MT4 vs MT5 vs cTrader: An Overview

When starting out in trading, selecting the right platform is crucial. Your trading platform needs to match your trading style. For instance, algorithmic traders require platforms with robust capabilities for creating and implementing trading robots, while technical traders need a platform rich in analytical tools and user-friendly features. Fundamental traders, on the other hand, may prioritize integrated economic calendars over technical tools. Additionally, some platforms restrict access to certain asset classes. Below, we’ll explore the most popular trading platforms today: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader, each with its own strengths and weaknesses.

A Brief Backstory: MT4, MT5, and cTrader

MetaTrader software was developed by MetaQuotes, with MT4 being released in 2005. This platform, known for its simplicity and reliability, remains a top choice for beginners. In 2010, MetaQuotes released MT5, which added support for more instruments, including stocks and commodities, and introduced a new programming language.

cTrader, launched in 2011 by Spotware Systems LTD, offers a more modern design compared to MT4 and MT5. While it includes various securities and tools, it doesn’t support stock trading or CFDs on stocks. cTrader uses the widely-known C# programming language, which makes it accessible to a broader audience of programmers. It’s also worth noting that cTrader receives frequent updates, ensuring that it remains at the forefront of trading technology, whereas MetaTrader platforms have seen fewer changes since their creation.

When it comes to trading multiple asset classes, MT5 is a standout multi-asset platform. MT4 remains a reliable choice for Forex trading, and cTrader is praised for its modern features and user-friendly design.

Design Differences

Since MT4 and MT5 are both products of MetaQuotes, they share a similar design. Both platforms have an interface reminiscent of Windows 98, with blank white and light gray windows. The majority of the screen is occupied by four live charts for popular Forex pairs, while tools and indicators are located on the left and bottom sections of the screen.

In contrast, cTrader offers a modern interface with customizable light and dark themes, making it visually appealing and user-friendly. The layout differs from MetaTrader; cTrader initially displays one chart, allowing more space for trading instruments and other components.

Programming Languages: MQL4, MQL5, and C

MT4 uses MQL4 (MetaQuotes Language 4), while MT5 uses MQL5. Although the platforms share a similar design, their programming languages are distinct. MQL5 is more efficient and allows traders to create and modify scripts easily, but it’s not backward compatible with MQL4, meaning programs developed for MT4 won’t work on MT5.

On the other hand, cTrader uses the widely adopted C# language, making it easier for programmers from various backgrounds to develop new tools, scripts, and features. While cTrader’s C# language offers more flexibility, the MetaTrader community is larger, providing more pre-existing templates for MT4 and MT5.

New Platform Features

Trading platforms are continually evolving, with regular updates to introduce new features and address issues. Here’s a look at the latest upgrades for MT4, MT5, and cTrader:

MetaTrader 4 (MT4):

• Improved market security requiring users to be authorized on the platform using the same MQL5 account through which the product was purchased.
• Updated user interface translations for a more seamless experience.
• Enhanced platform stability.

MetaTrader 5 (MT5):

• Design improvements in trading reports, including the display of monthly funds growth.
• Optimized deposit and withdrawal pages, along with faster recalculations of financial operations.
• A new “Contact Broker” section in the web terminal for direct communication with customer support.
• Integrated deposit and withdrawal functions within the platform.

cTrader:

• Frequent updates, including Overlay Indicators, Integrated IDEs for Algo Developers, and Backtesting and Market Replay Reports.
• Enhanced PC RAM optimization, allowing cBots to run in a separate external process from the cTrader desktop app.

Trading with MT4, MT5, and cTrader

Now that we’ve covered the basics, let’s compare how MT4, MT5, and cTrader perform in actual trading. We’ll look at chart types, available timeframes, trading instruments, and automatic trading features.

