The number of people trading foreign exchange (forex) using trading platforms like Metatrader4 (MT4) and Metatrader5 (MT5) is increasing. These forex traders are often depositing money into their accounts for forex trading. They do not want unauthorized persons to access the account, make trades without their permission, or transfer money. Hence it is necessary to have proper security for the account and ensure that the trader retains its control. The trader should ensure that all confidential data like the login credentials and banking information are transferred to the forex brokers using encrypted channels so that no unauthorized person can access them.
There are two passwords in Metatrader: trading account password and investor password MT4.
How to change the MT4 password on iPhone?
A trader can change the MT4 password on iPhone if the trader goes to the Settings section and then the Account section. Then on the bottom right corner trader needs to press the Key icon. Then the password can be changed.
How to change MT4 password on iPhone step by step:
- Step 1: Open Metatrader4 (MT4) platform app on your iPad and tap the “Human Icon” at the top left corner
- Step 2: Tap the 3 dots next to your account number
- Step 3: Choose “Change Password”
- Step 4: Choose the wished option.
Many people are trading in forex using an android based smartphone or iPhone since they are light in weight and easy to carry. The trader will first have to log in to his MT4 account on the iPhone. He will then have to go to the settings section of the account. The settings will have an accounts section for the different accounts, with the key icon. This can then be used to change the password. First, the original password will have to be provided, and then the new password should be entered. Users should be careful while entering the new password since it is case sensitive and store it safely.
Password security
One of the standard security practices for keeping any online account secure is changing its password periodically. Increasingly forex traders are using smartphones like iPhone for trading on MT4 and MT5. Detailed instructions on how to change the mt4 password on iPhone are provided. Many of the traders continue to use desktop computers and laptops for forex trading. It is also advisable to change the passwords periodically so that anyone who may have stolen the password can no longer access the account. Instruction for changing computer passwords is also provided.
How to change the MT4 password on the desktop
A trader can change the MT4 password on the Metatrader desktop platform in the 3 steps. The first step is to log into the MT4 Platform, then need to click on “Tools,” then choose “Options,” then in the Server tab, click on “Change” next to the password Tab.
For a desktop or laptop, the MT4 options window allows the user to change their password. In the main menu, the Tools section should be selected. The options section should then be chosen. Next, the ‘server’ section of the ‘options’ menu should be chosen. This section has different accounts like the Live/real account and demo account. For security purposes, the live account should be selected for password change. After the change password option is selected, a window will pop up with the original password and the new password.
Investor password MT4 mobile
To see your investor password on the MT4 mobile platform, you need to go to Settings and then to the Mailbox. In mailbox will be a username, password, and investor password information. If you opened an account using the MT4 desktop platform, then go to the desktop platform, press CTRL+T, open the mailbox, and see your login details.
Other passwords
It is also necessary for a forex trader to updates the passwords with the forex broker and the meta master password periodically. For this, the trader will require his original password. The new password will have to be entered twice. The fields for entering the new passwords are encoded so that the passwords entered will not be visible on the screen. Hence the passwords should be carefully entered. Some traders have an investor password, which allows others to login to the account and view the trades finalized without executing any trade themselves. The trader can also change this password if required.
All the changed passwords should be saved. The forex trader can continue trading immediately with the changed passwords. Most forex brokers specify that the forex trader is responsible for his account security, and they cannot be held responsible if the account is hacked.
