MT5 vs cTrader | Why Traders Prefer Ctrader Platform? (2024)

cTRADER OVERVIEW

cTrader is an elegant and easy-to-use trading platform with extensive trading capabilities such as fast order execution and coding customization. Designed by Spotware to balance basic and sophisticated features, cTrader is user-friendly for new and experienced traders. Traders can place sophisticated order types and better understand their orders. Despite being relatively new to the world of trading platforms, cTrader has already gathered a devoted user base of traders.

cTrader Platform

MT5 OVERVIEW

You can trade forex, stocks, and futures on MetaTrader 5 (MT5), a multi-asset trading platform that MetaQuotes developed. MT5 lets users see charts, stream real-time pricing, and place orders with their broker, just like the majority of other online trading platforms. MT5 provides access to financial markets such as foreign currency, commodities, CFDs, stocks, futures, and indexes. Among its many features are automatic trading, copy trading, and technical and fundamental analysis tools.

What traders like most about MT5 is its trading robot functionality, also called Expert Advisors or EAs. Without the trader's involvement, the robots monitor prices and conduct trading operations by following an underlying algorithm. MT5 offers additional advantages, such as a multi-threaded strategy tester, account-to-account fund transfers, and an alert system to inform traders about recent market developments. The integrated MQL5 community chat allows traders to interact with one another and exchange trading advice and ideas.

MT5 Platform

CHART TYPES AND TIMEFRAMES

A chart is one of the most crucial components of any trading software, which allows traders to perform technical analysis and display previous data on price movements. This is why the MetaTrader and cTrader applications set aside a significant portion of their interface for this capability.

There are four charts in MT5 by default, each for a different asset. However, traders have the option to maximize just one chart. Regarding chart types, the system supports line, bar, and candlestick charts. Switching between different chart types is straightforward: traders can use the chart menu in the screen's upper-right corner or right-click on the chart and select their favorite kind.

The distinction between MetaTrader 4 ( an older version) and 5 becomes more noticeable regarding the timeframes. There are nine timeframes in MT4: four-minute, two-hour, daily, weekly, and monthly frames. Meanwhile, MT5 provides an additional 12 timeframes for 21: daily, weekly, monthly, hourly, and minute frames.

cTrader and MT5 chart types

cTrader list of assets

AVAILABLE TRADING INSTRUMENTS

When comparing the trading instruments offered by MetaTrader 5 and cTrader, it is important to note that MT5 was designed to trade a variety of asset classes. On the other hand, cTrader is primarily focused on currency trading. However, depending on brokers, cTrader can be used to trade stocks, indices, commodities and cryptocurrencies as well.

When Metaquotes first developed MT4, Forex trading was its exclusive purpose. And the platform is still quite focused on trading Forex pairs. Although fewer instruments are available than with MT5 and cTrader, traders may still easily download their preferred trading robot or indicator from the MetaTrader marketplace.

Although the restriction still exists, MT5 supports more instruments than its predecessor. This means traders can access even more commodities, equities, and futures. Traders can choose new instruments in the Market Watch window located on the left side of the screen in both MetaTrader 4 and MetaTrader 5. In MT5, there is a separate Plus button for the blank space, but in MT4, one must double-click the mouse.

When comparing cTrader to MT5, the former offers a simpler way to choose new instruments: a Trade window with a Watch list and All Symbols sub-menus on the screen's left side. Traders can view the Popular Markets category and ten distinct asset categories under the All Symbols Sub-menu, such as Metals, Energies, Forex, and more.

cBot auto trading

AUTOMATED TRADING

Automated trading is the next significant element when comparing the MT5 and cTrader platforms. Expert Advisors are manually programmed algorithms that traders use in MetaTrader apps (MT4 and MT5) to perform automated duties such as technical analysis of price data. Moreover, these algorithms open and close positions on specific instruments.

The primary difference between MT4 and MT5's Expert Advisors is the programming language each uses. Since MQL4 has been around longer than MQL5, traders who lack programming experience can create custom expert advisors using more pre-written scripts and codes. But because MQL5 is a more straightforward programming language, writing new scripts is also simpler.

AVAILABLE ORDER TYPES

Traders have more control over their positions when using many order types. Both cTrader and MT5 have a lot to offer in this area. Regarding the order kinds available to traders, there are very slight differences.

The primary distinction between cTrader and MT5 is that the former's users can use pending orders even while the market is closed, while the latter does not have this feature. It's also important to remember that cTrader offers far simpler order configuration options when comparing MT5 and cTrader order types.

cTrader vs MT5 order page

cTrade portfolio analysis

Additionally, cTrader offers order tickets that can estimate potential trade risks. For traders, this can be highly beneficial. Regarding the order types themselves, they are nearly identical on cTrader and MT5. For this reason, many traders consider cTrader to be one of the best alternatives to MT5.

PORTFOLIO ANALYSIS

As a trader, you must be eager about performance. cTrader makes it easier for you to analyze your performance in one click. Just click on “Analyze” in the left menu and you’ll see several statistics related to your account. You can easily grasp your weak areas and work our to improve. On the other hand, MT5 accounts report is not much detailed.

Advanced Take Profit and Advanced Stop-loss

One of the greatest advantages of cTrader is to benefit from the Advanced Stop-loss feature. You can set a target like 10 pips. If your positon moves 10 pips in profit, your stop-loss will be automatically moved to breakeven.

Similarly, you can close your position in profit in multiple chunks using TP1, TP2, up to TP4. It means you can set four profit targets. This feature can help you maximize the profitability while reducing your risk.

cTrader advanced tp and sl window

CTrader’s DOM

Depth of Market (DOM)

With Depth of Market, you can see where the majority of traders are heading. At certain price point, you see a big selling or buying volume. You can use this in your advantage on cTrader.

Autochartist

With cTrader, you get free access to the Autochartist. In matter of a click, you find several signals for an asset. The signals tells you the direction, quality and timeframe.

cTrader’s Autochartis

cTrader’s news window

News

As a fundamental trader, you must be curious what’s driving the markets. Usually the risk sentiment is driven by the news. cTrader keeps you update witht the recent news headlines.

Economic Calendar

You don’t have to surf ForexFactory or any other website to find the economic calendar. With a single click, you get access to the economic calendar. For your ease, you only see the key events related to the asset on your chart. Like, if you are on EURUSD chart, you’ll find all the events for EURUSD in the economic calendar. You can also switch to another asset or choose another date.

cTrader’s economic calendar