MetaTrader 4 in Canada: How to use MT4

MetaTrader 4 (MT4) is a globally renowned online trading platform originally released in 2005, which offers the capability to automate your trading. While it’s often associated with forex trading, it also offers users the ability to trade across a range of indices and commodities, either at home or on-the-go through a mobile app.

You can customize your setup to suit your trading preferences. For example, you can automate your trading with Expert Advisor programs – algorithms which open and close trades on your behalf, according to set parameters. Users also have access to a wide range of technical analysis tools and chart types, and you can customize your trading thanks to a range of add-ons and indicators.

The platform is popular because it allows traders to analyze a number of key financial markets covering forex, indices, commodities, and shares, with a huge range of technical indicators, charts and graphs. These indicators are particularly useful for short-term traders, who tend to focus more on technical analysis, rather than fundamental aspects.

The number of available features was a key catalyst for MT4’s popularity when the platform was unveiled in 2005. The platform was groundbreaking at the time, offering a range of key features to support users’ trading and market analysis. These included multiple, integrated, and easy to use charts; navigator, market watch and indicators’ windows; over 30 pre-installed indicators; and the ability for automated trading.

Since launching, the platform has continued to release new features on a regular basis, including a news area, signals section, one-click trading and additional trading instruments.

Viewing multiple charts on the same screen

MT4 vs MT5: which should you choose?

CMC Markets Canada offers both MetaTrader 4 and MetaTrader 5. They’re separate platforms from the same developer, and they use separate accounts so it’s important to choose the right option for you. The table below sets out the main practical differences so you can decide for yourself.

Neither platform is better in every case, and an MT4 account and an MT5 account are held separately. You can read more about MT5 here.

Opening a demo account

1. Apply for a demo account.

2. Create a password within the admin portal.

3. Follow the live account login steps outlined above (but select the demo server – CMCMarkets1 - Canada.

Demo accounts remain active if you log in to the trading platform at least once every 30 days. If you don't log in within that timeframe, your account will automatically be closed. You can set up a new demo account again at any time in the future.

Getting ready for MT4

It’s a fairly straightforward process to create an account, download the software and begin trading CFDs. View our product page for more information on how to download MT4 for PC or Mac or if you’re ready, get started using the button below.

To trade on MT4 with us, you'll use two separate passwords: one for the Client Admin Portal and another for MT4 itself.

Your Client Admin Portal password was created during your initial MT4 application (or shared with existing accounts), grants access to manage your account. Here, you can change your MT4 password, deposit funds, view statements, and check balances.

Your MT4 password is used to log in to the MT4 platform (software, mobile app, or web trader) for trading and position management.

How to create your MT4 password

1. Access the Client Admin Portal using the email address and password you used for your initial application.

2. Go to "Settings" and click on "Change Password."

3. Create a new password that is between 8-16 alphanumeric characters (letters and numbers, no symbols).

   1. For security purposes, you will also be asked to confirm your password when you first log in to the client portal.

4. After successfully changing your password, you can download the MT4 trading platform directly from the Client Admin Portal.

How to log in to MT4

1. Navigate to your MT4 account.

2. Download and install the MT4 software.

3. Log in to MT4 software.

4. Click on File.

5. Select Login to Trade Account.

6. Enter your account number and new password.

7. Select the server CMCMarkets1 – Canada.

8. Once you have completed these steps, you should be able to log into your MT4 account without any problems.

How to fund your account

Fund your account through the CMC Markets admin portal​ on a PC/Mac, or mobile application.

To log in, you will need your admin portal username and password, not your MT4 platform login details. The MT4 funding portal also supports two-factor authentication (2FA) for enabled accounts.

Once you've logged in, select the 'Funding' window from the main navigation in the admin portal, to deposit via credit card, bill payment, electronic funds transfer (EFT).

If you're a mobile user, you can create a quick link icon on your mobile homepage for easy access to the funding portal:

• iOS (Safari) users: Once the page is loaded, tap the share button at the bottom of the screen and select 'Add to Home Screen'.

• Android (Chrome) users: Once the page is loaded, tap the menu icon in the top right of the browser and select 'Add to Home Screen'.

Remember, your MT4 platform password is different from your admin portal password.

Key features of the MT4 platform

MT4's appeal comes largely from its charting, its library of indicators and add-ons, and its support for automated trading. Here's what's available when you trade with us on MT4 in Canada.

Charting and technical indicators

MT4 offers a range of chart types and technical indicators, which is one reason it is popular with traders who focus on technical analysis. You can view multiple charts at once, apply indicators and drawing tools, and set up the workspace to suit how you trade. Technical indicators can help you analyze price action, but no indicator removes market risk or guarantees a result.

Add-ons and premium indicators

When you trade with us, you can download a range of free premium add-ons and indicators to complement the platform's built-in tools. These include add-ons such as mini terminal and sentiment trader, and indicators such as Renko charts, pivot points and order history.

Expert Advisors (EAs) and automated trading

Expert Advisors (EAs) are automated programs, built using MetaQuotes Language 4 (MQL4), that can open and close trades on your behalf according to rules you set. Once installed, an EA follows its instructions automatically, which some high-volume traders use to act on technical signals without placing each order manually. You can use existing EAs or build your own.

It’s important to be realistic about what automation does and doesn’t do. An EA executes only the rules it has been given. It doesn’t guarantee any particular outcome, it can perform very differently in live markets than in testing, and it can behave unexpectedly during volatile or illiquid conditions, around news events, or if your connection drops. Automation doesn’t remove the need to understand and monitor your positions, and it doesn’t reduce the risks of CFD trading.

Example of MT4 technical indicators

Creating your own indicators and EAs

If you’d like to build your own indicator, you'll need to be familiar with MQL4 and the MetaEditor tools. The process involves:

1. Choosing the type of indicator - for example, a leading indicator that flags a possible upcoming trend or reversal, or a lagging indicator that reflects a trend as it happens - and whether it uses only core technical analysis elements or combines existing indicators such as moving averages and the RSI.

2. Filling in the indicator's properties, such as its name, developer details, inputs and parameters, which the indicator uses to draw its output on the chart.

3. Writing the indicator's rules in the generated file, located in the EA folder. If you want to build an EA from your indicator, you'll also need to work with the EA builder.

You can test an indicator or EA by backtesting it on a demo account, which lets you see how it behaves and refine it before using it in live conditions. Bear in mind that backtesting and demo results reflect past or simulated conditions and don’t predict how something will perform in a live market.

MT4 on Desktop, Web, and Mobile

MT4 is available across devices, so you can trade at a desk or on the move:

• Desktop: download and install MT4 on PC or Mac for the full platform experience.

• Web: access MT4 through a web browser without installing software.

• Mobile: use the MT4 app on iOS or Android to monitor and manage positions on the go.

Your account works across these versions, but the features and screen space available can differ between desktop and mobile.

If you're new to MT4, a demo account is a sensible place to start. You can use virtual funds to learn the platform, try out charts and indicators, and see how an EA behaves, all without risking real money.

Still, it’s important to bear in mind that demo trading doesn’t reproduce every aspect of live trading, including liquidity, slippage, execution and the financial and emotional impact of loss, and demo results don’t predict live outcomes. But even so, taking the time to get familiar with the platform first via a demo account can help you avoid simple mistakes when you do progress to live trades.

Already have an account with us?

If you already have a demo or live MT4 account and are opening a second account, you don't need to download and reinstall the platform. If you do reinstall MT4, you may lose any preferences you set up previously.