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MT4 vs. tastytrade – A Detailed Comparison

Discover our detailed comparison of MT4 and tastytrade 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 tastytrade 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 tastytrade

tastytrade is a brokerage platform built for active traders, especially options traders. It was founded by Tom Sosnoff, who also founded the thinkorswim platform. Sosnoff recently sold tastytrade to IG, and is still the main host of his financial education company tastylive.

Key Characteristics of MT4 and tastytrade

FeatureMT4tastytrade
Platform TypeCharting and Trading SoftwareBrokerage Platform
Tradeable AssetsNot a brokerStocks, ETFs, Options, Index Options, Futures, Futures Options, Crypto, Bonds
Charting FeaturesFree charting platformDownloadable desktop platform and web app
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 tastytrade Best For?

tastytrade is best for active traders, especially those who want a high tier margin account and low fees for futures and options trades. The platform is also great for regular investors with features like fractional shares. Additionally, you can trade cryptocurrency on the platform.

Trading Features and Tools

FeatureMT4tastytrade
DRIPNot a brokerYes, no fees to enable, but clearing fee to sell fractional shares
Margin TradingNot a brokerYes
InsuranceNot a brokerSIPC Insured
Mobile AppYesYes

Trading Costs and Commissions Compared

Fee TypeMT4tastytrade
Equity CommissionNot a brokerFree
Option CommissionNot a broker$1 to Open, Free to Close
Futures CommissionNot a broker$1.25 per contract, $0.85 micro, $0.25 smalls
Futures Options CommissionNot a broker$2.50 per contract, $1.50 micro
Option Exercise FeeNot a broker$5 fee

MT4 vs tastytrade – Bottom Line

Choosing between MT4 and tastytrade 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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