MT4 vs. cTrader
With today's advanced technology, many new trading platforms have been made that let users make trades, analyze markets, copy the portfolios of more experienced traders, and do a lot more. How popular a broker's platform becomes depends on how easy it is to use and how well it works. By comparing the trading features on the different platforms, a trader can figure out which one is best for them.
This article will talk about how the two most popular Forex trading platforms, MT4, and cTrader, are the same and how they are different.
MetaTrader 4
MetaTrader 4 (MT4) is one of the most popular platforms you can use right now, and it is the standard in the industry. Even MT5, the most recent version of MetaTrader, hasn't been as popular as its predecessor, but there are signs that this is starting to change. Metaquotes made MT4 a trading platform for Forex.
The platform can be downloaded and used directly, but more often, it is licensed to online brokers, who then make it available to their customers. The standard version of the software works with Windows operating systems.
However, some online brokers offer a customized version of MT4 that can run on iOS systems. People often use MT4 for margin trading, which gives them more access to the Forex markets.
It also lets computer programs written in the MQL4 language, which is unique to MT4, handle automatic order execution. The platform has a good amount of flexibility when it comes to creating indicators and using tools, so each trader can make their own experience fit their needs.
MT4 comes with the following:
- Easy access to past and online data on currency pairs
- Quick online trading
- Different trading order recommendations
- Different ways to graph and shows
- various Time Frames
- Back-testing with data from the past
- Help for many languages around the world
- A lot of tools and indicators for technical analysis
- MQL4 is a programming language that can be used to make or import custom systems, alarms, indicators, codes, and scripts (Expert Advisor – EA).
MT4 Pros:
- Huge community
- proven over time and dependable
- Great for trading EAs and VPSs
- The most popular trading platform
MT4's flaws:
- Many readers say that customer service is bad.
- problems with software
- MT4 does not support cryptocurrency
cTrader
Spotware Systems Ltd., a fintech company that has won awards, made the cTrader Forex trading platform. The platform is best for use with Electronic Communication Network (ECN) brokers, and since its release, many ECN brokers, including Pepperstone, the market leader in Australia, have switched to it.
Users can use cTrader for two main things:
1) Order execution
2) Making maps.
The platform's user interface is clean, attractive, and easy to use. The screens are easy to use and are made in a way that makes sense, which gives cTrader an advantage over platforms with more features.
cTrader comes with the following:
- A large number of breaks in time
- Charts for tikis and points
- The TP and SL are automatically added to the open position.
- You can trade with just one click, and pending orders are easy to set up on the chart.
- Changing the position twice or backward with one click
- The ability to set the "break-even" point
- Support for custom indicators and strategies that run on their own
- Items can be copied from and to MT4.
- Setting up the server to store platform settings
- You can pick your own time zone.
- MQL-cAlgo converter
- cMirror: a service that lets investors copy the trades of other investors
CTrader Pros:
- New and simple to use
- Options to order in advance
Cons of cTrader:
- We need faster computers and faster Internet connections.
Conclusion
Both MT4 and cTrader have their pros and cons, but overall, cTrader has better software technology and more advanced trading tools than MT4. The cTrader platform has a cool user interface and tools that are more useful for day traders and scalpers.
On the other hand, the MetaTrader 4 platform is better for automated trading because it has a large community of people working on EAs.