# 3 best MetaTrader 4 alternatives Test & comparison 2024

Like MT4, MT5 is free to use (so long as your forex broker has paid to license the platform for its clients). Yes, MetaTrader 4 provides 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 metatrader alternative basic technical analysis.

Is automated trading with MetaTrader risky?

TradeStation is a powerful platform known for its robust technical https://www.xcritical.com/ analysis capabilities and advanced charting tools. Primarily focused on active traders and quantitative analysts, TradeStation provides a host of features for strategy testing, optimization, and automation. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the most popular retail trading platforms. In this guide, we review some of the best alternatives to MetaTrader 4 and MetaTrader 5, comparing everything from indicators and historical data to EA builders and backtesting capabilities.

Platform Accessibility and User Experience

Though MT4 and MT5 look nearly identical on the surface, there are some notable differences between the two trading platform versions. That said, either platform can be suitable if you are a beginner forex trader. Social trading platforms provide access to a community of traders from which you can glean market insights and access indicators and strategies. Trading Forex, CFD, Options, and other financial instruments carry a high risk of loss and are not suitable for all investors. 77-85% of retail investor accounts lose money when trading CFDs with the providers presented on this site.

Advancements in Automated and Algorithmic Trading

He has served as a registered commodity futures representative for domestic and internationally-regulated brokerages. Steven holds a Series III license in the US as a Commodity Trading Advisor (CTA). 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.

How does MetaTrader 4 compare to cTrader?

MetaTrader 4 has been on the market for eighteen years and has established a strong, loyal client base. When deciding between MT4 and MT5, you should always consider the account options, range of markets, and execution methods available to you with your broker’s MetaTrader offering. MT5 gives you greater precision and more options for marking up your charts.

Best for Beginner and Advanced Traders: cTrader

Established in 2011, it is now used by 30+ million investors and traders globally, with 8 million custom scripts and ideas shared by users. Paper trading profiles can be opened via the MetaTrader or cTrader websites without a brokerage account. Alternatively, traders can apply for a demo account through a supporting broker. Live signals in MetaTrader 4 enable you to copy the deals performed by other traders. Similarly, cTrader users can become Strategy Providers and share their signals for followers to copy for a commission. Alternatively, investors can pay for, and replicate the positions of experienced traders.

Vast collection of third-party tools for MetaTrader 4 – Pepperstone

In this guide, I will break down the best brokers for MetaTrader 4, MT4’s differences with MetaTrader 5, and answer the most common questions about the trading platform. Traders on cTrader who want to opt for risk-free practice can consider a cTrader demo account. There is no use of real money; you can start trading without worrying about your real funds. A “cTrader automate” service aids in building algorithmic trading robots that automate your trading.

The 2 Primary Types of Trading Strategies (and Why it Matters)

MT5 is a great choice for traders who are looking for a more powerful, more advanced trading platform than its predecessor. MT5 offers more order types, technical indicators, analytical objects, time frames, and charts. MT5 is also good for traders who want to perform complex backtesting, thanks to its advanced Strategy Tester features. Unless you are still using a specific plugin or algo that hasn’t been imported to MT5, there’s simply no reason to pick up MT4 instead. While other platforms may offer similar features, TradeLocker’s browser-based platform and advanced charting and technical analysis tools make it a superior option. TradeLocker’s TradingView integration and high-quality charts make it easier for traders to make informed decisions.

Conclusion – There are many great MetaTrader 4 alternatives!

• It allows you to trade in various financial instruments, including forex, futures, and options.
• MetaTrader 4 is the most popular third-party platform for trading forex.
• TradeStation is a powerful platform known for its robust technical analysis capabilities and advanced charting tools.
• TradeLocker also has features such as SL&TP calculator, on-chart trading, custom scripts, and integration with TradingView for trading directly from the charts.
• Strategy backtesting is an option, but third-party software may need to be linked to create bots and execute trades.

MetaTrader 4 and 5 are both limited to three basic charting layouts on PC and mobile. However, you can find an impressive 20 chart types when you login to the ThinkTrader platform. ThinkTrader is a powerful platform developed by leading CFD and forex broker, ThinkMarkets. Despite this, MetaTrader is more established when it comes to automated trading. Robots, also known as Expert Advisors (EAs), analyse FX price quotes, for example, and take positions based on pre-determined inputs and trading criteria. CTrader offers eight chart types including bar, candlestick, range, dots, Renko, and Heikin Ashi.

Experts, which are automated trading systems in MT4 and MT5, are built by traders and rely on backtesting to prove their profitability. As the famous market adage says, “past performance is not indicative of future results.” The problem with automated strategies is that they rely on the benefit of hindsight bias. The reality is that very few trading systems are profitable over the course of an entire year. Backtesting, or using historical data to assess how a strategy would have performed in the past, is an important part of assessing the quality of any automated trading system.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Having used MetaTrader 4 (MT4) for more than a decade, I wanted to share my deeply researched list of the best forex brokers that support it.

Developed by MetaQuotes Software Corp, MetaTrader is a popular software brand that provides trading platforms to retail investors. Its terminals essentially provide the gateway between traders and the financial markets, facilitating technical and fundamental analysis, plus order execution. I first started using the MetaTrader trading platform suite in 2005. Protrader is a comprehensive trading platform designed for professional traders and institutional investors.

If you want the short version, here’s a quick glance at the key features of each platform. I’ve been using Oanda’s fxTrade sparingly for years and it’s a very viable alternative to MT4. This could be a good moment to start searching for MT4 alternatives. 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.

You can also use automatic trading techniques (trading robots) and copy trading (trading signals). SoftwareSuggest offers verified & unbiased user reviews based on user ratings and feedback. It’s important to research and test each platform to find the one that offers the right balance of tools and functionality for your trading style. Alongside the best third-party platforms, several brokers have developed user-friendly and powerful, proprietary platforms.

MetaTrader 5 is a powerful trading platform with advanced features. Some of the trading platforms that offer similar features to MetaTrader 5 include cTrader, TradingView, and ProRealTime. MetaTrader is an intuitive and highly adaptive trading platform famous for its trade automation capacities.

Analyze a range of top Algo Trading Software that offer similar benefits at competitive prices. Empower your team by choosing the best MetaTrader 4 competitor that meets your unique business requirements. It’s still one of the most used platforms out there, but the alternatives above have surpassed MT4 in features and ease of use. All information on The Forex Geek website is for educational purposes only and is not intended to provide financial advice.

In September 2022, Apple removed MT4 and MT5 from the App Store due to compliance issues. MetaQuotes is working with Apple to address this issue, prompting users to explore alternative options. When you’re looking to trade on the go, a robust mobile app is your best friend. Here’s the lowdown on some of the most notable ones that can serve as alternatives to MetaTrader. Overall, ThinkTrader is one of the best alternatives to MetaTrader for beginner traders. Alternatives to MetaTrader, such as ThinkTrader, typically come out on top when it comes to chart types.

CTrader and MetaTrader are multi-asset platforms that provide access to forex, commodities, indices, and cryptocurrencies, among others. However, there is a key difference in that neither cTrader nor MetaTrader 4 offers stocks. Though MT4 and MT5 have their advantages, there are several excellent alternatives to MetaTrader. MT5’s Strategy Tester includes new advanced settings and supports multi-threaded backtests in 64 bits, leading to faster backtests than was previously possible. MT5’s Strategy Tester enables traders to test and optimize software built with MQL5 – before the software is run on live accounts with real money at stake. Pepperstone has a well-balanced offering when comparing its account types, range of markets, trading costs, market research, educational content, and copy trading.