cTrader vs MT5: Choosing the Right Trading Platform for Your Needs

trading platform

When beginners start their career in forex trading choosing the right platform is a very crucial step in their trading experience. and when they see a list of platforms that are available in the market they might get confused as they have no knowledge about which one is the best. So let me tell you that the most well-known Forex trading platforms are cTrader and MetaTrader 5 (MT5). These two trading platforms have their own unique features, advantages, and limitations. So let’s see in detail about both of the platforms and which one is more beneficial for you. 

Overview of cTrader and MT5

cTrader: 

cTrader is well known for its advanced graphing features, simple interface, and superior order execution performance. cTrader, created by Spotware Systems in 2011, is intended to satisfy the requirements of both new and seasoned traders. With features like no dealing desk (NDD) execution and Level II pricing, the platform is well-known for its transparency.

MetaTrader 5:

The widely used MetaTrader 4 (MT4) was evolved into MetaTrader 5 (MT5) by MetaQuotes Software in 2010. A number of increased features are available with MT5, such as a stronger multi-asset platform, extra order types, and better charting tools. Because of its extensive analysis tools and automated trading capabilities, it is preferred by many traders and supports both netting and hedging approaches.

Difference between cTrader and MetaTrader 5 

User Interface and Usability

Many traders worldwide utilize the cTrader trading platform because of its simple and up-to-date interface, particularly when compared to MT5. Users of the trading platform can customize each component of the interface, including the bright and dark themes. With the advanced charting package, you can create a wide range of chart formats and over 70 technical indicators. Due to its excellent design-functionality balance, this is a major benefit of the trading platform.

An outdated Windows 98-style design pattern is included in MetaTrader 5. This platform’s architecture has similarities to that of MT4, and its navigation is the same. This makes feeling at home much simpler for traders who want to switch from MT4 to MT5. 

The platform has a more advanced user interface with a variety of tools and functions that are conveniently arranged for quick access. While it has an outdated appearance, it serves a very valuable purpose. You can easily find what you’re searching for and use the trading platform with ease. 

Chart & time frames

The charts and tools that are available on these two trading platforms are among the most significant differences that need to be addressed. MetaTrader 5 provides traders with 21 periods and three distinct styles of charting.

Also, traders have default access to 38 built-in indicators. On the other hand, cTrader provides traders with over 70 integrated technical indicators, 54 timeframes, and 9 distinct chart formats.

It should be mentioned, however, that although cTrader has a greater selection of built-in indicators, MT5 users can simply obtain a variety of indicators online. That’s because MetaTrader has such a large following. A growing number of traders are developing their own indicators and making them available for others to download and use. For traders, this diversity is especially helpful during the London trading session, when having access to a wide range of accurate and exact indicators can be essential to making well-informed judgments.

Order types available

Traders have more control over their positions when they have access to a variety of order types. Both cTrader and MT5 have a lot to offer in this area.

Fast order execution and transparency are two of cTrader’s best qualities. By using NDD and Straight Through Processing (STP), the platform makes sure that orders are completed without the need for dealer involvement. 

While MT5 also provides quick order execution, it also has an integrated dealing desk option, which can lead to minor order processing delays. However, traders can generate more educated trading decisions because of the platform’s Depth of Market (DOM) capability, which provides information on market liquidity.

The primary difference between cTrader vs MT5 is that the former’s users can utilize pending orders even while the market is closed, while the latter does not have this feature. Furthermore, it should be remembered that cTrader offers far simpler order setup options when comparing MT5 and cTrader order types.¬†

Automated trading

When comparing these two trading platforms, it is crucial to talk about automatic trading. Expert Advisors are automatic trading algorithms that MetaTrader provides to its clients.

These programs have been manually created and can be used to automate specific tasks in the trading industry. This covers both the actual trading process and related activities like technical analysis.

For cTrader, a comparable automated trading tool known as cBots is offered.

Because cTrader is built using the C# programming language‚ÄĒwhich is thought to be a universal programming language‚ÄĒsome may assume that cTrader has access to more automated trading tools. That isn’t the case, though.

Tools for Technical Analysis

There is an extensive collection of technical analysis tools available in cTrader. A large set of indicators, drawing tools, and chart formats is available to traders. 

On the other hand with an even more comprehensive collection of analytical capabilities, MT5 outperforms its predecessor. It provides a large selection of analytical tools, graphical elements, and indicators. An exceptional feature of MT5 is its Economic Calendar.