Trading Platform MT4 cTrader

MT4 ebook

Learn to use MetaTrader 4 with our ebook tutorials.

 

MT4 covers all brokerage and trading activities of Forex and CFD markets.

Tradeview Markets has recently integrated cTrader into its trading infrastructure, giving clients access to new trading spreads and functionality. I am familiar with various trading platforms. I also was involved in the development of in-house trading software. I took cTrader for a test drive and I liked it very much. The cTrader is a powerful platform and it is as good as MT4 or even better. Still which trading platform to choose when trading FX, MetaTrader 4 or cTrader? The answer is “it depends”!

Many articles are comparing the two platforms. Some of them suggest MT4 is a better choice than cTrader, they argue about the reliability, security of MT4. On the other hand some others argue that cTrader, is better. Because cTrader, has better technical charting options and is faster in terms of execution. In my opinion, all of those arguments can be valid. I believe it is not a question of which platforms the other. Preference should be based on trading needs and behavior of the trader (End user).

“MT4 has all the means for professional traders”

“MetaTrader 4” is known for being widely used forex trading platform in the industry. MT4 has all the means for professional traders, and it is very reliable. It has the resemblance to the Toyota corolla including all the basics, so all it needs is gas and water to run for a long time. Because of its popularity, there are a variety of custom scripts written for this platform. There are a big number of developers, who have developed many free and paid plugins to help trader.

MT4 is ticket based platform. This means each trade (Buy or Sell) is registered individually. So you might have as many open trades on the buy-side or the sell-side. You will need to go and close each trade separately for your position to be squared. There is a unique feature on MT4 which called “Close-by” option. You can close an open “Buy ticket” by another “Sell ticket” and square off your position.

MetaTrader 4” and all of its supporting programs including MAM, Trade copier and other programs, are very light and fast to load. However, one of the fair critics of MT4 is its age. MT4 was developed in 2005 and has not been up-to-date with market changes.

“cTrader was designed to deliver fast execution”

On the other hand, cTrader is a state-of-art trading platform. You cannot ignore the charting feature if you are a trader and use technical analysis for your trades. The cTrader can be described as a higher-end, luxurious Lexus compared to MT4. Trading execution is as fast as MT4. I like the fact that cTrader can be Ticket based or a position based platform.

The cTrader employs the Direct Market Access (DMA) that enables the trader to submit buy or sell orders to the exchange without going through an intermediary. It is obvious that the cTrader trading platform is more advanced in view of the Level 2 market depth it offers compared to MT4 which does not have this feature at all.

As mentioned, cTrader was designed to deliver fast execution and a professional charting experience. The visual interface of the software is eye catching and neat. Well, to be honest, if you are a trader and you have to stare at your screen for long hours you rather do it with software that is appealing to the eye.

Comparatively, there are not many plugins and programs that have been developed for this platform, but you can still employ a programmer who is familiar with C# (C Sharp) to create a custom cbot to cTrader. The cTrader is accessible in a web browser, which makes it convenient for traders who are on the move to access their account anywhere in the world. The cTrader has introduced cMirror as an added feature. The cMirror allows mirror trading which continues to gain popularity within the investment and trading community.

One of the disadvantages I noted about cTrader is that “Stop Orders” can’t be placed as easy as when performed on the MT4 platform.

The Bottom Line

When choosing a trading platform, consider your trading behavior and needs. Today, all brokers offer demo versions of these platforms. Do not be shy to download and test-drive the platforms. In the table below I have compared the two platforms in a quick overview.

Developer Spotware Systems MetaQuotes Sofware
Release Date 2011 2005
Smart phone/Tablet verson Yes Yes
EA/Automated Trading support Yes Yes
Strategy Back Testing Yes Yes
Professional charting and analysis Yes Limited
Depth of Market functionality Yes No
Resourcefulness Limited Yes
Custom background Yes No
Access historical Data Yes Very limited
Cloud Hosted profiles, templates and passwords Yes No

Kazem Ghouchani

 

Kazem Ghouchani
Tradeview Director- Middle East and North Africa
kghouchani@tvmarkets.com