Metatrader 4 has long been the go-to platform for Forex traders looking for a robust and reliable trading experience, while providing automated trading functionality.
However, as financial markets evolve, so too does the technology and the range of available platforms.
If you’re searching for MetaTrader 4 alternatives, you’ll find a variety of trading platforms that might better suit your trading style, needs, or preferences.
These MT4 alternatives offer different user interfaces, improved mobile capabilities, desktop applications, and web-based accessibility, ensuring you have the flexibility to trade the way you want.
When exploring these alternatives, you’ll come across platforms that cater to both novice and experienced traders.
User interfaces vary, with some prioritizing simplicity to help you navigate markets easily, while others provide advanced tools for trading and analysis.
Whether you prefer trading on a desktop for its larger screen and full suite of features, or you need the convenience of a mobile app to trade on the go, there’s an option out there for you.
Each alternative trading platform comes with its unique set of features, designed to enhance your Forex trading experience.
Speed, stability, and security are key considerations, along with how well the platform performs during high volatility or peak trading times.
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.
Alright, let’s get into the best options.
MetaTrader 4 Alternatives: The Top Trading Platforms to Consider
TradingView
If you want to get out of the MetaTrader ecosystem entirely, then my top choice would be TradingView.
It has revolutionized browser based trading and packs a ton of features for a very reasonable price.
TradingView offers a huge library of technical indicators, drawing tools, and chart types for conducting in-depth market analysis.
Traders can collaborate with others, share trading ideas, and access real-time market data across various asset classes, making TradingView a popular choice among traders worldwide.
I prefer TradingView over MetaTrader 4.
Here’s why I switched.
MetaTrader 5
If you don’t like MT4, you might want to look at MT5.
It has a very similar interface, so it will be familiar to you.
But many of the limitations of MT4 have been addressed in MT5.
It’s a versatile trading platform offering advanced charting tools, technical indicators, and analytical features for traders across various financial markets.
It supports trading in Forex, stocks, commodities, and cryptocurrencies, providing access to a wide range of asset classes.
The platform includes built-in support for automated trading through expert advisors (EAs) and allows for backtesting of trading strategies using historical data.
A downside of MT5 is that not as many brokers offer it, compared to MT4.
OANDA fxTrade
I’ve been using Oanda’s fxTrade sparingly for years and it’s a very viable alternative to MT4.
It doesn’t have as many features as MT4, but what it lacks in features, it makes up in ease of use.
The interface is clean and you get both mobile and web options.
cTrader
This is one of my top picks for a MT4 alternative.
I’ve played around with it, but I haven’t traded live with it.
Many top brokers use cTrader, including Scandinavian Capital Markets.
cTrader offers access to multiple asset classes, including forex, stocks, and commodities, with direct market access (DMA) and Electronic Communication Network (ECN) trading capabilities.
With its customizable charts, one-click trading functionality, and built-in trading algorithms, cTrader provides a powerful and efficient trading experience for both novice and experienced traders. The interface is very clean.
You can also create automated trading strategies and custom indicators in C#.
They even have a handy MQL4 to C# code converter here, which allows you to convert your MT4 indicators and EAs to a format that cTrader can use.
NinjaTrader
NinjaTrader is a powerful trading platform known for its advanced charting tools, extensive customization options, and support for automated trading strategies.
It offers access to Forex, futures, stocks, and options markets, providing traders with diverse trading opportunities.
My biggest complaint about NinjaTrader is that the interface is really hard to use.
I would highly suggest downloading it and playing with a demo account before you decide to jump ship from MT4.
That said, a lot of professional traders use it.
Thinkorswim
TD Ameritrade sold their brokerage business to Schwab, so Thinkorswim is going through a transition.
If Schwab decides to keep the same features, it’s a good option to look at.
I haven’t used it, but I’ve heard good things about it and I know of several professional traders who use it.
Thinkorswim is a feature-rich trading platform known for its advanced charting tools, technical analysis capabilities, and customizable interface.
It offers access to stocks, options, futures, and Forex markets, providing traders with a wide range of trading opportunities.
Interactive Brokers (IBKR) Trader Workstation (TWS)
Interactive Brokers is one of the most reputable brokers in trading. I personally know a couple of professional traders that trade with them.