Chart Types and Timeframes:

Charts are essential for technical analysis, representing historical price data. MT4 and MT5 offer line, bar, and candlestick charts, with the ability to display four charts simultaneously. MT4 provides 9 timeframes, while MT5 offers 21 timeframes, making it more versatile for traders who need detailed analysis.

cTrader, on the other hand, displays one chart at a time but supports 26 timeframes and an additional dot chart. Its intuitive design and layout make it a preferred choice for beginners.

Available Trading Instruments:

MT5 supports a wider range of instruments compared to MT4, including stocks, futures, and commodities. cTrader primarily focuses on Forex trading, but some brokers offer CFDs on cryptocurrencies, indices, and commodities. cTrader’s straightforward interface makes it easy to select new instruments, with a Trade window displaying a comprehensive list of asset categories.

Automatic Trading:

Both MT4 and MT5 use Expert Advisors (EAs) for automated trading, with MT5 offering a more efficient programming language (MQL5). However, MT4’s longer presence in the market means there are more pre-written scripts available. cTrader offers cBots, similar to EAs, but with a focus on the C# programming language. Despite the advantages of C#, the community behind EAs is larger, providing more resources for MT4 and MT5 users

Comparison of MT4, MT5, and cTrader

Category	Functionality	MT4	MT5	cTrader
General	Interface Languages	52 languages (Client Terminal) 6 (Manager App) 5 (Admin App)	52 languages (Client Terminal) 8 (Manager App) 6 (Admin App)	cTrader – 23 languages cBroker – English / Chinese
	Native Trading Terminals	iOS / Android / Web / Desktop	iOS / Android / Web / Desktop	iOS / Android / Web / Desktop
	Hosting of Application	By client	By client	By service provider
	Limit of Real Accounts	No	No	No
	Limit of Demo Accounts	No	No	No
	Indicators Support	Yes	Yes	Yes
	Indicators Customization	Yes	Yes	Yes
	Algo-trading (Automatic Trading Strategies)	Yes	Yes	Yes
	Supported Deposit Currencies	Fiat CCYs only	All currencies	All currencies
	Max Precision of the Balance	2	8	8
	Multicurrency Account Support	No	No	No
	Negative Balance Protection	No	Yes	Yes
	Deposit Currency is Determined at the Level of	Group	Group	Account
	Leverage	Account level	Account level	Account level
	Option: End-user Can Change Leverage	Not possible	Not possible	Possible
	How Leverage Works	FX instruments only CFD instruments have predefined margin requirements	FX instruments only CFD instruments have predefined margin requirements	FX instruments only CFD instruments usually have predefined margin requirements
	Dynamic Leverage	Via 3rd-party Plugin	Via 3rd-party Plugin	Yes
Trading Features	Order Types	Market, Limit, Stop	Market, Limit, Stop, Stop Limit	Market, Limit, Stop, Stop Limit
	Order Volume Representation	Lots	Lots, Units	Lots, Units
	Partial Order Filling Policies	No	Yes	Yes
	Execution Models	Market / Instant / Exchange	Market / Instant / Exchange	Market / Exchange
	Execution Policies	Fill or Kill	Fill or Kill, Immediate or Cancel, Return	Fill or Kill, Immediate or Cancel, Return
	Market Depth	Level 2	Level 2	Level 2
	Tick History	Not available (Plug-in required)	Not available (Plug-in required)	Available by default
	Economic Calendar	Not available	Available (for FX)	Available (for FX)
	Financial Instruments	FX, Commodities, Equities, Indices, Cryptos	FX, Commodities, Equities, Indices, Cryptos, Bonds	FX, Commodities, Equities, Indices, Cryptos, Bonds

MT4, MT5, and cTrader are powerful trading platforms, each catering to different trading needs. MT4 is ideal for beginners due to its simplicity and extensive community support. MT5 is suited for traders who require more advanced features and a broader range of instruments. cTrader offers a modern, user-friendly interface with frequent updates, making it a strong contender for traders looking for flexibility and cutting-edge features.

In the end, the choice between these platforms comes down to personal preference. Beginners may find MT4’s simplicity appealing, while more experienced traders might prefer the advanced capabilities of MT5 or the modern design of cTrader.