6 Best MetaTrader 4 Alternatives

EToro is a unique trading platform that revolutionized the industry with its social trading features. Traders can follow and replicate the strategies of successful investors, making eToro an attractive option for beginners and those looking to diversify their portfolios. Thinkorswim, acquired by TD Ameritrade, is a feature-rich platform that caters to both novice and advanced traders. Its robust set of tools, including advanced charting, options analysis, and risk management, has made it a preferred choice among stock and options traders.

It supports a wide range of markets, making it suitable for traders with diverse interests. NinjaTrader is a leading platform renowned for its focus on futures and forex trading. While its primary emphasis is on the futures market, it also supports trading in other asset classes, including stocks and cryptocurrencies. The NinjaTrader platform’s flexibility and adaptability make it a favorite among professional traders, especially those engaged in algorithmic and systematic trading. Despite their differences, MT4 and MT5 are similar enough to consider them as a pair when comparing them to other platforms in the market. The platform eToro built in-house is an example of a proprietary trading dashboard unique to one broker.

TradingView

Rather, they are the automated trading systems created by traders to execute a trading strategy. IC Markets offers third-party platform plug-ins for MT5, as well as a robust order execution policy. MetaTrader 4 is based on a prior generation (version) of software, whereas MetaTrader 5 is the latest version. In addition to CFDs and forex trading, MT5 can support stock trading and futures trading, making it more of a multi-asset platform. I’ve tested dozens of the best forex and CFD brokers and compiled a list of the best MetaTrader 4 brokers.

There is a web-based version of MT4 and MT5 available, though these are not offered by all brokers. It’s important to note that the web version does not support automated trading. We’ll help you pick a great forex broker for beginners, and help you learn the forex basics to start you on your forex trading journey on the right foot. Having used MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for more than a decade, I wanted to create a comprehensive guide for traders. In this guide, I will break down the best brokers for MetaTrader 4 and MetaTrader 5, and answer the most common questions about the trading platform.

Is MetaTrader 4 only for trading forex?

It consists of Level II data (market depth), current and historical volume levels, and time & sales. With its analytical instruments, it improves the knowledge value of market data. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets.

He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content. Today, MT4 and MT5 have extensive documentation, codebase, and articles to help developers create algorithmic trading systems. The MetaQuotes Language (MQL) syntax enables programmers to create automated scripts and trading systems. However, many forex traders stick with the tried and trusted MT4 because of its simplicity and ease of use. Active Trader Pro’s proprietary TradeArmor allows you to set up entry and exit strategies, set up an alert to monitor price movements and view trade risks and rewards on a chart.

Frequently asked questions about MetaTrader alternatives:

It is a third-party trading platform that connects to a broker for forex trading. You can’t place any real trades within the MT4 and MT5 trading platform unless you open a live account with a forex broker. Therefore, faced with a MT4 and MT5 ban, forex traders could opt for platforms that offer advanced trading software and high-tech trading tools. EToro is a full-featured trading platform popular with cryptocurrency traders, but it also offers a range of other investment products such as stocks, forex and ETFs. EToro’s standout feature is its CopyTrader, a form of social investing that allows users to copy trades of high-performing traders.

So, the cTrader features are one reason many traders use it as the best of all MetaTrader 5 alternatives. This trading platform is widely accessible, as any genuine and leading broker would allow you to signup for it. It is an exceptional trading platform that serves the traders’ needs. Traders prefer to use this trading platform because of its powerful performance.

How do you deposit and withdraw money from MT4?

That said, you can still incur trading costs charged by your broker (or market-maker) in the form of spreads and commissions when you buy or sell securities such as forex and CFDs. Though MT4 is still more widely used, the number of MT5 servers recently surpassed the number of MT4 servers globally (it took only a decade). This is mainly because more MT4-only brokers continue to launch MT5, offering the full MetaTrader suite, in addition to increasing the range of trading products available on MT5. Always choose MetaTrader brokers that are highly regulated in reputable jurisdictions. Even brokers that are not outright scams can use questionable dealing practices within the MetaTrader platform – such as providing poor execution and causing asymmetrical slippage.

The forex market is a number of different global markets that deal with the trading of foreign currencies worldwide. A company will issue stocks and shares when it needs to raise capital. You can then purchase these, and you will technically own a tiny sliver of the company. You should think of MetaTrader as a “viewing platform” that allows you to view and manage trades, but you are actually placing trades with the broker. For instance, if you are constantly on the move and want to make your trades wherever you are, you should ideally look for a platform that is available on a mobile device.

Learn first. Trade CFDs with virtual money.

This is technically a form of “betting” that allows you to stake money on the future performance of a particular security. This differs from a traditional stock market that is only open for a set number of hours each day, typically from Monday to Friday. Some companies also offer dividends, which are regular payments based on the number of shares you own. These shares are purchased on traditional stock markets, such as the New York Stock Exchange (NYSE) or the London Stock Exchange (LSE). Another fantastic aspect of MetaTrader and its alternatives is how they let you customise charts. Another perhaps less obvious aspect to look for when deciding which platform to use is its device compatibility.