The MetaTrader 4 setup is relatively easy to use and is a trusted platform in South Africa. MetaTrader is an electronic trading platform which was developed by MetaQuotes and released in 2005. The trading platform is one of the most popular platforms in its class which is used by most traders around the globe.
Before a trader can start using MetaTrader 4 as their trading platform, there is one crucial task that needs to be completed first, and that is finding and registering an account with a broker.
What are brokers and how do I choose the right one?
Brokers, or brokerage firms, have been around since the 1970s and they are intermediates that have the ability to execute trades in financial as well as commodity markets.
Traders who are considered institutional FX (Forex) traders can trade directly with banks and even with other institutional FX traders by using electronic trading platforms that make provision for direct market access.
Individual traders need to use specialized brokers to gain access to these markets. Brokers may come in all shapes and sizes but can be divided into two major types which are principal and agency.
Principal Brokers
These brokers operate dealing desks which determine prices and have the ability to execute customer trades. They also hold the positions resulting from this until the client wants to trade out of it.
Agency Brokers
These brokers act as agents for the client through the execution of transactions on either an exchange or any other venue. The interests of both the broker and the client are aligned.
How to choose a broker
When choosing a broker, traders need to consider the following factors:
- Security
- Commissions
- Account minimum deposit
- Account fees
- The trading style and technological needs of the trader, and
- Promotions, competitions, bonuses, etc.
Security
There are various things traders need to look at when choosing a broker, and whether the broker is regulated and authorized by a well-known regulatory agency is one of the most important factors.
Client funds need to be secured and the broker needs to be a member of a scheme to ensure that should the broker be declared bankrupt or become insolvent, clients are eligible to submit a claim to the scheme, which will then pay out a certain sum per client.
A broker must have a high level of security along with legit ways in which client funds are safe. There are numerous regulatory bodies which regulate the operations of brokers. The regulatory body will depend on where the broker is situated.
Here are a few countries along with their corresponding regulatory bodies:
- United States – NFA or National Futures Association and the Commodity Futures Trading Commission (CFTC)
- United Kingdom – Financial Conduct Authority or FCA, along with the Prudential Regulation Authority, or PRA
- Australia – Australian Securities and Investment Commission or ASIC
- Canada – Investment Information Regulatory Organization of Canada or IIROC
- South Africa – The Financial Sector Conduct Authority or FSCA
In order to determine whether a broker is safe to use, traders can view and compare reviews on a specific broker. Reviews are often detailed, and traders can learn all that they need to know from such reviews to determine whether the broker is a good choice.
Commissions
Brokers often provide a variety of financial instruments in which trades can occur such as forex, ETFs, stocks, bonds, shares, commodities, and more.
The range of financial instruments provided by the broker will determine two things; whether the trading needs of the trader will be satisfied along with the commission charges that the trader will incur.
There are brokers who offer accounts that do not contain commission charges, but the offering on these accounts such as leverage, spreads, and other factors may not be as satisfactory as the accounts where there are commissions charged per trade.
Often commission charges depend either on the type of account and the financial instrument that the trader wishes to trade.
Account minimum deposits
There is a vast number of brokers who do not require any minimum deposit when opening an account, whereas others have accounts that can be opened with a minimum deposit of $100 and others $10,000.
The account minimums vary from broker to broker, and between the different accounts that they offer.
When choosing a broker, the trader will need to look at the accounts that the broker offers along with the minimum deposit to open the account, and whether the accounts on offer will meet their trading needs.
Account Fees
Account fees are separate from commission fees as they are non-trading fees. The account fees include fees paid when transferring funds, withdrawing funds, or closing the account.
Trading Style and Technological Needs
A lot of beginner traders will not be able to know what their trading style or needs with regards to tech is, so it is important to make use of demo accounts provided by brokers to determine the style and needs of brokers.
As traders become more experienced, they will be able to determine and evaluate their needs more distinctly and know whether a broker has what they require to fulfil their needs.
Various brokers have various offerings pertaining to the type of traders they cater for with regards to their offering, tech, research, and educational tools – to determine which broker will best suit a trader, they will have to look at several brokers and compare them.
Promotions, competitions and bonuses
Brokers use this to draw in more traders and to offer existing traders something other than just the basic trading experience. Promotions, competitions and bonusses come in many shapes and sizes.
