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MetaTrader 4

 

 

Metatrader 4 Now Accepting Live Accounts

MetaTrader 4 is the most popular front-end application in the industry, and MB Trading FX has attached our Electronic Xrossing Network (EXN) execution to the platform. We’ve taken the user-friendly front-end trading interface and added the execution that the market has been looking for. We’ve turned off the deal-desk functionality of the platform and made the executions as true as our systems can handle. And now we offer two trading plans to suit your style. What does MetaTrader 4 through MB Trading FX offer?

  • Direct EXN (Electronic Xrossing Network) connections and execution
  • Tight EXN spreads and quotes
  • A true non-deal desk environment
  • Free EXN trading or EXN with Pay for Limits
  • NO proximity restrictions when placing entry or exit orders
  • Scalping available

While other brokers have offered MetaTrader 4 for years, MB Trading FX wouldn’t offer the system until we could eliminate the deal desk functionality of the back-office systems of MetaTrader. With this solution, our customers can experience MetaTrader 4 as it was supposed to be, without desk interventions, fixed-slippages, and stop and limit proximity limitations. We open the door to any available execution using MetaTrader 4, and we give no priority to opening or closing positions.

Generic MetaTrader 4 vs. MetaTrader 4 with MBT EXN/STP Execution


MetaTrader 4 is Third Party software written and maintained by a separate company. The software was not designed for EXN/STP execution, which MB Trading provides. MB Trading has no control over the MetaTrader client software, server updates, or API updates. In order to integrate MetaTrader 4 with MB Trading's EXN/STP execution, some behavior related to deal desks is not available, and this has some impact on the MetaTrader 4 Client. The following list describes certain functions of MetaTrader (referred to as Generic MetaTrader 4) and how they behave differently when MetaTrader 4 is connected to MB Trading for execution. Click here to download a PDF of this page.

We highly recommend that you log into MBT Desktop or MBT Desktop Pro at the same time that you are logged into MetaTrader 4. Your account is actually handled at our account level, which is viewed directly in Desktop or Desktop Pro. MetaTrader 4 is simply an interface that we enable for MetaTrader 4 accounts to allow you to trade. You cannot trade from the Desktop or Desktop Pro software with your MetaTrader 4 account, but you will find that the Orderbook, Messages, and Account Balance windows are more accurate and in real-time.

When in doubt, your MBT Desktop or MBT Desktop Pro software is correct. You can also find accurate FIFO statements by logging into the Client Secure Area of our website. Just be aware that most cases where the Desktop and MetaTrader 4 software diverge, those differences are usually corrected with an adjustment in MetaTrader 4 at 5 pm EST rollover.

While our commissions are displayed in real-time in the MBT Desktop and Desktop Pro software, the MetaTrader 4 software was not designed to handle commissions in a true EXN environment. While there is a commission column, it was added after the fact and designed for a single entry. The reality of EXN trading is that each transaction (entry and exit) result in a transaction fee or credit. Due to limitations of the MetaTrader 4 server, CLOSING commissions, whether credit or debit, are added as a Deposit or Withdrawal to your account at the time of the close of the trade via a separate line item in your Trade tab with a comment describing the Deal Number that the deposit or withdrawal came from.

We currently employ the following behavior for Stop Loss (S/L) and Take Profit (T/P) items. If you have only a S/L, the bridge monitors the positions and waits for the price to hit, then sends a market order to our router. If you have only a T/P, the bridge sends a Limit order, which will display to the market in the quote, to the EXN, which awaits execution. You would be paid for this execution under our Get Paid for Limit Orders system. If you have both a S/L and a T/P, the system sends the T/P to the EXN as a Limit order, which will display to the market in the quote. If that order is filled, the trade is closed. If the S/L price hits instead, the system cancels the Limit order for the T/P and then sends a market order to close.

Please ensure that your EA is populating in your MBT Desktop window and is available to initialize. If it is not, check your ‘C’ > ‘Program Files’ > ‘MBT MetaTrader 4’ > ‘experts’ folder to ensure it has been placed in the correct location.

