Are you new to the trading industry and have no idea which trading platform is best for you? Or are you a seasoned trader and want to explore new trading platforms?
We are going to learn about the key points to consider when choosing a trading platform in this article. Then, we will lay out the pros and cons of MT4 and cTrader, two of the most widely used trading platforms for retail traders.
A trading platform is a medium where traders can view charts, do technical analysis, get market data, place trades among other functions.
Point 1: Functionality
Point 2: User Interface
The interface is the most direct point of interaction between the traders and trading platforms. Thus, it is imperative to choose one that is easy to understand, practical to use and some even take the cosmetic design into account.
Point 3: Compatibility
If you are currently running Windows OS, then compatibility issues shouldn’t bother you as it is used by more than 87% of computer users around the world, compared to 9.5% for Mac OS and 2.35% for Linux.
Some trading platforms only support certain OS, and you may need third party applications if you wish to run it on another OS that it does not support.
Point 4: Performance
Speed of execution is very critical for traders, and even more so for those that trade high frequency systems and the likes. A good platform executes orders with minimal lag. However, do bear in mind that many other factors affect the execution speed including but not limited to the network speed, types of connection, location between the servers and device hardware.
Comparing MT4 and cTrader
MT4 has been in the industry since 2005 and it is still dominating the retail forex market.
Pros of MT4
Cons of MT4
cTrader is relatively new compared to MT4 as it was released 5 years after. It offers the best out-of-the-box trading environment compared to MT4. Not only that, but it is also an ECN trading platform.
Pros of cTrader
Cons of cTrader
Honestly, you can’t go wrong with either of them as they are both great platforms. Go with MetaTrader 4 if you are interested in the vast amount of EAs and indicators that are available in their store, and do not mind the outdated user interface. Opt for cTrader if you want a more modern-looking interface packed with functionalities, and access cTrader copy where there are tons of strategy providers that you can follow.