WHICH FOREX TRADING PLATFORM IS BEST? (MT4 VS CTRADER)
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 in becoming the best Forex trader you can possibly be.
The Good ‘Ole MT4
Metatrader 4 or MT4 has been around for quite a while now. It was launched back in 2005 by Metaquotes and has quickly become the platform of choice for many Forex traders and 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. As a result, it’s marketplace has grown extensively, and should the need for EAs (Expert Advisor) or Indicators arise, you can easily purchase one from it.
In summary, here are the main features of the MetaTrader 4 platform:
- Easy to use Trading tools
- Variety of Chart Types and Lines
- Allows you to Save your Template and Profile
- Allows you to easily integrate your Indicators and EAs
- More popular and widely used by most brokers
On the flipside, given its age, a lot of traders grew tired of it and were looking for the alternative. They were looking for something that is fresh, more pleasing to the eyes, and a platform that is packed with features 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.
The Sexy Newcomer- cTrader
In 2011, Spotware launched the “Metatrader killer” that is cTrader. 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 brokers today now offer cTrader as an alternative platform.
Looks and functionality- these are the two things that cTrader boasts. It has Advance Order Protection that allows you to do multiple exits on an open trade. cTrader also allows you to view Market Depth. 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.
In summary, here are the main product features of cTrader
- Has a more “professional” feel.
- It has Advance Order Protection.
- Allows you to view Depth of Market.
- Allows you to connect pre-coded Indicators and Tools known as Cbots
- Has different Timetable Settings.
- It has Sentiment Indicator- which shows you the general sentiment of every trader (from a specific broker)
at a given time.
If you’re new to Forex, though, cTrader can be quite daunting as it’s not as straightforward as its competitor, but that can be quickly overcome.
The choice of 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. Given how massive the user-base of MT4 is, and how easy it is to use, I will pick it over cTrader at any given day. I’m not saying that the latter is less superior, but it’s merely just my preference as a trader.
The best gauge is to go out there and test both the MT4 and cTrader platforms. Choose what you think is best for you. See which is fit for your trading style. I know that is rather laborious, but trust me it is worth your while. Now, leave a comment below about which trading platform you prefer and why? I’d love to hear from you!
My IcMarkets’ IB link: https://www.icmarkets.com/?camp=34566