  • When you input the lots, ensure that it matches our lot size in congruence with your account balance. For example, 1 lot on MetaTrader 4 through MB Trading is equal to 1 mini lot ($10,000 in buying power).
  • Ensure that you have properly setup the EA as detailed in the MetaTrader help guide.
  • Ensure that ‘live trading’ is enabled in the experts settings.
  • Ensure that you are using an .ex4 file.
  • Ensure that you are launching the EA by doing the following:
  • From the toolbar of the MetaTrader you will find Expert Advisors check button. Check button means when you click it enables the expert advisors and goes to pressed figure and when you click it again it disables the expert advisor and goes to un-pressed figure.

The following individual items also explain some of the differences between “Generic MetaTrader 4” (with deal desk functionality in place) and MetaTrader 4 connected to MB Trading’s STP/EXN execution with all deal desk functionality disabled.

  • Generic MetaTrader 4 allows you to add a stop loss and take profit to your market order via “Instant Execution,” whereas if you place a market order in MetaTrader 4 with MB Trading, those columns cannot be changed because you must use the “Market Execution” order type.
  • Generic MetaTrader 4 allows you to rescan servers by clicking on the Connection Status in the lower right hand corner of the screen, whereas MetaTrader 4 through MB Trading does not.
  • Generic MetaTrader 4 differs on the close order box. You can check “Enable Maximum deviation from quoted price.” This option also comes up when you right-click to modify your order and then change it to market execution:

    The MetaTrader 4 order closing box does not have this:

  • When closing or modifying an existing order in Generic MetaTrader 4, at the bottom it says “Open price you set must differ from market price by at least x pips.” Also when you place a “Modify Order Type” the bottom reads “Stop Loss or Take Profit you set must differ from market price by at least x pips”:

  • MetaTrader 4 connected to MB Trading shows “0 pips at bottom,” reflecting that you are connected to an EXN:

  • Also when you place a “Modify Order Type” with Generic MetaTrader 4, the bottom reads “ Stop Loss or Take Profit you set must differ from market price by at least 3 pips”:

  • MetaTrader 4 connected to MB Trading shows “0 pips at bottom again”:

  • Generic MetaTrader 4 quotes to a pip (four decimal places on most pairs, two on JPY-based pairs), as seen in this screenshot:

  • MetaTrader 4 quotes to a tenth of a pip (five decimal places on most pairs, three on JPY-based pairs), as seen in this screenshot:

  • In Generic MetaTrader, none of your orders change the quote. In MetaTrader 4 connected to MB Trading, any limit order (to get into or out of a trade) reflects in the quote. The target (limit) side of a TTO, however, does NOT reflect in the quote because a TTO is waiting for either price to hit. Example below shows the Order window while setting up a Buy Limit between the spread on the GBPJPY on MetaTrader 4 connected to MB Trading:

  • This next window shows the quote of GBPJPY after the order has been entered, reflecting the bid at 188.25:

  • There are some adjustments that need to be made to MetaTrader Query Language scripts (Expert Advisors) due to differences between Generic MetaTrader 4 and MetaTrader 4 connected to MB Trading. These include, but are not limited to:
    1. Scripts that use Instant Executions to place market orders with take profit and/or stop losses attached will not work. Instead, a market execution must be placed and then a take profit and/or stop loss added to the position.
    2. Hard coding of +/- calculation of pips for profits may need to be adjusted to reflect the fifth decimal place of our EXN.
  • Generic MetaTrader 4 platforms typically quote forex pairs in pips, which means 4 decimal places on most pairs and 2 on JPY-based pairs. MetaTrader 4 connected to MB Trading quotes pairs to the tenth of a pip, which adds a decimal place. Trailing Stops in MetaTrader 4 are measured in “points,” not pips. Thus a 15 point trailing stop on Generic MetaTrader 4 must be entered as a 150 point trailing stop on MetaTrader 4 connected to MB Trading to get the same 15 pip trailing stop results.
  • Metaquotes, the provider of MetaTrader, does regular updates to the platform in the form of LiveUpdates. MB Trading usually will have advance notice of live updates from MetaQuotes to test thoroughly in our demo environment before automatically being released to customers. Once we have tested the latest update, we will make the LiveUpdate available to our customers in their live accounts. We strongly advise against getting an update for the MetaTrader 4 Client from another broker than has not been tested on our end.

