After the successful launch of MT4, MetaQuotes launched MT5 with improved features. But users were still confused about what platform to choose to meet their trading goals. cTrader, another next-level trading platform, is in the race to MetaQuotes. Therefore, I have compared MT5 with cTrader in detail in this article. So by the end of this article, you be the judge according to your requirements.
For many years, MetaTrader 4, in particular, has dominated the market. Because of its widespread usage, many consider MetaTrader 4 to be the “standard” platform for forex trading. One of MetaTrader’s main rivals, cTrader, is likewise quite popular among forex traders and is supported by several of the world’s top brokers.
MetaQuotes Software Corp. originally released MetaTrader 5 (MT5) in 2010. It was initially intended to be the successor to the well-known MetaTrader 4 platform. However, since MetaTrader 4 is so entrenched in the trading industry, it will be very difficult for MetaTrader 5 to take its place. Many forex firms are still cautious to fully transition to MetaTrader 5 since its predecessor is still widely used by most traders.
However, there are signs that this is transforming as more traders begin to use the platform.
At first look, MetaTrader 5 may seem to be quite different from MetaTrader 4. The platform is promoted as a multi-asset platform so that traders may access a wider range of asset types, including everything in MetaTrader 4 and non-forex CFDs.
Because there are additional indicators, drawing tools, execution types, and orders, it might also be an iTrade terminal alternative for individuals who want to take their technical analysis and study to the next level. As a result, it is adequate for experienced traders who employ a diverse portfolio and advanced trading tools.
The platform has recently experienced a large doom as a result of a compatibility problem between the latest macOS Catalina and MetaTrader 4. Due to MetaQuotes no longer supporting MetaTrader 4, Mac users will be forced to transfer to MetaTrader 5 or find another trading platform entirely.
cTrader was launched in April 2011 by Spotware Systems, a Fintech startup.
cTrader is generally regarded as an all-in-one multi-asset trading platform with advanced trading features. ECN/STP market execution, algorithmic trading through cBots, the Depth of Market (DOM) feature with level II, backtesting capabilities, and a variety of order types are among the most important benefits of cTrader.
cTrader has been updated several times over the years. The manufacturers have proven that traders’ interests are their priority by offering major changes based on community input using the “traders first” method.
The user interfaces of the two platforms vary when compared. MetaTrader 5 seems to have an outdated design that adheres to the same inflexible Windows 98 style pattern, with all of the features and settings mostly located in the same location. With such a design decision, you may conclude that the platform is intended for senior users.
cTrader, on the other hand, has a smooth, clean, and modern interface. While both platforms enable users to change the chart elements’ colours, cTrader goes further by providing a light and dark theme.
This may sound something small, yet it may have a huge influence on its users. Although the popularity of the MetaTrader is difficult to compete with, the cTrader is more likely to take in terms of user interface and convenience of use.
There are various differences to be aware of when it comes to how users interact with charts. To begin, MetaTrader 5 offers three different types of charts, 21 time periods, and 38 built-in technical indicators. cTrader, on the other hand, provides 9 types of charts, 54 time frames, and 70 built-in technical indicators, as well as many custom indicators produced in cTrader Automate or acquired from the cTrader Store.
MetaTrader 5 offers a number of different options for users to modify and adapt to their personalities. Users may store colour schemes and analytical elements that have been applied to the chart using the templates. On MetaTrader 5, users would need to pick an active chart before making changes to the settings. Each chart on cTrader has its own toolbar, allowing traders to effortlessly manage the charts.
While both platforms allow users to trade forex and CFDs straight from the charts, cTrader also allows users to detach charts, which means that the charts may be used as stand-alone across multiple screens.
Using three different chart modes, you may organise the charts in your workspace differently. You can choose a multi-chart, a single-chart, or a free-chart. The first will show all open charts lined up next to each other.
The second will entirely enlarge one chart on the screen, while the third will enable you to arrange all of the charts in the sizes and locations you like. You may choose the chart style that best suits your requirements, and you can also detach any chart by making its own tab on the bottom tabs.
Every chart window provides all of the customisation tools and may display charts in a variety of layout modes. Another benefit provided by cTrader is the option to display ticks on the main chart, where indicators and different chart types are available. Ticks may only be shown in the Market Watch area of MetaTrader 5 with a Line Chart.
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Both platforms provide the most important types of orders when it comes to order types. However, the main distinction is in how each type operates. Both platforms, for example, support pending orders, but only cTrader allows users to place pending orders while the market is closed.
cTrader additionally allows users to choose which trade-side will trigger the stop loss orders and if the second successive price should trigger the stop orders. As a consequence, stop orders will not be triggered off-market, which would result in losses the majority of the time.
Before entering the market, cTrader offers a system that allows you to easily specify order protection settings. Before users can make an order, the platform will compute and display the benefits and risks of the current settings in different circumstances. Furthermore, the platform offers server-side trailing stop losses as well as several additional safety measures, such as take profit.
Transparency is, without a doubt, one of the most important factors for traders. Even minor concealed costs might substantially impact the trading strategy’s accuracy. In this scenario, cTrader is known to be more transparent than MetaTrader 5. In truth, several MetaTrader 4 and 5 brokers have a negative reputation in this area.
cTrader may link directly with liquidity providers, allowing it to provide real-time market conditions and allow brokers to really operate by simply passing their customers’ orders to their counterparties. Spotware has asserted several times that cTrader brokers do not have access to trade databases nor can they falsify the data.
Meanwhile, since MetaTrader 5 is hosted by brokers, data tampering is possible. However, bear in mind that this does not imply that the platform condones such unlawful behaviour in any manner. Furthermore, there is little to no possibility that reliable brokers, particularly licenced ones, would distort the data. The argument being made is that it is theoretically possible.
