Millions open accounts each year, indicating that internet trading is becoming increasingly popular. FX attracts the majority of new retail traders, owing to the low initial capital requirements and market availability 24/5.
Demand has remained high as a result of the growth of the cryptocurrency sector. Many new platforms have emerged as a result of this, allowing investors to make transactions, appraise markets, replicate portfolios of more experienced traders, and so on.
The usefulness of a broker’s platform will determine how popular it becomes. A trader may determine which platform is the fittest for their needs by comparing the capabilities provided on the platforms.
cTrader
Spotware Systems Ltd invented cTrader, an FX online trading platform, to provide brokers with a complete solution. It offers fast entry and execution, level II pricing, a wide range of orders, asynchronous order processing, and increased order protection. You can construct robots with cTrader Automate, an all-in-one, efficient, and user-friendly algorithmic solution.
The First™ technique is used by cTrader, which allows the platform to respond to market needs while being transparent and fair. As a result, the platform is used by top-tier brokers, and millions of traders throughout the world trust it. In 2018, the Finance Magnates London Summit Awards recognized cTrader as the Best FX platform.
Features
Charts: It has three modes: single, multi, and free, each of which may be used to obtain distinct visualizations of market patterns according to the user’s preferences.
Market depth features: It offers three different perspectives of market depth: standard depth, price depth, and VWAP depth. The features aid in monitoring market liquidity at various prices, allowing them to make more exact entries.
cAlgo (cBots): The algorithmic tool allows to build robots for trade execution, customer indicator development, strategy execution, and backtesting. ; however
Indicators and Timeframes: cTrader provides a wide range of indicators, for example, Bollinger bands. It also provides a variety of timeframe options.
MT4
MT4 is one of the most widely used systems today and is often regarded as the industry standard. Metaquotes created MT4, which is primarily an FX platform. MT4 may be directly downloaded and used, or it can be licensed to online brokers who then make it available to their consumers. The program is compatible with Windows operating systems in its conventional form, although some online brokers provide a customized version of MT4 that can function on iOS devices. MT4 is frequently used for margin trading, allowing users to trade FX markets with leverage. It also supports automatic order execution using computer programs built-in MT4’s proprietary MQL4 language. The platform offers a lot of versatility when it comes to creating indicators and using tools, allowing the user experience to be customized to the specific demands of each trader.
Features
Multiple languages: MT4 is used in a variety of nations due to its extensive appeal.
Customizable: The MT4 platform allows brokers and users to customize the platform to include the tools, markets, and indicators that they desire.
Charts: The platform delivers outstanding market data visualization through a variety of chart formats that traders may choose from based on their preferences.
Communication: MT4 enables a direct chat link between the trader and the broker, allowing the trader to get immediate assistance.
Expert Advisors: Expert Advisors in MT4 allow for robot-based, algorithmic trading (EAs). These technologies may make deals on behalf of consumers and can be customized to suit their needs.
Similarities
- Both platforms are designed for FX and CFDs, not stocks, options, or bonds.
- Both MT4 and cTrader include web-based versions that may be accessed from Windows PCs, mobile devices, and other computers.
- Trading robots are allowed on both platforms for algorithmic trading. MT4’s MQL4 programming language allows to create and set up expert advisors, whereas cTrader’s cAlgo lets traders create robots to execute trades, develop custom indicators, conduct strategies, or backtest.
- One-click trading and trading immediately from charts are available on both platforms.
Head to head comparison
Flexibility and customization
In cTrader, the flexibility for customizing indicators is limited. MT4 includes a number of tools that allow the platform to be fully customized, with or without programming knowledge.
Support for auto-trading features
MT4 has Expert Advisors for auto-trading that are simple to use, configurable, and suitable for both beginner and experienced traders. cAlgo is a C#-programmable alternative to cTrader. However, for its auto-trading features, MT4 is still largely regarded as having the best-in-class support functionalities. Furthermore, because MT4 has such a large online community, users will have an easier time finding help for this platform on the internet, whereas support for cTrader’s auto-trading may be restricted.
Market depth functionality
cTrader offers three options for market depth analysis that are standard depth, price depth, and VWAP depth. However, there is just one market depth function available in MT4. cTrader outperforms MT4 in terms of providing a complete view of market depth.
User interface
cTrader’s user interface is recognized for being smooth, clean, and intuitive. Though the popularity of MT4 is unrivaled, the cTrader platform might potentially outperform it in terms of user interface and convenience of use. This, of course, will be dependent on the trader. The ease of use that comes with cTrader is likely to appeal to novice traders.
Summary
Which one is better for FX? While both systems have their advantages and disadvantages, cTrader has greater software technology and more advanced tools than the basic MT4 platform. cTrader features a modern user interface and tools that cater to day traders and scalpers, but the MT4 platform, with its large community dedicated to the creation of EAs, provides a superior alternative for automated trading. Beginners usually use MT4 due to its simplicity and limited functionality, however more experienced traders would likely want the additional things, for example, indicators, that are featured in cTrader.