Download MetaTrader 4

You can download MB Trading FX’s EXN version of Metatrader 4 by clicking on the link below. You can also sign up for a Demo account by following the instructions here.

MetaTrader 4 Client
Version 4.0 Build 610 - 456KB
Updated: 2/14/2014

 

 


For Live accounts, select the server "MBTrading-Live" or type mt4live.mbtrading.com manually into the server field (you won't have to retype this after a successful first connection).
For Demo accounts, select the server "MBTrading-Demo" or type mt4demo.mbtrading.com manually into the server field.

If you have any issues logging in, try calling our support team and having them reset your password, just to be sure. This can only be done over the phone for security purposes.

You may also access the MetaTrader 4 Mobile app (download from the App Store or Google Play) from your Live or Demo account. Note that this is different from the MB Trading mobile app, which cannot be accessed for this account.

PLEASE NOTE: Symbols for FREE EXN quotes end with a dot or period. That means that instead of "EURUSD" you will use "EURUSD." with the period immediately after. These will be the symbols available to you in your Watch List, which you can drag to a chart. If you do not see all of the symbols in the Watch List, right click in the Watch List and hit Show All. This will make them available. If you manually type a symbol into a chart, you will need to include the dot or period. Pay for Limit accounts use regular symbols without the dot or period.

MB Trading’s mobile MetaTrader 4 trading platform offers you the same powerful functionality as our desktop version. Keep abreast of the market's latest developments, and analyze and perform trading operations at any time. Our MetaTrader 4 mobile platform is your trading assistant, allowing you to stay mobile, check account information, put on positions and keep up on latest market trends. Search for server "MBTrading-Live" for Live accounts or "MBTrading-Demo" for Demo accounts.
 

iPhone

The MetaTrader 4 for iPhone mobile platform will impress traders of all skill levels with its broad capabilities. The feature-rich mobile environment allows fully functional Forex trading, is an efficient arsenal of the most critical technical analysis tools (30 technical indicators) and is easy to use in everyday activities. You can access financial markets from anywhere in the world with ease at any time and for free. Such possibilities are now available with MetaTrader 4 for iPhone. System requirements: Compatible with iPhone, iPod touch and iPad. Requires iOS 4.0 or later.

Download MetaTrader 4 for iPhone
 

Android

MetaTrader 4 Forex trading technologies can now be downloaded on the devices powered by the popular Android OS. Complete sets of trade orders, view trading history, and create interactive charts on the widest selection of supported mobile devices— all available on MetaTrader 4 for Android. Integrated charts will help you to determine the current dynamics of symbol quotes, trading history will show you all your previous deals, while the powerful trading system will allow you to perform new ones. System requirements: smartphone or tablet PC powered by Android OS 2.1 and higher.

Download MetaTrader 4 for Android
 

Windows Mobile

This mobile MT4 terminal is designed for use with Pocket PCs (PDA) with Windows Mobile OS. MetaTrader 4 Mobile is an analogue to the general online trading terminal of MetaTrader 4. Moreover, the mobile terminal offers you the opportunity for technical analysis and graphical visualization of financial instruments (including off-line mode). Completion of the trade transactions is treated with strict confidentiality and is absolutely secure. If required, with MetaTrader 4 Mobile, you can easily retrieve the history of completed trade transactions. System requirements: Pocket PC Windows Pocket PC 2002 OS and higher.

Download MetaTrader 4 for Windows Mobile
 

Smartphone Edition SE

MetaTrader 4 Mobile Smartphone Edition is the mobile terminal for smartphones under MS Windows Mobile. Built-in symbol charts and technical indicators, as well as financial news, will help you make a well thought-out decision about whether to open or close a position. Trading via this terminal is fully confidential and absolutely safe. System requirements: Smartphone, Windows Mobile 2003 for Smartphones and higher.

Download MetaTrader 4 for Smartphone Edition
 

Frequently Asked Questions

 

General Live Account Information:

How do I open a live account?

Click here to open an account and during the online application specify MetaTrader 4.

What is the difference between the investor and master passwords that I received when I opened my account?

The "master" password allows a person full access to view and place trades in an account. The "investor" password only allows someone to view the account. People who trade for themselves should only use the master password. If someone has a manager trade their account, they would give the manager the master password so that he/she can place trades. The investor password would then be used by the account owner to view the account in real-time but not be able to trade and interfere with what the manager is doing.

