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.
In this article, we will discuss the top 5 MetaTrader 4 alternatives that traders can consider using for their trading activities and how they compare with each other.
Top 5 MetaTrader 4 Alternatives
Here are the top MetaTrader 4 alternatives:
- AvaTradeGo
- cTrader
- NinjaTrader
- TradingView
- MultiCharts
1: AvaTradeGo
AvaTradeGO is a popular trading app offered by AvaTrade, a leading online broker. The app is available for both iOS and Android devices, and it is designed to provide traders with a user-friendly and intuitive trading experience.
AvaTradeGO is a good option for traders who are looking for a user-friendly trading app with advanced charting capabilities and the ability to trade multiple asset classes. However, traders who require more extensive research and analysis tools or advanced order types may want to consider some of the other alternatives.
Here are some of the key features of AvaTradeGO:
Pros:
- User-friendly interface: AvaTradeGO’s interface is designed to be intuitive and easy to use, making it accessible for traders of all skill levels.
- Multiple asset classes: AvaTradeGO allows users to trade a variety of asset classes, including forex, stocks, and commodities.
- Advanced charting: The app features advanced charting capabilities, including a range of technical indicators and drawing tools.
- Social trading: AvaTradeGO allows traders to connect with other traders, share trading ideas, and copy the trades of successful traders.
- Customizable notifications: The app allows users to set custom notifications for market events and price alerts.
Cons:
- Limited backtesting: Unlike some of the other alternatives, AvaTradeGO’s backtesting capabilities are limited.
- Limited research tools: The app does not provide as many research and analysis tools as some of the other alternatives.
- Limited order types: While AvaTradeGO does offer advanced order types, it does not provide as many options as some of the other platforms
2: cTrader
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.
cTrader is recommended for traders who value advanced charting capabilities and ECN trading, and who are looking for a customizable and user-friendly trading platform. However, traders who require more extensive research and analysis tools or social trading capabilities may want to consider some of the other alternatives.
Here are some of the pros and cons of using cTrader:
Pros:
- Advanced charting: cTrader offers advanced charting capabilities, including a range of technical indicators, chart types, and drawing tools.
- ECN trading: The platform allows for ECN trading, which offers users access to liquidity providers and tighter spreads.
- Customizable interface: The platform can be customized to suit individual preferences, including layout and color schemes.
- Multiple asset classes: cTrader allows users to trade forex, indices, cryptocurrencies, and more.
- Automation and algorithmic trading: cTrader provides users with the ability to automate their trading strategies using cAlgo or cBots.
Cons:
- Limited backtesting: While cTrader does offer backtesting capabilities, they are not as extensive as some of the other platforms on this list.
- No social trading: The platform does not offer social trading capabilities.
- Limited order types: The platform does not offer as many advanced order types as some of the other alternatives.
3: Ninja Trader
NinjaTrader is a popular trading platform that provides a range of features for forex, futures, and stock traders. The platform is available for desktop and mobile devices, and it offers a wide range of advanced tools and features.
Overall, NinjaTrader is a good option for traders who are looking for a platform with advanced charting, backtesting, and automation capabilities. However, the platform may not be suitable for beginners due to its complexity, and its cost may be prohibitive for some traders.
Here are some of the pros and cons of using NinjaTrader:
Pros:
- Advanced charting: NinjaTrader provides advanced charting capabilities, including a range of technical indicators, drawing tools, and customizable chart templates.
- Automation and algorithmic trading: The platform provides users with the ability to automate their trading strategies using NinjaScript, a proprietary scripting language.
- Backtesting: NinjaTrader offers extensive backtesting capabilities, allowing users to test their trading strategies against historical data.
- Multiple order types: The platform offers a wide range of advanced order types, including OCO, bracket, and trailing stop orders.
- Multiple asset classes: NinjaTrader allows users to trade forex, futures, and stocks.
Cons:
- Steep learning curve: The platform can be complex and may require some time for users to become familiar with its features and capabilities.
- Expensive: NinjaTrader is not a free platform, and users are required to pay for access to certain features and data.
- Limited educational resources: The platform does not provide as many educational resources as some of the other alternatives.
4: TradingView
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.
TradingView is a good option for traders who are looking for an advanced charting platform with social features. However, its limited order types and backtesting capabilities may not be suitable for all traders, and its cost may be a barrier for some.
Here are some of the pros and cons of using TradingView:
Pros:
- Advanced charting: TradingView provides a range of advanced charting capabilities, including multiple chart types, technical indicators, drawing tools, and customizable chart templates.
- Social features: The platform allows users to share their trading ideas and strategies with others, follow other traders, and join communities.
- Cloud-based: TradingView is a cloud-based platform, which means that users can access it from any device with an internet connection.
- Easy to use: The platform is user-friendly and easy to navigate, making it suitable for beginners.
Cons:
- Limited order types: TradingView offers a limited range of order types compared to some of the other alternatives.
- Limited backtesting capabilities: The platform does not provide extensive backtesting capabilities, which may be a drawback for traders who rely on backtesting to evaluate their trading strategies.
- Expensive: While TradingView offers a free version, some of its features require a paid subscription, which can be expensive for some traders.
