MetaTrader vs cTrader: A Comprehensive Comparison

While starting Forex Trading, new traders in particular face the same dilemma whether they choose MetaTrader or cTrader for trading. It’s a no-brainer that these two platforms are equally popular among Forex Traders due to their unique features and tools. Then, of course, a question must arise in everyone’s mind which platform is better? 

To clear up this confusion we have to compare MetaTrader or cTrader from so many different perspectives. By the end of the blog, you can easily determine which one you should go for.

What is MetaTrader?

MetaTrader is a trading software developed in 2005 by MetaQuotes Software Corp. It has two main versions: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). MT4 is extremely popular for its simplicity and extensive range of technical analysis tools. Many traders and brokers consider it the industry standard. So they have been using this platform for so long at the beginning of their trading career. 

Even though MetaTrader’s new version “MT5” is also available in the market, it still can’t surpass MT4’s massive popularity. However, MT5 offers additional features and capabilities such as more timeframes, order types, and advanced functions. It lets users see real-time pricing, charts, and other crucial information related to their trading. It also gives access to the financial market including CFDs, futures, foreign currency, stocks, and indexes.

What Is cTrader?

cTrader is another modern trading platform. Spotware Systems Ltd. developed this platform for Forex and CFD trading in 2011. Its main aim is to offer all traders and brokers a seamless trading experience. They have created a user-friendly modern interface and advanced features so that both novice and experienced traders can utilize all features equally. Because if users get the best user experience, why would they look for other platforms? Make sense, doesn’t it? 

The most interesting fact about cTrader is that it allows users to personalize their workspace according to their choice. This enhances their overall trading experience.

Difference between MetaTrader and cTrader

Design and User Interface

Both platforms have different approaches when it comes to their user interface. At first glance, it is clearly visible that these two platforms have major differences in their user interface. As we already know, MT4 has a traditional interface as this platform focuses on simplicity and EAs bots. Some traders prefer MetaTrader for beginners for its classic design and robust features. 

Now if we move forward to cTrader, we can see an ultra-modern streamlined interface. As it is neat and well-organized, traders can navigate it easily. Whether you are a beginner or an experienced user, you will love its UI. 

If you compare the design and UI of both platforms, you may find MetaTrader’s UI is relatively outdated and cTrader’s UI is more modern and easier to use. Despite its modern design and fastest interface, cTrader somehow can’t match the popularity that MetaTrader is still getting with outdated UI.

Charting and Time Frames

Both platforms offer advanced charting capabilities in terms of charting and time frames. In MetaTrader, there are 4 charts (Bar, Line, Candlestick, Tick) by default for different assets. However, traders can maximize just one chart. MT4 has 9 timeframes, whereas MT5 supports 21 timeframes: daily, weekly, monthly, hourly, and minute frames. Both versions offer customizable charts equipped with various technical indicators and drawing tools. 

cTrader displays a single chart in the middle of the screen. It has 9 types of charts (Bar, Line, Candlestick, Heikin-Ashi, HLC, Dot, Tick, Renko, and Range-based charts) and 26 different timeframes: weekly, monthly, three-day, seven-hour, and fourteen-minute frames. 

When comparing both platforms, cTrader has more timeframes. So it provides more flexibility in calculating trade size.

Programming Language

Another fundamental difference between these two platforms is their programming language. MetaTrader uses MQL4 for MT4 and MQL5 for MT5 programming languages. MQL4 allows traders to create custom indicators, scripts, and Expert Advisors (EAs) to automate trading strategies. And MQL5 offers additional features. 

On the other hand, cTrader uses the C# programming language that also allows traders to develop custom indicators, automated trading strategies, and other trading tools directly. However, C# offers a broader range of features and libraries.

Automated Trading

While comparing these two platforms, automated trading is one of the significant features that should be discussed. MetaTrader is extremely famous for its automated trading feature. MT4 and MT5 both support Expert Advisors (EAs) that allow traders and brokers to automate trading operations, including opening, managing, and closing positions in the financial markets. However, the primary difference between these two MetaTrader versions is their programming language. MT4 uses MQL4, where as MT5 uses MQT5. 

cTrader also supports a similar automated trading program, which is called cBots. It uses C# programming language which is considered the universal coding language. But in reality, Expert Advisors (EAs) are more popular among traders than cBots.

Community and Support

MetaTrader has a large community of traders and brokers with numerous forums, scripts, an ecosystem of third-party indicators, EAs, and educational resources. In contrast, cTrader’s community is relatively smaller but steadily growing. It has established an active community that contributes to forums, online communities, and support channels. cTrader also offers responsive support channels and documentation so that users can maximize their trading experience.

Availability with Brokers

MetaTrader, especially its MT4 version, is the most popular trading platform among Forex brokers as it has existed in the market for a long since. So it is widely supported by a sea of brokers globally. That means it offers broader availability with brokers. 

Conversely, cTrader is not as popular among brokers as MT4. But day by day this platform is growing its popularity. Moreover, its modern interface, advanced charting capabilities, and fair trading practices convince brokers to choose this platform. Unfortunately, the platform is not as widely consumed as MetaTrader software programs.

Platform Security

Both platforms prioritize their platform security, but they have different approaches here. MT uses 128-bit encryption to secure the data transmitted between the client terminal and the server. It also supports two-factor authentication to add an extra layer of security. The system reduces the risk of unauthorized account access. There is another option available for brokers to implement server-side security protocols. 

On the other hand, cTrader also emphasizes strong security features to protect its users by using industry-standard encryption protocols. It helps to transfer data safely from the client terminal to the server. It also supports two-factor authentication.

Conclusion

To sum up everything so far, just like other platforms MT and cTrader both platforms have some strengths and weaknesses. Now it is all up to you which platform you choose to start your trading journey.

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