Comparing MT4 and cTrader: Which is better?

The MetaTrader 4 or MT4 trading platform of Metaquotes has controlled the retail trading market since its introduction in 2005. All other forex trading platforms were outperformed by MetaTrader and joined other asset groups, such as CFDs and futures.

For over 14 years, MetaTrader 4 has been – by far – the most used trading platform for private traders. In recent years, in the hope of countering MetaTrader’s domination, many other tech firms have introduced their own trading platforms. Spotware’s cTrader app is one of the largest rivals.

Interfaces, charts and indicators

For several years, the MetaTrader 4 and 5 platforms (MT4 and MT5) have been extremely successful. They offer a wide variety of features and a large set of indicators that traders can configure.

MT4 and its new replacement, MT5, have a robust collection of maps and a wide variety of third-party add-ons in the form of scripts and specialist advisors to build tools and functions (trading robots).

Notice that MetaTrader 4 no longer offers security patches as of the beginning of 2018. Only MetaTrader 5 is now available with new improvements and upgrades.

The cTrader platform for Spotware was launched in 2011. Spotware has been attempting to build on the limitations of MetaTrader for many years. In terms of aesthetics and functionality, the platform looks sleeker and is far more modern. More order forms and more intuitive navigation are also provided by cTrader.

The GUI is “clean,” and between cTrader and MetaTrader, there are not many significant variations. With MetaTrader, its visual features, account monitoring software, backtesting skills, and technological metrics quickly compete.

Automated trading and backtesting

The help it provides for automated trading via Expert Advisors is one reason why MetaTrader has dominated for so long. However, automatic trading and plan backtesting is also sponsored by the cTrader kit, supplying traders with a legitimate alternative to MetaTrader.

Expert Consultants, or automated algorithms, endorse MT4 and MT5. Like simple goods, these EAs may also be purchased, marketed, and exchanged. “As the MetaTrader language borrows a lot from the “C” programming language, the MetaTrader scripts are written in MQL4 or MQL5, respectively. This suggests that MQL4 and 5 are very powerful and can produce advanced trading programs. Although the MQL4/5 languages’ strength is very remarkable, it is not for all to learn to program complex trading systems; sound programming language expertise is essential to prevent needing to call experienced programmers.

This suggests that all MQL4 encoded EAs, scripts, and custom indications for MT4 are not compliant with MT5. It is essential to rewrite all of the code. There is no simple way to migrate functionality from one platform to another, which within the development community has contributed to frustration with MetaQuotes.

And those who have familiarity with programming languages close to C++ are likely to find it hard to write their own EAs. However, by utilizing the documentation that MetaQuotes offers, advanced programmers can quickly learn the language.

The function that helps you see the market breadth has been borrowed from a concept for futures markets: DOM: (Depth of Market).

The scope of the demand offers details on the number of orders pending at a given price. This provides an extra benefit to traders over other traders who do not know about the market changes.

It did not come with an integrated market depth tool the first time MT4 was published, which implies that traders utilizing an STP/ECN broker will not see the DOM data until the broker made it accessible via a third-party plug-in.

The first MetaQuotes platform to launch the sector depth functionality became MetaTrader 5. The platform enables traders to open a list displaying the quantity of liquidity at – price level and positioning orders at different prices. This enhancement has been well received by many platform users, although the DOM features of MetaTrader are relatively simple and easy compared to futures trading platforms such as Ninja Trader.

In terms of the depth of- market functionality, cTrader is far more advanced – the platform helps you see the complete spectrum of executable rates of the broker’s liquidity providers. The VWAP view allows traders to understand the price they would get for huge orders that at a given cost will not be entirely implemented. The control of partial fills is no issue for cTrader, but it relies mostly on the broker. Overall, the in-depth market features of the cTrader app are very advanced and appropriate for all types of trading. The element that enables you to see the market’s breadth was borrowed from a concept for futures markets: DOM (Depth of Market).

The scope of the demand offers details on the number of orders pending at a given price. This provides an extra benefit to traders over other traders who do not know about the market changes.

Depth of market – Order book (Level II)

It did not come with an integrated market depth tool the first time MT4 was published, which implies that traders utilizing an STP/ECN broker will not see the DOM data until the broker made it accessible via a third-party plug-in.

The first MetaQuotes platform to launch the sector depth functionality became MetaTrader 5. The platform enables traders to open a list displaying the quantity of liquidity at – price level and positioning orders at different prices. This enhancement has been well received by many platform users, although the DOM features of MetaTrader are relatively simple and easy compared to futures trading platforms such as Ninja Trader.

In terms of the depth of- market functionality, cTrader is far more advanced – the platform helps you see the complete spectrum of executable rates of the broker’s liquidity providers. The VWAP view allows traders to understand the price they would get for huge orders that at a given cost will not be entirely implemented. The control of partial fills is no issue for cTrader, but it relies mostly on the broker. Overall, the in-depth market features of the cTrader network are very advanced and sufficient for all forms of trading.

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