MetaTrader 4 is one of the most popular Forex Trading platforms. Its massive adoption and ease-of-use makes it the number 1 choice for most Forex traders.
To download and install MetaTrader 4 using a demo account, follow these steps:
- Go to your preferred broker’s website.
- Download MetaTrader 4.
- Open MetaTrader 4 and enter your account credentials.
Although the above steps should work, perhaps you need to install and download MetaTrader 4 on devices that aren’t Windows-based? Moreover, if you live in the US, you might need specific brokers that offer MT4 in their platform catalog. We have covered these queries and more in this guide.
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How to Download MetaTrader 4 and Open a Demo Account
We will illustrate the download and installation steps by referring to our trusted broker, AxiTrader. We suggest you check for a reliable broker that offers MetaTrader 4 in their catalog.
Firstly, click here to go to the AxiTrader Demo account Page. The following form will be displayed:
Proceed to fill in the form. Like most brokers, AxiTrader requires your personal information to associate a MetaTrader sublicense to an individual and to avoid any fraud. Also, providing this information allows them to offer customer support if needed or to assist you with any technical issues that may arise.
Once the form is submitted, check your email inbox to find your account credentials that should contain:
- Account Number
- Password (keep this in a safe place)
- Server: AxiTrader has dedicated servers for demo and live accounts.
If you are based in the US, the process explained above should be very similar if you go with Mason Dean as a broker. They are NFA registered, and work with Oanda as their liquidity provider. You can use this link to open a MT4 demo account, so they know you are a ForexBoat reader and will provide premium support if needed.
How to Install MetaTrader 4 (MT4)
You should also receive a link to download MetaTrader 4: click it to download MT4. After the download is completed:
- If you are a Windows user, you can proceed to open and execute the file.
- If you use a Mac, we suggest checking the MacOS section below.
Several prompts will appear during the installation – make sure to accept the terms and conditions and choose the appropriate installation folder in your local drive.
Once the installation is finished, you can proceed to open MetaTrader. The following will be displayed:
Select the server name that you received in the email, then continue to enter your credentials and your demo account on MetaTrader should be ready to go.
Please keep in mind your demo account has 30 days before it expires. If you upgrade to a non-expiring demo account, you can open a live account with AxiTrader with a minimum deposit of $250.
Downloading and Installing MetaTrader 4 in MacOs
Since MT4 is a Windows-based platform, if you are a Mac user, you will need to adjust your settings to run MetaTrader 4 properly. Follow these recommendations provided by AxiTrader:
Before downloading MT4 for your Mac, please access System Preferences, then go to Security & Privacy and choose the General tab.
Under ‘Allow apps downloaded from’, select ‘Anywhere’ and click on the lock to save the changes.
If your Mac runs on iOS Sierra, please refer to this help article to allow programs from unidentified developers to be installed.
Now you can download the MT4 installation file.
Once the download is finished, you will find an installation package in your Downloads folder. Double click on ‘axitrader_mt4_osx.dmg’ file and a new window will open – drag and drop the ‘AxiTrader MT4 OSX’ file into the ‘Applications’ folder.
You should see the installation window AxiTrader MT4 OSX copied into the Applications folder.
When the installation is complete, click on the Launchpad icon on your Mac.
Your AxiTrader MetaTrader 4 OSX app should now be displayed on your desktop.
After double-clicking the AxiTrader MT4 OSX application, a screen will appear, prompting you to log into your trading account. Use the details emailed to you when you opened your trading account to fill in the appropriate fields, then press Login.
The most recent MacOS update ‘Catalina’ – and all further updates – will not support applications based on 32-bit architecture. Currently, MetaTrader 4 is only available in a 32-bit version and therefore can’t be launched on the new version of MacOS.
If you have already updated to MacOS Catalina or you do so by accident, you have two options:
Option 1. Downgrade to ‘Mojave’:
If you performed a Time Machine backup before Catalina’s installation, you can reinstall the system and restore it from your backup. Keep in mind this will probably erase any changes made to the system after the MacOS update (including new data).
Full instructions for this from Apple can be found at: https://support.apple.com/guide/mac-help/revert-to-a-previous-macos-version-mh15216/mac.
If you don’t have a backup, attach an external hard drive and create your first Time Machine backup. After the backup is complete, contact Apple to install a previous version of MacOS and manually migrate your information.
There are no tools to do this for you automatically and you might want to seek the guidance of the Genius Bar or Apple Phone Support (1-800-275-2273).
Option 2. Run MetaTrader 4 in the separate virtual machine installed on your MacOS:
- Install VMWare Fusion with Windows image and run ‘MetaTrader 4 for Windows’ there.
- Install Parallels with MacOS ‘Mojave’ image and run ‘MetaTrader 4 for MacOS’ there.
Is Metatrader 4 or 5 better?
It depends on your specific trading scenario and profile. The principal difference between MT4 and MT5 is that MetaTrader 4 centers on Forex and CFD trading, while MetaTrader 5 also includes other instruments like stocks and futures.
Furthermore, MetaTrader 4 has hedging, and MetaTrader 5 has hedging and netting. Regarding algorithmic trading, MetaTrader 5 has a multi-currency strategy tester and is faster at testing and optimization compared to MetaTrader 4.
However, MT4 remains the most popular Forex trading platform for beginners in Forex due to its simplicity. Also, MQL4 is friendlier to get started with Algo Trading and Expert Advisors (EAs).
Will MT4 be phased out?
While there have been rumors that MetaTrader 5 will replace MetaTrader 4, this is still unclear as some brokers have reported issues with MT5’s stability.
Does MT4 work on Windows 10?
Yes. According to MetaTrader’s website, the platform is compatible with Windows 10 (Build 15007)
Is MetaTrader only for Forex?
Although MetaTrader is mainly used in Forex Trading, you can also trade other CFDs related to stocks, indices and commodities.
How much does MetaTrader cost?
As a retail Forex trader, there isn’t any cost. However, keep in mind that brokers pay a license to MetaQuotes; this fee can be up to $100,000. Also, a broker that offers MetaTrader 4 to its customers should cover other expenses related to hosting, bridging and customer support.
Is MetaTrader 4 a broker?
MetaTrader 4 is not a broker. Instead, it is the trading platform offered by brokers to set up a trading account, access charts, perform your analyses and place orders.
Why should I get MetaTrader 4 with AxiTrader?
AxiTrader is a regulated broker by ASIC (Australian Securities and Investments Commission) in Australian and FCA (Financial Conduct Authority) in the UK. They have top-class customer service and great reviews on third-party sites like TrustPilot.
Image Credits: AxiTrader