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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. 

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.

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.

Key Characteristics of Interactive Brokers and MT4

FeatureInteractive BrokersMT4
Platform TypeBrokerage PlatformCharting and Trading Software
Tradeable AssetsStocks, ETFs, Mutual Funds, Options, Futures, Futures Options, Crypto, BondsNot a broker
Charting FeaturesDownloadable desktop platforms, web platform, mobile appFree charting platform
DataMust buy real-time dataDepends on broker
Premium PricingNo premium featuresFree, just connect a broker

Who is Interactive Brokers 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.

Who is MT4 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.

Trading Features and Tools

FeatureInteractive BrokersMT4
DRIPYes, but with feesNot a broker
Margin TradingYesNot a broker
InsuranceSIPC InsuredNot a broker
Mobile AppYesYes

Trading Costs and Commissions Compared

Fee TypeInteractive BrokersMT4
Equity CommissionFreeNot a broker
Option Commission$0.65 per contractNot a broker
Futures Commission$0.85 per contract, $0.25 microNot a broker
Futures Options Commission$0.85 per contract, $0.25 microNot a broker
Option Exercise FeeNoneNot 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

If you sign up for a TradingView account using my affiliate link, you can get a 30-day free trial of its premium features plus a $15 credit toward your subscription. However, signing up for a free trial is not required, and you can use nearly all of its features with a basic free account. You can read my full review of TradingView to learn more. 

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