Part 18 Meta Trader 4 – How to Get Bitcoin to MetaTrader

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker!
    Perfect Choice For Beginners and Middle-Level Traders!
    Free Demo Account! Free Education!

  • Binomo
    Binomo

    Honest broker!

Part 18: Meta Trader 4 – How to Get Bitcoin to MetaTrader

Whether you are a bitcoin fan or not, you have to admit that this virtual currency offers a wide range of profits both in the long-term and short-term view.

Technical traders like to look at and analyze graphs. Great software for graph analysis is MetaTrader or TradingView. But how to display a bitcoin graph or other cryptocurrencies graph in MetaTrader, and how to start speculating with this cryptocurrency?

Bitcoin as a common currency

Bitcoin is a virtual currency (cryptocurrency), but for traders, it is just another currency. Of course, there are some specific constraints within this trading area, and we follow different information than with the currencies issued by the state, but the basis is the same. It is a currency that can be exchanged for any other currency.

Many factors can influence the bitcoin price. These are, for example, miners who keep the system running, technical advantages, limitations in convertibility or the willingness of people to pay with bitcoin. Again, there is a clear parallel with classic currencies, with which we also have a system that we trust or not (central bank) and of course the willingness of people/investors to hold and use the currency.

Bitcoin is the same in all these aspects. As already mentioned, it has no state regulations, no one actually owns it, so only supply and demand can really affect it. The latter clashes in the foreign exchange market and creates an exchange rate that you can view and speculate on. Of course, you can use the well-known and popular MetaTrader to do so.

MetaTrader and Bitcoin

So how to get Bitcoin’s chart in MetaTrader so you can analyze it the way you’re used to?

  1. First you need to download MetaTrader 4 from one of the CFD brokers. If your broker allows speculations on bitcoin, you should simply find it in the list of available assets. Look for BTC in the list, similar to USD or EUR. Sometimes bitcoin brokers mention it under the name XBT.
  2. Consequently, a graph will appear, and you will be able to trade as you are used to.

Note: You do not have to trade with a broker whose MT4 you want to use to display the graph. You can only use it for the graph itself and do the actual transactions on any cryptocurrency exchange.

Beware of bitcoin itself, especially when it comes to its position and its volatility. If you do not have much experience with trading, we would recommend you first try trading on the forex demo account, where you can try everything with fictitious money, get a feel of the market and learn what you can afford.

Of course, you can use trend lines, oscillators and other indicators such as RSI, MACD, moving averages and other on the bitcoin graph in MetaTrader. Quality trading forex strategies are usable across instruments. So, whatever you trade on EUR / USD should also work with BTC / USD. Of course, there is always room for minor modifications such as stop loss, take profit and adjust to the volatility. But the trading strategy logic should remain the same.

Bitcoin graph in Meta Trader 4

Who supports bitcoin trading?

Brokers allowing to display a bitcoin graph against another (crypto) currency are already numerous and their number is increasing. Here we can mention BDSwiss or Robo Markets.

Trading cryptocurrencies is also offered by a popular broker among beginners (especially for its simplicity). We are of course talking about IQ Option. With this broker, you are trading directly in the browser (or via their app). IQ Option has one of the best trading platforms on the market, so there is no need to use MT4.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker!
    Perfect Choice For Beginners and Middle-Level Traders!
    Free Demo Account! Free Education!

  • Binomo
    Binomo

    Honest broker!

Brokers supporting the display of bitcoin graphs and other cryptocurrencies are getting larger in numbers mainly because of their increasing popularity. Check the currencies overview to see if you can see BTC with your provider as well, as it is very likely. If not, you can use the services of many other brokers that support cryptocurrencies. Today, you can send bitcoin directly to a merchant’s account with several intermediaries.

Backtesting

One of the main advantages of bitcoin in MetaTrader is backtesting, i.e. testing strategies on historical data. Thanks to the MT4 Strategy Tester, you can try how your business strategy works backward.

Many traders work with time series from cryptodatadownload.com, where you can find, for example, the famous Bittrex, Coinbase Pro or Binance.

Author

More about the author J. Pro

Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn’t very successfull with dropshipping on Amazon and other ways of making money online, and I’d only earn a few hundreds of dollars in years. But then binary options caught my attention with it’s simplicity. Now I’m glad it did because it really is worth it. More posts by this author

FXDailyReport.Com

The listing of other assets such as indices, stocks and commodities, paved the way for the inclusion of futuristic assets on the MT4 forex platform. So when some forex brokers started listing the commonly traded cryptocurrencies on forex platforms such as the MT4, it was not entirely a surprise. It is now possible to trade Bitcoin, Litecoin, Ethereum and other cryptocurrencies on the forex platforms, and profit from the price movements to the upside and downside.

You Can Open Real Account on Cryptocurrencies Trading Brokers Below

We shall examine some aspects of cryptocurrency trading on forex platforms.

  1. The basis of cryptocurrency trading on forex platforms
  2. The commonly traded cryptocurrencies
  3. Technical and Fundamental Factors
  4. How to Trade Cryptocurrencies on Forex Platforms
  5. Cryptocurrency Trading: Forex platforms vs Cryptocurrency Wallets

The Basis of Cryptocurrency Trading

For an asset to qualify to be traded, it must have the following characteristics:

  1. Volatility: the price movement of the asset must be volatile enough to create a differential, which can be traded for profit.
  2. Liquidity: The asset must be able to attract a reasonable amount of liquidity. Liquidity comes when there are many traders actively trading the asset. It makes no sense trading an asset with only 10 participants and very low trading volume.
  3. Acceptability: Many traders must be willing to buy and sell the asset for money.
  4. There has to be a way to standardize contracts and make these available all over the world.

