MetaTrader 4 vs cTrader

1. Platform Features

The first aspect we will compare is the platform features, which include the general interface and usability, the trading tools and instruments, the automation and algorithmic trading capabilities, and the mobile trading and accessibility options.

1.1. General Interface & Usability

The user interface (UI) and user experience (UX) of a trading platform are important factors that affect the ease of use, the customization options, the navigation, and the overall layout of the platform.

MT4:

MT4 has a simple and intuitive UI that is easy to use for beginners and experienced traders alike. The platform has a classic design that consists of four main windows:

• The market watch,
• The chart window,
• The terminal,
• The Navigator,

The platform allows users to customize the appearance, colors, fonts, and themes of the UI, as well as arrange the windows and tabs according to their preferences. MT4 also has a built-in help section and a user guide that explains the basic functions and features of the platform.

cTrader:

cTrader has a more modern and sophisticated UI designed for advanced traders seeking more functionality and flexibility. The platform has a sleek and minimalist design comprising three main sections:

• The chart window,
• The trade watch,
• The side menu,

The platform allows users to customize the UI with different skins, layouts, templates, and widgets and detach and resize the windows and panels according to their needs. cTrader also has a comprehensive help center and a user forum that provides support and guidance for the platform users.

Both platforms suit different experience levels, depending on the user’s preferences and trading style. MT4 is ideal for traders who prefer a simple and familiar platform that offers the essential features and tools for trading. cTrader is ideal for traders who prefer a more advanced and flexible platform that offers more features and tools for trading.

1.2. Trading Tools & Instruments

The trading tools and instruments of a trading platform are essential factors that affect the trading performance, the analysis, and the strategy of the trader.

MT4:

MT4 supports various tradable instruments, including forex, CFDs on indices, commodities, metals, energies, stocks, and cryptocurrencies. The platform offers three basic order types:

• Market,
• Limit,
• Stop orders.

There are also four execution modes: instant, request, market, and exchange. The platform also provides various charting tools, such as nine timeframes, three chart types, 31 drawing tools, and 24 graphical objects. The platform has 30 built-in technical indicators, as well as thousands of custom indicators available from the MetaTrader Market and the MQL4 community. The platform also has some analytical capabilities, such as the economic calendar, the news feed, and the market watch.

cTrader:

cTrader supports a similar range of tradable instruments as MT4, depending on the broker’s offering. The platform offers six advanced order types:

• Market,
• Limit,
• Stop,
• Stop limit,
• Market range,

There are four protection types: take profit, stop loss, trailing stop, and break even. The platform also provides various charting tools, such as 28 timeframes, eight chart types, 70 drawing tools, and 55 graphical objects. The platform has 65 built-in technical indicators, as well as hundreds of custom indicators available from the cTrader community and the cTrader Automate API. The platform also has some analytical capabilities, such as market sentiment, market depth, trade statistics, and the trade watch.

Both platforms offer a comprehensive set of trading tools and instruments, but cTrader has some unique features and advantages over MT4. cTrader offers more order types and protection types, as well as more timeframes and chart types. cTrader also boasts some exclusive features, such as the market depth, which shows the liquidity and the volume of the market, and the market sentiment, which shows the percentage of buyers and sellers in the market.

1.3. Automation & Algorithmic Trading

A trading platform’s automation and algorithmic trading capabilities are important factors that affect automation, optimization, and the testing of trading strategies. The automation and algorithmic trading capabilities include the scripting languages, the backtesting tools, and the EA (Expert Advisor) compatibility.

MT4:

MT4 is well-known for its automation and algorithmic trading capabilities, which are powered by the MetaQuotes Language 4 (MQL4), a proprietary scripting language that allows users to create, edit, and run automated trading programs, such as EAs, custom indicators, and scripts. The platform also provides a built-in Strategy Tester, which allows users to backtest, optimize, and debug their EAs using historical data and various testing parameters. It also supports the MetaTrader Market, which is an online store where users can buy, sell, or rent EAs, custom indicators, and other trading applications.

cTrader:

cTrader also has robust automation and algorithmic trading capabilities, which are powered by the cTrader Automate module, an integrated feature that allows users to create, edit, and run automated trading programs, such as cBots, custom indicators, and scripts. The platform also provides a built-in Backtesting and Optimization tool, which allows users to backtest, optimize, and debug their cBots using historical data and various testing parameters. It also supports the cTrader Automate API, which is an open-source framework that allows users to access, integrate, and extend the cTrader Automate functionality.

Both platforms offer powerful automation and algorithmic trading capabilities, but cTrader has some limitations and advantages over MT4. cTrader has a more modern and user-friendly scripting language, which is based on C#, a widely used and versatile programming language. cTrader also has a more advanced and flexible backtesting and optimization tool, which allows users to perform visual backtesting, tick data backtesting, and genetic optimization. However, cTrader has a smaller and less diverse library of automated trading programs, as well as a lower compatibility with EAs, which are more popular and widely used than cBots.

2. Mobile Trading & Accessibility

The mobile trading and accessibility options of a trading platform are essential factors that affect the convenience, mobility, and availability of the platform.

