MT4 vs TradingView – What Should Investors Know
MetaTrader 4, or MT4, is MetaQuotes Software Corp.’s fourth generation of trading platforms. MetaQuotes’ original trading platforms were well-received, but they’re now a distant memory. In 2005, the release of MetaTrader 4 was groundbreaking. White-labeled MetaTrader 4 is offered to forex and CFD brokers by MetaQuotes. In only a few weeks, MT4 enables forex brokers to be up and running with cutting-edge trading technology for a fraction of the cost of a custom platform. This micro boom has led to an increased demand for MetaTrader programmers, enabling clients to maximaximizemise their use of the program.
In contrast to MetaQuotes, TradingView makes its money by selling memberships to traders rather than selling licenses to brokers. MetaQuotes used to charge $100,000 per license and a monthly technical support cost of $2,500 per license, even though MT4 has been terminated. Multiple licenses would be needed by some of the largest FX firms. As a result, the platform is free of charge for traders. Market-making activities and trading fees are the primary ways that brokers recoup their costs of operations. TradingView’s business plan is based on a freemium approach. In order to eliminate adverts and have access to all the features of TradingView’s paid edition, you’ll have to fork over a fee.
Also read: How to Read Candlestick Trading Charts – A Complete Guide for Beginners
TradingView VS Metatrader 4 – Main Features
MetaTrader 4 is still widely used, although the company that created it stopped selling new licenses and making updates in 2018. As a result, TradingView has had several chances to outperform MT4 in terms of functionality. Because MetaTrader 4 is meant to be used for trading and TradingView for charting, the two systems are quite different in many ways. MetaTrader 4 is available from hundreds of forex brokers, however, TradingView only supports three. The charting and technical analysis tools in MT4 and TradingView are essential to traders.
The automated trading and custom programming capabilities of MetaTrader 4 are two areas where the platform excels. When it comes to MT4 compared with TradingView, it should be stated that candlesticks, bars, and line charts are the only chart types available in MetaTrader 4. On the contrary, you may choose from a variety of different chart types on TradingView; they include numerous candlesticks, as well as bars and lines.
Additionally, you may compare two different symbols on the same chart using TradingView. There are nine timeframes in MetaTrader 4, but you may construct your own in TradingView using the custom timeframe feature. TradingView includes 50 chart zoom levels, compared to only five in MT4. TradingView has more than 100 indicators, while MetaTrader 4 has 30. For example, MT4 contains trendlines, Fibonacci retracements, and other geometric forms. Not to mention, TradingView provides a far larger selection of annotation tools and shapes.
MT4 is a CFD trading platform, hence brokers must publish marketable instruments on the platform. Most brokers provide currency pairings, energy, precious metals, indexes, and sometimes equities. The platform limits brokers to a total of 1,024 instruments. However, TradingView has a list of over a million different tools from various exchanges. It’s impossible to locate one pricing for Bitcoin compared to the US dollar. Bitcoin/USD values from a variety of exchanges may be seen here. While using TradingView, you can access prices and historical data for a wide range of financial instruments from across the globe.
TradingView is built on a foundation of community. User profiles, public and private chat rooms, and live streaming are all part of the application’s features allowing people to share their thoughts and opinions. There is a separate MetaTrader 4 community for traders from various brokers to engage. Mql5.com hosts the MetaTrader 4 community. Desktop, smartphone, and tablet apps are all available for tradingview.com.
For desktop, web, and mobile platforms, MetaTrader 4 is also accessible. However, there are a few drawbacks. First and foremost, MT4 is no longer compatible with Macs thanks to the macOS Catalina update. Many brokers also provide unauthorized versions of MT4 web, which may be found online. After a number of third-party developers constructed and brokers established their own unauthorized online trader apps for MetaTrader 4, MetaQuotes decided to introduce the browser-based version of MetaTrader 4.
Also read: Best AI Trading Software for Traders
Which One is Better For Investors?
In the case of support, MT4 is free. This means that you won’t have someone to turn to for help if things go wrong with MT4. Furthermore, the application is regularly upgraded, reducing the likelihood of a crash. Also, keep in mind that MT4 may only be accessed from the computer on which it was first downloaded.
Even if your browser crashes while using TradingView, everything of your work will be saved to an account. Most traders are already acquainted with the TradingView and MT4 interfaces. Trading on the forum may be done quickly and easily if the user already has a preferred broker. TradingView is an independent platform, so customers may use this program without having an account and still keep an eye on the market.
Despite the fact that MT4’s main competitor, TradingView, offers a number of distinct features. Because MT4 is directly linked to a broker, it is more popular with traders. Both programs may be rapidly and simply installed by end-users. Professional traders, on the other hand, are increasingly drawn to TradingView’s modernism and versatility.