Once you decide to start investing online, choosing the broker and the platform you will be trading through will be top-of-mind. There are many different factors you should be looking at, including the ease of the download process, the available trading markets, the costs involved as well as the overall reputation and trustworthiness of the company. MetaTrader 4, also known as MT4, is one of the most popular trading platforms supported by the world-famous broker FxPro. Here’s what you need to know before opening an FxPro MT4 account.
Brief overview of MetaTrader 4
First released in 2005, the MetaTrader 4 online trading platform is one of the most widely used trading systems used by a number of Forex brokers. The MT4 platform has a user-friendly interface that works well for investors with different knowledge levels and trading strategies.
The platform supports various order types, including market orders, pending orders (buy limit, sell limit, buy stop, sell stop), stop loss and take profit. As for technical indicators, MT4 has a number of functionality available, such as Oscillators, historical trend charts, technical analytics and future predictions.
Moreover, MetaTrader 4 offers a range of additional benefits and features. These include various add ons, an integration with a CRM system, connections to numerous plugins, built-in news releases and other trading resources are available within the platform.
Brief overview of FxPro
FxPro was originally founded in the UK in 2006 and is currently operating in 173 countries, with more than 1,866,000 client accounts opened worldwide. Th broker is regulated by the FCA, CySEC, FSCA and SCB, making it one of the most trustworthy and reliable services in the market. In fact, FxPro has collected dozens of awards in recent years, such as the “Best MetaTrader Broker” in 2020, the “Best UK Broker” in 2021 and the “Best Forex Provider” in 2022.
Additionally, FxPro supports a wide range of innovative trading platforms, including MT4, MT5 and cTrader. In fact, you could open more than one account with FxPro if you wanted to try different platforms. While each of the available platforms has their own strengths and weaknesses, the further review will focus on the FxPro MT4 account and its features.
FxPro MT4 trading markets
The FxPro MT4 trading account is primarily used for Forex trading (EURUSD, USDCHF, USDJPY, etc..). However, 6 additional CFD asset classes are also available within the platform, including cryptocurrency (depending on your country), company shares, stock indices (like the S&P 500, FTSE100 or the Euro50), futures (on the likes of coffee and cocoa for example), spot metals (gold and silver) and spot energies (Brent and WTI among others.). The FX trading times are 24/5, while crypto trading is available 24/7.
FxPro MT4 trading costs
Looking at the trading costs as well as ways to cut costs is one of the key factors when choosing the right trading platform for you. Below are the most important things you need to know about the FxPro MetraTrader 4 account trading costs.
The FxPro MT4 uses a marked-up floating spread model for all of its instruments. This is a zero commission model, meaning that the broker does not make money through commission but, instead, through the spread. In trading, the spread is referred to the difference between two prices, yields or rates. So, essentially, FxPro adds a small margin in the form of a spread when you buy or sell different assets, which is how the company makes revenue.
Additionally, the FxPro MT4 trading account follows a “No Dealing Desk” execution model. This means that the broker does not intervene with the execution of the order – instead, the orders are typically executed automatically and go straight through to the liquidity providers. The No Dealing Desk model can, therefore, help keep the trading costs lower.
FxPro MT4 download
The FxPro MT4 download is quick and easy. The platform download is available for both Windows PCs and MacBooks. There are mobile-friendly versions of the platform available too, for smartphones using iOS and Android operating systems. Downloading the MetaTrader 4 platform is free of charge and no registration is required, however, it is recommended to create a demo or a live account with FxPro in order to fully test-drive the MT4 platform and its various features.
While the FxPro MT4 account is the most popular, the MetaTrader 4 platform is also compatible with other FxPro accounts, such as MT4 Instant or MT4 Fixed. Keep in mind, however, that the assets and features available in the other two account types will differ from the ones discussed for the FxPro MT4 account.
Support available
With the MetaTrader 4 downloading process and the procedures of opening a new FxPro account being so simple, you are unlikely to run into any issues. However, if you do have any questions or concerns, the platform has a great support team, with a live chat option on the website too.
Additionally, since the FxPro MT4 account has been around for quite some time now, there are lots of online communities, forums, YouTube videos and many other types of content available, where fellow investors discuss different strategies, trends and future predictions as well as answer each other’s questions and otherwise provide trading support.