Cryptocurrency has become one of the hottest topics in the modern-day world, and there’s no doubt that Bitcoin sits on top as the king of the market. The surge of overnight millionaires due to Bitcoin's boom in recent years gives much credit to the popularity of cryptocurrency and the blockchain system in general.
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Almost all cryptos have seen substantial growth in recent years, managing to break previous records year by year. Despite the setbacks we've seen, many investors have attained massive profits and wealth from Bitcoin trading. Although the cryptocurrency market has seen significant hitches, the fact is that cryptocurrency is here to stay for a long time.
Most people have developed a certain image in their minds for cryptocurrency. What crypto trading intends to offer can excite pretty much anyone. However, it’s worth mentioning that the cryptocurrency market is incredibly volatile. In its current shape, some investors regard crypto as a mere speculative asset. Still, there are ways you can generate incredible profits by trading crypto on MT4. Continue reading to learn more.
What Is MT4?
MT4 is a multi-platform trading software that allows investors and traders to exchange assets, like fiat currency pairs, commodities, stocks, or even cryptocurrencies, as long as they have a broker—see our top brokers for forex trading.
This trading platform has been around for over a decade now and is one of the most widespread and regularly used trading platforms for online trading. Of course, MT4 is being used by the most popular exchanges for cryptocurrency trading, too. Before we get into crypto on MT4, let’s take a look into what it has to offer.
Wondering what the difference is between this and MT5? Read our MT4 vs. MT5 review.
Popularity of MT4
MT4 is widely considered as the standard trading platform that brokers all over the internet use. For instance, Binance, Coinbase, and Avatrade are some of the best crypto brokers for MT4. The platform has been constantly evolving and improved by its developers, making it one of the simplest and most incredibly effective trading platforms. With just a few simple clicks, you can access vital information like charts, indicators, prices, and more. For more info, read our review of AvaTrade.
The reliability of the MT4 trading platform gives much credit to its popularity. Experience has shown that the platform is highly optimized and designed to accommodate low-power and slow internet connections, keeping it reliable under almost all circumstances - especially when you need it the most.
Keep in mind that MT4 is also an incredibly versatile trading platform with cross-platform support. In simpler terms, you can access all the vital tools and information you need from any device, including desktop and mobile.
Advantages of MT4
- User-friendly and easy to use
- Supports multiple devices
- Wide range of markets you can start trading in, though it depends on the broker
- Offers a demo account
- Variety of analytical tools that can lock in the most accurate and calculated trades
- Supports copy trading through the MQL5 platform
- Allows margin trading (trading with more money than you own)
What Is Bitcoin Trading?
Bitcoin is a decentralized virtual currency (cryptocurrency) that doesn't belong to any central bank. It can be traded between different individuals without the need for a governing intermediary.
Bitcoin trading refers to the process of buying and selling Bitcoin through a trading platform and tracking its price movements to generate a profit. Bitcoin stands as the most popular cryptocurrency and, to this day, holds a significant share in the crypto market. The following are the pros and cons of Bitcoin trading:
Advantages
- Incredibly high liquidity
- The blockchain system allows for user anonymity and transparency
- Independent of any central authority
- Potential for high profits
Disadvantages
- High volatility
- Not regulated by a government body
How to Trade Bitcoin on MT4
Educating yourself on Bitcoin and doing prior research on what it’s all about is critical to Bitcoin trading. Once you’ve covered the basics and are ready to trade Bitcoin on MT4, here are the key factors to consider before you start your trading venture.
Choose the Right MT4 Broker
Make sure to take a peek at the commission rates, fees, and banking costs of a broker before you select it for trading with crypto. An important thing to consider is the complexity of the broker. For example, less experienced traders might not benefit from starting their trading journey through a complicated broker designed for experts.
Open an Account
Open a live or demo account on the website of the broker of your choice and start placing trades. Demo accounts are particularly helpful to get a realistic trading experience through accurately simulated price movements. Consider sticking to our list of the best bitcoin brokers to have a solid experience with your first steps in the crypto world.
Try to Place Accurate Trades
It is recommended to familiarize yourself with the key trading terms, like leverage, lot sizes, margin, etc. Although theory could be boring, this knowledge is crucial to improving your overall trading experience. If you’re attentive enough, you can use the benefits and tools a broker has to offer in your favor to generate solid profits.
For more help placing accurate trades, read our Bitcoin forecasts.
The Final Verdict: Is Trading Bitcoin on MT4 Worth It?
Thanks to the huge developments in trading platforms’ tools, it’s possible for traders to make the best out of their crypto trading experience with the help of research.
As a result, making substantial profits with Bitcoin trading is not far from reality, but it requires practice. Even though the first steps could look difficult, nothing beats experience. As we mentioned before, many experts recommend sticking to a consistent strategy as critical to having a sound trading experience.
For more info about Bitcoin trading strategies, read Day Trading Bitcoin for Beginners: Strategies, Best Brokers and More or Bitcoin CFD Trading: What It Is and How It Works.
MT4 offers great analytical tools to help you strategize and research behaviors before placing your trades in the crypto market. It offers a simple look packed full of vital information, making it highly convenient to utilize it for Bitcoin trading. Trading Bitcoin through MT4 has been made easy with readily available trading tools and multi-device support, allowing you to lock your trades on the go anywhere and anytime.
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