MetaTrader issues two passwords per account. They do very different things.
| Password | PipSync can |
|---|---|
| Master (trading) | Read the account and place, modify and close orders. Required for automated execution. |
| Investor (read-only) | Connect and read balance, equity and open positions — but the broker rejects every order. |
Which to use
- Always the master password. There is no way around it; MetaTrader has no scoped token mechanism.
- PipSync has no monitoring-only mode. If you add an account with the investor password it connects and shows your balance and positions, and then every order PipSync sends is refused by the broker. You may see the notification "Auto-trade blocked — trading is disabled on this account", whose text names a read-only investor password among the causes.
What neither can do
Neither password can withdraw money. MetaTrader has no withdrawal API — money movement happens only in your broker portal, behind your broker's own authentication.
If you used the investor password by mistake
If you connected with the investor password and wonder why nothing executes, that is why. There is no form to change an account's password. Delete the account (trash icon on its card under Trading Accounts — this also removes its channel links, trade history stays), add it again with the master password in MT5 Password (for provisioning), then link it to your channel again (Channels → your channel → Per-account settings).
See also: How to connect your MT5 account.