Some brokers can offer new traders a certain percentage back on their deposits, while others can offer commission free trades. It all depends on the broker.
MetaTrader 4 and brokers
To be able to use your MetaTrader 4 setup as a trading platform with a broker, that broker needs to have MetaTrader 4 listed as a trading platform because these brokers’ offerings are in line and integrated with your specific MetaTrader 4 setup with all its various personalised features.
There is a vast number of brokers that do list MetaTrader 4 as one of their platforms. Beginner traders who are still not certain, or not comfortable enough, with choosing a broker right off the bat.
The website makes provision for a list of MetaTrader 4 Forex Brokers who are fully regulated. The list is specifically for 2025, so it is up to date. The brokers on this list are some of the most popular and well-known brokers:
- FBS
- OctaFX
- Exness
- InstaForex
- Pepperstone
- CityIndex, and more
Getting started with your MetaTrader 4 setup and how to open an account
To be able to use MetaTrader 4, the trader needs to either have an existing account with a broker, or they will need to open an account with the broker of their choice to be able to use MetaTrader 4 as a trading platform.
Brokers, as previously mentioned, vary greatly and the trader will need to choose a broker according to their trading needs, amidst other factors to consider.
Each broker has their own account opening process, but these processes are similar in that they require certain information from the applicant along with proof of identification and proof of residence.
All applications for accounts are subjected to verification of information and documents before they are approved and then opened for funding followed by being able to commence trade from the trading account.
The account with the particular broker will be carried over to the MetaTrader 4 platform.
It is not possible to open an account with a broker directly from MetaTrader 4 itself. A MetaTrader 4 account can only be opened once the trader is already in possession of an account with a broker.
Traders who want to experiment first can open a demo account with the broker to get the look, feel and hang of what the broker has to offer along with practising trade first before opening a live account (this is advisable especially for beginner traders)
When installing and opening MetaTrader 4, a demo account is automatically opened for use with the provision of virtual money but opening a live account will require additional steps to verify information of the trader such as identity and residence.
Downloading MetaTrader 4
The safest and best way to download MetaTrader 4 is by visiting the MetaTrader 4 website for desktop and laptop downloads pertaining to Windows, Mac and Linux operating systems.
Mobile applications can be downloaded from either Google Play or the Apple Store.
Alternatively, MetaTrader 4 can also be downloaded on the broker’s website under the section which makes provision for trading platforms.
MetaTrader 4 setup for use
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After downloading the software either from the MetaTrader 4 website or from the broker’s website, the software can be installed.
The process regarding installation will vary between whether it has been downloaded to a desktop or a mobile device, but in either case installation is quick and hassle-free with MetaTrader 4.
When installing MetaTrader 4 for desktops using either Windows, Linux, or Mac from the MetaTrader 4 website, the installation process is considerably basic, and traders are able to select their brokers under the account options.
The same is applicable when downloading the app from either Google Play or the Apple Store, although the MetaTrader 4 interfaces differ between desktop and mobile devices, it is all around pretty much the same.
When installing MetaTrader 4 from a broker’s website, the installation process includes information pertaining to the broker and when MetaTrader 4 opens, the trader will be able to access their trading account that they registered with the particular broker.
This account information will be the same as the information the trader uses to log into their trading account on the broker’s website. This may either be a demo or a live account, depending on what the trader chose when they registered an account.
Traders who have not yet chosen a broker and opened either a demo or live account, can still use MetaTrader 4’s demo account just to get used to a trading environment.
Traders who use MetaTrader 4’s demo account will still have access to all the tools and resources used when running a live account, but it is done in a risk-free environment.
Once the traded has logged into either their demo/live account with their broker, or the trader is using MetaTrader 4’s demo account can now proceed to getting to know the platform (for beginners, especially) or they can start trading.
How to navigate the MetaTrader 4 trading platform using Desktops/Laptops
When using MetaTrader 4 on either Desktops or on Laptops the application opens with a set of four windows pertaining to different Forex pairs along with their Sell or Buy information and lot sizes on each.
There are six separate segments when opening the application and these are:
- The Control Ribbon – where any action in MetaTrader 4 can be performed by making use of this bar.
- Toolbar – which contains several essential functions along with options and tools with which traders can master MetaTrader 4.
