These are two platforms that really stand out in today's world of online trading. Choosing between the two might be hard in case you are just an amateur or if you are an experienced trader. Both are as powerful tools as they come, but both apparently have their unique strengths and best-use-case scenarios. Now, which one would you go with? Let's break it down in simple terms.
MetaTrader is the most widely used trading platform among forex and CFD traders. It consists of two versions, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Whereas MT4 mostly inclined toward forex trading, MT5 caters to all kinds of financial instruments, including equities, commodities, and futures.
MetaTrader is popular because of its great technical analysis tools, customizable charts, and automated trading through Expert Advisors (EAs). It is more appreciated by traders who like direct holding control and wish it to be all customizable.
TradingView's app takes a web app approach in combining the social aspect of trading alongside social charting. It is the darling of all traders across different markets, be it stocks, foreign exchange, crypto, or commodities.
TradingView provides highly customizable and beautiful charts that work really well on every device. TradingView isn't just beautiful charts; it is a highly dynamic community where traders share their ideas, tips, strategies, and analyses. Apart from that, the site allows the setup of alerts, backtest strategies, and automated trades when linked to brokers or some tools like MetaConnector.
1. User Interface and Experience
TradingView shines through with a contemporary, clean, and highly configurable interface. It's browser-based—you don't need to download anything. In contrast, MetaTrader appears rather archaic but brings a more "serious" environment to professional traders.
2. Analytical Tools
Both provide almost the same great charting and technical analysis tools. However, TradingView carries a much broader domain of indicators and drawing tools as well as scripting options through Pine Script. MetaTrader's instruments may be a little more rigid but are highly appropriate for a forex-oriented trader.
3. Automated Trading
Last but not least, MetaTrader makes every trading bot really easy since it brings along the support of EAs. It is great for automated trading. It's also possible to automate TradingView through an additional service like the MetaConnector to bridge TradingView alerts and actual execution in MetaTrader.
4. Connect to a Broker
MetaTrader directly connects brokers to trade very easily. There is some broker integration in TradingView, but it is still more for analysis than for direct trading unless through bridges such as MetaConnector.
5. Community and Sharing
The TradingView community is probably the strongest feature of this charting software. You learn from others, share your ideas, and get instant feedback on them. MetaTrader has no in-built community, although many forums outside the platform benefit from it.
6. Accessibility
TradingView allows users to use any browser or mobile device without installing anything. MetaTrader requires downloading desktop software, although it can also be used from mobile apps.
Choosing between MetaTrader and TradingView depends on your needs:
Both MetaTrader and TradingView are excellent platforms, and there can be no single winner. Ultimately, it depends on your trading style and goals. It also depends on what kind of user experience you want.
If you care about automated trading or need a direct broker connection, choose MetaTrader. TradingView is for learning from a community, beautiful market analysis, and accessing your charts anywhere.