Compared to other brokers and trading sites, MetaTrader 5 is a step forward. It has superior tools for investors that want to make an in-depth analysis about the market in which they are operating. This is why they use different ools such as algorithmic trading applications, robots, and copy trading services for users to execute the most advanced trading strategies in the market. EToro is known for being one of the leading social trading platforms in the world due to the fact that they offer different services in which the community is largely involved.

IC Markets is our top pick for best MT4 broker overall in 2023. It executes more trading volume than any other MetaTrader broker each month and offers the full MetaTrader suite alongside competitive pricing, add-on trading tools, and quality market research. Expert Advisors, or EAs, are used in the MT4 and MT5 platforms to run automated trading systems. An EA will either be a modifiable copy of the original .MQ4 file that contains the source code, or it will be an .EX4 (executable) file of the same code, which cannot be modified or tampered with. The latter is often chosen by those who want to distribute their strategies without revealing their source code.

FP Markets

Introduction to MetaTrader 4
MetaTrader 4, developed by MetaQuotes, has dominated the retail trading industry for years due to its robust functionality and ease of use. It offers a wide range of technical analysis tools, customizable indicators, expert advisors (EAs), and automated trading capabilities. However, certain limitations of MT4 have led traders to seek alternative platforms that better suit their needs. However, it’s important to remember that MT4 is not a forex broker.

For example, a given broker may maintain one server in London and another in Australia, or a different server for each of their account types. IC Markets alone has dozens of servers, and it’s no surprise they are the largest MetaTrader broker by volume in 2023. 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. Users can see relevant news, earning announcements and important economic events from a single dashboard. These are proprietary programs created in the MQL4 language that can help you to automate trading.

What is an MT4 broker?

However, the cost varies between platforms, so it is important to research and compare the pricing structures of different alternatives. If you want to practice on TradingView before you move on, traders have an option for it. Users can open a TradingView demo account and practice trades over there.

However, beginners can brush up quickly with access to a large depth of educational materials. To give you an idea of how a live MT4 account might look, let’s consider a couple of examples. OctaFX is one of the best-established MT4-compatible partners.

cTrader

The alternatives are available for iPhone, Windows, online / web-based, Android, and iPad. Traders should do their own research and use their judgement before choosing a trading platform. Forex brokers offer different products, assets and services for different needs, and there’s no “one size fits all” approach. Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time.

• Learn more about using PayPal by reading our guide to the best PayPal forex brokers.
• In September 2022, Apple unexpectedly removed MT4 and MT5 (its sister app) from the App store, citing compliance issues.
• TradingView also offers its own proprietary programming language called PineScript, which traders can use to create their own custom indicators and strategies.
• If you want to practice on TradingView before you move on, traders have an option for it.

Traders should research pricing and compare it to their individual trading needs and budget. Many MT4 alternatives offer multi-asset trading capabilities, allowing traders to trade a range of asset classes like forex, stocks, commodities, and cryptocurrencies. This article explains the Best Metatrader 4 Alternative apps, highlighting their features, fees, and asset selection. All these five alternative apps have the best reviews on their Instagram and YouTube accounts. A “cTrader automate” service aids in building algorithmic trading robots that automate your trading.

Alternatives to MetaTrader 4

The platform is considered one of the best for charting and technical analysis and also features the best stock screeners. However, it only integrates with about 30 brokers, which makes it more likely for users to trade outside the platform. Just like MT4 and MT5, cTrader is a complete package and the Best Metatrader 4 Alternative platform. The cTrader platform displays all the prices, quotes, and asset specifications same as the MetaTrader. MetaTrader 4 alternatives do exist, and cTrader is an example of another popular forex trading platform. Some brokers build their custom in-house trading platforms.

No matter which type of trading pair you want to invest in or which commodity you want to buy, TradingView is offering you some of the most advanced solutions right now. The MetaTrader 4 (MT4) platform is predominantly used for forex trading. 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. Both MetaTrader 4 and MetaTrader 5 provide an easy-to-navigate layout, with customizable templates that can control the appearance of default charts. While the numbers may vary, you’ll generally find a few dozen different charting tools and technical indicators, providing traders with a good starting point for performing basic technical analysis.

Which is better, TradingView or MT4?

Most retail investors and forex brokers like to consider MetaTrader 4. Although if you want to try out other trading platforms, you can look for the best MetaTrader 4 alternatives. One of the features that has made MT4 an immensely successful forex trading platform is the offer of automated trading. Traders can use Expert Advisors combined with technical indicators to develop, test and apply their own algorithms on MT4, making it the benchmark for online forex trading. We examine a wide range of features and evaluate forex brokers based on our own data-driven MetaTrader-specific variables.