MT4 versus cTrader
Many new trading platforms have been created as a result of today's superior technology, allowing users to execute trades, appraise markets, clone portfolios of more experienced traders, and much more.
The popularity of a broker's platform is determined by its usability and functionality. Comparing the trading features available on the platforms allows a trader to choose which one is most suited to their needs.
This post will compare and contrast the two most popular Forex trading platforms, MT4 and cTrader.
MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is a prominent trading platform that is considered the industry standard. Even MT5, the most recent MetaTrader edition, has yet to eclipse the popularity of its predecessor, but there are signs that this is changing. Metaquotes' MT4 is primarily a Forex trading platform.
The platform can be directly downloaded and utilized, or it can be licensed out to online brokers, who then make it available to their consumers. The program in its conventional form is only compatible with Windows, however some online brokers offer a customized version of MT4 that can run on iOS devices.
MT4 is frequently used for margin trading, which allows users to have leveraged exposure to the Forex markets. It also supports automatic order execution through computer programs built in MT4's proprietary MQL4 language.
The platform offers a high degree of freedom in indicators of indicator development and tool use, allowing the user experience to be adapted to the demands of the individual trader.
MT4 features include:
Quick access to historical currency pair data and online currency pair data
Quick online trading
Various trading order suggestions
numerous graphing and presentation options
various time frames
historical data back-testing
support for a wide range of foreign languages
A plethora of technical analysis indicators and tools
Using the MQL4 programming language, you can create or import custom systems, alerts, indicators, codes, and scripts (Expert Advisor - EA).
MT4 Advantages:
A sizable community
Tested over time and attainable
Excellent for EAs and VPS trading
Most widely used trading platform
Cons of MT4:
Many readers complain about poor customer service.
Problems with software
Cryptocurrencies are not supported by MT4.
cTrader
Spotware Systems Ltd, an award-winning fintech business, created cTrader, a Forex trading platform. The platform is designed primarily for use with ECN (Electronic Communication Network) brokers, and it has been embraced by a number of ECN brokers, including Australia-based industry leader Pepperstone, since its inception.
Users can use cTrader for two things:
1) order execution and
2) charting.
3) Graphing.
The platform's user interface is appealing, tidy, and simple to use. The panels are simple to use and intuitively constructed, giving cTrader an advantage over more intricate platforms.
Features of cTrader include:
A significant number of time intervals
Point charts and tikis
TP and SL are automatically added to the open slot.
Trade with a single click and quickly create pending orders on the chart.
With a single click, you can double or reverse the position.
The ability to define the Break Even Point.
Custom indicators and automatic strategies are supported.
Copying objects from and to MT4 is possible.
Keeping platform configurations on the server.
The ability to select your own time zone.
MQL-cAlgo translator.
cMirror - a service for replicating other investors' transactions.
CTrader Advantages:
Contemporary and simple to use
Advanced order possibilities
Cons of cTrader:
- It is necessary to have a faster computer and internet connection.
Conclusion
While both platforms have advantages and disadvantages, cTrader provides better software technology and more advanced trading tools than the regular MT4 platform.
CTrader features a fashionable user interface and tools that cater to day traders and scalpers, whereas the MetaTrader 4 platform provides a better solution for automatic trading due to its large community dedicated to the creation of EAs.