In my many years of experience as a mentor, people always tend to ask: which between the Metatrader 4 or MT4 and cTrader is the more superior Forex trading platform? And in my latest video, I aimed to shed more light on the matter. I pointed out each of MT4’s and cTrader’s boon and bane. This should help you in deciding which is more tailored for your needs, so you can pave your way to becoming the best Forex trader you can possibly be.
The Good Old MT4
Metatrader 4 or MT4 trading software has been around for quite a while now and is certainly the most popular trading platform for forex and CFD trading. It was launched back in 2005 by Metaquotes and has quickly become the platform of choice for many Forex traders and forex brokers out there.
Not only is the MT4 very easy to use, but given its massive availability, MT4’s programming language has been adopted by many coders out there. Most likely, it is the best choice for retail traders who wish to utilize automated trading and algorithmic trading. As a result, its marketplace has grown extensively, and should the need for EAs (Expert Advisors) or custom indicators arise, you can easily purchase one from it.
In summary, here are the main features of the MetaTrader 4 trading platform:
- Easy to use trading and technical analysis tools
- Variety of chart types and lines
- Allows you to save your template and profile
- Allows you to easily integrate your trading indicators and EAs – an excellent trading platform for a fully automated forex trading robots
- More popular trading platform and widely used by most forex brokers
- Has a built-in trading signals feature
On the flip side, given its age, a lot of traders grew tired of it and we’re looking for the alternative. They were lOn the flip side, given its age, a lot of traders in the forex market grew tired of it and we’re looking for an alternative. They were looking for something that is fresh, more pleasing to the eyes, and a platform that is packed with features and a new user interface MT4 simply failed to deliver.
Metaquotes saw this issue, and in 2011 they launched Metatrader5 or MT5, but it simply has failed to win the hearts of many, as MT4 continues to be the top trading platform these days.
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The Sexy Newcomer- cTrader
In 2011, Spotware launched the “Metatrader killer” that is the cTrader platform. Understandably so, it was called such, as it aims to improve on things that MT4 lacks. According to many traders, it looks more professional, and it’s featured packed. Because of this, its user base has quickly grown, and many forex brokers today now offer cTrader as an alternative platform.
Looks and functionality- these are the two things that cTrader boasts. It has an Advance Order Protection feature that allows you to do multiple exits on an open trade. cTrader also allows you to view the Market Depth feature, which basically gives you access to the total amount of the open orders from buyers and sellers and helps traders get a better understanding of the market sentiment. It allows you to create a Watchlist for a less cluttered trading space. Moreover, cTrader uses Unit Size instead of Lots which is more practical in most cases when you execute trades.
In summary, here are the main product features of cTrader
- Has a more “professional” feel
- It has Advance Order Protection
- Allows you to view market depth feature
- Allows you to connect pre-coded custom indicators and tools known as Cbots
- Has different Timetable Settings
- It has a market sentiment Indicator- which shows you the general sentiment of every trader (from a specific forex broker) at a given time
IIf you’re new to the Forex market, though, cTrader can be quite daunting as it’s not as straightforward as its competitor, but that can be quickly overcome. To sum up, cTrader is certainly one of the best trading platforms in the market.
The choice of a trading platform, whether it be MT4 or cTrader, remains to be less of a priority if your goal is to become an effective Forex trader. I believe that more than anything, your focus should be more on yourself as a trader and not on the platform.
In the end, the decision lies on you, and you alone. And although there is a difference between the two trading platforms, your forex trading skills and trading strategy will determine your success or failure as a forex trader. Given how massive the user-base of MT4 is, and how easy it is to use, I will pick it over cTrader or other trading platforms on any given day. I’m not saying that the latter is less superior, but it’s merely just my preference when trading forex.
My investment advice – The best gauge is to go out there and test both the MT4 and cTrader trading platforms. Choose what you think is best for you, and see which is fit for your trading style. I know that is rather laborious, but trust me it is worth your while to test the two platforms before you start trading.
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