What are the best platforms for Forex? The answer, in this case, is straightforward and undeniable:
MetaTrader and cTrader. Obviously, these platforms allow trading
in general, regardless of the asset, which is the trader's responsibility.
Since, where the choice is possible (only some Brokers are compatible with both platforms), it is ultimately necessary to choose one and only one, the trader is at a crossroads: MetaTrader or cTrader?
In the following article, we will provide elements to make an informed choice, comparing MetaTrader and cTrader from many perspectives. First, however, we will offer an overview of the platform tool, focusing on the reasons that justify its importance.
Why it's important to choose a good platform
Sometimes it's possible to choose a platform, sometimes not. Specifically, it's only possible when the Broker is "compatible" with multiple platforms, rather than just one. It's not so rare for the Broker to present the user with a fait accompli. This limitation, it must be said, is less frequent when it comes to Forex platforms.
In any case, why is the platform so important? The answer is simple, almost trivial:
without a platform, you can't physically trade. It's the infrastructure on which the investment activity rests, as it physically allows the placement of orders. Over time, however, platforms have evolved, offering a real
ecosystem to the trader. An ecosystem that includes analytical tools (such as indicators), operational tools (the ability to install
robots for automatic trading, for example), and informational tools (access to news feeds).
The platform affects the quality of trading. If it offers a cumbersome interface, where functions are
not easily accessible, the trader's action becomes less fluid, and their experience decidedly frustrating.
There are various types of platforms. They can be:
- Proprietary or external. They are proprietary when exclusive to a Broker and only that one, also because they are owned by them.
- For laptop, mobile device, browser. The original version of each broker is always for laptop, i.e., for PC. However, developers often offer variants for browsers, which do not require installation, for smartphones and tablets. A way to allow trading "anywhere", even when not sitting in front of a PC.
Metatrader vs cTrader
So, MetaTrader versus cTrader. A tough choice, which we hope can be metabolized after analyzing some of the most important items with a comparative approach. We specify, for those who don't know, that both MetaTrader and cTrader are external platforms, so they are not tied to a specific Broker. We also specify that we will analyze the most equipped variants, i.e., those for PC.
Finally, as far as MetaTrader is concerned, we will examine the latest version (or at least the latest "range of versions"), i.e., the fifth.
Technical analysis
What do the two platforms offer from the point of view of technical analysis? When talking about the link between platforms and technical analysis, we are actually talking about indicators. Well, from this point of view, both platforms defend themselves very well. Indicators abound, both in quantity and quality.
The same goes for
charts, which are available in all variations. On the interface front, however, there are some important differences. cTrader has a more minimalistic, clear, and user-friendly approach, even at the cost of sacrificing the number of elements on the screen.
MetaTrader, on the other hand, boasts a more institutional appearance, rich in items, with everything practically exposed to view. The interface, however, is
slightly more difficult.
Automated trading
Automated trading is an activity increasingly appreciated not only by experts but also by beginners, who are willing to study to access a different way of trading, almost alien to the classic one.
In any case, how do MetaTrader and cTrader position themselves as far as automated trading is concerned? Well, even in this case, there are two slightly different approaches, although slightly overlapping. In fact, MetaTrader allows you to install software for automated trading, such as robots and Expert Advisors.
cTrader, however, also offers proprietary software to automate trading, a kind of platform within the platform:
cAlgo.
Both allow you to perform backtesting activities, i.e., a simulation based not on the real market but on previous phases, "moments of the past". A useful tool to test the proper functioning of strategies.
Market depth
The concept of market depth is not as widespread as it should be; in fact, it is often overlooked. This term refers to a whole series of information concerning assets, traders, and negotiations. For example, if you access market depth, you can check volumes moment by moment, but also the number of pending trades (and draw a judgment about the relationship between supply and demand).
Using market depth strategically means taking a formidable step forward in your trading activity. However, it is also very complex, almost expert-like. It is good, however, that all users have the opportunity to do so.
Well, from this point of view, cTrader seems decidedly more equipped. In fact, it "naturally" allows access to market depth, simply by guaranteeing the fruition of information "in detail".
This is not the case for MetaTrader, which requires the trader to use external software. This solves the situation, but only partially, as the system remains cumbersome.
A difficult choice
So, who emerges victorious from the challenge? In reality, they are both top-level platforms. As always in these cases, the last word lies with the trader, and it is not possible to declare an absolute winner. Under these conditions, one Broker is not better than the other, but simply
more suitable for the individual trader.