Their IBKR Trader Workstation (TWS) is a powerful trading platform offering advanced charting tools, customizable layouts, and extensive market research capabilities.
It provides access to a wide range of asset classes, including stocks, options, futures, forex, and bonds, allowing traders to diversify their portfolios and capitalize on market opportunities.
MultiCharts
MultiCharts is mostly known for its backtesting capabilities, but it’s also a trading platform.
A big benefit of MultiCharts is that it makes backtesting easier than MT4 does.
So if you like the idea of having an all-in-one automated backtesting and trading platform, then give this a look.
FXCM TradingStation
I haven’t tried TradingStation, but it could be a good alternative to MT4.
It offers a user-friendly interface, advanced charting tools, and customizable layouts, providing traders with a comprehensive trading experience.
Traders get access to forex, indexes, commodities, and cryptocurrencies markets.
The last time I traded with FXCM, they combined positions by ticker, instead of keeping individual trades separate.
So be sure to double check how TradingStation handles positions, if you want your individual trades to be separated.
ProRealTime
ProRealTime is fairly new and I haven’t used it.
It offers advanced charting tools, multi-asset support and backtesting and strategy development.
You can trade most major markets with ProRealTime, making it a solid option, if you want to expand beyond Forex.
Like with any other platform, take it for a test drive before you commit to it.
Summary Comparison of Trading Platforms
If you want the short version, here’s a quick glance at the key features of each platform.
| Trading Platform | ECN Support | Tradable Markets | Mobile Platforms | Browser Based |
| MetaTrader 5 | Yes | Forex, Stocks, Futures | Yes | Limited |
| TradingView | No | Forex, Stocks, Crypto | Yes | Yes |
| NinjaTrader | Yes | Forex, Stocks, Futures, Options | Yes | No |
| cTrader | Yes | Forex, CFDs | Yes | Yes |
| Thinkorswim | No | Forex, Stocks, Options, Futures | Yes | Yes |
| IBKR Trader Workstation | Limited | Forex, Stocks, Options, Futures, Bonds | Yes | No |
| OANDA fxTrade | No | Forex, Indexes, Futures, Crypto | Yes | Yes |
| MultiCharts | No | Forex, Stocks, Futures, Options, CFDs, Crypto | Yes | No |
| FXCM TradingStation | No | Forex Stocks, Futures, Crypto | Yes | Yes |
| ProRealTime | No | Forex, Stocks, Futures, Indices | Yes | Yes |
What to Consider When Choosing a MT4 Alternative
The best alternative platform for you will depend on how you trade and what you currently use MT4…for.
Also look for features that you would like to have, that MT4 currently doesn’t provide.
Here are some areas to consider when choosing a platform to switch to.
Platform Accessibility and User Experience
Back in the day, all trading platforms were on Windows only.
Now there are many great platforms that have web, Mac and mobile options.
So before you start using a platform with real money, be sure to test drive the software first.
See how it compares to MT4 and what the user experience is like across the devices you use.
ECN vs Dealing Desk
A platform that gives you access to ECN trading is a huge benefit because you get tighter spreads.
Dealing desk brokers take the other side of your trade, which can lead to slightly better liquidity, but you’ll pay extra for this service.
It’s also harder to make a profit when you have to pay a bigger spread.
MT4 supports ECN brokers, but so do other platforms.
Support
A very important thing to look at when choosing a trading platform is the level of support the company/broker provides.
Before you decide to leave MT4 good, be sure to test out the support of the new platform.
This can be done by opening a small account and contacting their support team several times to see how responsive they are.
You don’t want to get stuck with slow support when your money is on the line.
Technical Indicators and Tools
You can harness the power of technical indicators, trading strategies and charting tools to analyze markets and trade.
Platforms offer a variety of indicators like moving averages, RSI, and MACD, along with charting capabilities that allow you to view historical data in an understandable manner.
Before you start using a platform full-time, make sure that it has the indicators and tools that you need.
Some platforms have an integrated community that you can get ideas and tools from.
Leveraging Community Knowledge and Social Trading
Speaking of which…
Social trading platforms provide access to a community of traders from which you can glean market insights and access indicators and strategies.
