Choosing the right platform for trading forex is very important. Understanding that every trader has different preferences, goals, and requirements, great forex brokers ensure that you have access to the most popular platforms in the market. In this post, we will discuss the three most popular trading platforms in the forex industry. These are MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader.
If you are new to trading or you have extensive experience in trading CFDs, most of these platforms cater to a wide range of traders and skills so depending on how you use them, you can make the most out of them.
While some may have more advanced tools, what matters is your own requirements and how these platforms fit your trading style and needs.
When it comes to the forex market, however, MT4 is the leading trading platform and steals the top spot as the most reliable and trusted trading platform for trading forex.
Meet the Platforms
For every platform comparison, an introduction is vital, hence this is a brief introduction to all platforms.
MT4 (MetaTrader 4): The classic. Launched in 2005, MT4 has been a go-to platform for forex traders for nearly two decades. It’s known for its simplicity, stability, and massive online community.
MT5 (MetaTrader 5): The future-proof brother of MT4, MT5 came out in 2010. It offers added functionality, supports additional asset classes, and delivers faster, more versatile performance.
cTrader: A modern contender, cTrader features a clean design and prioritises transparency and user control. Professional traders love it for its intuitive interface and rich analytical tools.
Charting & analysis tools
MT4: 30 built-in indicators, 9 timeframes, and various types of charts. This is perfect for what most traders really need, and you can always download custom indicators or scripts from the MT4 platform. It is difficult to find such a huge MT4 community that is eager to share scripts and software for free.
MT5: With 38 built-in indicators, 21 timeframes, and an economic calendar in real-time, you get a multitude of possibilities.
cTrader: This platform not only has 70 indicators but also advanced charting tools that can be detached. The advanced charting features make cTrader a great fit especially for technical analysts and visual learners.
Order types & execution
MT4: This platform allows traders to execute market, limit, stop, and trailing stop orders. Normally, execution is very fast and there are usually no issues.
MT5: DOM is the other useful feature added. DOM refers to Depth of Market and is an indicator of liquidity. This tool allows traders to see the number of buys and sells for an asset at different prices, and is really helpful for high-frequency traders.
cTrader: cTrader has direct market order as well as full DOM support. In addition, it uses ECN (Electronic Communication Network) technology, giving traders full control over order execution and greater transparency on market pricing. Both cTrader and MT5 stand out for their execution speed and variety of order types.
Automated Trading (Algo Trading)
MT4: MT4 is mostly recognised because of its Expert Advisors (EAs). It is possible to access a huge repository of custom bots or create your own using its programming language MQL4.
MT5: When we talk about EAs, it is the same as MT4, but the MQL is different, as for MT5, the coding language is MQL5. It is not only more powerful but also conducts multi-threaded strategy testing, thus speeding up back testing.
cTrader: cTrader suits traders with programming experience, offering cAlgo (cTrader Automate) for C# developers and smooth integration with Visual Studio.
MT5 for sure stands out for automated trading, but MT4 still dominates due to its community support and available bots.
Multi-asset trading platform
MT4: MT4 is basically the ultimate platform for forex aficionados. Yeah, some forex brokers may also add CFDs and metals, but it was really built for forex.
MT5: Now, MT5 is like MT4’s more versatile sibling. MT5 is ready for all kinds of action including forex, aandelen, grondstoffen, indices or crypto. All in one spot. No juggling platforms.
cTrader: cTrader’s got speed, and great execution for forex and CFDs. But if you’re looking for a wide variety of markets, it’s not quite the MT5. Still, for what it does? Solid.
So, who takes the crown? MT5, hands down, but if you’re only dabbling in forex, MT4 would do the trick.
Community & support
MT4: If you’ve ever Googled anything about trading platforms, you’ve probably tripped over a million MT4 threads. MT4 has been around forever, so the community is just massive. Forums, free indicators, paid EAs and endless YouTube tutorials.
MT5: MT5 is catching up, but still behind the popular MT4. Either way, the MetaTrader universe is buzzing, so you’ll always find your way and have plenty to discuss with fellow traders.
cTrader: Now, cTrader people are usually super enthusiastic, but not as many as in the land of MT4. Support team is usually very helpful.
For the community, however, no one can beat MT4!
Customisation & flexibility
MT4: It is every trader’s go-to platform and fully-customisable. Traders have been hacking it apart and adding custom scripts, indicators, and “Expert Advisor” bots since the beginning. It’s like the most flexible platform and everyone has been adapting it forever.
MT5: MT5 lets you play around and customise it, but it’s a different language than MT4. MQL5 is slightly more complex and, obviously your MT4 gadgets might not work with it.
cTrader: Now, cTrader’s is very flexible, plus you get copy trading with cTrader Copy, and you can save your setups in the cloud.
MT4 wins in this category as it is super easy to jump into, but if you’re the techy type, cTrader’s probably more suited for you.
The final verdict: which platform should you choose?
Honestly, it’s actually down to your personal preferences and which features make you tick.
If you just want something classic and straightforward, MT4 is definitely a classic and reliable choice. Tons of traders still swear by it, especially if you’re only trading forex or you’re just starting out and don’t want to get swamped by millions of features. Plus, there’s a lot of online help if you ever get stuck.
However, if you are looking for something extra, MT5 takes you to the next level. With MT5, you get more assets, more advanced tools, and a deeper dive into analytics. EAs, aandelen, crypto, or more are all accessible with MT5.
Now, for those who want something new and different, cTrader is perhaps the solution. Slick design, pro tools, and razor-sharp execution are some of the obvious attractions. Algo traders and scalpers will probably go with this one.
Still not sure? This is absolutely fine. With T4Trade, you can explore an exclusive version of MT4 available across all your favourite devices, both on desktop or mobile, or simply accessible online. Dip your toes in with a demo account, have a look around, and get in touch with our multilingual support if you have any questions!
Disclaimer: This material is for general informational and educational purposes only and should not be considered investment advice or an investment recommendation. T4Trade is not responsible for any data provided by third parties referenced or hyperlinked in this communication.