Cryptocurrencies have these characteristics and are therefore amenable to trading on forex platforms.

Commonly Traded Cryptocurrency Pairs

There are several cryptocurrencies today, but the ones commonly listed for trading on forex platforms are Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH). They are paired most commonly with the Euro, Japanese Yen and Chinese Yuan.

Technical and Fundamental Influences

The major influences of price movements of cryptocurrencies appear to be the following:

a) Endorsement by Global Powers

So far, the greatest mover of cryptocurrency prices from a fundamental point of view seems to be acceptance of the cryptocurrency by major political and economic figures. Ethereum’s upward push was in no small measure, a fallout from the meeting between its founder and Russian president Vladimir Putin. Cryptocurrencies have moved from a stage where a founder had to remain anonymous, to one where founders now have audiences with presidents; something most of us will never experience. Some countries have accepted cryptocurrencies in various degrees, and these are seen as discrete endorsements that will surely cause cryptocurrencies to become a permanent feature of our lives.

b) Increasing Demand by Speculators and Exchangers

The supply of Bitcoin and other cryptocurrencies is finite. When the supply of an item is restricted and demand starts to bludgeon, prices will increase. When speculation is added to the mix, then we will see more of the steep rise-fall patterns which have been seen on the charts in 2020. Furthermore, the exchange of cryptocurrencies for money is a growing business that is spreading to areas of the world where they were completely unknown a few years back. With more people placing demand on Bitcoin, Ethereum and other cryptocurrencies, there will surely be demand-based price movements to the upside and downside.

Cryptocurrencies can also be traded using the time-tested methods of technical analysis. In this snapshot, we can see the double bottom formation on the Bitcoin/USD chart, which is amenable to a long entry as displayed.

Trading Cryptocurrencies on Forex Platforms

Not all forex platforms feature cryptocurrency pairs for trading, so you have to take some time to pick one that does if you want to trade cryptocurrencies on forex platforms. If you have found one, especially one which is offered on the MT5 series, then you can simply open an account, fund it, practice on demo and later on, start trading with real money.

Here is a walk-through on how to setup your cryptocurrency trading on the MT5. We will use MT5 because updates for the MT4 are no longer supported, as part of changes by Metaquotes to wind down the MT4 and promote the usage of the MT5.

a) Open a demo and live account on MT5 on your regulated broker’s website, (make sure your broker already provides Cryptocurrencies trading, Like Instaforex Broker) then download the MT5 platform using the link sent to your email after registration.

b) Open the MT5 and login with your details.

c) Click “View” and then “Symbols” on the top navigation window, or simply press Ctrl + U on your computer. This shows the assets listed in the platform.

d) Click on the + sign beside ‘Crypto’. This opens the list of cryptocurrencies. Click on “Crypto” to select all the cryptocurrencies, and click on “Show” to display them all in the Market Watch window. You can also select each cryptocurrency pair individually.

These cryptocurrency pairings will be available for trading once this process is completed.

Cryptocurrency Trading: Forex Platform vs Wallet Trading

Some speculators are involved in cryptocurrency exchange business. Here, they exchange cryptocurrencies from their wallets to those of other traders when prices are high, and buy them again when prices have fallen. In this manner, they aim to make a profit. However, this method presents a lot of risks.

  1. Nobody under the sun knows when prices of an asset will peak and when they will bottom out. It is therefore very easy to lose money by simply relying on price information to buy low and sell high. Without tools to analyze price action, the exchanger is basically trading blind.
  2. It is getting increasingly harder to get fast confirmations that will help the trader beat the volatility of the cryptocurrency assets. Many wallet providers now charge money to prioritize confirmations from vendors. This fee can eat into any profits an exchange vendor may hope to make.

When you trade on forex platforms, many of these risks are reduced to the barest minimum.

  1. As a trader of cryptocurrencies on forex platforms, you have access to charts and tools of analysis to help you make informed decisions.
  2. Cryptocurrency trading on forex platforms provides an opportunity to make money whether prices are rising (using long entries) or falling (using shorts). You would not need to develop the kind of blood pressure problems many exchangers experienced when Bitcoin prices fell from $2,972 to as low as $1,824 between June 9 and July 16, 2020.
  3. You get instant executions for your trades without waiting on a confirmation queue for hours on end.

The benefits are very clear. If you should trade cryptocurrencies, do it from a forex platform.

How to Withdraw from Your Account

In order to withdraw your funds from your MT4 account, please go to “Accounts” – “My Accounts”, click on “Withdraw” in the table of the trading account you want to withdraw funds from. Select the withdrawal method from the drop-down list of available withdrawal method and fill out corresponding fields.

Once created a withdrawal request you may monitor its processing status in the “Activity” tab, table “Withdrawals”:

  • Pending – request is awaiting the new payment option verification
  • Active – request is not yet not attended
  • Processing – request is being considered
  • Performed – request has been executed
  • Rejected – request has been rejected
  • Cancelled – request has been canceled by the account holder
Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker!
    Perfect Choice For Beginners and Middle-Level Traders!
    Free Demo Account! Free Education!

  • Binomo
    Binomo

    Honest broker!

Like this post? Please share to your friends:
Binary Options Trading Step By Step
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: