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What does MT$ have to do with a Forex trading Broker?
I'm a total noob at Forex but I know a quite a bit about the web, websites, business in general, contracts etc and I can't seem to figure out the connection or the defference between MT4 and the broker account I opened at mbtrading.com.
But I especially need help as the issue applies to someone I know personally that has a bot trading program. I was going to have him do my trading for me with the bot but to do that he is asking for my MT4 username and password. I just opened my account at mbtrading.com and haven't funded it yet so perhaps my following question would have been answered if I had funded it.
But basically, I haven't found two separate usernames and passwords for making MT4 separate from my mbtrading.com account. It looks to me like my mbtrading.com IS my MT4 trading account. So if I give my buddy my mt4 user name and pw he has access to my entire account? I'm not worried about him but the idea of everyone that does Forex are giving their traders the "keys to their kingdoms" seems too far fetched and unbelievable.
So what and where am I missing this? Do I set up another MT4 account for my bot buddy that is separate from my own and gives limited access to trade? If not, does he have access to my broker account and could he cash it out and skip town if I give him my MT4 login info?
Thanks in advance.
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MT4 is the platform that traders can use, taking advantage of technical analysis tools.
A broker account is basically a contract where you allow an investor to carry out transactions on your behalf.
Regarding the particular service you're using, its best to ask them directly how it works...
MT4 stands for MetaTrader 4, a trading platform created by MetaQuotes Inc. Each broker 'rents' the platform(through the White Label program) and can provide it under it's own brand. That's how white labels work. When you register an account with your broker, you register on the broker's servers, not onto MetaQuotes. So there is no connection between the account you're holding with your broker and MetaQuotes, other than the trading platform 'rented'.
Usually you can use the same MT4 to login to various broker's account, just make sure to ask for the IP address of each broker's servers.
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Last edited by fx_jmcalster; 09-11-2012 at 03:03 AM.
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