Best MetaTrader 4 Alternatives

Read our Advertiser Disclosure.
Contributor, Benzinga
November 30, 2022

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 September 2022, Apple unexpectedly removed MT4 and MT5 (its sister app) from the App store, citing compliance issues. While MetaQuotes is engaging Apple to resolve the matter, there's no better time to check out alternatives. 

Here, Benzinga briefly reviews competitor trading platforms and to see how they stack up to MetaTrader 4.

Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Quick look: Best MetaTrader 4 Alternatives

6 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. 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.

Best for: Active Traders

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. 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. 

Best for: Advanced traders

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. 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.

Best for: Beginners who can learn by copying trades of top performers

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
  • eToro Forex
    Best For:
    Copy Trading
    securely through eToro Forex's website

    CFD trading is not available to U.S. users. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

4. 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.

Best for: Beginner and Advanced traders

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. 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.

Best for: Institutional traders

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. 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.

Best for: Frequent traders

Pros: 

  • Zero commission stock options and ETF trades 
  • User-friendly trading tools  
  • Responsive customer support 
  • Quality educational resources

Cons: 

  • Clunky user interface 

MetaTrader 4: Retreating but Still Dominant

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 

Q

Is MT5 better than MT4?

A

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.

Q

Which is better, TradingView or MT4?

A

TradingView has superior charting tools and a far greater number of indicators than MT4. But MT4 offers more trading reliability.

Q

Is MT4 being discontinued?

A

MetaQuotes has stopped supporting MT4. Still, it’s available for free download on the website and remains popular with forex traders.

Get a Forex Pro on Your Side

FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade. 

You can also tap into:

  • EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
  • Powerful, purpose-built currency trading platforms
  • Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program

Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.