Best MetaTrader 4 Alternatives

The MetaTrader 4 platform, or MT4, is a trading platform known for its trade automation capabilities. It was launched in 2005 by the Cyprus-based MetaQuotes Software. MT4 is popular for foreign exchange (forex) trading and supports a wide range of assets including stocks, precious metals, and futures.

In September 2022, Apple removed MT4 and MT5 from the App Store due to compliance issues. MetaQuotes is working with Apple to address this issue, prompting users to explore alternative options.

Best MetaTrader 4 Alternatives

Quick look: Best MetaTrader 4 Alternatives

• Best for charting and technical analysis: TradeLocker
• Best for support: thinkorswim
• Best for social trading: eToro
• Best for ECN Trading: cTrader
• Best for real-time price information: Active Trader Pro

5 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. TradeLocker

TradeLocker is a next-generation day trading platform that has been designed to meet the needs of modern traders and brokers. It offers high-quality charts, indicators, and advanced risk management tools to empower users to make well-informed decisions. TradeLocker also has features such as SL&TP calculator, on-chart trading, custom scripts, and integration with TradingView for trading directly from the charts.

Pros of TradeLocker:

• High-quality charts and indicators for informed decision-making
• Advanced risk management tools
• Integration with TradingView for seamless trading from the charts
• Wide range of assets available for monitoring and trading

Cons of TradeLocker:

• Platform availability may be limited to certain operating systems (iOS, Android)
• Social mode and custom scripts features might not be fully developed yet
• Initial learning curve for users transitioning from other trading platforms

2. Thinkorswim

Thinkorswim, offered by TD Ameritrade, is a versatile trading platform made to meet the diverse needs of traders and investors. This platform provides advanced tools for market analysis, strategy development, and trading execution, all within a customizable desktop software. It extends its functionality to mobile devices, enabling users to trade stocks, options, futures, and forex while accessing essential trading tools on the go. The Thinkorswim Learning Center also offers tutorials, references, and quick guides to help users maximize the platform’s potential.

Pros of Thinkorswim:

• Comprehensive tools for market analysis and strategy development
• Extensive range of tradable assets including stocks, options, futures, and forex
• Accessibility through both desktop and mobile applications
• Learning Center resources for enhancing user proficiency

Cons of Thinkorswim:

• Platform availability may be limited to specific operating systems
• Learning curve for new users to fully utilize the platform’s advanced features

3. eToro

eToro is a prominent social trading and multi-asset investment company that focuses on providing financial services to a global user base. The platform stands out for its unique approach to investing, offering a virtual portfolio where users can explore, learn, and practice with $100K in virtual money to hone their trading skills. eToro provides a multi-asset platform that has revolutionized trading by allowing millions of investors worldwide to share their ideas and strategies in a community-driven environment.

Pros of eToro:

• Unique virtual portfolio for risk-free learning and exploration
• Support for trading in 30+ cryptocurrencies on its crypto exchange
• Community-driven platform for sharing investment ideas and strategies
• Focus on social investing and educational content via its YouTube channel

Cons of eToro:

• Limited selection on the online brokerage platform
• Potential learning curve for newcomers to social investing

4. cTrader

cTrader is a comprehensive trading platform designed to cater to the needs of Forex and CFD traders. It offers a complete solution for brokers to provide their traders with a wide range of trading options across desktop, web, and mobile devices. The platform boasts advanced capabilities, fast order execution, customizable coding, and a variety of charting tools and indicators.

Pros of cTrader:

• Comprehensive solution for Forex and CFD trading across multiple devices
• Advanced charting tools and indicators for in-depth technical analysis
• Fast order execution capabilities for quick trading decisions
• User-friendly interface and customizable coding for personalized trading experiences

Cons of cTrader:

• Relative newness compared to other established trading platforms
• Potential learning curve for traders transitioning from other platforms

5. Active Trader Pro

Active Trader Pro, offered by Fidelity Investments, is a robust trading platform designed to empower active and advanced traders with comprehensive tools for portfolio management and online trading. This cloud-based and on-premise solution provides real-time insights, 45+ market filters, technical analysis capabilities, and access to a wealth of portfolio monitoring and trading features. It offers a desktop and Mac version for easy accessibility, making it a versatile option for traders seeking advanced trading tools.

Pros of Active Trader Pro:

• Robust trading and portfolio monitoring tools for informed decision-making
• Real-time insights and 45+ market filters for discovering trading opportunities
• Desktop and Mac versions for convenient access to the platform
• Tailored for active and advanced traders with a focus on comprehensive trading capabilities

Cons of Active Trader Pro:

• Potential learning curve for new users due to its advanced features
• Limited availability compared to other widely used trading platforms