- Market Watch – which contains a list of currency pairs along with their bid and ask prices
- Navigator – which allows the trader to navigate through the indicators which can be added to charts
- Terminal Window – which allows traders to obtain information regarding the trading terminal which includes open orders, exposure, trading history, messages as well as alerts
- Chart Workspace – which is an area dedicated to the display of charts and where traders can do trading analysis
The Toolbar provided can be sub-divided into the following:
- Standard – which contains general commands with which the trader can manage the platform.
- Charts – which has basic features that enable traders to operate the charts.
- Line Studies – which provide all the graphical elements allowing traders to analyse charts, and
- Timeframes – which provides the function as a quick menu which allows traders to change timeframes on the charts.
Market Watch
This aspect displays the different instruments that can be traded including:
- Forex Pairs
- Indices
- Precious Metals
- Energies
The instrument symbol is displayed alongside the current prices on both bid and ask. In addition to this, there is a range of options that include:
- New Order – which opens a new trade on the selected instrument
- Chart Window – which will open a new chart of the selected instrument
- Tick Chart – which is the sales activity pertaining to the currency pair
- Depth of Market – which displays both the bid and ask price pertaining to a particular instrument which is shown at the current best prices (these are closest to the market)
- Specification – which shows the instrument’s contract specifications pertaining to spreads, contract size along with swap rates.
Charts
This panel shows traders the movement of prices of a particular instrument and in addition, this is the most recognisable part of any trading platform, despite what the trader uses.
There is a variety of means in which charts can be displayed, either as candlesticks, price bars or line charts. Traders have the option of viewing more than one chart on a screen easily should they be tracking multiple markets.
Charts can be viewed in various timeframes (up to 9 with MetaTrader 4) either in 1-minute charts which show either a candlestick, bar or line which display one minute of movement or a weekly chart where the candlestick, bar or line shows one week of movement.
Navigator Panel
This provides traders with the ability to log into any of the trading accounts they have. This panel also makes provision for the creation of a demo account along with the ability to test strategies before the trader goes into a live environment.
This panel also allows traders to add different indicators to their chart panel. MetaTrader 4 makes provision for a variety of indicators to choose from along with the ability to create indicators through MQL4 and importing them to MetaTrader 4 to be used.
Terminal Panel
This panel provides traders with quick access not only to their account, but also their trading history. Every line that can be found in the terminal tab is interactive and options can be made available by right clicking on each.
The panel features the following tabs which can be found at the very bottom of the screen:
- Trade – which displays the trader’s open positions along with pending orders
- Account History – which consists of a list of all executed trades along with
- Profit and loss, credits, deposits, and withdrawal information
- News
- Alerts
- Mailbox
- Experts
- Journal
Mobile Devices
Although it is possible to set up and use the mobile applications in the very same way that traders can use the desktop version, it is advisable for traders to start by using the desktop version as it is easier to view the different sections.
The mobile version of MetaTrader 4 includes a lot of features as the desktop version, but the desktop version is the full package that is offered. Beginner traders may find it difficult to start learning to trade by merely only using the mobile platform.
When opening the mobile application for MetaTrader 4, traders have a choice of viewing 6 sections individually on their mobile screens. This can be done by selecting any one of the icons that are presented at the bottom of the application screen, these are:
- Quotes – which show the bid and ask prices along with the spread
- Charts
- Trade – which shows the balance, equity, and free margin – what is shown on this will depend on the account that the trader uses. When using the demo account, the amount on all three is 100,000.
- History
- News, and
- Chat
Traders can use the dropdown on the top left side of their screens to access more options. When using the dropdown, the type of account is displayed along with the option to manage accounts.
In addition, the trader also has access to:
- Mailbox
- Economic calendar
- Trader’s community
- Settings (which can be adjusted for quotes, charts, messages, news, and interface)
- Journal (which shows all activity on the application along with a timestamp), and
- About – which shows information pertaining to the application
Conclusion and Writer’s Opinion
Both MetaTrader 4 desktop and MetaTrader 4 for mobile devices has a remarkably simple process when it comes to download, installation and setting it up for first time use.
The application downloaded quite fast and installation was not an issue. There was no need to select between a 32-bit or 64-bit as it was recognized immediately when clicking on the .exe file to start installation.
Although the purpose of this article was merely an introduction into how to get started with MetaTrader 4 and what traders can expect when downloading MetaTrader 4 for the first time. An in-depth view and tutorial on using MetaTrader 4 will be covered in articles to follow.
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