Jump to content
  • 0

MT4 - So is there a way to change the base currency.


Ugoagoago

Question

I'm kind of quite liking MT4 but still familarising myself with it.

One aspect I'm curious about:

Is it possible to alter the base currency from USD to GBP.

The Account History converts all results after converting to USD ( atleast I think this is what it's doing).

 

So is there a way to change the base currency.

 

Many thanks in advance.

 

Regards

Link to comment

7 answers to this question

Recommended Posts

  • 0

I fired up the old MT Quattro myself a couple of weekends ago to test fire a couple new indicators I had downloaded, after not using it for some years it only took me a couple of hours to remember how to do the basics.

 

Are you using the IG version MT4?

Do you have pound symbols after the pair name?

 



 

 

Link to comment
  • 0

Hi Casey,

Thank you for trying to help.

I'm using a demo version at the moment whilst I get used to the software- so maybe this is the reason. I'm not sure.

I've tried your suggestions but not had any success.

 

As it stands - on my Account History - if i make a gain of 14 points - this is entered into the profit column as 18.63.

Ratio 1.3307 - which is roughly cable conversion - hence my question.

 

What I shall do, is continue for a while and if I decide to use Metatrader properly ,  I'll contact IG tech dept to see if there is a resolution to this. I just wondered if there was something I was missing...

 

Thanks for taking the time though to post a reply ...much appreciated.

Link to comment
  • 0

Hi ,

 

You can select the currency of the demo account when you are creating it, but I'm afraid this can't be updated once opened. I'd recommend setting up a new account, and you'll just need to amend the Account Type as in the screenshot below. The Forex options relate to CFD demo accounts, and betting equates to a spread betting account. You can then choose the appropriate currency.

 



 

Hope that helps!


Dan

Link to comment
  • 0

Hi ,

 

How do I change the base currency for my live MT4 account? Mine is currently in GBP, but I would like it in USD.

 

Regards

Stefan

Link to comment
  • 0
Guest Account currency

It's confusing when you talk about changing the base currency. A Forex pair is made up of a base currency and a counter currency. In the pair EURUSD, EUR is the base currency, USD is the counter currency. 

When you have a broker account, that account has a currency, called the account currency. You can't change the currency of an account. However, Brookes will happily let you have more than one account and each account can be in a different account currency. Then, you can withdraw from your USD account into your bank and fund your GBP account from your bank account. You select the account currency at the time of creating a new account.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      21,174
    • Total Posts
      90,695
    • Total Members
      41,276
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    muntazir
    Joined 28/01/23 09:29
  • Posts

    • Capital, win loss ratio. If you have a trading edge and you can consistently win 50% of your trades, so your winning 5 trades out of 10. So if your risking 1% of your capital per trade, out of your 10 trades 5 would be losers, so that’s 5% loss and realistically out of the 5 winning trades, some would make small profits, some break even and 1, 2 or 3 could run nicely IF you can let your profits run, basically your making money out of 2 trades out of the 10 trades (80/20 Rule Pareto principle) So a $20,000 acct risking 1% is $200 per trade, this will keep the trader with his trade risk based on being able to win 50% of his trades. A long term trend trader can win with 30% wining trade. Basically you need to know your numbers. Rgds Pete
    • Investing in stocks can be a great way to grow your wealth over time. However, there are different approaches that investors can take when choosing which stocks to buy. Two of the most popular approaches are growth investing and value investing. Growth Investing Growth investing is an investment strategy that focuses on buying stocks of companies that are expected to grow at a faster rate than the overall market. These companies are often in industries that are growing quickly, such as technology or healthcare. Investors who use this approach believe that these companies will be able to generate higher profits in the future, which will lead to higher stock prices. One of the main advantages of growth investing is that it can potentially provide higher returns than the overall market. However, it is also riskier than other investment strategies, as these companies often have higher valuations and more volatile stock prices. Value Investing Value investing is an investment strategy that focuses on buying stocks of companies that are undervalued by the market. These companies may be in industries that are out of favour or have recently experienced challenges, but they have strong fundamentals and a history of profitability. Investors who use this approach believe that these companies are undervalued and that their true value will be recognized in the future, leading to higher stock prices. One of the main advantages of value investing is that it can potentially provide lower risk than growth investing. However, it may also provide lower returns in the long run, as these companies may not have the same growth potential as companies in the growth investing category. Comparing Growth and Value Investing Growth and value investing are two different approaches to stock investing, each with its own advantages and disadvantages. Growth investing can potentially provide higher returns but is riskier, while value investing can provide lower risk but potentially lower returns. An investor may choose one approach or a combination of both. A portfolio that contains a mix of growth and value stocks can provide a balance of potential returns and risk. Conclusion Both growth investing and value investing can be effective ways to invest in stocks. The key is to understand the potential risks and rewards of each approach and to choose the one that aligns with your investment goals and risk tolerance. Analyst Peter Mathers TradingLounge™ 
    • I am a beginner, and I must say, there are a lot of rules to the trading game that one must abide by if they want to be successful.   Here, the writer mentions several basic rules for day vs swing trading.  However, I find that often times, the reasoning for these rules is not as  obvious for a beginner as it may be for an expert.   The 'why' factor if I may. For example, why must you have a large capital to trade with as a day trader? Because your positions must be large so that a small change in price will be augmented and turned into a large profit. Also, with such high risk, the margin will be specially high, given the trader is taking up large positions at a time.  Without a large amount of capital, positions may be forced to close due to funds being below margin requirements.  When this happens, you can expect to lose tons of cash, fast.  I learned the hard way. All the best, David Franco      
×
×
  • Create New...