Its dominance has been founded on simple software design and incremental software improvements that have delivered improved functionality almost year-on-year since Despite MetaTrader 4 now being 11 years old at the time of writing, it is still by far the most used trading platform by retail FX traders. To relay our perceptions of the two trading platforms, we have decided to structure the comparison according to four major aspects:.
The platform supports a wide range of indicators which can be customised by the user and easily added and removed from the charts bundled with the software. Both MT4 and its recent successor MT5, provide a full set of charting tools and features and both allow users access to a wide spectrum of third-party add-ons in the form of scripts, expert advisors trading robots and customised chart analysis capability via MQL. Bear in mind that both versions of MetaTrader receive regular updates automatically delivered by Metaquotes to all users, brokers and their white-label partners directly through the platform.
As a result, the set of features for both platforms is regularly changing and users should consult their broker or visit various online self-help pages at www. Some of the major differences are:. The platform looks and feels sleeker, and is noticeably more modern in terms of both aesthetic looks and functionality. The interface is clean and there is not a great deal of noticeable difference between cTrader and other retail platforms including MetaTrader. This is especially the case for beginners.
The same features such as charts, trade logging, account management tools, back testing and technical indicators are all available. However, the cTrader package supports both automated trading and strategy testing, giving traders a real alternative to MetaTrader.
Metatrader scripts are written in MQL4 or MQL5 respectively, with the unique MetaTrader scripting language borrowing heavily from the C family of programming languages. Everything must be re-written. Typically, these options limit the complexity of the trading programs you can build, though it is still possible to build sophisticated trading algorithms Read: How to Build An Expert Advior.
There are also a number of companies and programmers offering their services to build Expert Advisors to custom specifications — for a price. There are also a large number of commercial Expert Advisors being sold by providers who claim that their programs can help traders make money from the Forex market. It is crucial to conduct sufficient due diligence of any such company or trading signals vendor, as the Forex industry has unfortunately attracted unsavoury and unscrupulous companies not amenable to best commercial practise.
Once you have created or bought an Expert Advisor it is possible to test the historical performance of EA using the platforms Strategy Tester.
The quality of the back-test depends on the data used and the parameters set out by the trader, with a bit of fine tuning it is possible to perform highly accurate back-tests. Do note however that back-testing is an art, not a science — so users must tread carefully when carrying out tests, and even more importantly, when interpreting the results. Like its main rival, the cTrader platform also comes with support for automated trading and back-testing.
Trading robots for the cTrader platform are written in C , a popular object orientated programming language with a large number of dedicated programmers.
While C is a powerful programming language, it may not be easy for the newcomer to pick up straight away and unlike MetaTrader, there are currently no tools available for those who want to build custom cAlgo programs from scratch. The cAlgo platform does allow users to modify existing indicators and programs in a way which makes it relatively easy for those not well versed in programming to create useful trading tools.
As with the MetaTrader platform it is also possible to utilise a growing developer community online for help in creating a custom cAlgo robot according to any desired specifications.
For a reliable EA or cAlgo robot, it remains the standard practise to rewrite the code from scratch. One feature that has invaded the retail trading industry, is one that has been borrowed from the Futures markets: Depth of market provides information as to how many orders are being queued at any particular price.
By seeing how many orders there are, and where — traders are able to attain a supreme edge over other traders that are unaware of prevailing order placement in that market. Depth of Market provides traders with information about the amount of buy and sell orders at each particular price level. This information is useful for traders who want scalp, feel out the market and place large ticket orders.
Increasingly, traders are demanding platforms which allow them to see the Depth of Market. This is something which really lets down the MetaTrader 4 platform. MetaTrader 5 became the first platform from MetaQuotes to introduce Depth of Market functionality as standard. The platform allows traders to open a ladder which shows the amount of liquidity at each price level, and allows traders to place orders at different levels. It is a far cry from professional-grade depth of market typically found on Futures trading platforms such as Ninja Trader.
The VWAP view allows traders to get a feel of what price they will get for large orders which might not be entirely filled at one price. Overall, the Depth of Market functionality included within the cTrader platform is pretty advanced and is likely to suit all trading styles. In fact, a number of brokerages offer the platform as their only option to traders, with the platform also being available in mobile formats allowing traders to manage their positions while on the move. This is due to the fact that not all brokerages have picked up licences for MT5 which costs considerably more and is not a major selling point for many retail FX traders.
One huge gripe has been the disabling of hedging capability on MT5 despite this being a requirement only in the US. MT4 has been a hit with retail traders, and retail brokerages have been forced to take notice. Currently, the cTrader platform from Spotware is not widely available but an increasing number of brokerages are beginning to offer its clientele the opportunity to use cTrader. While not all brokerages offer the platform a number of well known brokerages such as FxPro , Admiral Markets, Liquid Markets and others offer the platform to their customers.
