MT4 vs. Schwab – A Detailed Comparison
Discover our detailed comparison of MT4 and Schwab to help determine which is best for you. Whether you’re a seasoned trader or just starting out, choosing the right platform can significantly impact your trading experience.
To make your research easier, we manually found key data for MT4 and Schwab across the internet and compiled it all in this article.
- thinkorswim charting tools
- Best overall investing platform
- Banking and investing options
Overview of MT4
Meta Trader 4 (MT4) is a charting platform that is mostly used by Forex traders. You can also chart stocks and other assets depending on which broker you connect.
✓ Integrates with various brokers
✓ Comprehensive analytical tools
✓ Algo trading features
MT4 is Best For
MT4 is best for those who already have a broker tha is compatible with it. Otherwise, there are much better charting platforms like TradingView or TrendSpider.
Overview of Schwab
Charles Schwab is a well-established brokerage firm known for its wide range of investment products and services. Schwab also provides a user-friendly online platform and mobile app, along with educational resources to help clients make informed investment decisions. Additionally, they offer banking services, retirement accounts, and access to financial advisors.
✓ thinkorswim charting tools
✓ Best overall investing platform
✓ Banking and investing options
Schwab is Best For
Schwab is a great brokerage for long-term investors and active traders alike. With its recent acquisition of TD Ameritrade and the thinkorswim platform, Schwab is suitable for anybody looking to trade and invest in the stock market.
Key Characteristics of MT4 and Schwab
| Platform | Platform Type | Tradeable Assets | Charting Features | Data | Premium Pricing |
|---|---|---|---|---|---|
| MT4 | Charting and Trading Software | Not a broker | Free charting platform | Depends on broker | Free, just connect a broker |
| Schwab | Brokerage Platform | Stocks, ETFs, Mutual Funds, Options, Index Options, Futures, Futures Options, Bonds | thinkorswim platform | Real-time data with funded account | No premium features |
Trading Features and Tools
| Platform | DRIP | Margin Trading | Insurance | Mobile App |
|---|---|---|---|---|
| MT4 | Not a broker | Not a broker | Not a broker | Yes |
| Schwab | Yes, no fees | Yes | SIPC/FDIC Insured | Yes |
Trading Costs and Commissions Compared
| Fee Type | MT4 | Schwab |
|---|---|---|
| Equity Commission | Not a broker | Free |
| Option Commission | Not a broker | $0.65 per contract |
| Futures Commission | Not a broker | $2.25 per contract |
| Futures Options Commission | Not a broker | $2.25 per contract |
| Option Exercise Fee | Not a broker | None |
MT4 vs Schwab – Bottom Line
Choosing between MT4 and Schwab depends on your specific trading needs, preferred trading tools, and the type of assets you’re interested in.
Both platforms offer distinct advantages, but by considering the detailed comparison above, you can select the one that aligns best with your trading strategy and goals.
For more detailed reviews and comparisons, continue exploring our other articles on brokerage platform comparisons.
What is the Overall Best Charting Software?
I have reviewed and used nearly every trading platform available, and I believe that TradingView is the best overall charting software available. Here are some reasons why:
- All of TradingView’s key features are free to use
- TradingView provides real-time data for free whenever possible
- You are not tied to a single broker and can use whichever you want while charting on TradingView
- You can track all markets on a single platform, including stocks, ETFs, crypto, forex, and futures.
- TradingView has an excellent economic calendar and various screeners
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