Can I have multiple accounts with MT4?

Yes.

Is the quote feed and execution the exact same?

Our Live and Demo quote feeds are identical except that Limit Orders entered into the Demo environment do not affect the Live quotes and vice versa. 

Do I have to have the MBT Desktop downloaded in order for MT4 to work properly?

No. The two platforms run independently of each other. However, we do recommend that you also run Desktop or Desktop Pro at the same time as MetaTrader 4, as both offer better messaging and true FIFO accounting.

What are the withdrawals/deposits that read “Account Balance Correction” on my MT4 trade and history tabs?

The NFA requires that all US-based firms handle accounting through the FIFO (First In, First Out) method, which is handled correctly by our Desktop platforms and on-line statements. Differences can occur between how MT4 reports balances and the actual numbers due to cost averages, swap charges from different average pricing, and other little differences that result from non-FIFO accounting, as MT4 does not require you to close "deals" on the same symbol in the order that you opened them.

You can also find accurate FIFO statements by logging into the Client Secure Area of our website.

Can I have both platforms up at the same time?

We encourage you to keep both platforms up and running so that you can properly view your account value, swaps, and cost basis through the Desktop software. However, you cannot trade with the Desktop software with a MetaTrader 4 account.

What will be the minimum trade size I can place?

0.1 lot or 1000 currency units.

Will there be partial fills on large orders?

It is possible that any order will receive a partial fill on a true EXN.

What is a partial fill and why do they happen?

While deal desk platforms, which MetaTrader 4 was originally written for, traditionally work on an "all or none" basis for each deal, this is not realistic in a true EXN/STP environment. Therefore, you can get partial fills on the platform when you want to buy or sell and the trader, bank, or pool of liquidity on the other side of the trade is good for less size than your total order. If you get the rest of your order filled within a minute or so, the prices will be averaged and shown in one order ID. If the order is not completed in a short period of time, it will be split into separate order IDs, one for the executed size, and the remaining for the size that is left. EAs need to be adjusted for the possibility of these partial fills and split order IDs.

Will I be able to contact support if I need assistance with a trade?

Yes, we provide support for the MT4 platform. Please contact us at 866-628-3001 or click on the MB Trading Support chat links on the Contact page of our site. You can also use the form on the Contact page to email us for general questions.

Will I be able to view reports?

FIFO-Compliant reports are handled through the MB Trading website with our standard MBT Desktop statements. Statement reporting in MetaTrader is not available.

Is there a deal desk associated with the MB Trading MT4 platform?

No, we are a non-deal desk broker and our MT4 platform is EXN-based.

Where can I find tutorials to assist me with learning how to use MT4?

Both our MBT World site and our MetaTrader pages include extensive information about using MetaTrader with MB Trading. 

Can I use my Mobile if I already have MT4 installed on it?

Yes.

 

Live Account Trouble Shooting:

I can’t login?

Ensure that you are logging in with your account number only (not the – ERDY) and using your Master Password. Select ‘File’, then ‘Login’ to enter this information and choose the MB Trading MT4 Live Server option. Are you trying to login to a different computer than the one you originally set MT4 up on? If so you will need to transfer your RSA Key from that computer to your secondary system:

Go to c:/program files/MBT-MetaTrader 4/config on computer number 1, once you have located this file on your computer e-mail the Key file (which should contain your account number and the phrase ‘MBTrading-Live Server’) to yourself and open the email on computer 2.  Once it is on computer 2 save it to your desktop, then copy and paste it into the  \config folder, (c:/program files/ MBT-MetaTrader 4/config).  After this is done you should be able to login to your account on both computers.

I’m getting off-quotes in my live account?

Please ensure that you have logged into to the account with your ‘Master Password’ and not the ‘Investor Password’ to enable trading. Please review your account balance and ensure that you have enough buying power to allow trading. Please ensure that you are logged into your live account, and not into a demo account. You can check this at the top of the platform, it will say ‘MB Trading Live’ and have your account number. 

I’m receiving an error with my account balance?

Please restart your MBT MetaTrader platform; this will update your account balance. 

