MetaQuotes Software does not release any figures that reveal the number of brokers that use MT4. That being said, our research found that there are at least 3,006 (counted on mobile) MetaTrader 4 (MT4) servers, and an even larger number of MetaTrader 5 (MT5) servers globally. The number of actual brokers will be fewer than the number of servers, as many brokers will offer multiple servers in order to cater to different groups of clients and across various locations. TradingView is an advanced financial visualization platform with the ease of use of a modern website.
However, this feature may not be available with every alternative platform, so you should check with the platform provider before switching. TradingView offers a wide range of custom indicators and strategies that can be used by traders, but not all MT4 indicators and EAs are compatible with TradingView. TradingView also offers its own proprietary programming language called PineScript, which traders can use to create their own custom indicators and strategies.
Popular guides to forex trading tools and platforms
In the next sections, we go into the details of each of these platforms to understand which are the services they offer and how we can start using them. MetaTrader alternatives are mostly Stock Trading Apps but may also be Crypto Portfolio Trackers or Cryptocurrency Exchanges. If you want a narrower list of alternatives or looking for specific functionality of MetaTrader filter in these.
- With thousands of add-on market indicators and trading robots to install, this platform is widely used by professional and amateur forex traders alike.
- The platform is considered one of the best for charting and technical analysis and also features the best stock screeners.
- Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com.
- Compared to other brokers and trading sites, MetaTrader 5 is a step forward.
Its MT4 Micro account offers floating trades from 0.4 pips, no commission, and access to 28 currency pairs. Meanwhile, IG Group, the UK’s largest forex broker, has a MetaTrader 4 live account with minimum spreads of 0.6 plus support for 27 commodity markets. TradingView is another platform that would be very useful if you are searching for a MetaTrader 4 alternative. This company is currently working as a website with a wide range of tools for investors that want to trade in financial markets.
MetaTrader 4 Alternative: FAQ
All in all, MetaQuotes has proven itself to be a trusted leader in developing forex and multi-asset trading platforms for online forex brokers and retail traders globally. AvaTradeGo offers a range of trading tools and features, including real-time charts, news feeds, economic calendars, and risk management tools like stop loss and take profit orders. The platform also offers a range of educational resources and webinars to help traders improve their trading skills. Additionally, AvaTradeGo is designed to be user-friendly and intuitive, with a simple and easy-to-use interface. CTrader is a popular trading platform developed by Spotware, which provides a user-friendly interface and advanced trading capabilities. It is available for both desktop and mobile devices and offers a range of features for forex and CFD traders.
The financial products offered by the promoted companies carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose. Customers can find the MetaTrader 4 trading platform difficult to use when they use the platform on their phones. The functionality of the platform is designed according to the standards of a PC.
The Open API feature of cTrader authorizes designers to write codes for apps. But there is an issue with cTrader that traders can find problematic. So, if you are an MT4 user, you might have trouble starting on cTrader. Additionally, you can use different layouts, which adds up to the customizability of the software. With comprehensive charting tools, you can specify multi- or single-chart layouts. Also, you can change their time limit and transform the color schemes of your charts.
Once you’ve chosen a forex broker, simply open and fund a brokerage account and then download the MetaTrader 4 software directly from your broker to start trading forex and CFDs. Most brokers also offer demo accounts that allow you to practice trading with virtual funds before graduating to live trading with real money. Yes, traders can use multiple trading platforms simultaneously, including MT4 and its alternatives. MetaTrader 4 (MT4) is a well-known trading platform that has been popular among traders for many years. However, as the trading industry continues to evolve, traders are constantly seeking newer and more advanced platforms that offer better features and capabilities. This has led to the emergence of several MetaTrader 4 alternatives that are gaining popularity among traders.
MetaTrader 4: The competition
Check out my guide to the best brokers for copy trading to see my top choices for brokers that offer copy trading, or read my guide to the best trading signal providers. I’ve tested dozens of the best forex and CFD brokers and compiled a list of the best MetaTrader 4 brokers. Our top pick for MetaTrader in 2023 is IC Markets, which offers the full MetaTrader suite alongside competitive pricing, add-on trading tools, and quality market research. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% 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.
AvaTradeGO is a mobile trading platform that offers a user-friendly interface and advanced features like price alerts and risk management tools. TradingView offers a social trading community and advanced charting capabilities. MultiCharts offers advanced charting and trading automation capabilities, while NinjaTrader provides access to multiple markets and advanced order types. CTrader offers advanced charting, order types, and automated trading capabilities, as well as the ability to use custom indicators. TradingView is a cloud-based trading platform that is popular among traders due to its advanced charting capabilities and social features. The platform allows users to access a wide range of financial markets, including forex, stocks, and cryptocurrencies.
How do you deposit and withdraw money from MT4?
Here, some of the best MetaTrader 4 alternatives will be available. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Therefore, while there can be pros to using an automated strategy, traders must be aware of the pitfalls and know how to assess any strategy before using it to manage their investment capital.