MT4 vs TradingView – platform comparison

Learning how to trade is related to many challenges. There’s so much to learn. Including how to use a trading platform, how to read and analyze charts, how to make a sense of market news, which strategies to use, how to manage your emotions and much more. 

Choosing the right platform can save you from a lot of unnecessary headaches, shorten your market research time and increase your profits. There are various trading platforms in the market to choose from. And each software comes with certain benefits and shortcomings. In today’s comparison, we are talking about MetaTrader 4 and TradingView in detail to make choosing easier for you.

MetaTrader 4

MetaTrader 4 (MT4) was released in 2005 by a Russian software company MetaQuotes Corp. From 2007 to 2010 many brokerage firms started offering the platform to their clients. The software has quickly become very popular and you can hardly find a boker that doesn’t offer access to MT4 today. The platform is generally used to trade Forex pairs. In order to use the software, you need to be registered with a broker. Most brokers offer free MetaTrader 4 Demo accounts.

The platform has successfully withstood the test of time. In order to find out the reasons behind the amazing performance of the software, let’s take a look at its strengths and weaknesses that are still relative today.

MetaTrader 4 is very powerful and reliable. For this very reason it’s still relevant in modern trading. The design is simplistic, but outdated. Not much has changed in terms of looks since 2005. Most novice traders love the platform as it’s so easy to use.

The platform was created a long time ago and has gained popularity very quickly. As a result, you can find a lot of algorithms developed by traders on the market. Some of the algorithms are free to use, and some developers sell their creations. The MetaTrader algorithms are called Expert Advisors and are widely used to automate trading. Be noted that not all of the EAs that you can buy are working properly. There are many scammers in the market and you should always do research before investing in EAs. What’s more, you can learn to code and develop EAs yourself based on your own ideas. 

Traders can download the mobile version of the trading platform, both for iPhones/iPods and Android phones. The mobile app comes with the full set of trading orders and various analytical and technical indicators. 

TradingView

TradingView was founded in 2011 and mostly is a charting platform. The company has created a large social network of traders that use the platform to spot investing opportunities. The platform offers access to charts of various assets. Including: Currencies, Crypto currencies, Stocks, Bonds, Indices and Futures. 

TradingView makes money in various ways. The main source of income comes from its monthly subscriptions, ads running on its platform and licensing fees.

If you have ever imagined yourself trading from your yacht, parting with your friends and making millions at the same time, you’re not alone. Most of us start trading with unrealistic expectations. In reality, trading can get pretty lonely. Especially when you are a retail trader placing orders from your bedroom. Access to a large network of like minded people is essential for many traders. TradingView social network is used by more than 30 million people globally. Traders can share their trades, financial analysis and develop trading communities. 

The well established social trading network gives traders the ability to broadcast their trading, grow their following and make more money by selling trading signals.

There’s no need to register in order to install and run the TradingView software on your computer. In addition, you can get the mobile version of the platform on Google Play and App Store. What’s more, TradingView is completely free of charge to use. However, in case you need an ad-free experience, more charts for a single layout and more indicators per chart, you can go for Pro, Pro+ or Premium account. But for most traders, the Basic software version will work fine.

TradingView has a much better looking interface than MetaTrader 4. There should be nothing surprising about this fact as the platform is much younger, created in 2011 and is under constant development. Whereas, MT4 looks frozen in time.

Comparing mobile apps

Mobile apps can be very handy when it comes to keeping track of your positions from anywhere in the world. Great mobile apps can help you in various ways. Such as, open and close trades in emergency situations like power outages, computer breakdowns, etc.

Both platforms offer mobile trading apps available for Android and Apple devices. While both offer various indicators and features, TradingView is superior in terms of number of indicators and functionality. With the TradingView app, traders can fund and withdraw money from their accounts. Whereas, MT4 doesn’t have that option. One more amazing feature provided by TradingView mobile app is that the watchlist data is synced and you don’t have to search for your favorite assets for long.  

In the mobile category, TradingView wins due to higher functionality and better design. However, It’s worth mentioning that mobile trading is not that important for professionals. The apps are super useful for closing orders in emergency situations and that’s about it. It’s recommended to conduct any kind of analysis whether it’s technical or fundamental using a larger screen to digest the information better. 

MetaTrader 4 or TradingView

MetaTrader 4 is very famous and offered by most forex brokers, which is a clear upside. TradingView has connections with very few brokers such as: OANDA, Alpaca, Gemini, AMC Global, etc.

In addition, TradingView offers superior watchlists and screeners. Moreover, TradingView watchlists are synchronized with mobile apps. For MetaTrader users, lack of screener functions might not be a dealbreaker since the assets offered are much limited in numbers compared to the assets offered by TradingView. 

It’s obvious that both software have their strengths and weaknesses. There are various kinds of traders in the world of investing and each has own priorities. For many traders simplicity and order execution is more important than looks. Others are looking for user-friendly and eye candy software for conducting a better technical analysis. Let’s take a look at the comparison chart to get a clearer view.

Summary

TradingView wins in terms of modern design and available asset classes. But MetaTrader 4 is more reliable when it comes to trading. It’s difficult to choose, isn’t it? But who says you need to pick one over the other? Did you forget? For the most part, both platforms are free to use. You can get the best from both worlds by conducting a technical analysis using the TradingView and placing orders using MetaTrader 4. In fact, traders are doing the exact same thing. 

FAQs on MetaTrader 4 and TradingView platforms

Which trading platform is better to use MT4 or TradingView?

It depends on who you ask. Traders that prioritize modern design, analytical tools, social trading and access to various assets, will pick TradingView. As for the traders that are mostly investing in Forex markets and prefer stable platforms, will choose MetaTrader 4.

Are MetaTrader 4 and TradingView free to use?

Both platforms are free to use. As most brokers offer free of charge MT4 demo versions and TradingView Basic version is easily accessible completely free of charge. However, in case you want an ad-free experience, more charts per layout and more indicators per chart, you can go for Pro ($14.95/m), Pro+ ($29.95/m) or Premium ($59.95/m).

Can I use both platforms at the same time?

Yes. Of course you can. Actually it’s recommended to do so and check how it works for you. Many traders are using TradingView for charting and technical analysis and place orders using MT4.