It should go without saying that your decision regarding trading software is crucial because it is one of the critical elements in determining whether you succeed or fail in the forex market. Forex is one of the most technologically advanced markets. The development of numerous new trading platforms makes it easier to execute trades, analyze markets, copy the portfolios of more seasoned traders, and do much more.
The usability and functionality of a broker’s platform will determine how popular it becomes. A trader can determine which platform is best for their needs by comparing the trading features offered on the different platforms. This is why it is crucial to choose your platform wisely. MetaTrader 4 is the most widely used platform and cTrader is the top pick among advanced traders. Further in the article, we will discuss distinguishable features between both trading platforms.
What Are MT4 and cTrader Platforms? How Are They Different?
MetaTrader 4 or MT4 is a platform for trading forex, researching financial markets, and employing expert advisors. Although it now supports a variety of trading assets, it is most widely used for forex trading. Whereas, cTrader is an all-in-one-asset trading platform that provides advanced order types, rich tools for charting, smooth entry, and quick execution of trades. It has an interactive user interface, and traders can access the platform across a variety of devices.
It is important to emphasize how exceptional both MetaTrader 4 and cTrader are in terms of their trading features and abilities. You’ll have a difficult time identifying any significant disadvantages with these platforms as a typical retail trader. The fact that both of these platforms have been in existence for years is a strong argument in favor of it.
When MetaQuotes first released MetaTrader 4 in 2005, it had a lot of innovative features for the time. It is also the most widely used trading platform in the world, Regarding cTrader, Spotware released it in 2010 and it too had various helpful features. Together, both MT4 and cTrader elevated the financial trading industry to new heights.
Because it was initially designed for Forex traders, MetaTrader 4 has a strict cap on how many financial instruments it can support—roughly 1,000. Contrarily, there aren’t any sort of restrictions on the number of products in cTrader. The number of assets a broker incorporates into cTrader is entirely up to them.
Design and Interface
This is another crucial distinction between MT4 and cTrader trading platforms. While cTrader is sleeker and more modern-looking, MT4 has an outdated, boxy design that strongly resembles Windows 98. You can also select from a variety of themes, which is another excellent feature of the cTrader. But MT4 doesn’t have any such parts. Though MT4’s old-fashioned design may seem out of place. But it doesn’t compromise the service it provides.
Because of its large user base and long history, MT4 has an advantage over cTrader in terms of research and analytical tools. While MT4 and cTrader both come with many technical indicators and numerous other research tools, MT4 has a much larger selection of scripts available for download online. MT4 combines three of the most popular charting types namely line, bar, and candlestick charts. With just a few mouse clicks, you can quickly switch between the three of them, each of which is useful in and of itself. In cTrader, you get an additional chart known as a dots chart.
Trading Time Frames
MT4 typically has 9 timeframes, which is frequently sufficient to conduct thorough technical analysis and better understand price movements but cTrader offers 26 timeframes, which is a significant increase.
There are several options to think about when selecting a trading platform. If you are a forex trader who employs a large number of technical indicators then MT4 is the best pick for you. But cTrader might be more useful if you want to trade stocks, cryptocurrencies, or other high-value assets. You can also choose cTrader and take advantage of a beautiful design while tolerating a minimal number of trading robots and general guidelines. Whereas, you can choose MT4 and gain access to unmatched stability, a sizable number of custom scripts, and a faithful, international trading community.