MetaTrader 4 (MT4) vs TradingView

Category: Trading Platforms | Author: Trading Brokers | Date: January 6, 2023

Learning to trade involves a lot of difficulties. There is so much to learn, including what trading platform to choose, how to use it, reading and analyzing charts, understanding market news, choosing tactics, controlling your emotions, and much more.

Making the appropriate platform choice will reduce your stress levels, speed up your market research, and boost your bottom line. There are numerous trading platforms available on the market. Additionally, every piece of software has some advantages and drawbacks. To help you choose, we are discussing MetaTrader 4 and TradingView in-depth in his platform comparison.

What is MetaTrader 4 (MT4)?

MetaQuotes Corp., a Russian software business, released MetaTrader 4 (MT4) in 2005. There are many MetaTrader brokerage firms that began supplying their clients with the platform between 2007 and 2010. Today, it’s difficult to locate a broker that doesn’t provide access to MT4 due to the software’s rapid rise in popularity. Forex pair trading often takes place on the platform. You must register with a broker in order to utilize the software. The majority of brokers provide no-cost MetaTrader 4 demo accounts.

The platform has endured the test of time well. Let’s look at the software’s strengths and limitations that are still relevant today to learn the reasons for its incredible performance.

MetaTrader 4 is incredibly strong and dependable. This alone makes it still applicable in contemporary trade. The style is straightforward but dated. Since 2005, not much has changed in terms of appearance. Because it is so simple to use, the platform is favored by most new traders.

The platform was developed years ago and has rapidly grown in popularity. As a result, the market is filled with algorithms created by traders. Some algorithm creators commercialize their works, while others make their algorithms available for free. Expert Advisors, a term used to describe the MetaTrader algorithms, are frequently used to automate trading.

Be aware that not all of the EAs available for purchase are functionally sound. Before buying in EAs, you should constantly conduct your research because there are many scammers on the market. Additionally, you can pick up coding and create your own EAs based on your own concepts.

Mobile traders can download the trading platform’s mobile edition. The whole collection of trading orders as well as numerous analytical and technical indicators are included in the mobile app.

MetaTrader 4 (MT4) Platform

MetaTrader 4 (MT4) Platform

MT4 Pros

  • Free to use and easily accessible
  • Very stable, fast and able to work with high volumes
  • Rarely occurs technical errors when live trading
  • Offers automated trading tools and there are vast amounts of algorithms accessible in the market.
  • Provides good analytical tools and indicators. In addition, traders can develop their own technical indicators.
  • Simple and intuitive design

MT4 Cons

  • Generally traders have access to trading less asset classes than MT5, TradingView, cTrader, NinjaTrader.
  • Not much has changed in terms of interface since its creation
  • Offers less time frames than most modern platforms. Including TradingView
  • Offers less indicators than most modern platforms. Including TradingView

What is TradingView?

Since its inception in 2011, TradingView has mostly been a charting software. The business has established a sizable trading social network that makes use of the platform to find investment possibilities. Charts for many different assets are accessible on the platform. Stocks, bonds, indices, cryptocurrencies, futures, and currencies are just a few examples.

TradingView has several revenue streams. The primary sources of money are the platform’s monthly memberships, the adverts that run on it, and the licensing fees.

If you’ve ever fancied making millions of dollars while trading from your yacht while cutting ties with your buddies, you’re not alone. Most of us begin trading with inflated hopes. In actuality, trading can be quite isolating. especially if you are an online retailer accepting orders from your bedroom. For many traders, having access to a huge network of people with similar interests is crucial. More than 30 million people utilize the TradingView social network globally. Traders can create trading forums and discuss their transactions and financial insights.

The well-known social trading network enables traders to sell trading signals, increase their following, and publicize their trading activity.

You can download and use the TradingView software on your computer without having to register. Additionally, Google Play and the App Store are where you may get the platform’s mobile version. Additionally, TradingView is totally free to use. You can choose a Pro, Pro+, or Premium subscription, though, if you require an ad-free experience, more charts for a single layout, and more indicators per chart. But the Basic software version will be adequate for the majority of traders.

Compared to MetaTrader 4, TradingView’s user interface seems considerably superior. This statistic shouldn’t come as a surprise as the platform was only founded in 2011 and is constantly being improved. MT4 appears to be stuck in time, however.

TradingView

TradingView

TradingView Pros

  • Free to use, unless you need more tools to enhance your trading
  • Large social network
  • No need to register
  • Large variety of assets are accessible
  • Modern and intuitive interface.
  • Large number of indicators and timeframes
  • Is under constant development

TradingView Cons

  • No direct access to the financial markets
  • Less stable than MetaTrader 4

MT4 vs TradingView

There is no denying that MetaTrader 4’s popularity and availability among forex brokers are advantages. Only a select few brokers, like OANDA are connected to TradingView.

TradingView also provides top-notch watchlists and screeners. Additionally, watchlists in TradingView can be synced with apps on mobile devices. Users of MetaTrader may not find the absence of screener features to be a deal-breaker because the quantity of available assets is substantially lower than that of TradingView.

It is clear that any piece of software has advantages and disadvantages. In the world of investment, there are many different types of traders, and each has their own priorities. Many traders place a higher value on order execution and simplicity than aesthetics. Others are looking for software that is attractive and easy to use in order to do better technical analyses. To gain a clearer picture, let’s look at the comparison chart.

Conclusion: is MT4 better than TradingView?

It really depends on who you talk to. TradingView will be chosen by traders who value contemporary design, analytical tools, social trading, and access to numerous assets. Traders who like solid platforms and invest mostly in the forex market would select MetaTrader 4.

TradingView triumphs in terms of available asset classes and contemporary design. But when it comes to trading, MetaTrader 4 is more dependable. Both platforms are generally free to use. By performing a technical analysis with the TradingView and placing orders with MetaTrader 4, you can benefit from the best of both worlds.


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