5: MultiCharts
MultiCharts is a professional charting and trading platform that is popular among professional traders and institutional traders. The platform is known for its advanced charting capabilities, automated trading features, and extensive backtesting capabilities.
MultiCharts is a good option for professional and institutional traders who are looking for an advanced charting and trading platform with extensive automated trading and backtesting capabilities. However, its cost and steep learning curve may not make it a suitable option for all traders.
Here are some of the pros and cons of using MultiCharts:
Pros:
- Advanced charting: MultiCharts offers a range of advanced charting capabilities, including multiple chart types, technical indicators, drawing tools, and customizable chart templates.
- Automated trading: The platform provides advanced automated trading capabilities, including strategy development and optimization, backtesting, and live trading.
- Extensive backtesting capabilities: MultiCharts offers extensive backtesting capabilities, allowing traders to test and evaluate their trading strategies across multiple markets and timeframes.
- Customization: The platform allows users to customize their trading experience, including creating custom indicators and strategies.
Cons:
- Expensive: MultiCharts is one of the more expensive trading platforms, which may be a barrier for some traders.
- Steep learning curve: The platform can be complex and difficult to learn, particularly for beginners.
- Limited social features: MultiCharts does not offer social features like some of the other alternatives, which may be a drawback for traders who value this feature.
Side-by-side comparison of MT4 Alternatives
| Features | AvaTradeGo | cTrader | Ninja Trader | TradingView | MultiCharts | |
|---|---|---|---|---|---|---|
| Asset Classes | Forex, stocks, commodities, cryptocurrencies, options | Forex, indices and cryptocurrencies | Forex, futures and stocks | Forex, stocks, cryptocurrencies | Forex, futures and options | |
| Charting | Advanced | Advanced | Advanced | Advanced | Advanced | |
| Indicators | Built-in and third-party | Customizable and third-party | Built-in and third party | Community-built and third-party | Built-in and third-party | |
| Automated Trading | Available | Available | Available | Not available | Available | |
| Backtesting | Limited | Available | Available | Limited | Available | |
| Order Types | Advanced | Advanced | Advanced | Basic | Advanced | |
| Execution | Multiple | Multiple | Multiple | Not available | Multiple | |
| Platform Options | Mobile | Web, desktop, mobile | Desktop and mobile | Web, mobile | Desktop |
Each platform has its own strengths and weaknesses when it comes to features. Traders should consider their individual trading needs and preferences before choosing a platform. For example, if a trader prioritizes automated trading, they may prefer NinjaTrader or MultiCharts. If a trader is looking for a social trading platform, TradingView may be a better fit. If a trader values a user-friendly interface and mobile app, AvaTradeGo may be the preferred choice
Final Thoughts
There are several alternatives to MetaTrader 4 that offer similar and sometimes even better features and capabilities. Each platform has its own strengths and weaknesses, and the choice between them will ultimately depend on the individual trader’s needs and preferences.
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.
Overall, traders should consider their trading goals, trading style, and preferences when choosing a trading platform. By weighing the pros and cons of each alternative, traders can choose a platform that meets their needs and helps them achieve their trading objectives.
FAQs
What are the main features of AvaTradeGo?
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.
Can I use the same indicators and EAs on MT4 alternatives?
Not all MT4 indicators and EAs may be compatible with other trading platforms. However, some alternatives like cTrader and MultiCharts may support some of the same indicators and EAs as MT4.
Can I use the same indicators and EAs on TradingView as I do on MT4?
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.
What are the main differences between cTrader and MT4?
cTrader offers advanced charting, order types, and automated trading capabilities, as well as social trading and custom indicators. Unlike MT4, cTrader does not require traders to use hedging or FIFO (first in, first out) order execution. Additionally, cTrader is designed to be more user-friendly and intuitive than MT4.
Can I trade multiple asset classes on these alternatives?
Many MT4 alternatives offer multi-asset trading capabilities, allowing traders to trade a range of asset classes like forex, stocks, commodities, and cryptocurrencies.
Are these platforms more expensive than MT4?
Pricing for MT4 alternatives may vary, with some platforms offering free versions and others charging fees for access to additional features and capabilities. Traders should research pricing and compare it to their individual trading needs and budget.
Is NinjaTrader more expensive than MT4?
NinjaTrader offers a range of pricing options, including a free version that includes basic charting and order entry capabilities. However, traders must pay for access to more advanced features like automated trading and backtesting. Pricing for NinjaTrader can be higher than MT4, but the platform’s advanced features and access to multiple markets may justify the cost for some traders.
Can I use MT4 and these platforms simultaneously?
Yes, traders can use multiple trading platforms simultaneously, including MT4 and its alternatives. However, it’s important to note that each platform may have different requirements for minimum account balance, margin, and order execution, so traders should carefully manage their trades across different platforms.
What are the main benefits of using MultiCharts over MT4?
MultiCharts offers advanced charting and trading automation capabilities, including the ability to backtest strategies and trade directly from charts. MultiCharts also offers support for multiple data feeds and brokers, allowing traders to access a wide range of markets and trading instruments.