As a starting trader, one of the first essential things you must do is pick out a trading platform. To narrow your options, you first need to know what market you want to enter. This is because there are trading platforms that specialise in certain markets, so it’s ideal for you to pick one that suits your chosen market for perks!
And since you’re here, we like to assume your chosen market is multi-assets so this can be commodities, cash, stocks, bonds and so on. There are two popular choices of platforms today that seem to attract various multi-asset traders and it’s cTrader and MetaTrader 4.
Continue reading to find out which of the two platforms is best for you!
What is cTrader?
Developed, designed and powered by Spotware, cTrader is an award-winning ECN – STP trading platform. It boasts its premium charting solutions for all sorts of traders whether you’re a novice or a professional.
This trading platform is packed with impressive features with an interface that’s beginner and user-friendly. It’s also compatible with different trading styles – active day traders, long-term investors, you name it.
Its key features you can expect are rapid execution, smart stop-out, level II pricing and a grand selection of order types. With these alone, you can trade more efficiently and effectively. Plus with features like these, you can expect great impacts on your overall trading experience and profit.
Along with these are other features you can enjoy such as their economic calendar, chart types and timeframes, more than 70 trading tools, drawing tools, momentum indicators, volatility gauges, trade-based & volume indicators, DoM (Depth of Market) features and more.
How do I start trading with cTrader?
To start your journey with cTrade, all you need to do is follow 4 quick and easy steps! It’s that simple. But before anything else, they require a system that’s either Windows 7 or higher, as well as Mac OS X. So if you’re ready to trade away with cTrader, check out the step-by-step guide below:
Step 1: Register and create an account
To register and open an account with cTrader, head over to their site or brokers who carry this platform. An example of a broker that carries cTrader is FP markets so all you have to do is choose an account type then click on “register” and provide all required information.
You can either sign up for a Live Trading Account or a Demo Account.
Step 2: Log in to your client portal
Once you’re done with step 1, you’ll receive an email containing your credentials to log into your client portal. Remember, don’t lose your credentials such as your username and password to be able to log in to your account without getting locked out.
Step 3: Download and install cTrader
After the online registration, you can now proceed to download and install the platform. Consider downloading the version that’s compatible with your operating system.
Step 4: Start trading!
Now everything is all set, you can now start live or demo trading!
What is MetaTrader 4?
Released back in 2004 by MetaQuotes, MetaTrader 4 is a variant trading platform, now with a new version created in 2010, MetaTrader 5. This platform is now considered to be one of the longest in the game, making it creditable and known in the world of trade.
If you didn’t already know, MetaTrader 4 is the one that started to allow traders to make direct orders by placing them on the chart, which is now how most investors trade. They are also responsible for the development of EAs, or expert advisors, which made it possible for the so-known algorithm, a completely or partially automated trading method that is now quite well-liked.
This is also pretty great for beginners since it’s easier to use compared to its latest version, MetaTrader 5. Integrate parts of this platform consisting of its Mobile trading, its market scope and trading Signals that ultimately enhance your trading experience.
How do I start trading with MetaTrader 4?
To start trading with MetaTrader 4, all you need to do is follow 4 steps then you’re all good to go! But before anything else, software compatible with MT4 is Windows and iOS. So without further ado, here are the 4 easy steps:
Step 1: Register and open an account
Head over to their main site or brokers that carry MT4 – register and open an account with them. Register to an account type your preference may be a Live Trading Account or Demo Account. Either way, provide all asked information, then proceed to step 2.
Step 2: Log in to your Client portal.
After step 1, you’ll receive an email containing your account credentials. Use the credentials to log into your Client portal.
Step 3: Download and install MetaTrader 4
Once you’re all logged in, now proceed to download and install the platform. Consider getting one that’s compatible with your software and device.
Step 4: Start trading!
Now you’re all set, you can now start trading away whether it’s live or demo!
Comparison of cTrader and MetaTrader 4 trading platforms
Six primary characteristics are believed to be vital while trading, including the design, beginner-friendliness, high degree of customisation, excellent order entry, intuitive controls, and compatibility with free trading tools.
Let’s see which of the two checks off the most:
cTrader:
Modern design – Yes
Beginner-friendliness – Yes
High degree of customisation – No
Excellent order entry – Yes
Intuitive controls – Yes
compatibility with free trading tools – No
MetaTrader 4:
Modern design – No
Beginner-friendliness – No
High degree of customisation – Yes
Excellent order entry – No
Intuitive controls – No
Compatibility with free trading tools – Yes
Take away
Now you know a good sum on both trading platforms, it’s now up to you to decide which one suits you best. Each of them has its own process, fees, perks, characteristics and so on. So both of them have their own set of advantages, now all you have to do is weigh out which platform will benefit you more.
