How to connect and trade with a broker through metatrader 4 (MT4)

Hello guys,

During my research about binary options, the possibilities and platforms (which could help you making a good b
inary option (BO) deal), I wanted to try out how to connect a binary option broker to the MT4 platform.
In this case, I could trade in the MT4 platform with a broker (demo) account.

Up to now, I only can add forex brokers to MT4.
Is there a possibility how to connect a binary option (demo) account to MT4.

Because I'm still in the try-out phase, it doesn't matter which binary option demo-account I choose.

I hope you can help me?

Kind regards,
Sara

Comments

  • OkaneOkane Posts: 1,036 admin
    Yes and no.
    It depends if you have a software programmed to connect your MT4 to your specific broker. I had on for 24Option so I could do one-click trading.
    I don't really recommend it though cause the prices are different on MT4 and your BO broker. For example, if my price on MT4 is at the support I want to, I can't just execute the trade without first making sure the price on the broker's platform has also already moved down to that support. Hard to explain here. However, I think 24Option now allows for connection to MT4. Why don't you ask their live chat! I am not sure if it's only for their forex trading though.
  • Sara1234567Sara1234567 Posts: 4
    Hi Okane,

    Thanks for your reply!
    Strange. How does it come that the market values are different on MT4 and a broker at a certain time? I suppose they both try to calculate the "real" market value at the moment?

    Does all BO and Forex brokers have different values compared to MT4?


  • OkaneOkane Posts: 1,036 admin

    Hi Okane,

    Thanks for your reply!
    Strange. How does it come that the market values are different on MT4 and a broker at a certain time? I suppose they both try to calculate the "real" market value at the moment?

    Does all BO and Forex brokers have different values compared to MT4?


    Everyone has pretty much a different quotation yes. It depends where they receive the data from. However, it's not a problem at all to trade with slightly different prices. I think around 1-1.5 pips is okay. The results will be the same anyway.
    For example:
    Your MT4 shows 1.40000
    Broker shows: 1.40010
    That's a one pip difference! So: If your MT4 reaches your support at 1.40000 then
    your broker is most likely at 1.40010 which is the same support on their chart so if you execute the trade then
    and it moves up by three pips, it will be the same difference anyway:
    1.40030 on the MT4 and 1.40040 on your broker.
    You will notice this once you open and compare your charts to the broker and get used to it.

    If you have too big difference then better change the Forex broker on your MT4 to one with a less difference.
  • Sara1234567Sara1234567 Posts: 4
    Thanks!

    How can i add a broker to MT4? If i give the name of the broker, then MT4 can't find the broker.
    For instance IQ option does not work. Even if i inserted 24option by "open an account" in MT4. MT4 does not recognise the broker.
    How could i solve this?
  • OkaneOkane Posts: 1,036 admin
    edited May 2017

    Thanks!

    How can i add a broker to MT4? If i give the name of the broker, then MT4 can't find the broker.
    For instance IQ option does not work. Even if i inserted 24option by "open an account" in MT4. MT4 does not recognise the broker.
    How could i solve this?

    Of course you can't add a BO broker to MT4. You add Forex brokers to MT4, this is why prices are different as we just discussed.
    To connect MT4 to a broker you need to program a software for it.
    In general, MT4 has nothing to do with binary options. A binary options broker is where you trade and MT4 is used to chart analysis and the prices there come from a different source= a Forex broker like Oanda, Alpari or others.
  • Sara1234567Sara1234567 Posts: 4
    Ok, I understand.
    I knew that MT4 is software to analyse the data. I also thought you could do trades within MT4 (only when you've connected a broker to MT4).
    I did not knew that that is only possible with Forex brokers.

    Do you know if there is a similar analyzing program, like MT4, for BO brokers.
    In which I can analyse the data, program my strategy and (auto)trade in that platform (when my program with statistical data (indicators) says it is adviseable)?
  • OkaneOkane Posts: 1,036 admin

    Ok, I understand.
    I knew that MT4 is software to analyse the data. I also thought you could do trades within MT4 (only when you've connected a broker to MT4).
    I did not knew that that is only possible with Forex brokers.

    Do you know if there is a similar analyzing program, like MT4, for BO brokers.
    In which I can analyse the data, program my strategy and (auto)trade in that platform (when my program with statistical data (indicators) says it is adviseable)?

    There are some custom made programs but they surely don't work on just ANY broker but the ones they are programmed to work on.
    There are also some brokers that already do provide this service to their customers.

    I also have to tell you that autotraders will not make you profit. You can program it as much as you like and spend years on it and it will still fail.
    So many before you have tried. You will make it and backtest it and it will look good, but once you go live it will not make it.
    These things constantly need tweaking and updating and it's more work than you realize right now. Trust me, the number of times I have heard people telling me they are going to create an autotrader and it's "soon done"... A year later they are still struggling with it and a year after that they realize it was a waste of time.

    Anyway, up to you. By the way, most brokers will shut your account if they notice you have connected an autotrader.
    This is why they only allow autotraders they are affiliated with that are guaranteed to make clients lose money.
  • Hello!

    Integration of an off-site analyzer or Meta Trader with IQ Option isn't possible.
    But we have plenty of technical analysis tools you can use to analyze the chart.
    Moreover, we're constantly working on expanding the list of technical analysis instruments.
    If you have any suggestions, you can always send them to us!

    If you have any questions about IQ Option, you can always contact our Support Team (https://iqoption.com/en/contacts). It is available 24/7!

    IQ Option Support Team
  • OleboboOlebobo Posts: 12
    SARA, you have to use a Forex brokers MT4, like one from FxPro....And then use a binary broker to execute your trades, like the 365Trading.com...They work perfectly in sync...and you need 2 screens, one for MT4 and one for broker....THEN you are going strong !
    Best of trades
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