Forex trading is a financial market that involves buying and selling of currencies. The market is open 24 hours a day, five days a week, and is accessible through various trading platforms. One of the most popular trading platforms is MetaTrader. The platform is user-friendly, has advanced trading tools, and is available on desktop and mobile devices. If you are a forex trader and want to switch to MetaTrader, this article will guide you on how to change forex account to MetaTrader.
Step 1: Open a MetaTrader Account
The first step to changing your forex account to MetaTrader is to open a MetaTrader account. MetaTrader is available in two versions; MetaTrader 4 and MetaTrader 5. You can choose the version that suits your trading needs. To open a MetaTrader account, go to the MetaTrader website and click on the ‘Download’ button. Once you have downloaded the software, install it on your computer or mobile device.
Step 2: Open a Demo Account
After installing MetaTrader, the next step is to open a demo account. A demo account is a practice account that allows you to trade in a simulated environment. You can use the demo account to test your trading strategies and familiarize yourself with the platform. To open a demo account, launch MetaTrader and click on ‘File’ then ‘Open an Account’. Select ‘Demo Account’ and fill in the required details. Once you have filled in the details, click on ‘Next’ and follow the prompts to complete the process.
Step 3: Connect to Your Forex Broker
To trade forex on MetaTrader, you need to connect to your forex broker. MetaTrader supports various forex brokers, and you can choose the one that you are currently trading with. To connect to your forex broker, launch MetaTrader and click on ‘File’ then ‘Open an Account’. Select ‘Existing Trade Account’ and fill in the details of your forex account. Once you have filled in the details, click on ‘Scan’ to search for your broker’s server. Once the server has been found, click on ‘Next’ and follow the prompts to complete the process.
Step 4: Fund Your MetaTrader Account
Once you have connected to your forex broker, you need to fund your MetaTrader account. MetaTrader supports various payment methods, and you can choose the one that suits you. To fund your account, click on ‘Deposit’ on the MetaTrader platform and select the payment method you want to use. Follow the prompts to complete the payment process. Once the payment has been confirmed, your MetaTrader account will be credited, and you can start trading.
Step 5: Start Trading on MetaTrader
After funding your MetaTrader account, you can start trading. MetaTrader has various trading tools that can help you analyze the market and make informed trading decisions. The platform has a user-friendly interface, and you can easily navigate through the various features. To start trading, select the currency pair you want to trade and click on ‘New Order’. The order window will appear, and you can enter the details of your trade. Once you have entered the details, click on ‘Buy’ or ‘Sell’ to execute the trade.
Changing your forex account to MetaTrader is a simple process that can be done in a few easy steps. MetaTrader is a powerful trading platform that can help you improve your trading performance. The platform is available on desktop and mobile devices, and you can trade forex from anywhere in the world. If you are a forex trader, consider switching to MetaTrader and take advantage of the advanced trading tools and features.