Despite a slow start for MT5, released in 2010, it was in November 2016 that MetaQuotes announced that it would be abandoning the MT4 platform. In 2018, the company strengthened its position by declaring that it will no longer sell new licenses of MetaTrader 4.
The launch of cTrader took place in April 2011, with FxPro being the first broker to launch. IC and Pepperstone Markets followed shortly after that in 2013. Over the years, Spotware (the company that created cTrader) has made countless updates. The company has proven to be very merchant-centric by providing meaningful updates based on community feedback.
This article tackles some differences between cTrader and MetaTrader 5 to help you make an informed decision.
By comparing cTrader and MT5, we will explore general navigation, charting features, order types, and availability of each platform to finally conclude on the best forex trading platform.
The first significant difference is the way users interact with the graphics. On MT5, you need to choose the active chart and apply changes to the settings. On cTrader, each chart is linked to its own toolbar to facilitate chart control.
Both platforms are equipped with an almost equal number of indicators. MT5 offers a few additional object types such as Fibonacci, Gann, and Channel tools.
Some major advantages of cTrader are chart linking features and detachable charts. It allows you to distribute your graphics across multiple monitors.
Some other advantages that cTrader offers are much longer time frames and the ability to display tick marks on the main chart where indicators and different types of charts can be used.
2. Order types
Regarding order types, there is not much to distinguish between the two platforms. The main differences to note are how the order types work. For instance, cTrader will allow you to place pending orders even if the market is closed. On the other hand, MT5 doesn’t have this option.
Also, cTrader makes it easy to configure order protection settings before entering the market. New purchase orders calculate and show the risks and benefits of your settings in various contexts before placing the order.
cTrader is well known for the transparency of its trading platform. Spotware has stated it repeatedly in various announcements, they host the platform, and brokers do not have access to trading databases where the manipulation of historical data is possible. MetaTrader 5 is hosted by brokers meaning there is a risk of records manipulation.
cTrader displays detailed order tickets for each trade or position you make. There is a very useful position timeline that shows you all the changes such as changing stop-loss, increasing or decreasing position size and swaps applied, etc. CTrader even shows a snapshot of the market from when your order was executed.
CTrader and MT5 are available on iOS, Android, and Windows Desktop. MT5, however, can be run on macOS and Linux systems. While MT5 has all of these apps available, the business model for cTrader and MetaQuotes is a bit different. It’s due to the fact cTrader gives all brokers all versions of the applications they offer. MetaQuotes charges for each version of the app, which means some brokers may not offer the Mac version or the mobile versions.
To conclude this comparison between cTrader and MT5, we can say that comfort and speed are the most critical attributes to look for when choosing forex broker trading platforms. If you have used MT4 and are happy with the platform’s old-fashioned look, there isn’t much for you to change. cTrader is the winner when it comes to aesthetics, and it has the upper hand thanks to the transparency factors.