What is cTrader? cTrader is a platform that helps investors trade on the financial markets. cTrader belongs to one of the three hottest platforms today. It is ranked after MT4 and MT5. Each platform will have its own convenience, so the same unit develops MT4 and MT5 so that they can have similarities, but cTrader is very different in the way it works. So, what is cTrader? What are the outstanding trading features? cTrader vs MT4: Which is Better? Let’s find out in the article below.
What Is cTrader?
Like MT4, cTrader is also a platform for trading forex and CFDs on the forex market. cTrader is developed by Spotware Systems Ltd, which specializes in providing technological solutions in the financial markets.
While cTrader’s presence is relatively new to trading platforms, it has already built a reputation among traders looking for fast execution speed and significant liquidity.
With ECN technology, if you want to try out the Ctrader platform, investors only need to take a relatively low commission cost and a competitive spread.
However, the number of brokers offering cTrader is less than MT4. Currently, only a dozen brokers allow you to use cTrader for trading, such as FxPro, IC Markets, Pepperstone or FIBOGroup …
Outstanding Features of the cTrader Trading Platform
Compared to MT4, cTrader has added many tools to support chart analysis and additional features to make trading decisions:
- 5 chart types and 26 time frames
- 70 different indicators
- 20 drawing tools for technical analysis
- Supports 4 types of commands
- Ability to save chart templates as MT4
- Automate or cBot features work like EA on MT4.
- Can price alarms directly on the chart
- The one-click quick trading feature and sentiment indicator show the psychology and behavior of most investors in the market, helping traders refer to it to make trading decisions.
- You can partially close orders with the Advanced Take profit feature. This feature only works if the computer is turned on continuously.
Other outstanding features and tools:
- Economic calendar
Of the two MetaQuote platforms, only MT5 has a built-in economic calendar, and cTrader also has this feature. However, if you are a new trader, you will find it a bit difficult to use this tool on cTrader because it is quite different from the popular versions of the economic calendar in the market.
- Market depth
cTrader Level II Market Depth shows the full range of execution prices coming directly from liquidity providers. The number of orders is fully filled in the order book with the corresponding volume.
- Account analysis
The Analyze tool has the function of analyzing all the trading history of the account, helping the trader to statisticalize trading performance. From there, plan more effective strategies in the future.
- Copy Trade
This feature is no longer strange for investors in the forex market. With cTrader, an investor can become a strategy provider (Master) or a copyist (follower).
Pros and cons of cTrader
There will be limitations in addition to outstanding benefits with any trading platform, even MT4 or MT5. And the cTrader software is no exception.
- Fast execution speed: The cTrader server located at equinix’s LD5 IBX datacenter, London, ensures that data is transferred at blazing speed. In combination with ECN technology, traders’ orders are matched more quickly and are not requoted.
- Transparency in quotes: Spotware requires that brokers using its platform be associated with at least one liquidity provider (LP). The order match will be matched directly with the LP without going through the broker. And, of course, the broker does not have the right to interfere with these prices.
- High liquidity: With over 50 well-known liquidity providers globally, cTrader always ensures high liquidity for clients’ trading orders, even when the market is volatile.
- An ecosystem of tools and features to support analysis and trading is presented above.
- It supports many different languages. In particular, the Vietnamese version is translated very closely and quite standard with specialized terms.
- Various devices: there is both a web version and a mobile app
- No function to export historical price data like MT4/MT5
- Do not perform backtest strategies, EAs like MT4
- The ecosystem is not as rich as MT4 (Indicator, EA…)
- The trading volume is calculated in units of the previous currency in a currency pair (for example, to buy 1 lot GBPUSD, you need to enter 100000, and the unit is British pounds, that is, £ 100000). You need to be careful when trading currency pairs. For example, 1 lot of GBPUSD will be different from 1 lot of AUDUSD or 1 lot of USDJPY.
cTrader vs MT4: Which is Better?
There are many similarities and differences between Meta Trader and cTrader. Suppose Meta Trader has a more professional interface, which many traders know. In that case, cTrader has a modern design, a nice interface, and a clean layout that makes it easier for users to navigate. Both platforms offer a distinct range of tools and features.
In addition, the type of platform to use depends on the broker you register to open a trading account. As you know, currently, only 10 brokers allow investors to use the cTrader software. If your trading account does not belong to one of these brokers, you cannot even use cTrader.
Therefore, the most important thing is still to choose a reliable forex broker to open an account. If you want to trade on MT4, many brokers choose. Conversely, if you want to use cTrader, you need to register for an account with one of the 10 brokers associated with Spotware. IC Markets is one of the most reliable brokers on the market. This forex broker offers both MT4 and cTrader platforms as well as MT5 platforms. If you want to try both MT4 and cTrader software, you should open a trading account at this forex broker.
The forex investment process includes many different steps, where choosing a trading platform is also a crucial step. To complete this step well, you need to experience all the features of the existing trading platforms on the market (MT4, MT5, cTrader or any other proprietary trading software) to choose from. Find a platform that works best for you. You should open a demo trading account or a live account with a small deposit at a reliable forex broker to get the best experience.