The MetaTrader 4 platform, or MT4, is a trading platform popular for its trade automation capabilities. Launched in 2005 by the Cyprus-based MetaQuotes Software, MT4 excels particularly in foreign exchange (forex) trading but is equally useful for a wide range of assets including stocks, precious metals and futures.
In this article. Benzinga reviews competitor trading platforms to see how they stack up to MetaTrader 4.
Quick Look: Best MetaTrader 4 Alternatives
- Best for Charting and Technical Analysis: TradingView
- Best for Support: thinkorswim
- Best for Copy Trading: eToro
- Best for ECN Trading: cTrader
- Best for Real-Time Price Information: Active Trader Pro
- Best for Research and Education: E*Trade Web Platform
Compare Products
| Best For | Earning Cashback on Trades | Best for Leverage Trading from Canada | Lowest Spreads |
| Rating | 5 | 4.5 | 4.5 |
| Read Review | Forex.com Review | IFC Markets Canada Review | FXCC Review |
| Currency Pairs | 80+ | 49 | 30 |
| Account Minimum | $100 | Micro Accounts: $1 / Standard Accounts: $1,000 | $100 |
| Spreads | As low as 0.0 pips | Floating spread: from 0.4 pip (EURUSD ), fix spread: from 1.8 pip (EURUSD) | - |
| Inactivity Fees | $15 per month inactivity fee after no trading activity for 12 months | $0 | 5 units of the base currency after 120 days of inactivity |
| Commissions | Fixed $7 USD per $100k USD traded | CFDs are average, ranging from 0.10% to 0.25%, $0.02, and C$0.03 per share, depending on the market | Varies by account. $0 up to 0.75 pip |
| Supports US Traders? | Yes | No | - |
| Trading Platform | MetaTrader 4, MetaTrader 5, NinjaTrader, TradingView, Trading Central, Web Trader, Mobile Trading App and Desktop | - | - |
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Best MetaTrader 4 Alternatives
If you are considering switching to another trading platform, here is a list of the best alternatives to MetaTrader 4 to check out:
1. Best for Active Traders: TradingView
TradingView is a versatile platform for active traders that features custom time intervals, multiple timeframes, fundamental data, paper trading, real-time market data and advanced chart types. 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.
Pros
- Advanced screeners
- Excellent technical analysis supported by a vast database of indicators
- Vibrant online community
- Paper trading for practice
Cons
- Limited broker integration
2. Best for Advanced Traders: thinkorswim
Thinkorswim is a full-service trading platform from TD Ameritrade. It offers a suite of sophisticated trading tools designed with advanced, serious traders in mind. However, beginners can brush up quickly with access to a large depth of educational materials.
The platform features complicated charting tools, hundreds of technical and fundamental analyses, full paper trading mode and powerful customization, allowing you to build your trading screen to your taste.
Pros
- Advanced charting and trading tools
- High customizability
- Comprehensive research and educational resources
- Multiple order types available
- Trading simulator for risk-free practice
Cons
- Steep learning curve
- No profit/loss indicator
- Complex options tools
- Best For:Forex and investing appVIEW PROS & CONS:securely through TD Ameritrade's website
3. Best for Copying Trading: eToro
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. The comprehensive educational resources are complemented by a demo account where newbies can try out trading without risk.
Pros
- Unique social trading that allows users to track top traders
- Intuitive mobile app
- Demo account for practice
Cons
- Unavailable in some states
- Limited support
4. Best for Beginner and Advanced Traders: cTrader
cTrader is a full-suite forex and contract for difference (CFD) trading platform stocked with a wide range of features, such as automated trading, that make it an excellent alternative to MT4. Traders have access to advanced charting tools, level II pricing, multiple order types, fast trade execution and many more features wrapped in an intuitive user interface.
cTrader Automate allows traders to build algorithmic trading robots to automate their trades using cTrade's Open API. cTrade's Open API empowers developers to write codes for apps that can connect to and trade with any cTrader account.
Pros
- Clean, intuitive user interface with easy navigation
- Solid charting tools
- Demo account for risk-free practice
- Trade automation
Cons
- Uses a different programming language from what retail traders are used to (MT4)
5. Best for Institutional Traders: Active Trader Pro
Active Trader Pro is a cloud-based trading platform from Fidelity. It features real-time insight, powerful trading tools and visual snapshots to get an overview of your portfolio.
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.
Pros
- Accurate, updated price information
- Easy-to-use user interface
- Easy customization
Cons
- No mobile app
- Must execute a certain number of trades to qualify for Active Trader Pro
6. Best for Frequent Traders: E*Trade
The E*Trade trading platform features real-time quotes, market commentary, account management and stock and ETF screeners via web and mobile platforms. E*Trade boasts some of the largest selection of investment products, including stocks, bonds, ETFs, futures, mutual funds and advanced options strategies.
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.
Pros
- Zero commission stock options and ETF trades
- User-friendly trading tools
- Responsive customer support
- Quality educational resources
Cons
- Clunky user interface
MetaTrader 4 Still Dominants the Forex Market
Although it’s been around since 2005, MetaTrader 4 is the most popular forex trading platform out there. It's a favorite of retail investors and is the platform of choice for most forex brokers. Even more impressively, the MT4 platform remains prominent despite the evolution of newer and more efficient trading platforms.
However, if you want to switch trading platforms, the platforms listed above are competitive alternatives with their range of powerful trading tools and available investment products to suit every class of traders, from the novice to the most advanced.
Frequently Asked Questions
Is MT5 better than MT4?
MT5 is undoubtedly more advanced and more capable than MT4. However, many forex traders stick with the tried and trusted MT4 because of its simplicity and ease of use.
Which is better, TradingView or MT4?
TradingView has superior charting tools and a far greater number of indicators than MT4. But MT4 offers more trading reliability.
Is MT4 being discontinued?
MetaQuotes has stopped supporting MT4. Still, it’s available for free download on the website and remains popular with forex traders.
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About Anna Yen
Anna Yen, CFA is an investment writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map. She specializes in writing about investment topics ranging from traditional asset classes and derivatives to alternatives like cryptocurrency and real estate. Her work has been published on sites like Quicken and the crypto exchange Bybit.