MetaTrader 4 (MT4) Copy Trading – All You Need to Know

One of the most used trading terminals is MetaTrader 4, popularly known as MT4. Almost all leading brokers offer users access to this terminal even if they own their proprietary trading platforms. MT4 supports copy trading. That means social trading providers like ZuluTrade and MyFxBook can link their platforms with the trading terminal to allow users to replicate trades of experienced traders.

Keep reading this guide to learn how to copy trades on MT4.

MT4’s MQL5 Copy Trading

MQL5 is a section on the MetaTrader 4 platform that hosts thousands of traders who get unlimited access to hundreds of trading tools. There are over 1,000 strategy providers on MQL5. To access them, simply click “Signals” in the MQL5’s upper menu.

You will be provided with critical information about the signal providers to help you pick the right one to copy. Some of the data displayed on each signal provider’s profile include the number of subscribers, initial deposit, number of trading days, risk level, current balance, and withdrawals. What’s more, you can click the “Reviews” button to see what other copy traders are saying about the strategy provider.

How to Start Copying Trades on MT4

So, how can you replicate trades of strategy providers on MT4’s MQL5? The process is simple. Firstly, you need to create a trading account with a reliable broker that gives access to MT4. After that, register with MT4 by clicking “Create an Account.” You are only required to provide your email address and username.

Your broker will give you details for connecting your trading account to your MT4 account. Once you successfully link the two accounts, go to the MQL5 section and use the “Signals” feature to access strategy providers.

To find your preferred provider quickly, use the filters on the search functionality. After identifying a suitable signal provider, click “Follow” to subscribe to them. Check whether they charge a commission or work on a subscription basis. If it is the latter, the price will be displayed on the provider’s profile; for example, you may see “$40 per month.” If the provider only imposes commission, they will state their cut, usually in percentage, from every profitable trade.

After paying the subscription price, allocate copy trading funds to the strategy provider and press “Copy” to mirror their trades.

Can You Make Money by Replicating Trades on MT4?

Yes! You can earn passively by copying trades on MetaTrader 4. Further, all open trades can be monitored from your MT4 account, thus allowing you to gain trading experience by studying the signal providers’ strategies.

However, it is worth mentioning that copy trading carries some risks. For example, if your provider opens losing trades, you will suffer losses as well.

Copy Trading on MT4 as a ZuluTrade User

As mentioned earlier, ZuluTrade is among the top social trading providers. Its platform hosts thousands of strategy providers. ZuluTrade does not have a proprietary trading platform; therefore, it relies on MT4 and MT5.

To replicate trades on MT4 as a ZuluTrade user, you first need to link your brokerage account with the social trading platform. After that, connect your ZuluTrade account to your MT4 account. Next, select a strategy provider on the ZuluTrade platform and copy them. All copied trades will be displayed on your MT4 account.

Pros and Cons of ZuluTrade

Pros

• The platforms offer adequate data about strategy providers.
• Its user interface is easy to understand.
• ZuluTrade is highly regulated.

Cons

• The platform’s search filters are limited.
• Some strategy providers charge high commissions.

Copy Trading on MT4 as MyFXBook User

MyFxBook works similarly to ZuluTrade. As of April 2024, MyFxBook supports 41 brokers. Visit the platform to check if your broker is supported. After that, link your brokerage account to your MyFxBook account. Next, choose a signal provider and copy. Remember to connect your MyFxBook account to MT4 to view the trades.

Pros and Cons of MyFXBook

• Offers a demo account.
• Strategy providers charge reasonable commissions.

Cons

• MyFxBook doesn’t have search filters.