cTrader Vs MetaTrader 5
There is no denying that the MetaTrader 4 platform has dominated the Forex trading space since the beginning. Despite a slow start for MT5, which was released in 2010, it was in November 2016 when MetaQuotes announced that they would discontinue the MT4 platform. In January 2018, the company further strengthened its stance by stating they will no longer sell new licences of MetaTrader 4. At this point, the industry knew that MetaQuotes was serious about its plan to phase out MT4. This interesting turn of events takes MT4 out of the race. In this article, we look at the key differences between cTrader vs MetaTrader 5.
When you compare cTrader with MetaTrader 5 or MetaTrader 5 with cTrader, there are many things to consider. We hope this article will help you to make an informed decision. We’ve also prepared a detailed comparison of cTrader and MetaTrader 4 as well.
Introduction to MetaTrader 5
To start this comparison of cTrader vs MetaTrader 5, we will introduce MT5, a trading platform developed by MetaQuotes. MT5 intended to be the successor of the MetaTrader 4 platform. However, MT4 was deeply rooted in the online trading world that not even MetaQuotes stood a chance of knocking MT4 from its thrown. MT5 has started to be adopted by Forex and CFD brokers, but slowly and reluctantly, it would seem. The platform doesn’t look that much different from MT4 but still different enough to disorientate a seasoned MT4 user. The platform also doesn’t offer that much extra functionality, but it does require users to reprogram their Expert Advisors for little gain.
Interest in MetaTrader 5 has recently spiked. The reason for this was an Apple operating system update for MacBooks caused a compatibility issue between MetaTrader 4 and the new macOS Catalina. Since MetaQuotes will no longer support MT4, MT4 users on Macs will likely move over to MT5 or seek a new platform altogether.
Introduction to cTrader
cTrader was first released in April 2011, with FxPro being the first broker to launch. IC Markets and Pepperstone followed shortly after in 2013. The most recent broker to launch cTrader was VARIANSE. Over the years, Spotware (the company that created cTrader) have performed countless updates. The company has proven itself to be very trader centric by providing meaningful updates based on community feedback. Additionally, the company endeavours to follow its own trademarked Traders First approach.
Comparison of MetaTrader 5 and cTrader
This comparison of MT5 and cTrader will explore most concepts related to point and click style manual trading. This means exploring the general navigation, chartings features, order types, execution, availability of each platform and other key differences to conclude which forex trading platform is better finally; cTrader vs MetaTrader 5.
MetaTrader 5 does not differ much from MT4 when it comes to design. The platform follows the same rigid windows 98 style design pattern, and all settings and features remain pretty much in the same place. While this would be useful for users switching from MT4 to MT5, it raises the question, what would be the point in switching in the first place if the platforms are so similar? Judging from the design style of MT5 and MT4, you would think that the interface is designed with an older audience in mind.
cTrader has a clean and modern interface, especially when compared to MetaTrader 5. While you can extensively customize the colours of the chart elements on both platforms, cTrader offers a light and dark theme. This may seem trivial but actually makes a big impact on users in different environments.
The first key difference is the way you interact with charts. On MT5, you need to select the active chart and then apply any changes to settings. On cTrader, each chart has its own toolbar to make it a bit easier to control charts. Both platforms come equipped with an almost equal number of indicators. MT5 does offer a few more types of objects such as Fibonacci, Gann and Channel tools. A few major advantages that cTrader has are a chart linking feature and detachable charts. This allows you to spread your charts across multiple monitors.
Some other merits that cTrader offers include much more timeframes and the ability to show ticks on the main chart where you can use indicators and different chart types, not only in the Market Watch section with a Line Chart is the case on MT5.
When it comes to trading and order types, both platforms have the most important order types. In this respect, there is not much to tell the two platforms apart. The key differences to note are how the order types function. A good example of this would be cTrader allowing you to place pending orders even when the market is closed. MT5, on the other hand, does not allow this.
cTrader lets you choose the trade-side that will trigger your stop orders and lets you choose for your stop orders to be triggered by the second consecutive price. This prevents your Stop Orders from being triggered by off-market prices that will cause you to enter the market at a disadvantage and probably the ordeal of having to go through retribution with your broker.
Also, cTrader makes it very easy to configure order protection settings before entering the market. The new order tickets calculate and show the risks and rewards of your settings in various contexts before you go ahead and place the order. cTrader also offers server-side trailing stop losses and a variety of different protection settings. These protection settings include advanced Take Profit, which allows you to scale out of a profitable position at different exit points and the option to move Stop Loss to break-even point with the option to add several pips on top of the break-even point.
Execution + Transparency
cTrader is well known for being a transparent trading platform. Some MT4 and MT5 brokers have managed to earn themselves a shameful reputation through the use of the platform. cTrader, on the other hand, has not had any clients end up being part of any scandal. The platform was designed to connect directly with liquidity providers to offer genuine market conditions and allow brokers to really act as brokers and pass your trades to their counterparties.
Spotware has stated it many times in various announcements; they host the platform, and brokers do not have access to trade databases to manipulate historical data. MetaTrader 5 is hosted by brokers where they can manipulate records. Obviously, this is totally illegal and should not happen by any regulated broker. The point being made is it’s possible.
cTrader displays the most detailed order tickets for every order, deal or position that you make. There is a handy position timeline that shows you all the changes you made to your position, such as changing stop-loss, increasing or decreasing the position size and swaps being applied, etc. cTrader’s deal tickets show a market snapshot from the moment the broker executed your order.
Both cTrader and MT5 are available on Windows Desktop, Web, iOS and Android. MT5, however, can be run on macOS and Linux systems. While MT5 does have all of these applications available, the business model of cTrader and MetaQuotes are a bit different. This is because cTrader gives all brokers all the versions of the applications they offer. Whereas MetaQuotes charge for each version of the application, some brokers may not offer the Mac version or mobile versions.
The number of brokers offering MT5 is greater than cTrader. Even though brokers did not well receive the introduction of the MetaTrader 5 platform with brute force, MetaQuotes were well-positioned to push their product to their existing clients, which is basically the whole market. This means there are more MT5 brokers in the market. However, finding a cTrader broker is not hard, thanks to our complete list of cTrader brokers and detailed reviews.
The big differences in the comparison of cTrader and MetaTrader 5 are slightly lost on manual traders. For example, cTrader’s key features are its copy trading feature, cTrader ID and being able to save your preferences in the cloud. Both platforms differ a lot when it comes to algorithmic trading. cTrader also offers free and available FIX API trading and Open API trading interfaces. MT5 has a marketplace for offering different services, whereas cTrader does not. The benefits of these major differentiators become trivial for traders who mainly focus on charting tools and order types, where on paper, the scope of these features don’t differ much between the platforms.
Conclusion of cTrader vs MT5
To conclude this comparison of cTrader vs MT5, we say that for manual traders, comfort and speed are the most important attributes they look for. For a new trader and looking for a platform to try, we strongly recommend cTrader, and you can find a complete list of cTrader brokers here. If you are an existing MT4 user and manual trader and are happy with the old-school appearance of the platform, there is not much to compel you to switch. cTrader is certainly the clear winner when it comes to aesthetics, and it does have the upper hand thanks to the transparency factors.