If this does not work, please contact us (866.558.3342) with the exact details of what you think the balance should be and what trades or other activity events are causing the discrepancy. (From this point investigate, i.e. my commissions show x amount, explain how the commission structure works).

What are the withdrawals/deposits that read “Account Balance Correction” on my MT4 history?

The execution and FIFO accounting as required by the NFA are handled via our Desktop Platforms. In some cases, when Desktop and MetaTrader 4 balances differ, those differences are corrected with a deposit or withdrawal that reads "account balance correction."

We highly recommend that you log into MBT Desktop or MBT Desktop Pro at the same time you are logged into MetaTrader 4. MetaTrader 4 is simply an interface that we enable for MetaTrader 4 accounts to allow you to trade. You cannot trade from the Desktop or Desktop Pro software with your MetaTrader 4 account, but you will find that the Order book, and Account Balance windows are accurate and in real-time. You can also find accurate FIFO statements by logging into the Client Secure Area of our website.

Why do I get small account adjustments in my MetaTrader 4 software from time to time?

MetaTrader 4 does not use true FIFO accounting. However, the underlying account, which is handled at the account level by our MBT Desktop or MBT Desktop Pro software does. Therefore, small differences in swaps, pricing, and commissions can occur over time. For example, if you buy the EURUSD at two different prices using MetaTrader 4 and then close the second position, MetaTrader 4 will still have the first position open and will charge or credit swaps based on that trade. However, in reality, swaps are handled at the Desktop level and would be based on a slightly different price. Therefore, when your account is flat, the difference will result in an imbalance that will be adjusted. If you follow your account via on-line statements or the MBT Desktop or MBT Desktop Pro software, you will see the correct information there at all times based on FIFO rules.

 

General Demo Account/Trouble Shooting Information:

How do I get a demo of MT4 ?

For details on how to Get Started trading in a Demo account, click here.

To download the MetaTrader 4 Client software after you have created your Demo, go to the Download tab at this link..

How long does the demo last?

Indefinitely if used, but expires after 90 days of non-use.

I’m getting off-quotes in my demo?

Ensure that you have passed the 5pm EST rollover period since you downloaded and created the demo profile. Periodically, we do update the demo server as this is a test environment. Please contact MetaTrader 4 support to determine if this is the issue through our contact page: https://www.mbtrading.com/contact.aspx 

 

FIFO:

How is FIFO handled with your platform?

Your trades are run through the MBT Desktop software which has always been FIFO compliant. You can also see your trades by logging into the MBT website where your account will accurately reflect FIFO compliant rules.

 

Expert Advisors:

Will I be able to upload Expert Advisors?

Yes, although our system has slight differences with a deal desk system in relation to Expert Advisors. If your EAs don’t work immediately, check out our MBT University Forums to seek solutions.

My EA’s aren’t working?

There are some adjustments that need to be made to MetaTrader Query Language scripts (Expert Advisors) due to differences between Generic MetaTrader 4 and MBT MetaTrader 4. These include, but are not limited to:
Scripts that use Instant Executions to place market orders with take profit and/or stop losses attached will not work. Instead, a market execution must be placed and then a take profit and/or stop loss added to the position.
Hard coding of +/- calculation of pips for profits may need to be adjusted to reflect the fifth decimal place of our EXN.

Please ensure that your EA’s meet the requirements of MBT’s EXN MetaTrader 4 before initializing.

If these adjustments have been made, please ensure that your EA is populating in your MBT Desktop window and is available to initialize. If it is not, check your ‘C’ > ‘Program Files’ > ‘MBT MetaTrader 4’ > ‘experts’ folder to ensure it has been placed in the correct location.
When you input the lots, ensure that it matches our lot size in congruence with your account balance. For example, 1 lot on MBT MetaTrader 4 is equal to 1 mini lot ($10,000 in buying power).
Ensure that you have properly setup the EA as detailed in the MetaTrader help guide.
Ensure that ‘live trading’ is enabled in the experts settings.
Ensure that you are using an .ex4 file.
Ensure that you are launching the EA by doing the following: From the toolbar of the MetaTrader you will find Expert Advisors check button. Check button means when you click it enables the expert advisors and goes to pressed figure and when you click it again it disables the expert advisor and goes to un-pressed figure.