TradingView vs MT4 – Which one is more suitable for you?

TradingView and MetaTrader 4 are both some of the most used platforms in Forex. Frequently, traders are asking which one is better to use TradingView or MT4 and what are the significant and main differences between them. For understanding the main contrasts between these two, firstly, it’s important to overview them one by one and then compare them.

Each of the platforms is furnishing investors with different types of tools and features. Even though there are some similarities between them it should be said that there are some things that you need to consider while starting to use one of these platforms.

Firstly, it should be said, that each of the platforms has non-identical goals in the Forex market. While MT4 allows traders to have direct access to the market and can be used for trading, TradingView is mostly used for charting and analytical purposes.

Comparing TradingView and MT4 will show you what are the main drawbacks and advances for each platform, how they work, and what you need to know about them before you start trading.

What are the main differences between MT4 and TradingView?

As already mentioned in the introduction one of the main differences between MT4 and TradingView is the goal they were created for. MT4 gives you the ability to trade Forex, while the main idea behind TradingView is to analyze the market.

However, it should be said that this difference doesn’t necessarily mean that TradingView doesn’t have an advantage over MetaTrader 4. In most cases, MT4 comes with about 40 indicators, while TradingView offers traders hundreds of them.

What’s more, one of the similarities while talking about MT4 and TradingView comparison, is that both TradingView and MetaTrader 4 can be used without registration. It can be done by using a demo account.

That said, TradingView also has paid versions. These versions offer traders even more charting solutions and indicators. The services that you can enjoy with TradingView vary according to the subscription you choose.

Even though there are some differences between MetaTrader and Tradingview compared, there are many traders who are using both platforms at the same time. For example, if you as a trader want to trade successfully in Forex, you need to have both direct access to the market, to implement actions easily, and get more indicators and features that are supporting you to get all the useful information.

For this, traders can do their analysis on TradingView, then open MetaTrader 4 and initiate their trades.

However, for defining the main difference between the above-mentioned platforms it’s important to see what are their main cons and pros and what are the most liked things about each of them.

TradingView pros vs MT4 pros

To understand what are the significant things about MT4 and TradingView, it’s important to see what are their pros and cons. In this part of the article, you’ll be provided with information about the mentioned platforms’ pros and their advantages over another platform.

TradingView pros

There are several pros that are worth to be noted. However, one of the main among them is the community. At the moment of writing this article, the number of traders that are using the TradingView is more than 10 million, which means that on TradingView you’ll come across quite a lot of people who are experienced traders, as well as beginners.

The main idea of the advantage of the community is that you can get useful advice from them and the opportunity to analyze some of the remaining processes that are affecting the market. What’s more, if you are a beginner in the FX market and you want to get all the necessary and useful information about the ongoing events, TradingView allows you to access some guides.

Here you can find the experience of how the expert traders are conducting the research, what their main strategy is in the FX market. Furthermore, you can get knowledge about the analyzing charts that are available on the TradingView and allows you to predict future changes and price movements.

What’s more, one of the advantages of TradingView while comparing MT4 to TradingView, is that it needs no registration. Traders can go on the website of TradingView and see all the available features and indicators, however with a limited number.

After the registration, the main thing is that the mentioned platform unlocks additional features and indicators, also, chart types, time frames, and so on. Furthermore, on TradingView traders can post about their trades, comment on other posts and get worthwhile advice.

Besides, those mentioned processes, in most cases, are free and take no additional costs. After opening the paid account you can get even more benefits and profits through the available features and indicators.

Moreover, you can have access to almost every instrument on TradingView. Also, TradingView as a platform isn’t associated with a certain broker. People who are using the mentioned platform don’t necessarily need to have a broker.

Also, people who are using TradingView can get charts for any type of asset, including currency pairs, cryptocurrencies, indices, commodities, stocks, and so on.

MetaTrader4 pros

For a better picture and understanding of the main differences between the two mentioned platforms, it’s important to note what are the main advantages of MT4 over TradingView.

One of the main advantages of the MT4 is that it allows traders to have direct access to the market. Through the MT4 it’s possible to use the features and indicators that are quite helpful for making profitable and rational decisions and then place the orders in the FX trading. It allows traders to save their money and conduct processes without losing money, in contrast with TradingView, which doesn’t allow you to start trading through it.

Another main advantage of MT4 is that it’s easy to use and offers customers a user-friendly interface. It allows you to get all the information and trading steps without complicated actions. Even though the interface of the mentioned platform may seem to be outdated, it’s quite popular with traders.

When it comes to the TradingView vs MT4 difference, it should be noted that the MT4 trading platform offers traders an amazing performance. The main thing is that it was established 16 years ago and from time to time it develops and furnishes traders with the best services.

What’s more, through MT4, which offers updates monthly to its customers, traders can have access to several and different tools and features. By using them investors can better understand the ongoing events around the world and their impact on the trading market. Also, it’s important to say that the mentioned platform’s software is updating and furnishing traders with the fixed bugs.

TradingView cons vs MT4 cons

Everything has its pros and cons, so does TradingView. Some of the cons that need to be noted while TradingView and MT4 compared are that TradingViews doesn’t allow traders to have direct access to the market and is slightly unstable.

TradingView cons

The traders that are using TradingView, even though they can get bountiful information through that, aren’t allowed to start trading with it. Instead, they need to have access to the trading platform and conduct trading processes through it.

What’s more, the slight instability comes from the characteristic of the FX market, which is a volatile market, and changes in it are uncontrollable. So, while using the TradingView there are chances of getting contradictory information and advice about the same events and ongoing processes.

MetaTrader4 cons

There are some cons that are worth noting while MT4 and TradingView compared. One of the main disadvantages of the MT4 is the lack of indicators. As already mentioned in the beginning TradingView supports traders with more than a hundred tools and indicators, while one MT4 there are almost 40 indicators to use.

However, it does not mean that the indicators available on MT4 are not enough. In fact, there are many people who are creating indicators that you can easily download and add to your trading platform.

Furthermore, one of the drawbacks of the MT4 is its number of timeframes. The number of timeframes is defined as 9 for the mentioned platform and what’s more, those time frames are close to each other. Because of the limited timeframes, traders aren’t allowed to see the changes that took place, for example, several years ago, while TradingView allows its customers to see all the changes that had been conducted for a long time ago.

Final thoughts on choosing between TradingView and MT4

When it comes to choosing between the two mentioned platforms, it’s hard to have one concrete answer. As you’ve already seen, both TradingView and MT4 have their pros and cons.

Both of these platforms are great options for traders as they offer numerous services. In fact, there are many traders who are using both of these platforms at the same time. Some people believe that TradingView is an amazing charting solution, while MT4 is a leading trading platform.

At the end of the day, it’s all up to you to choose the more suitable platform for you. To understand which one is a better choice for you, you might need to understand your wants and needs in this market.

Frequently Asked Questions on TradingView vs MT4