MT4 vs. Tradovate – A Detailed Comparison
Discover our detailed comparison of MT4 and Tradovate 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 Tradovate across the internet and compiled it all in this article.
- Low futures commissions
- Integrate with TradingView
- Advanced charting tools
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 Tradovate
Tradovate is a futures trading brokerage platform with competitive pricing and trading tools. You can buy commission plans to reduce your commission rates and trade micro contracts for less than a few hundred dollars. It also has decent charting tools with advanced indicators like the volume profile, but I would still prefer TradingView’s charting.
✓ Low futures commissions
✓ Integrate with TradingView
✓ Advanced charting tools
Tradovate is Best For
Tradovate is best for those looking to trade futures with low commissions, especially if you trade enough to justify a monthly fee to lower your rates. However, Tradovate is primarily only for futures, so it is not for those looking to branch out into other assets like stocks and ETFs.
Key Characteristics of MT4 and Tradovate
| 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 |
| Tradovate | Futures Brokerage Platform | Futures, Futures Options, Forex | Charting platform with subscription fee including volume and market profile | Real-time data with funded account | $99 per month or $1,499 lifetime for reduced commissions |
Trading Features and Tools
| Platform | DRIP | Margin Trading | Insurance | Mobile App |
|---|---|---|---|---|
| MT4 | Not a broker | Not a broker | Not a broker | Yes |
| Tradovate | No equity | Yes | Not insured | Yes |
Trading Costs and Commissions Compared
| Fee Type | MT4 | Tradovate |
|---|---|---|
| Equity Commission | Not a broker | No equity |
| Option Commission | Not a broker | No equity options |
| Futures Commission | Not a broker | $1.29 per contract, $0.35 micro |
| Futures Options Commission | Not a broker | Not specified, likely the same as regular futures |
| Option Exercise Fee | Not a broker | None |
MT4 vs Tradovate – Bottom Line
Choosing between MT4 and Tradovate 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
- Track all Markets
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