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. 

MT4
  • Integrates with various brokers
  • Comprehensive analytical tools
  • Algo trading features
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Schwab
  • thinkorswim charting tools
  • Best overall investing platform
  • Banking and investing options
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Overview of MT4

MT4

  • Integrates with various brokers
  • Comprehensive analytical tools
  • Algo trading features

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.

MT4 Image

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

Schwab

  • thinkorswim charting tools
  • Best overall investing platform
  • Banking and investing options

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.

Schwab Image

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

Provider Platform Type Tradeable Assets Charting Features Data Premium Pricing
MT4 Visit Site Charting and Trading Software Not a broker Free charting platform Depends on broker Free, just connect a broker
Schwab Visit Site 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

Provider DRIP Margin Trading Insurance Mobile App
MT4 Visit Site Not a broker Not a broker Not a broker Yes
Schwab Visit Site Yes, no fees Yes SIPC/FDIC Insured Yes

Trading Costs and Commissions Compared

Fee Type MT4 Visit Site Schwab Visit Site
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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