Moreover, the TradingView platform is perfect for technical analysis and charting. When using MetaTrader platforms, such as MetaTrader 4 (MT4) or MetaTrader 5 (MT5), there are automated trading systems known as Expert Advisors (EAs), or Experts for short. Rather, they are the automated trading systems created by traders to execute a trading strategy. Any broker that offers the MetaTrader 4 (MT4) trading software can be considered an MT4 broker.
MetaTrader 4, commonly known as MT4, is one of the most widely-used digital trading platforms used by Forex traders. Released by developer MetaQuotes Software in 2005, MetaTrader is licensed to brokers, who customise the platform with their own products and trading conditions. While MT4 is a popular trading platform, there are several alternatives available that offer unique features and improved user experience. Traders can consider platforms like cTrader, NinjaTrader, TradingView, Protrader, and MultiCharts to find a platform that suits their trading style and preferences. It has a modern design, is professionally setup up and provides a variety of tools for successful trading and investing. Everything is built into one platform so navigation between different products is seamless.
However, there is a key difference in that neither cTrader nor MetaTrader 4 offers stocks. CTrader provides multi-asset trading capabilities to a growing brokers list, with direct server access to the interbank market and an easy-to-use interface. The retail FX industry has been dominated by MetaTrader 4 (MT4) brokers. Even though there are brokers that offer their trading software, many of them still add MT4 as a fallback option.
CTrader focuses on the user interface and other solutions such as timeframes, indicators, chart types and more. It has nine order types, three order execution options, 30 built-in technical indicators, and nine timeframes to choose from when placing orders. The MQL4 language advisors, Scripts, and indicators may all be customized on this platform. All the important details of the Best Metatrader 4 Alternative platforms are covered here.
However, beginners can brush up quickly with access to a large depth of educational materials. So far this software was predominantly employed by multi-asset brokers and banking institutions. While cTrader is an excellent choice for smaller-size FX/CFDs brokers, Protrader is a superior choice for large brokers that mostly or only rely on MT4. It is a liquidity neutral trading platform, which means that a large broker can integrate its current liquidity pools.
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Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets. Now that you’ve seen our picks for the best forex brokers for MetaTrader, check out the ForexBrokers.com Overall Rankings. We’ve evaluated over 60 forex brokers, using a testing methodology that’s based on 100+ data-driven variables and thousands of data points. IC Markets offers third-party platform plug-ins for MT5, as well as a robust order execution policy.
Below we provide an introduction to and break down the key features and functionality of MT4 and MT5. This is a similar story when it comes to timeframes, with 12 integrated into the ThinkTrader platform vs 9 on MetaTrader 4 and 21 on MetaTrader 5. Additionally, each platform offer synced layouts and settings meaning you can easily switch between home screens, regardless of device. mt4 alternative It should be noted, however, that the number of charts that can be opened in a tab on TradingView depends on the package. TradingView is another one of the best alternatives to MetaTrader. Beginners can benefit from the vast library of educational materials, which includes webinars on complex trading topics, online investing courses and tutorials on various operations.
While some platforms offer free versions with limited functionality, most premium features and advanced tools often come with a price tag. However, the cost varies between platforms, so it is important to research and compare the pricing structures of different alternatives. Moreover, MT4 was originally built for trading on the FX market. There is more support from brokers for FX products than any other asset class. Therefore, for those wanting to trade a wide range of commodity products or a range of equity indices, it may be tricky to find a broker that supports this.
It is a crucial risk management practice that is missing when traders trade on MT4. Besides, you can consider it the worst problem of the platform. Traders might avoid the MT4 trading platform because of its cons.
However, depending on the broker, MT4 often comes with a range of other symbols — such as CFDs on indices, commodities, futures, energies, and metals. If you’d like to learn more about how CFDs work – or you’d just like to see our list of the best CFD trading platforms – check out our full-length guide to the Best CFD Brokers and Trading Platforms. Experts, which are automated trading systems in MT4 and MT5, are built by traders and rely on backtesting to prove their profitability.
And importantly, most brokers that offer TradingView provide a free demo account. Within the TradingView interface, investors gain access to live market news and an in-built economic calendar listing major financial events and data releases. In contrast, MT4 does not offer an economic calendar, though users of MT5 can access a free calendar.
