cTrader vs. Metatrader: Which is better?

Whenever we think of trading platforms, two names come to mind: cTrader and MetaTrader. As a brokerage, deciding which to choose can be overwhelming because of the promising capabilities of both solutions. But, like with any technology, this decision depends on your needs and budget. In this article, we’ll compare the two platforms to make your decision-making slightly easier.

What is cTrader?

cTrader is a multi-asset forex and CFD trading platform developed by Spotware. It has a user-friendly interface and robust server technology. This robust platform offers advanced features such as rich charting tools, level II pricing, fast entry and execution, multiple order types, in-depth market analysis, automatic technical pattern recognition, a real-time news feed, a volatility calendar, and more. cTrader has a desktop version along with iOS and Android mobile apps.

Pros

Direct Market Access: cTrader operates on an ECN (electronic communication network) model, which allows brokers to offer direct market access to their traders. This setup eliminates conflicts of interest, as orders are executed directly in the market without involving a dealing desk.

Advanced Trading Features: The platform includes sophisticated tools such as advanced charting capabilities, market depth analysis, and automated trading through cAlgo (using C#).

Robust Community and Support: cTrader has a growing community that shares tools and resources, which can be advantageous for brokers looking to enhance their service offerings without developing everything in-house.

User-Friendly Interface: It has a user-friendly interface that simplifies trading for users and can potentially increase client satisfaction and retention.

Comprehensive Reporting Tools: Brokers can leverage cTrader’s reporting capabilities to provide clients with detailed insights into their trading performance, which can help in building long-term relationships.

Cons

Higher Commission Costs: cTrader might not be suitable for fee-sensitive traders as it typically operates on a commission-based model. Commision-based models can result in higher trading costs than traditional market-maker models.

Limited Account Types: The platform is primarily designed for ECN accounts, which require higher minimum deposits and may not be suitable for all types of traders, especially those with smaller capital.

Dependency on Third-Party Development: While cTrader allows for custom development of trading bots (cBots), this requires programming knowledge in C#. Brokers may face challenges if their clients don’t have coding skills or need extensive customization that’s not available.

Limited Language Support: cTrader currently supports only 22 languages compared to some competitors, which could limit its appeal in non-English speaking markets.

Market Liquidity Issues: During periods of low volatility, brokers may encounter challenges with liquidity that could affect order execution quality, such as partial fills or slippage.

What is MetaTrader?

MetaTrader is a popular trading platform widely used by both traders and brokers. Developed by MetaQuotes Software Corp, it enables online trading across various assets like currencies, CFDs, stocks, futures, and options. It comes equipped with price charts, built-in indicators, and the ability to manage multiple accounts. One notable feature is its own programming language, MQL4/MQL5, which is similar to C.

MetaTrader 4 (MT4) was launched in 2005 and quickly became the go-to platform for FX and CFD trading. Five years later, in 2010, MetaTrader 5 (MT5) was introduced with expanded features. MT5 wasn’t just an upgrade of MT4—it was built to support trading beyond Forex, including assets like commodities, stocks, futures, and options on centralized exchanges. 

Pros

Widespread Adoption: MetaTrader is the most used platform globally, with more than 50% of brokers offering it. This means brokers can attract more clients as most traders know how to use the solution.

User-Friendly Interface: It is easy to use and has higher client retention.

All-inclusive features: MetaTrader offers unmatched features, including automated trading through Expert Advisors (EA), advanced charting tools, and various technical indicators, for better trading experience.

Community Support: MetaTrader has a huge user community, where users can find a lot of shared resources, such as free indicators and trading strategies that brokers can use to improve their services.

Cons  

Installation Requirement: MetaTrader has a web version, but users may need to download the desktop or mobile app to access its full functionality, which might be inconvenient for some users.

Customer Support Limitations: Online forums and communities also suggest poor customer support from MetaQuotes, which can be a problem when immediate assistance is needed.

High Competition Among Brokers: The widespread use of MetaTrader means that many brokers offer similar services, which can increase competition and lower spreads and commissions.

MetaTrader vs. cTrader: Overview 

Final Thoughts: Which Platform is Better?

cTrader offers a more user-friendly, out-of-the-box experience with advanced charting and order types. MetaTrader has a larger community, more customization options, and is the industry standard for algorithmic trading. 

By evaluating MetaTrader and cTrader against critical criteria such as usability, customization, technical tools, asset variety, mobile capabilities, and security features, brokerages can make informed choices that align with their business goals.

If you intend to offer copy trading services, consider Brokeree’s Social Trading. This platform allows traders on MetaTrader accounts to follow strategies from cTrader-based signal providers and vice versa.

The platform’s cross-platform capabilities facilitate real-time trading signal sharing across various MT4/MT5 servers and create a dynamic and collaborative trading environment. For administrators and brokers, Social Trading provides dedicated portals to monitor and configure trading conditions. It also offers diverse copying modes, risk management features, flexible fee structure, and other tools to attract and retain clients.

Read more about Social Trading.