Forex market is the financial market where traders make money by predicting the “up and down” movements of one currency against another. It is estimated that over five trillion dollars worth of currencies are traded daily, five days in a week. This makes forex the largest market in the world with millions of traders participating every week day.
The MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are trading software designed by MetaQuotes Software Corporation for forex trading. MetaQuotes is a Russian software firm with headquarters in Limassol, Cyprus. The MT4 was introduced in 2005 and it has been well accepted by millions of forex traders across the world. The MT5 was introduced in 2010 to replace the MT4 but most brokers and traders still prefer to use the MT4.
How to Start Forex Trading on iPhone
- Open an Account with a trusted broker
Forex brokers are financial establishments that provide individuals and corporate bodies access to software platforms that enable the buying and selling of currencies. In other words, brokers provide traders access to the forex market. You must choose a best forex broker before you can trade forex on your iPhone. There are several brokers all over the world that provide online platforms that are used to trade forex. These brokers also stipulate their terms and conditions. The easiest place to find a broker is on the internet as there are several broker websites offering forex trading services. There are several factors to consider before choosing a broker. Some of them are:
- Security: This includes security of trader funds, user sensitive data and broker servers. Most popular brokers are regulated by Government agencies within their jurisdiction of operation. Regulation forces the brokers to comply with stringent rules imposed by the authorities. It is always advisable to choose a regulated broker.
- Broker Charges: Most brokers charge from the spread and also commissions per trade. The spread is the difference between the buying and selling price of a currency. Some brokers also charge deposit fees, withdrawal fees, inactivity fees, etc. It is important to know how much it will cost you to trade with your broker. Some broker fees are very high while others are comparatively low.
- Trading Platform: There are several trading platforms offered by different brokers. Since you want to trade forex with the MT4/MT5 app on an iPhone, you must check if the broker offers that service.
- Account Conditions: Several brokers offer different account types which can be opened with different amounts of money in different account currencies. Crosscheck the available account types with your trading capital, account currency, trading conditions and the payment methods available to you.
- Restriction: Several brokers only operate within a jurisdiction or country. Check if your country of residence is accepted by the broker.
Recommended MT4 Brokers to Open Account
| Broker | Info | Bonus | Open Account |
|---|---|---|---|
 | Min Deposit: $5 Spread: From 0.2 Pips Leverage: 1000:1 Regulation: Mwali International Services Authority | 50% Deposit Bonus, Copy trading, Trade&Win. | Visit Broker |
 | Min Deposit: $1 Spread: From 0 Pips Leverage: 2000:1 Regulation: FCA UK, CySEC, FSP, BaFin, CRFIN | 35% of the account Deposit | Visit Broker |
 | Min Deposit: $1 Spread: From 0 Pips Leverage: 3000:1 Regulation: CySEC, ASIC, IFSC | $100 No-Deposit Bonus, 100% Deposit Bonus | Visit Broker |
 | Min Deposit: $5 Spread: From 0 Pips Leverage: 888:1 “*This leverage does not apply to all the entities of XM group.” Regulation: ASIC, CySEC, IFSC Belize | “50% +20% deposit bonus up to $5,000, Loyalty Program Bonus “*Clients registered under the EU regulated entity of the Group are not eligible for the bonus and the Loyalty Program” | Visit Broker |
 | Min Deposit: $0 Spread: Starting 0 Pips Leverage: 500:1 Regulation: ASIC, FCA, DFSA, The Financial Commission | Visit Broker | |
 | Min Deposit: $100 Spread: Starting 0 Pips Leverage: 500:1 Regulation: ASIC, CySEC, FSCA, FSA, FSC | Visit Broker | |
 | Min Deposit: $300 Spread: floating, from 0 pips Leverage: 500:1 Regulation: FCA UK reference number 579202 | Visit Broker | |
 | Min Deposit: $200 Spread: Starting 0 Pips Leverage: 500:1 Regulation: ASIC Australia, FCA UK | Visit Broker | |
  | Min Deposit: $100 Spread: Starting 0 Pips Leverage: up to 400:1 Regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA | Visit Broker | |
 | Min Deposit: no minimum deposit Spread: 1.2 pips Leverage: 50:1 Regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC | Visit Broker |
In other words, when choosing to download the MT4/MT5 app for the iPhone, do not just go for any broker. Go for one which provides these additional features as well so you get a complete deal.
After settling for a broker, the next step is to create a trading account with the broker by filling online forms. After account creation, the new account details are normally sent by email. This includes the MT4/MT5 account login and password.
- Download and install the MT4 or MT5 on App Store
The next step is to download and install the MT4 or MT5 trading platform on the iPhone. Visit the app store from your iPhone. Search for MT4 or MT5, the searched app will be found, select ‘get’. Install the app on your phone.
Run the installed app, and you will be asked to ‘start without registration’, ‘open a personal demo account’ or ‘login to an existing account’. Select the latter and search for your brokers’ servers.
Select the appropriate server and then login with the MT4 or MT5 account login details that were provided to you when you registered. The MetaTrader app interface loads if the login is successful.
To start trading, follow the steps below:
- Tap “Quotes” on the menu bar found below the screen. The live currency quotes will be displayed with fluctuating values in blue and red. You can toggle between the simple and advanced mode from the tab at the top of the screen.
- From the quotes screen, choose a currency pair to trade. Tap and hold the pair to pop up a menu. Choose ‘Trade’. The order screen displays. You can also trade from the chart menu, double tap the chart area to display a popup menu, choose, ‘trade’ from the menu to display the order screen.
- From the order screen, you can set the execution type, trade volume, stop loss and take profit prices. Then click on “buy by market” or “sell by market”. The order is placed.
- The order status can be viewed, modified or closed from the trade menu. Select an active order to display a popup screen. Select ‘close’ and confirm by clicking on ‘close by market’. This completes the trading session as the trader either makes a profit or suffers a loss. This is reflected in the account balance.
Apart from opening and closing positions in the forex market, the MT4 and MT5 trading platforms have inbuilt features to assist the trader in making daily trading decisions. Some of the important tools are:
- Charts: The chart is very important as it aids the trader in technical analysis. Three types of charts are available: line, bar and candlestick charts. Every currency pair can be displayed on a chart. Press and hold any currency quote to display a popup menu, select ‘chart’ to display its chart. The charts can be displayed in 9 timeframes from a minute to a month. On the iPhone, every chart can be viewed in depth by expanding using two fingers to see the details.
- Order Types: 4 types of pending orders can be placed from the MT4 app; Buy limit, Sell limit, Buy stop and Sell stop. But the MT5 has additional order types; Buy Stop limit and Sell stop limit making it a total of 6 types of pending orders. ‘Take profit’ and ‘stop loss’ are available on both platforms and can be used to minimize risks.
- Indicators: About 30 indicators are available. There are 7 trends, 13 oscillators, 4 volumes and 6 Bill Williams’ indicators. These are very important tools for technical analysis. There are also 24 analytical tools in form of lines, channels, Gann, shapes, Fibonacci and Elliot tools.
- News: Both the MT4 and the MT5 have features for receiving market news from brokers. Tap on each news headline to read the details.
The MetaTrader apps have very simple and intuitive interfaces. The speed of trade execution, collection of analytical tools as well as mobility has endeared the MT4/MT5 apps to both forex traders and brokers. Trades are fully transparent and can be monitored in real time. Positions can be easily opened, modified or closed within seconds. Risk management features are also provided to assist a trader when a trade goes against him. Forex trading is easy, convenient and extensive when done on the MetaTrader app on iPhone.
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