Today several trading platforms allow users to execute trades, copy portfolios from experts, evaluate market conditions, and much more. Comparing platforms makes it possible to evaluate which is the best for each trader. Some of the two most popular platforms are MT4 and cTrader. Here is a comparison of the two platforms.
MT4 is one of the most popular trading platforms available today. It is primarily used for forex trading. The platform runs on Windows OS although some online brokers have customized it to allow for running on iOS.
Benefits of Using MT4
Since it is used widely, the platform is offered in numerous languages, which makes it easier to access for non-English speakers.
MT4 offers great visualization of market data via different charts.
MT4 supports algorithmic trading via EA. The tools can execute trades automatically on behalf of users can be configured base on their preferences. This is great for traders with limited time.
MT4 offers a direct chat link between brokers and traders, which gives traders access to the right support.
The cTrader Platform
cTRader is a platform used for forex trading. It was developed by Spotware Systems Ltd and is designed for ECN brokers. Since its launch, numerous ECN brokers have adopted it. The platform offers two main functions:
- Order execution
The user interface is quite simple to use. Its ease of use gives it an edge for more complex platforms.
cTrader Main Features
It comes with three chart modes – single, multiple, and free charts. This can be used for different visualizations of market trends, according to the user’s preferences.
cTrader offers three views of market depth – standard, price, and VWAP depth. This helps the trader to track market liquidity at different price points, helping them make better price entries.
Similar to the MT4 Expert Advisors, cTrader offers algorithmic trading known as cAlgo. The tool is based on C# language and .NET framework.
Timeframes and Indicators
There is a huge array of indicators for analyzing market data. There are also numerous timeframe options, which include the normal 1/5/15 minutes.
How do cTrader and MT4 Compare?
cTrader is smooth, uncluttered, and intuitive. Though MT4 is more popular, cTrader’s UI is superior in some aspects. Novice traders are likely to prefer cTrader.
Algorithm Trading Support
Both of these platforms offer algorithm trading. However, MT4 is considered to offer more functionality than cTrader. Besides that, due to the popularity of MT4, it is easier to find support online.
cTrader offers lower flexibility when it comes to customizing indicators. For instance, users cannot customize programs and indicators when using cTRader. MT4 offers numerous tools for customization, whether users have a good understanding of programming or not.
Both of these platforms have their strengths. However, cTRader outshines MT4 when it comes to newbies due to its simple user interface. It also comes with numerous functions such as multiple indicators and timeframes. In general, cTrader offers some major competition to MT4 when it comes to automated trading.