Can I use a Bitcoin trading robot on MetaTrader4 (MT4)?

MetaTrader 4 is one of the most popular platforms for traders around the world. This beginner-friendly guide explains whether you can use a Bitcoin trading robot on MT4 and how to set one up.
By:  &  James Knight
Updated: Aug 9, 2022

This guide explains if it is possible to use a Bitcoin trading robot on MetaTrader 4. Find out what MT4 is, what a Bitcoin trading robot is, and if it’s possible to use a Bitcoin robot on the platform. 

What is a Bitcoin trading robot?

It’s a piece of software that automatically executes trades on the Bitcoin market. Robots use algorithms or artificial intelligence (AI) to make trades on your account. They can be programmed to carry out specific instructions when the market is moving a certain way, or they can be coded to analyse the price of Bitcoin and use AI to predict what will happen next. 

There are lots of types of crypto trading robots. Some can be used alongside manual trading strategies while others offer a hands off approach and give a way to earn a passive income. Bots can be bought online and usually have a one off purchase fee. However, it is possible to find free crypto trading robots or to program one yourself. 

What is MetaTrader 4?

It’s a trading platform that is predominantly used for forex trading. Lots of brokers offer the MetaTrader 4 platform to their users and in recent years using it to trade Bitcoin has become increasingly popular. MT4 has lots of benefits, like customisable price charts, technical indicators, and the ability to use expert advisors (trading robots) among others. 

MT4 is a platform offered by a company called Metaquotes. Online brokers licence the platform and then let traders use it to access certain markets. Not all markets are available on the platform and what you can trade depends on what your broker has available. Trading crypto on MT4 is available through some brokers, but not all.

Can I use a Bitcoin trading robot on MetaTrader 4?

Yes, if your broker has the Bitcoin market available with MT4 then you will be able to use a bot on the platform to trade it. On MetaTrader 4 robots are referred to as expert advisors (EAs) so if you buy automated trading software, you’ll need to make sure it works as an EA. 

If you have coding knowledge then making your own Bitcoin trading robot on MT4 is easily achievable. Using this method is a good option for traders who want to automate their strategy. You will have to use MQL4, which is another service offered by Metaquotes. Alternatively, there are lots of third party vendors that allow you to create a Bitcoin EA for MT4 without any coding experience. 

Do I need a VPS on MT4 to use a Bitcoin trading bot?

It is not a requirement and your Bitcoin trading robot will work on MT4 without one. However, we recommend that you do use a virtual private server (VPS) when using an EA on the platform. A VPS makes sure your platform is operating around the clock. This is especially important for Bitcoin as the market is open 24/7. 

There are lots of options available when it comes to a VPS. Most brokers offer them for an additional cost, or you can get one directly from the MetaTrader 4 platform or from a third party company. If you develop your own EA, or find a profitable crypto bot from a third party, then it is a good idea to use a VPS to get the most out of it.

How to use a Bitcoin bot on MT4

Using a Bitcoin robot on MetaTrader 4 is a straightforward process. You can start using one very quickly and below we’ve explained the steps you need to follow to set up and use a cryptocurrency robot on MT4. 

  1. Buy or create your EA. Before you start you’ll need to get your hands on a Bitcoin trading robot. You can either buy one online or from the Metaquotes app within the MT4 platform. If you have coding skills then you can build your own using the MQL4 service we mentioned earlier. 
  2. Transfer the EA to MT4. Your Bitcoin robot will be a file that you’ll save to your computer, usually in the C drive. Once you’ve located it you’ll need to transfer it to MT4. All you have to do is open up the file called ‘experts’ within your MetaTrader 4 and paste your robot into it. 
  3. Install the Bitcoin robot. Now open up the MetaTrader 4 platform and find the ‘expert advisors’ section. It will be on the left hand side of the screen under the ‘navigator’ tab. Once here click the ‘plus’ sign and select the EA you just transferred. Finally, drag it onto any chart and it will be ready to go. 
  4. Adjust robot settings. If you bought your robot then you’ll need to adjust its setting to the way you want it to operate. To do this just click on the EA in the top right corner of your chart. You will then get a pop up box which will have all of the robots adjustable settings. 

Should I use a Bitcoin trading robot on MetaTrader4?

It could be a good option to traders who like to use MT4 and are familiar with how it works. MetaTrader 4 is not only one of the most popular trading terminals around, but very easy to use. Installing and using a robot takes little time and can even be accomplished by users with very little experience. 

The unregulated nature of the cryptocurrency market has resulted in lots of scams targeting inexperienced traders and those wanting easy money. Before you use a Bitcoin trading robot on MT4 you need to make sure you are using a legitimate piece of software. Robots can provide passive income and are a good option, so long as you make sure it’s profitable.

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Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.
James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.