The MT4 and TradingView are well-known platforms to Forex & Crypto traders. Some traders use both platforms simultaneously. MT4 works mainly for Forex trading while TradingView can be used by Forex and Crypto traders.
A few traders tell you that they prefer TradingView for charting, and others are most comfortable with the MT4 platform. MT4 is the most popular platform, almost 95% of traders still use it today because it gives you full control of your money, your assets, and the trading environment.
Both trading platforms are great, however, if some traders want to try something new, If you’re considering trading with a sleek interface, advanced charting features, social networking, and more, then you may need to check our TradingView. If this is what you’ve been considering, I’ll show you how to switch from MT4 to TradingView.
By using a Forex VPS, traders can trade more efficiently and accurately. A Forex VPS is a Virtual Private Server that is used to host MT4 trading platforms. This allows for faster order execution and lower slippage.
Slippage is the difference between the price you expect to pay for a trade and your actual price. By using a Forex VPS, you can avoid this problem altogether
Key Takeaways
• MT4 is a direct connector to the market as long as you’ve registered with a broker.
• TradingView is a bit more modern and has better-charting abilities.
• TradingView also has a lot more indicators, timeframes, and other tools needed to make accurate analyses and predictions.
• Unlike MT4, TradingView does not have a direct connection to the live markets.
• TradingView combines real-time charts, technical indicators, cross-platform alerts, and a social network.
So what is MT4? What is TradingView? And how can you switch from MT4 to TradingView?
MT4
MetaTrader 4 is one of the best-known trading platforms in Forex trading. It was created by a very famous and well-known Russian company called MetaQuotes in 2005. Over the last 15 years, MetaTrader 4 has become very popular among traders.
MT4 is strictly for forex trading and hasn’t evolved beyond that. If you want to expand into stock trading, crypto trading, or CFDs then MT4 is not suitable for use.
TradingView
TradingView was released in June 2012 as a social platform for active traders and featured its scripting language that allows users to customize charts and indicators. It continues to be a popular choice among active traders and financial software companies because of its versatility.
Users can learn new concepts, research market fluctuations, and possible chart outcomes, collaborate with other traders, chat, ask questions, and practice trades with the TradingView platform on any device.
How To Switch from MT4 To TradingView
So how do you switch from MT4 to TradingView?
To switch from MT4 to TradingView, you will have to set up an account with Tradingview which will take just a few minutes. You don’t need to download any programs or sign up for a broker, as you might have done with MT4.
So to open an account, head over to the TradingView website. Then click on the icon at the top right and click on the “Get Started” button.
Next is to set up the type of account you want whether it’s the free basic account or the pro or other accounts. Then enter your personal information. After signing up, an email confirmation request will be sent to your inbox. After confirming, simply login to begin looking at charts and analyzing prices.
Frequently Asked Questions (FAQs)
Is TradingView for me?
TradingView is for you if:
- You have a decent account size.
- You trade in different markets.
- You’re a swing or position trader.
Is TradingView free to use?
With TradingView, anyone can sign-up and use it for free even if you don’t have a broker account connected to it yet.
This makes TradingView much better for beginners as you can play around with it, paper trade, observe other traders, and generally learn the ropes without any commitment.
You can use the Basic version of TradingView for free for as long as you but if you sign-up for the paid plans, the main advantage is you get faster information, more charts, time frames, instruments, etc.
What are the advantages TradingView has over MT4?
- One of the biggest advantages is the available indicators that traders can use. For example, MT4 has around 40 indicators, with others that can be bought from other traders that made them themselves, while TradingView has hundreds.
- Other differences between MetaTrader 4 and TradingView include things such as accessibility. MT4 usually requires a person to register with either a broker or the software company that made the platform, while TradingView is freely available online, but it does have a paid version that unlocks new features.
Despite these advantages, there is no need to make a choice on which one to use. Traders can simply use both MT4 and TradingView together. They could simply do their charting work on TradingView and then place trades over on MT4. It is one of the most common ways people trade nowadays.
What are the pros of using TradingView?
- TradingView friendly community
- No registration to check it out
- Almost every instrument is available in TradingView compared to other similar platforms like MT4
Which platform is best for a beginner – MetaTrader vs TradingView?
Both TradingView MT4 platforms have sufficient tools and features that would be enough for a beginner trader. The difference is whether you as a trader are ready to register with a Forex broker.
The only difference between MT4 and TradingView from a beginner’s standpoint is how available it is. An MT4 platform requires you to be registered with a broker, while TradingView can be accessed freely.
Why is MT4 more popular?
When we compare TradingView to MT4, MT4 is more popular because it is directly connected to the financial markets. Thanks to almost every single Forex broker featuring this software, it got very popular in the past and continues to do so today.
However, many would say that the only reason why MT4 is so popular is that it was one of the first software types. Many traders are currently trying to find better options with more modern platforms.
Will I require a strong device to run these platforms?
No. When it comes to system requirements, MetaTrader 4 and TradingView have nothing to compete on.
TradingView is a web-based application so in most cases it is all about your internet connection to have a perfect experience. MT4 is a pretty old piece of software that is not too heavy, so every device is strong enough to handle it.
Does Tradingivew have an App for Download?
Yes, it does!
It’s free to download and contains all the same features as the web-based platform; view charts, conduct analysis, and interact with other traders all from your device. It’s available for both android and IOS. Just head over to the respective store on your phone or tablet and download it.
SEE ALSO: How Bar Replay Works on TradingView
Final Thoughts
Whether you’re into active trading or just curious about what the market is doing from time to time, TradingView is an excellent tool to use for researching, charting, and screening your favorite stocks.
You get a ton of research tools for free right on the home page, and with a basic account, the avid beginner can practice charting and mock trading for free before placing trades at their favorite brokerage.
With all the free tools available on TradingView, I think this software is worth the try.
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