Platforms with social trading features encourage you to learn from community-shared studies and tap into user ideas for a better understanding of market sentiment.
But beware, most traders don’t know as much as the claim.
Be sure to do your research and find out which traders are legit and which ones are just making stuff up.
Always backtest any trading strategy or idea before risking real money.
Advancements in Automated and Algorithmic Trading
Algorithmic trading can help you execute complex strategies with speed and precision.
If you’re into automated trading look for platforms with strong trade automation tools, and consider backtesting your algorithms to validate their effectiveness before your funds are on the line.
Consider how easy it is to automate your strategies and if you have to learn a programming language or you can use a “no-code” interface.
Educational Content and Research for Traders
Many platforms tout their education and research offerings as big benefits.
In reality, I’ve found that they are usually NOT helpful.
A few Google searches and your own research are worth much more than anything a trading platform or broker can provide in the areas of education and research.
So stick with evaluating the platform on its execution, features and reliability…not its education and research.
Broker and Platform Reviews and Ratings
Making the right choice in trading platforms involves considering broker and platform ratings and user reviews.
A platform with high ratings usually indicates a reliable service.
Be sure to disregard user reviews that blame a broker/platform for losses, when it was actually the fault of the trader.
Many losing traders want to blame anything or anyone else for their losses and not take responsibility for their trading.
However, reviews that talk about execution speed, uptime, support and ease of use are extremely valuable.
Frequently Asked Questions
Here are some common queries about other trading platforms that could serve as replacements for MetaTrader 4.
What are some popular free alternatives to MetaTrader 4 for trading?
Platforms like cTrader are usually provided for free by brokers. So are proprietary trading platforms like Oanda’s fxTrade, built by the brokers themselves.
Another option is MT5, which is very similar to MT4, while providing some welcomed upgrades.
How do newer trading platforms compare to the functionalities of MetaTrader 4?
There are many advantages of newer platforms over MT4.
Many newer trading platforms prioritize user experience with modern and intuitive interfaces, making it easier for traders to navigate the platform, execute trades, and access advanced features without extensive training or experience.
Newer platforms typically offer more advanced charting tools and features compared to MT4, including a wider range of technical indicators, drawing tools, and customization options. These advanced charting capabilities allow traders to conduct more in-depth analysis and utilize the latest innovations.
While MT4 primarily focuses on Forex trading, newer platforms often support a broader range of asset classes, including stocks, commodities, cryptocurrencies, and indices. This multi-asset support provides traders with more opportunities to diversify their portfolios and capitalize on market movements across different markets.
Alternative platforms can offer a wider variety of order types beyond the basic market and pending orders supported by MT4. These may include advanced order types such as bracket orders, OCO (one-cancels-the-other) orders, trailing stops, and more sophisticated order management features, providing traders with greater flexibility and control over their trades.
Some platforms come with built-in support for automated trading and strategy development, allowing traders to create, backtest, and deploy custom trading algorithms without needing to rely on third-party tools or programming languages.
Many newer platforms are cloud-based, enabling traders to access their accounts, trade, and manage their positions from any internet-connected device, including desktop computers, laptops, tablets, and smartphones. This flexibility enhances convenience and allows traders to stay connected to the markets, wherever they are.
Are there any other platforms recommended for Forex trading that support automated strategies like MetaTrader 4?
Yes, TradingView, MetaTrader 5, MultiCharts, and others, all provide automated strategy options.
The key differentiating factor will be if you need to learn a programming language or not.
MT4 requires knowledge of the the MQL4 programming language, while some alternatives have “no-code”drag and drop interfaces.
There are also platforms that offer pseudocode options, which are less complex than traditional programming languages.
Final Thoughts on MT4 Alternatives
MetaTrader has been a solid Forex trading platform for many years, but it’s showing its age.
It’s still one of the most used platforms out there, but the alternatives above have surpassed MT4 in features and ease of use.
So if you’re looking to switch from MT4, take a look around and see what’s out there.
Sign up for free demo accounts and try out the alternatives before you go all in.
But who knows, you might just end up back with MT4. If that happens, learn more about how to use MT4 by reading our tutorials.
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