MetaTrader 4 shipped in 2005 and still runs on a netting account model: one net position per symbol, no separate tickets for a buy and a sell on the same instrument. MetaTrader 5, from 2010, added hedging mode, more timeframes, market depth and a multi-threaded strategy tester, and MetaQuotes has steadily pointed new licensees toward MT5 or a white-label arrangement rather than a fresh MT4 server. A firm still running MT4 is not doing anything wrong. It is running an older platform from the same vendor that already built its successor.
This list is for firms deciding what comes next: staying on MT4, moving to MT5, or picking something else entirely. We build eTrader, so it is our recommended starting point, and we say so openly, with eTrader's own trade-offs stated plainly further down.
| Platform | Made by | Hedging or netting | Why leave MT4 for it |
|---|---|---|---|
| eTrader | SGHK | Hedging | Whole stack in one platform, nothing for the firm to host |
| MetaTrader 5 | MetaQuotes | Both modes, set per account | Newer engine from the vendor you already know |
| cTrader | Spotware | Hedging | Depth of market, C# automation |
| DXtrade | Devexperts | Hedging | A white-label terminal the firm brands as its own |
| Match-Trader | Match-Trade Technologies | Hedging | Platform, client office and payments in one package |
| TradeLocker | TradeLocker | Hedging | TradingView charts inside the terminal |
| TradingView | TradingView | Not applicable | Charting layer to pair with whichever platform you pick |
1. eTrader
eTrader is a full platform rather than a single terminal: native apps for iPhone, Android and Mac and a full trading terminal in any browser, one account across all of them. The firm side is where it differs most from MT4. The eTrader price feed comes with the platform, about 580 instruments with years of history, so a firm can go live without a separate data deal. MAM / PAMM and copytrading are native, robots run in eTrader's own language, Tide, in the cloud rather than on a VPS, and the eTrader Dealing Desk handles A-book, B-book and hybrid routing. SGHK hosts it and the firm manages it, with nothing for the firm to host.
The honest trade-offs: eTrader is the newest platform on this list, its third-party library of indicators and robots is smaller than MetaTrader's, and a robot built for MT4 has to be rewritten in Tide rather than imported. The Windows desktop app is on the way; Windows traders use the browser terminal for now.
2. MetaTrader 5
The most direct move off MT4 is to MT5, both from MetaQuotes. MT5 adds hedging and netting modes set per account, more timeframes, market depth and a multi-threaded strategy tester, and keeps the trader base and the MQL5 Market a firm already benefits from on MT4. It does not remove the licensing dependency on one vendor, and a firm still assembles a bridge, a CRM, a feed and risk plugins around it the way it did on MT4.
3. cTrader
cTrader, from Spotware, gives a firm hedging by default, Level II depth of market and algorithmic trading in C# through cTrader Algo, plus cTrader Copy for copy trading. It runs on Windows, Mac, the web, iOS and Android. It is mostly used for FX and CFDs, and a firm still sets up its CRM, liquidity and risk tools around it.
4. DXtrade
Devexperts sells DXtrade as a white-label platform the firm brands as its own, an option MT4 firms without their own developer accounts often had not considered. Many prop firms added it during the 2024 platform shuffle. A firm still combines it with its own CRM and payment stack.
5. Match-Trader
Match-Trade Technologies packages Match-Trader with a client office, payments and prop firm tools in one B2B deal. For a firm that wants one vendor for the platform and back office rather than a bridge stack, it is a genuine alternative to piecing MT4 tools together.
6. TradeLocker
TradeLocker built its terminal around TradingView charts and a built-in risk calculator that sizes a position from the risk in money or percent, a different interface from MT4's for discretionary traders who already chart on TradingView. TradeLocker itself says it is newer than MetaTrader and cTrader and that its automation tooling is still growing.
7. TradingView
TradingView is a charting platform and trading community with Pine Script, not a platform a firm runs its trading book on. Brokers on MT4 or any other platform integrate with it so clients can chart there, alongside the platform that actually executes their orders.
Moving off MT4 without losing your traders
The MQL4 library is the real switching cost. Robots and indicators written in MQL4 do not run on MT5, cTrader, DXtrade, Match-Trader, TradeLocker or eTrader without a rewrite, in eTrader's case into Tide. Ask any vendor two questions before you commit: what happens to open positions during a migration, and how much of your current robot library survives the move. Our guide to indicators versus expert advisors is a useful primer if you have not weighed that trade-off before.
SGHK's Broker CRM and Prop Firm CRM connect in one click to MetaTrader 4, MetaTrader 5, cTrader, DXtrade, NinjaTrader, Match-Trader and TradeLocker as well as eTrader, so a firm can run a new platform next to its existing MT4 servers rather than migrating everyone at once.
"Nobody has to leave MT4 overnight. Run the new platform next to it, prove it with real clients, then decide."
— The SGHK Team
Key Takeaways
- MT4 is netting-only and from 2005; MT5 adds hedging, depth of market and a faster strategy tester from the same vendor.
- eTrader, cTrader, DXtrade, Match-Trader and TradeLocker are the platforms firms most often add alongside or instead of MT4.
- MQL4 robots do not run on any of these platforms without a rewrite; check what your traders actually depend on before you move.
- eTrader's real trade-offs: newest platform here, smaller third-party library, robots rewritten in Tide.
Frequently Asked Questions
What is the best alternative to MT4 for a new firm?
For a firm starting fresh, we recommend eTrader: the price feed, dealing desk, MAM / PAMM and copytrading are already built in, and the Broker CRM or Prop Firm CRM connects to it from day one. A firm whose traders depend on MQL4 robots usually keeps MT4 or MT5 running alongside it.
Should we move straight to MT5 instead of a different platform?
MT5 keeps you with the vendor you know and adds hedging, depth of market and a faster strategy tester, but it does not reduce dependence on one vendor's licensing terms, which is the reason many firms also run a second platform.
Do MT4 robots work on eTrader?
Not directly. eTrader robots are written in Tide, so an MQL4 robot has to be rewritten. The eTrader Code editor flags mistakes as the trader types and backtests on the firm's real price history.
Can we run MT4 and a new platform at the same time?
Yes. SGHK's Broker CRM and Prop Firm CRM connect to MetaTrader 4, MetaTrader 5, cTrader, DXtrade, NinjaTrader, Match-Trader and TradeLocker as well as eTrader, so one CRM runs both.
Is DXtrade or Match-Trader closer to what MT4 offers?
Neither is a direct copy. DXtrade is a white-label terminal a firm brands as its own; Match-Trader bundles the platform with a client office and payments. Both use hedging accounts, unlike MT4's netting model.
About SGHK
SGHK is a FinTech company that designs and builds its own software for the trading industry: the eTrader trading platform, Launch your Broker and Launch your Prop Firm. Every product is written, hosted and supported in-house and licensed to trading firms, with the CRMs branded to them, all hosted by us in the cloud, managed by each firm and built to scale across clustered servers as our clients grow. Everything is encrypted, and each firm is the only one with access to its data and its clients' data.