Both platforms are very user-friendly. Users may use MetaTrader 5 and cTrader via a Windows desktop, a web browser, or a mobile device. MetaTrader 5 may now be accessible through macOS and Linux systems. The distinction is that cTrader provides the broker with all versions of the applications that they provide. Thus, not all brokers provide all of the versions.
Furthermore, MetaTrader 5 is simpler to find than cTrader due to the greater number of brokers that provide the platform. After all, MetaTrader’s dominance in the forex market remains unquestionable. Even still, cTrader will be easy to find since many top brokers provide it. It’s only that the number of brokers providing cTrader remains much lower than that of MT5 brokers.
One of the reasons MetaTrader has dominated for so long is the support it provides for automated trading via Expert Advisors. The cTrader package, on the other hand, allows automated trading and strategy backtesting, giving traders a true alternative to MetaTrader.
MT4 supports expert advisors or automated algorithms. These EAs can be bought, sold, and traded like traditional commodities. The MetaTrader language heavily resembles the “C” computer language, MetaTrader 5 scripts are written in MQL5.
This implies that and 5 is very powerful and can be used to create extremely complex trading programmes. Although the capability of the MQL5 languages is rather astounding, learning to design complex trading systems is difficult for everyone; understanding the programming language is key to avoiding having to call on experienced programmers.
Fortunately, several tools are available, such as FX-Builder, that enable you to create EAs without any programming skills. These options, in general, limit the complexity of the trading programmes that you can create, but they allow you to create advanced trading algorithms. A number of firms and programmers also provide programming services, such as the development of customised EAs.
A large number of EAs are also sold by vendors who claim that their programmes may assist traders in earning money in the forex market. It is important that traders do enough due research on these organisations or signal sellers since the foreign exchange market has sadly attracted unsavoury and unscrupulous businesses with questionable business practices.
Commercial EAs often fail to live up to their marketing promise, and after a few wins, large losses follow.
After developing or buying an Expert Advisor, the performance of the EA may be simulated using MetaTrader’s strategy testing feature.
Because most brokerages supply traders with a large backlog of historical data that can be used to test EAs, this allows you to test the performance of an EA over a specific historical period. The backtest’s quality is determined by the data used and the parameters set by the trader. It is possible to make highly accurate backtests with a few adjustments.
What is a forex broker? - Access to the FX markets — 2023The cTrader platform also provides automated trading and backtesting. Spotware’s cAlgo platform, which is publicly available to everyone with a cTrader account, offers algorithmic and automated trading. Trading robots for the cTrader platform are created in C#, a popular object-oriented programming language with a large number of committed programmers.
Although C# is a sophisticated programming language, it might be difficult for a novice to learn it right away. There are no tools to create custom cAlgo programmes from scratch in cTrader. However, there are tools to convert an MT4 EA to cBot for cTrader.
Users who are unfamiliar with programming can easily edit existing indicators and programmes using the cAlgo platform.
As with the MetaTrader platform, you can also request that a growing online developer community create a custom cAlgo robot (cBot) based on your requirements. However, because cTrader is still relatively new, there are fewer programmers working on it than on MetaTrader.
cTrader, like MetaTrader, allows you to conduct tests using historical data. This feature is very possible to use, and with a few minor tweaks, accurate tests to optimise the performance of a trading robot may be generated.
In terms of automatic trading, MetaTrader arguably has the edge over cTrader, mainly because there is a much larger community dedicated to developing EAs for MT4 and MT5. However, there is no reason why cTrader cannot become a credible contender in this aspect as the platform grows and becomes more popular.
Traders interested in automated trading choose the MT5 platforms since they enable them to create Expert Advisors. Not to be outdone, the cTrader platform includes cAlgo functionality, which allows traders to create robots, custom indicators, and even execute various strategies and backtesting. cAlgo works with the C# language and the .NET framework.
Although the cTrader platform offers its own exact language, some individuals are still sceptical of its ease of use. Some traders need a high-quality programming service because they lack the required programming skill. Actually, a huge chunk of traders continues to feel that MetaTrader platforms provide the finest assistance for automated market execution.
Fortunately, there are a variety of resources different to assist users in resolving programming issues, including as the cTDN forum and the cTrader Developer’s Network, both of which are clearly aimed at cTrader users. They can even engage an outside programmer to convert their existing MQL Expert Advisors to C# so they may operate with the cTrader platform anytime they choose.
In conclusion, it is apparent that both MetaTrader 5 and cTrader have advantages and disadvantages. MetaTrader 5 is well regarded for its ease of use, excellent technical trading assistance, built-in tools, and accessibility. Meanwhile, cTrader’s strength resides in its user interface, openness, and adaptability.
For beginners, cTrader may be a better option since the user interface is clear and simple to use, which is critical for someone who has just begun using a trading platform. Once you’ve become used to cTrader’s user-friendly interface, you may not want to move to another platform unless cTrader doesn’t provide what you’re looking for.
However, if you are an experienced trader or an established MT4 user, you may choose to view MetaTrader 5. The large range of assets and trading tools will undoubtedly support your trading requirements and assist you in reaching your objectives.
You certainly can. Traders used basic phone calls to their brokers for trading back when there were no home computers or cell phones. They would call, instruct the broker to open a position for them, and then make alterations in the same manner.
This strategy is absolutely applicable today. Phone trading, on the other call, is significantly slower and offers less control over positions than trading on MetaTrader versus any other software tool. Traders may use trading software to quickly open/close/change positions and monitor their positions in real time. Trading without software is, therefore, possible but inefficient.
