cTrader vs MT4: Which is better?

TutorialsApril 7, 2022

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What is cTrader? cTrader is a platform that helps investors trade on financial markets. cTrader belongs to one of the three hottest platforms today. It is ranked after MT4 and MT5. Each platform will have its convenience, so the same unit develops MT4 and MT5 so that they may have similarities, but cTrader is very different in how it works. So what is cTrader? What are the outstanding trading features? cTrader vs MT4: Which one is better? Let’s find out in the article below.

cTrader vs MT4: Which is better?

What is cTrader?

Like MT4, cTrader is also a platform for trading forex and CFDs on the forex market. cTrader is developed by Spotware Systems Ltd, specializing in providing technology solutions in the financial markets.

While cTrader’s presence is relatively new to trading platforms, it has already built a reputation among traders looking for fast execution speed and significant liquidity.

With ECN technology, if you want to experience the Ctrader platform, investors only need to take a relatively low commission cost and competitive Spread.

However, the number of brokers offering cTrader is less than MT4. Currently, only about ten brokers allow cTrader to be used for trading, such as FxPro, IC Markets, Pepperstone, or FIBOGroup…

Outstanding features of cTrader trading platform

Compared to MT4, cTrader has added a lot of tools to support chart analysis and additional features for making trading decisions:

  • 5 chart types and 26 timeframes
  • 70 different indicators
  • 20 drawing tools for technical analysis
  • Support 4 types of commands
  • Ability to save chart templates as MT4
  • Automate, or cBot features function as EAs on MT4.
  • Can price alarms directly on the chart
  • The quick one-click trading feature and sentiment indicator show the psychology and behavior of most investors in the market, helping traders refer to it for making trading decisions.
  • It is possible to partially close orders with the Advanced Take profit feature. This feature only works if your computer is on continuously.

Other outstanding features and tools:

  • Economic calendar

Of the two MetaQuote platforms, only MT5 has a built-in Economic Calendar, and cTrader also has this feature. However, if you are a new trader, you will find it a bit difficult to use this tool on cTrader because it is pretty different from the popular versions of the Economic Calendar in the market.

  • Market depth

cTrader Level II Market Depth shows the full range of execution prices coming directly from liquidity providers. The number of orders is fully filled in the order book with the corresponding volume.

  • Account Analysis

The Analyze tool has the function of analyzing all the trading history of the account, helping the trader statistic the trading performance. From there, plan more effective strategies in the future.

  • Copy Trade

This feature is no longer strange to investors in the forex market. With cTrader, an investor can become a strategy provider (Master) or a copyist (follower).

Pros and cons of cTrader

There will be limitations besides outstanding advantages with any trading platform, even MT4 or MT5. And cTrader software is no exception.

Advantages:

  • Fast execution speed: The cTrader server located at the LD5 IBX Equinix Datacenter, London, ensures that data is transferred at breakneck speeds. Combined with ECN technology, traders’ orders are matched the quickest and are not re-quoted.
  • Transparency in quotes: Spotware requires brokers using its platform to be associated with at least one liquidity provider (LP). The order matching will be matched directly with the LP without going through the broker. And, of course, the broker has no right to interfere with these prices.
  • High liquidity: With more than 50 well-known liquidity providers globally, cTrader always ensures high liquidity for clients’ trading orders, even when the market is volatile.
  • An ecosystem of tools and features to support analysis and trading is presented above.
  • Supports many different languages. In particular, the Vietnamese version is translated very closely and quite standardly with specialized terms.
  • Various devices: There is both a web version and a mobile app

Disadvantages:

  • No function to export historical price data like MT4/MT5
  • Do not backtest strategies, EAs like MT4
  • The ecosystem is not as rich as MT4 (Indicator, EA…)
  • Trading volume is calculated in units of the previous currency in a currency pair (for example, to buy 1 lot GBPUSD, you must enter 100000, and the unit is British pounds, that is, £100000). You have to be careful when trading currency pairs. For example, 1 lot of GBPUSD will be different from 1 lot of AUDUSD or 1 lot of USDJPY.

cTrader vs MT4: Which is better?

There are many similarities and differences between Meta Trader and cTrader. Suppose Meta Trader has a more professional interface, which many traders know. In that case, cTrader has a modern design, beautiful interface, and a clean layout that makes it easier for users to navigate. Both platforms offer a distinct range of tools and features.

Besides, what kind of platform to use depends on the broker you register to open a trading account. As you know, currently, only 10 brokers allow investors to use cTrader software. If your trading account does not belong to one of those brokers, you cannot use cTrader either.

Therefore, the most important thing is still to choose a reputable forex broker to open an account. If you want to trade on MT4, many brokers choose. Conversely, if you want to use cTrader, you must register for an account with one of the 10 brokers associated with Spotware. IC Markets is one of the most reputable brokers in the market. This forex broker offers both MT4 and cTrader platforms and MT5 platforms. If you want to experience both MT4 and cTrader software, you should open a trading account at this forex broker.

The forex investment process includes many different steps, in which choosing a trading platform is also a crucial step. To complete this step well, you need to experience all the features on the existing trading platforms on the market (MT4, MT5, cTrader, or any other proprietary trading software) to choose from. Find a platform that works best for you. You should open a Demo trading account or a Live account with a small deposit at a reputable forex broker to get the best experience.

Investiki.com

Read more: MT4

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