The MetaTrader platform is the most widely available trading platform with almost every major retail FX brokerage offering the platform to clients. Brokers such as XM. It may just depend on personal preference when it comes to choosing which platform to opt for. Users focused on EAs may be drawn to MT4 due to its wider availability, more online resources and larger online community.
Other traders will be drawn to cTrader by the greater ability to make modifications to the interface and more advanced order options. Asking which trading platform is better than the rest is like asking which car is the best. For newbie traders, both MT4 and cTrader will carry out all their requirements, so the differences are largely cosmetic and logistical in terms of programming language and availability of a diverse development community. There is in-fact very little to separate these two platforms, with both boasting impressive functionality and performance in live trading conditions.
However, the wider availability of the MetaTrader platform is likely to mean that the majority of development when it comes to automated trading strategies, commonly known as robots, is likely to be carried out with MetaTrader in mind as opposed to cTrader.
On the other hand, the cTrader platform is likely to appeal to those looking for a rich depth of market experience that could be especially appealing to short-term scalpers. Foreign exchange brokers are utilising the latest advances in IT, and have helped to generate a new industry in itself — Fintech — financial technology that streamlines how buyers and sellers come together; and saving every counterparty cash in the process.
Instead, modern Fintech companies are helping platforms such as MT4 and cTrader make strides into a new dawn of trading which includes social media interaction, multi-device trading in real-time and crowd-sourcing applications that make trading an entirely different experience to what it was, perhaps even just 15 years ago.
Features that newbie traders have welcomed most include cloud-stored workspaces. This particular feature is most useful for traders who access their account on multiple devices or trade from multiple locations. One of the most important aspects for traders is the ability to accurately measure, track and analyse their own trading performance.
Both MT4 and cTrader provide a rich set of tools to help traders with their own self-analysis and risk management. Research shows that the most successful traders are those who do extensive self-analysis and evaluation. So although these platforms provide the tools traders need, traders must want to use them effectively which always take time, effort and dedication. These traits are often very difficult to collate together at the best of times — doing so in a trading environment oozing with multiple other factors that could cause sudden panic and stress, becomes a truly challenging endeavour.
Nice to see comparisons of platforms where there is room for improvements and healthy competition. My opinion on meta trader versus ctrader having programmed in both and used both 2 years in metatrader4, and 3 months in ctrader , previously coming from a C programming background should have me biased toward mt4, [pardon my ranting tone below] BUT for back testing strengths, and also for programming your own automated trading, ctrader is so far ahead of mt4 I cant see how you can say there isnt much difference in it.
For example I have to totally disagree with you when youve said: Reason I dont agree is the most typical broker set up of mt4 is only giving bid data in backtests, which then you are left to guess what spread your broker had, and will vary with different EAs and different times of the day, additionally most mt4 brokers give you a tiny 2 — 6 weeks of high resolution back testing data.
This giving anywhere between moderate to VERY big differences in profit from live trading on the same broker. Maybe you havent made many EAs or done much back testing so Im being a bit harsh on my criticism, but there is in my opion a massive difference in this area, with ctrader the clear winner. Example is if I want to program a new a EA in mt4, and same in ctrader, since I used to code in C I should be biased toward mt4 which is basically C, but since it will take literally a third of the time to do it in C in ctrader, I cant see many reasons why I would bother with mt4 unless I had to and didnt mind nodding off a few dozen times in the process , yes really a third of the time!.
Then time spent backtesting, using the genetic algorithm in ctrader saves so much hassle, unless youve really tried them both you cant say there isnt a big advantage there at least time saving, if not finding settings you didnt even think would work. Anyway, at least Ive left a starting comment, and am happy to hear other experiences with use of these two platforms.
But from what I can see, metatrader might be coded in c, while ctrader is coded in C and with a. From the comment above, and I think I will still prefer ctrader over mt4 since it has a good dom view and c might be easier to deal with than c like mql. Yes the web still lack some features compared to desktop but Mac support wise its thousand times better than MT4.
This will be the biggest problem of cTrader like it was already for Tradestation. Here we have the old video standard problem VHS vs Betamax. Looks like ctrader is more modernized version of the fx tool. But from what I can see, metatrader might be coded in c, while ctrader is coded in C. People used other search engines before Google but Google became the winner.
Your email address will not be published. Leave this field empty. To relay our perceptions of the two trading platforms, we have decided to structure the comparison according to four major aspects: Depth of Market Functionality.
View Top MT4 Reviews and brokers. When it comes to Depth of Market functionality, cTrader is the clear winner. MetaTrader 4 comes with no inbuilt support for DOM data and must rely on third party tools, with only a few brokerages offering solutions which allow their clients to see DOM data when using the MT4 platform.
MetaTrader 5 has introduced Depth of Market functionality but is still not being widely used by many brokers. One last point is that given the decentralised nature of the FX market combined with its large size and millions of daily market participants — DOM data is made largely redundant or inconsequential, especially for small retail traders.
Ctrader is new revolutionized program to trade, its soo much better and nicer. Leave a Reply Cancel reply Your email address will not be published.More...