6 Best MetaTrader 4 Alternatives • Benzinga (2024)

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

Image
Best For	Earning Cashback on FX Trades	Best for Leverage Trading from Canada	Lowest Spreads
Rating	5	4.5	4.5
Read Review	Read Review	Read Review	Read 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	-
Pros	Up to 5% cash back of the initial deposit 80+ technical indicators Leverage available up to 50:1 for U.S. trader Exclusive trading tools including Trading Central, NinjaTrade, Smart Signals, Performance Analytics and Capitalise.ai Trade to your full capability with the mobile app with quality execution with one-swipe trading, advanced TradingView charting and analysis tools, real-time trade & order alerts and full account management features Live market analysis, VPS hosting, IRA accounts, corporate accounts, RAW pricing EUR/USD spread as little as 0.0 and low commissions 30 indicators for technical analysis, nine timeframes and graphical objects such as Line Studies and Shapes on MT4 Show More	The GeWorko Portfolio Quoting Method lets you create synthetic assets 15 years experience in the business Highly rated by clients with 8 recent international awards Insured by AIG Europe Ltd. Competitive commission-free trading cost structure 600+ tradable assets Show More	ECN/STP broker model 100% first deposit tradable bonus Free Virtual Private Server (VPS) Supports MetaTrader 4 Has an offshore subsidiary for high leverage trading Show More
Cons	No negative balance protection Only supports forex in the U.S Show More	Only regulated by 2 minor agencies Show More	Does not accept U.S. based traders or U.S. citizens as clients Only supports 1 trading platform Show More

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

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.

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