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
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
Numerous Languages
Since it is used widely, the platform is offered in numerous languages, which makes it easier to access for non-English speakers.
Charts
MT4 offers great visualization of market data via different charts.
Expert Advisors
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.
Communication
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
- Charting
The user interface is quite simple to use. Its ease of use gives it an edge for more complex platforms.
cTrader Main Features
Charts
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.
Market Depth
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.
cBots
Similar to the MT4 Expert Advisors, cTrader offers algorithmic trading known as cAlgo. The tool is based on the 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?
UI
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.
Customization
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.
Summary
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.