MT4:

MT4 has a mobile app version that is available for iOS and Android devices, as well as tablets. The mobile app allows users to access their trading accounts, execute orders, view charts and indicators, monitor the market, and manage their positions. The mobile app also supports offline access, which allows users to view their account history, open positions, and pending orders without an internet connection. It also provides real-time updates, which allows users to receive push notifications, news alerts, and market signals. The mobile app is compatible with the platform’s desktop and web versions, allowing users to sync their settings, preferences, and data across different devices.

cTrader:

cTrader also has a mobile app version that is available for iOS and Android devices. This app allows users to access their trading accounts, execute orders, view charts and indicators, monitor the market, and manage their positions. The mobile app also provides real-time updates, which allows users to receive push notifications, news alerts, and market signals.

Both platforms offer similar mobile trading and accessibility options, but cTrader has some advantages and disadvantages over MT4. cTrader offers a more modern and user-friendly UI, as well as more advanced charting and trading tools. However, cTrader also has a lower availability and diversity of brokers and devices, as well as a lower market share and platform popularity.

3. Fees & Commissions

The fees and commissions of a trading platform are crucial factors that affect the profitability, affordability, and transparency of the platform. The fees and commissions include the spreads, the account minimums, the inactivity fees, and any additional charges.

MT4:

MT4 does not charge any platform fees or commissions, as the platform is free to download and use. It generates money by selling its license to brokers. However, the trading fees and commissions depend on the broker’s pricing model and the account type. Typically, MT4 brokers offer two types of accounts: standard and ECN. Standard accounts have higher spreads but no commissions, while ECN accounts have lower spreads but charge commissions per trade. MT4 also requires a minimum deposit of $/€/£10 to start trading on the platform. The brokers on MT4 may also charge inactivity fees, which range from $0 to $50 per month, depending on the broker and the account activity.

cTrader:

cTrader also does not have download or registration charges. However, the fees and commissions depend on the broker’s pricing model and the account type. Typically, cTrader brokers offer only one type of account: ECN. ECN accounts have lower spreads but charge commissions per trade. The average commission for a cTrader account is around 0.2 for majors and 3.50 per lot. cTrader brokers may also charge inactivity fees, which range from $0 to $30 per month, depending on the broker and the account activity.

Both platforms have similar fees and commissions, but cTrader has some advantages and disadvantages over MT4. The brokers on cTrader offer lower spreads and commissions, which can result in lower trading costs and higher profits. However, they also have higher account minimums and inactivity fees, which can increase the financial burden and risk for traders. cTrader also has less account diversity and flexibility, as it only offers ECN accounts, while MT4 offers both standard and ECN accounts.

4. Broker Compatibility

The broker compatibility of a trading platform is a vital factor that affects the availability, diversity, and quality of the platform. Broker compatibility includes the range of brokers compatible with each platform, the limitations or advantages in terms of broker choice, and the availability of demo accounts and practice trading options.

MT4:

MT4 is compatible with a large number of brokers, as it is the most widely used and popular trading platform in the industry. The total number of active and inactive brokers at MT4 ranges between 1,200 and 3,000. This means that traders have a wide range of options and opportunities to choose a broker that suits their needs and preferences. However, this also means that traders have to be careful and diligent when selecting a broker, as not all MT4 brokers are reliable, reputable, and regulated. MT4 also supports demo accounts and practice trading options, which allow traders to test the platform and the broker’s services without risking real money.

cTrader:

cTrader is compatible with a smaller number of brokers, as it is a more niche and exclusive trading platform in the industry. There is around cTrader, which has over 100 brokers worldwide as of 2024, which accounts for less than 10% of the global forex market share. This means that traders have limited options and opportunities to choose a broker that suits their needs and preferences. cTrader also supports demo accounts and practice trading options.

Both platforms have different levels of broker compatibility, but cTrader has some limitations and advantages over MT4. cTrader offers a higher quality and reliability of brokers, as well as a more consistent and standardized trading experience across different brokers. However, cTrader also offers a lower availability and diversity of brokers, as well as a lower market share and platform popularity.

5. Security & Reliability

The security and reliability of a trading platform are critical factors that affect the safety, confidence, and trust of the platform. The security and reliability include the security features, the platform stability, the uptime, and the historical track record of technical issues.

MT4:

MT4 has high security and reliability, as it uses private encryption technology to protect the data transmission between the platform and the server. The platform also complies with industry standards and regulations. It also has a stable and robust performance, as it can handle thousands of orders per second and millions of users simultaneously. It also has a high uptime, as it rarely experiences downtime or outages. The platform also has a long and proven track record of quickly fixing technical issues, as it has been operating since 2005 and has been constantly updated and improved.

cTrader:

cTrader also has high security and reliability, as it uses secure and safe servers to carry out the transactions. Moreover, it also has stable and fast performance, as it uses cloud technology and distributed architecture to ensure low latency and high scalability.

Both platforms offer a high level of security and reliability, but cTrader has some advantages and disadvantages over MT4. cTrader offers a higher level of encryption, which can result in higher data protection and privacy. However, cTrader also has a shorter and less established track record of technical issues, as it is a newer and less mature platform than MT4.

6. Pros & Cons Summary

In this section, we will summarize the key strengths and weaknesses of each platform in a clear and concise table. We will also highlight the ideal trader types for each platform based on their features and capabilities.