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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. 

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.

Overview of Schwab

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.

Key Characteristics of MT4 and Schwab

FeatureMT4Schwab
Platform TypeCharting and Trading SoftwareBrokerage Platform
Tradeable AssetsNot a brokerStocks, ETFs, Mutual Funds, Options, Index Options, Futures, Futures Options, Bonds
Charting FeaturesFree charting platformthinkorswim platform
DataDepends on brokerReal-time data with funded account
Premium PricingFree, just connect a brokerNo premium features

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.

Who is Schwab 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.

Trading Features and Tools

FeatureMT4Schwab
DRIPNot a brokerYes, no fees
Margin TradingNot a brokerYes
InsuranceNot a brokerSIPC/FDIC Insured
Mobile AppYesYes

Trading Costs and Commissions Compared

Fee TypeMT4Schwab
Equity CommissionNot a brokerFree
Option CommissionNot a broker$0.65 per contract
Futures CommissionNot a broker$2.25 per contract
Futures Options CommissionNot a broker$2.25 per contract
Option Exercise FeeNot a brokerNone

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

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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