 pip spread with a commission of $3.5 pe lot. The broker allows you to only deposit & withdraw in BTC and LTC The broker has variety of payments methods for its clients including Bitcoin and XRP.
What stands out?
-No minimum Deposit
- Anonymous Trading Account
-Leverage 500X leverage on Fx and 50X in Cryptos.
- Spreads
- Accepts Canadian & is NON ESMA
- No withdrawal fees
-Trust factor- 4.5/5
-No Chat or phone support. And the ticket support is not very responsive.
Scam alert- NIL
PS- The review is based on facts collected from internet as well as other forums and after testing the broker's Demo by our moderators. Let us know what you think about the broker in the comments below and/or if you hold a different view that what has been said above.
submitted by PetersonPaul7 to CryptoForexBrokers [link] [comments]

Broker Review- FX Choice

FX Choice is in Belize. This broker offers trading in around 40 currency pairs, CFDs (in indices, metals, energies, commodities and Bitcoin) and precious metals. They have two types of accounts –the no-commission Classic account and the Pro account with $7/lot commission and tighter spreads. However while testing their demo account spreads were found to be not as tight as claimed on their site
In Pro account you can trade on MT5 or MT4 while in Classic you have the option of MT4 only. Maximum leverage is 200x and minimum deposit requirement is $100 in both accounts.
What Stands Out
- Trading platforms MT4 and MT5
- Fast Market Execution
- Multiple deposit and withdrawal options
- Trust Factor 4/5
- Additional fees & charges on withdrawals
- Lack of variety in trading instruments
Scam Alert – None
PS: The review is based on facts collected from internet as well as other forums and sites and after testing FXChoice demo account by our moderators. Let us know what you think about the broker in the comments below and/or if you hold a different view that what has been said above.
submitted by PetersonPaul7 to CryptoForexBrokers [link] [comments]

How To Trade Bitcoin On MetaTrader  Leverage Trading How to Open an IML Crypto Demo Account in Meta Trader 4 How to get set up on Bitcoin Exchange in Meta Trader 4 How to trade forex/ demo/mt4 METATRADER 4 Tutorial MT4 - The BASICS For Beginners

MetaTrader 4 Design and Availability. MetaQuotes Software Corporation developed this platform and released it in 2005. Fifteen years later, it remains a favorite choice, primarily due to its ease of use and extensive support for scripts and the development of automated trading solutions, or Expert Advisors (EA) as the MT4 software calls them. New traders may download the MT4 trading platform Benefits of the ADSS Demo Bitcoin Account. Open a demo bitcoin account to practise trading CFDs on bitcoin. There are various benefits to using our demo before opening a live account: Trade risk-free using virtual money; Get to grips with the MT4 platform; Experience simulated market conditions with live buy and sell prices; Use charts, news The choice is entirely up to you, to invest either in a psychical Bitcoin or trade cryptos CFDs. Cryptocurrency CFD trading is perfect for traders who have knowledge about the Forex, stocks, indices and CFD trading through MT4. Additionally, you can make use of your favorite technical tools and indicators to trade Cryptocurrencies through MT4. A demo account is the best way for newcomers to explore trading. The demo account's functionality is similar to the real account one with the exception that you trade with virtual money. Working on a demo account provides you with Forex trading experience using all the trading features provided by the MetaTrader 4 platform. Look for BTC in the list, similar to USD or EUR. Sometimes bitcoin brokers mention it under the name XBT. Consequently, a graph will appear, and you will be able to trade as you are used to. Note: You do not have to trade with a broker whose MT4 you want to use to display the graph.

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How To Trade Bitcoin On MetaTrader Leverage Trading

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