It is safe to say that both MetaTrader 5 and cTrader are very popular trading platforms. They were released around the same time, MT5 in 2010, and cTrader in 2011. Both trading platforms offer traders a high level of customization, which gives traders the opportunity to make the trading platform truly their own.
But, while both platforms are good, there are certain distinct characteristics that make MT5 and cTrader very different from one another. Below, we will discuss the major differences between these trading platforms to help you choose which one to use.
Design & navigation
The design of these trading platforms, while they might have some small similarities, is very different. MetaTrader 5 features an old-fashioned, Windows 98-style design pattern. The design of this platform is similar to that of MT4, with the navigation being exactly the same. This makes it much easier for traders who want to move from MT4 to MT5 to feel right at home.
However, while it looks old-fashioned, it is very useful. It is very easy to get around the trading platform and find things you might be looking for. This includes indicators and chart settings among other things.
On the other hand, there are some people who do not like this type of design and want something more modern and new looking. This is exactly what cTrader has to offer.
With its clean and modern interface, especially when compared to MT5, the cTrader trading platform is used by a lot of traders around the world. The trading platform allows users to customize everything on the platform, even offering light and dark themes.
Although the cTrader platform looks a lot cleaner, it still offers traders numerous tools and indicators to use. This is a huge advantage of the trading platform as it strikes a good balance between design and functionality.
Many people also like to compare these trading platforms to MT4, which was created by MetaQuotes back in 2005. When discussing the differences between cTrader, MT4, and MT5, you will notice that MT4 and MT5 look very similar, with almost no differences in terms of their design and function.
Chart & time frames
One of the most important differences that should be discussed between these two trading platforms is the charts and tools. MetaTrader 5 offers traders 3 different types of charts and 21 timeframes.
Also, there are 38 built-in indicators available for traders by default. On the other hand, cTrader offers traders access to 9 different types of charts, with 54 timeframes, and over 70 built-in technical indicators.
However, it should be noted that while there are more built-in indicators available in cTrader, the users of MT5 can easily get different types of indicators online. This is due to the huge following that MetaTrader has. There are numerous traders who are creating indicators of their own, offering others the opportunity to download these indicators and apply them to their trading charts.
One advantage that cTrader has over MT5 in terms of the charts it offers is that it allows users to detach the chart windows from the trading platform, which allows for a more comfortable and easily customizable experience.
Another very important thing that should be noted when talking about cTrader vs MT5 is that cTrader charts come with their own toolbars, which makes it easier for them to control the charts. cTrader also offers its clients the use of timeframes which allows for better and more detailed market analysis.
Available order types
Having the opportunity to use different types of orders gives traders better control over their positions. In this regard, both MT5 and cTrader have quite a lot to offer. There are very minor differences when it comes to the order types they have for traders to use.
The biggest difference would be the fact that cTrader allows its clients to use pending orders even when the market is closed, which is not available on MT5. In addition, when it comes to MT5 vs cTrader order types, it should be noted that cTrader allows for a much easier configuration of orders.
There are also order tickets offered by cTrader, which are able to calculate the possible risks of the trade. This can be quite helpful for traders. As for the actual order types, they are almost the same on both MT5 and cTrader. Because of this, many traders view cTrader as one of the top MT5 alternatives.
Trading automation & other features
Automatic trading is a very important feature that should be discussed when comparing these two trading platforms. MetaTrader offers their clients automated trading programs called Expert Advisors.
These are manually coded programs that can be used for automating different tasks in the trading market. This includes activities such as technical analysis as well as actual trading activities.
Expert Advisors can be created manually or downloaded online, depending on the strategy you are using and the individual interests you have. As for cTrader, there is a similar automated trading program available for this platform, which is called cBots.
cTrader uses the C# programming language, which might lead to some thinking that there are more automated trading tools available for cTrader, as C# is viewed as a universal coding language. However, this is not the case.
MetaTrader 5 (as well as the MT4) are some of the most popular trading platforms in the market, and over the years, there have been numerous automated trading tools created for these trading platforms, and more are created on a new daily basis.
