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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. 

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 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.

Key Characteristics of MT4 and Tradovate

FeatureMT4Tradovate
Platform TypeCharting and Trading SoftwareFutures Brokerage Platform
Tradeable AssetsNot a brokerFutures, Futures Options, Forex
Charting FeaturesFree charting platformCharting platform with subscription fee including volume and market profile
DataDepends on brokerReal-time data with funded account
Premium PricingFree, just connect a broker$99 per month or $1,499 lifetime for reduced commissions

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 Tradovate 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.

Trading Features and Tools

FeatureMT4Tradovate
DRIPNot a brokerNo equity
Margin TradingNot a brokerYes
InsuranceNot a brokerNot insured
Mobile AppYesYes

Trading Costs and Commissions Compared

Fee TypeMT4Tradovate
Equity CommissionNot a brokerNo equity
Option CommissionNot a brokerNo equity options
Futures CommissionNot a broker$1.29 per contract, $0.35 micro
Futures Options CommissionNot a brokerNot specified, likely the same as regular futures
Option Exercise FeeNot a brokerNone

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

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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