6 Best MetaTrader 4 Alternatives • Benzinga

The MetaTrader 4 platform, or MT4, is a buying and selling platform in style for its commerce automation capabilities. Launched in 2005 by the Cyprus-based MetaQuotes Software program, MT4 excels notably in overseas trade (foreign exchange) buying and selling however is equally helpful for a variety of belongings together with shares, treasured metals and futures.

In September 2022, Apple unexpectedly eliminated MT4 and MT5 (its sister app) from the App retailer, citing compliance points. Whereas MetaQuotes is partaking Apple to resolve the matter, there isn’t any higher time to take a look at options. 

Right here, Benzinga briefly evaluations competitor buying and selling platforms and to see how they stack as much as MetaTrader 4.

In case you are contemplating switching to a different buying and selling platform, here’s a listing of one of the best options to MetaTrader 4 to take a look at: 

1. TradingView

TradingView is a flexible platform for energetic merchants that options customized time intervals, a number of timeframes, basic information, paper buying and selling, real-time market information and superior chart varieties. The platform is taken into account the most effective for charting and technical evaluation and in addition options one of the best inventory screeners. Nevertheless, it solely integrates with about 30 brokers, which makes it extra possible for customers to commerce exterior the platform.

Greatest for: Lively Merchants

Execs: 

• Superior screeners
• Glorious technical evaluation supported by an enormous database of indicators
• Vibrant on-line group
• Paper buying and selling for apply

Cons: 

• Restricted dealer integration

2. thinkorswim

Thinkorswim is a full-service buying and selling platform from TD Ameritrade. It gives a set of refined buying and selling instruments designed with superior, critical merchants in thoughts. Nevertheless, learners can brush up shortly with entry to a big depth of instructional supplies.

The platform options sophisticated charting instruments, tons of of technical and basic analyses, full paper buying and selling mode and highly effective customization, permitting you to construct your buying and selling display screen to your style. 

Greatest for: Superior merchants

Execs:  

• Superior charting and buying and selling instruments
• Excessive customizability
• Complete analysis and academic sources
• A number of order varieties out there
• Buying and selling simulator for risk-free apply

Cons: 

• Steep studying curve
• No revenue/loss indicator
• Advanced choices instruments

3. eToro

eToro is a full-featured buying and selling platform in style with cryptocurrency merchants, nevertheless it additionally gives a variety of different funding merchandise resembling shares, foreign exchange and ETFs. eToro’s standout characteristic is its CopyTrader, a type of social investing that enables customers to repeat trades of high-performing merchants. The excellent instructional sources are complemented by a demo account the place newbies can check out buying and selling with out threat.

Greatest for: Novices who can be taught by copying trades of prime performers

Execs: 

• Distinctive social buying and selling that enables customers to trace prime merchants
• Intuitive cell app  
• Demo account for apply 

Cons: 

•  Unavailable in some states
•  Restricted help

4. cTrader 

cTrader is a full-suite foreign exchange and contract for distinction (CFD) buying and selling platform stocked with a variety of options, resembling automated buying and selling, that make it a superb various to MT4. Merchants have entry to superior charting instruments, degree II pricing, a number of order varieties, quick commerce execution and plenty of extra options wrapped in an intuitive consumer interface. 

cTrader Automate permits merchants to construct algorithmic buying and selling robots to automate their trades utilizing cTrade’s Open API. cTrade’s Open API empowers builders to write down codes for apps that may connect with and commerce with any cTrader account.

Greatest for: Newbie and Superior merchants

Execs: 

• Clear, intuitive consumer interface with straightforward navigation 
• Strong charting instruments  
• Demo account for risk-free apply
• Commerce automation 

Cons: 

• Makes use of a special programming language from what retail merchants are used to (MT4)

5. Lively Dealer Professional

Lively Dealer Professional is a cloud-based buying and selling platform from Constancy. It options real-time perception, highly effective buying and selling instruments and visible snapshots to get an summary of your portfolio. 

Lively Dealer Professional’s proprietary TradeArmor permits you to arrange entry and exit methods, arrange an alert to observe worth actions and consider commerce dangers and rewards on a chart. Customers can see related information, incomes bulletins and vital financial occasions from a single dashboard.

Greatest for: Institutional merchants

Execs: 

• Correct, up to date worth info
• Straightforward-to-use consumer interface
• Straightforward customization  

Cons: 

• No cell app 
• Should execute a sure variety of trades to qualify for Lively Dealer Professional 

6. E*Commerce

The E*Commerce buying and selling platform options real-time quotes, market commentary, account administration and inventory and ETF screeners through internet and cell platforms. E*Commerce boasts a number of the largest choice of funding merchandise, together with shares, bonds, ETFs, futures, mutual funds and superior choices methods. 

Novices can profit from the huge library of instructional supplies, which incorporates webinars on advanced buying and selling subjects, on-line investing programs and tutorials on varied operations.

Greatest for: Frequent merchants

Execs: 

• Zero fee inventory choices and ETF trades 
• Consumer-friendly buying and selling instruments  
• Responsive buyer help 
• High quality instructional sources

Cons: 

Though it’s been round since 2005, MetaTrader 4 is the most well-liked foreign currency trading platform on the market. It is a favourite of retail buyers and is the platform of selection for many foreign exchange brokers. Much more impressively, the MT4 platform stays outstanding regardless of the evolution of newer and extra environment friendly buying and selling platforms. 

Nevertheless, if you wish to change buying and selling platforms, the platforms listed above are aggressive options with their vary of highly effective buying and selling instruments and out there funding merchandise to swimsuit each class of merchants, from the novice to probably the most superior.

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