Interactive Brokers vs. MT4 – A Detailed Comparison
Discover our detailed comparison of Interactive Brokers and MT4 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 Interactive Brokers and MT4 across the internet and compiled it all in this article.
- Advanced order types
- Best for automated trading
- Low options commissions
Overview of Interactive Brokers
Interactive Brokers (IBKR) is a well-established brokerage firm founded in 1978, known for providing advanced trading and investing services to a diverse clientele, including individual investors, institutions, and professional traders. IBKR offers competitive pricing for options and futures, but lacks when it comes to charting and ease of use.
✓ Advanced order types
✓ Best for automated trading
✓ Low options commissions
Interactive Brokers is Best For
Interactive Brokers is best for advanced traders who prefer to automate their trading strategies. IBKR is far from beginner-friendly, as the platforms are advanced and require some technical knowledge to utilize effectively. If you are looking for a modern, easy-to-use investing platform, IBKR is not your best option.
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.
Key Characteristics of Interactive Brokers and MT4
| Platform | Platform Type | Tradeable Assets | Charting Features | Data | Premium Pricing |
|---|---|---|---|---|---|
| Interactive Brokers | Brokerage Platform | Stocks, ETFs, Mutual Funds, Options, Futures, Futures Options, Crypto, Bonds | Downloadable desktop platforms, web platform, mobile app | Must buy real-time data | No premium features |
| MT4 | Charting and Trading Software | Not a broker | Free charting platform | Depends on broker | Free, just connect a broker |
Trading Features and Tools
| Platform | DRIP | Margin Trading | Insurance | Mobile App |
|---|---|---|---|---|
| Interactive Brokers | Yes, but with fees | Yes | SIPC Insured | Yes |
| MT4 | Not a broker | Not a broker | Not a broker | Yes |
Trading Costs and Commissions Compared
| Fee Type | Interactive Brokers | MT4 |
|---|---|---|
| Equity Commission | Free | Not a broker |
| Option Commission | $0.65 per contract | Not a broker |
| Futures Commission | $0.85 per contract, $0.25 micro | Not a broker |
| Futures Options Commission | $0.85 per contract, $0.25 micro | Not a broker |
| Option Exercise Fee | None | Not a broker |
Interactive Brokers vs MT4 – Bottom Line
Choosing between Interactive Brokers and MT4 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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- Advanced Charts
- Real-Time Data
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