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Alternatives To MetaTrader Best Alternative Platforms To MT4 & MT5

We also consider broker availability and app compatibility, plus demo account downloads. A Forex broker is an intermediary who helps to connect Forex traders with the forex market. In simple terms, it is someone who provides Forex investors with access to the Forex market so that they can buy and sell currency pairs. Forex brokers can be banks, financial institutions, or retail companies that offer Forex trading services to their clients.

metatrader alternatives

MT5 is reportedly faster and more efficient than MT4, but MT4 is simpler to understand and is familiar for many users. This is when you “bet” whether a security will increase in value, called a “long position”, or whether it will decrease in value, called a “short position”. When you trade derivatives, you aren’t purchasing a security – you’re only betting on how the underlying asset will perform. This differs from a traditional stock market that is only open for a set number of hours each day, typically from Monday to Friday. You may also find that the different Non-deliverable Forward Ndf have different order types. Or, if you feel as though you’ll need some help to initially understand the platform, it may be worth using one that has reliable customer support services, such as RoboForex.

MetaTrader 4 Alternatives: The Top Trading Platforms to Consider

Using data from our forex broker comparison tool, here’s a comparison of the MetaTrader platforms offered by the best MT4 brokers. ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Still, it’s available for free download on the website and remains popular with forex traders.

metatrader alternatives

As a result, MT4 and MT5 are available at a long list of popular brokers, including AvaTrade, Admiral Markets and FxPro. Options traders find Thinkorswim especially advantageous due to its sophisticated options trading tools. A key feature of cTrader is its algorithmic trading support through cAlgo, enabling traders to develop custom trading robots and indicators using C# language. This particularly appeals to those interested in automating their trading strategies and conducting thorough back-testing with historical data.

Alternatives To MetaTrader

Most of them are designed for any kind of operating system, including Linux and mobile devices. You download the file from the broker’s website for free, install the platform on your computer or phone and upload a trading or demo account to it. NinjaTrader is a leading platform renowned for its focus on futures and forex trading.

metatrader alternatives

Better yet, the platform offers several different layouts for you to use, adding to the customisability of the software. One thing to keep in mind about Cryptowatch is its lack of cross-compatibility. There is no mobile support on this platform, meaning you won’t be able to trade on it remotely.

Forex

TradingView is a unique blend of a social network and a trading platform, fostering a community of traders sharing ideas, charts, and analysis. The TradingView platform’s strength lies in its extensive social features and a massive library of user-generated indicators and strategies. It supports a wide range of markets, making it suitable for traders with diverse interests. EToro is a popular social trading platform that offers a range of investment products and services.

metatrader alternatives

The platform has 24/7 live support that you can contact whenever you have an issue with RoboForex. In fact, compared to MetaTrader, cTrader has a much wider variety of charting and market depth tools for you to use. For example, cTrader has far more timeframe options for charts when compared to MT5.

Demo Account

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. It features real-time insight, powerful trading tools and visual snapshots to get an overview of your portfolio. One of the major disadvantages of TradingView is the paid subscription. It is okay for beginner Forex traders, but not enough for professional analysis. After subscribing, the user gets second timeframes, signal alerts, access to the simulator of intraday markets, etc.

metatrader alternatives

On the downside, because the ThinkTrader platform is a bespoke terminal, users must open an account with ThinkMarkets. This limits the accessibility of the platform vs MetaTrader which is integrated by 1000+ global brokers. Strategy backtesting is an option, but third-party software may need to be linked to create bots and execute trades. In contrast, MT4 only offers 30 built-in technical indicators, though thousands of additional chart indicators can be downloaded from MetaTrader’s Code Base and Market. Order types are limited in TradingView with just three offered; stop loss, trailing stop, and market order. MetaTrader, on the other hand, provides several options including four pending orders, three order execution modes, two stop orders and a trailing stop.

TradingView

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. Overall, TradingView is one of the best alternatives to MetaTrader for beginners through to expert traders.

  • Within the TradingView interface, investors gain access to live market news and an in-built economic calendar listing major financial events and data releases.
  • Any statements about profits or income, expressed or implied, do not represent a guarantee.
  • CTrader also has the edge when it comes to technical indicators and drawing tools, offering 70 built-in indicators vs the 30 offered by MT4 and 38 by MT5.

However, depending on the broker, MT4 often comes with a range of other symbols — such as CFDs on indices, commodities, futures, energies, and metals. If you’d like to learn more about how CFDs work – or you’d just like to see our list of the best CFD trading platforms – check out our full-length guide to the Best CFD Brokers and Trading Platforms. First of all, you should study the broker’s trading conditions, its capabilities and advantages.

What to Consider When Choosing a MT4 Alternative

Browser-based MetaTrader platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running macOS 12.5 to test MetaTrader on the go. If you are interested in learning about algorithmic trading and automated high-frequency trading systems, check out our guide to high-frequency trading.

I haven’t used it, but I’ve heard good things about it and I know of several professional traders who use it. Capital.com offers access to MT4 and TradingView, giving our customers as many options as possible in a premium online trading environment. 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. MetaTrader 4 and 5 are both limited to three basic charting layouts on PC and mobile.

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