In trading, your choice of trading platform plays a very important role since it will be considered as the main factor of determining your fate in the Forex market, whether you’re going to fail or succeed. The Forex market is one of the most-traded markets today, thanks to its advancement in technology. Now, we are going to state the advantages of MetaTrader 4 and compare it to another trading platform called cTrader.
MetaTrader 4 Trading Platform
MetaQuotes released MT4 in 2005 and became the leader that provides an advanced trading platform in the FX market. Knowing that this trading platform has been used in the market for such a long time proves its stability and solid rock reputation. When it comes to updates, the loopholes of this trading platform are changed continuously. As of the moment, MT4 is not only accessible for Windows but also for web version and mobile app.
In the web version of this platform, you can fulfill your trading needs on any computer that you have. The platform is even made more accessible because you won’t have to install any type of software for the trading to take place. For the mobile app, MT4 is available for Android and iOS devices. This makes trading more convenient because you can finally trade on-the-go without confining yourself inside your home, in front of your PC.
As mentioned above, the strongest point of MT4 is its reliability due to its long track record. Therefore, this trading platform is something that you can surely rely on. MT4 is also functioning really great despite its age. In the early days, some loopholes were gradually filled later on. After so many years, the platform has become slick just as you imagine it would be.
Another advantage of MT4 worth mentioning is its availability of custom scripts. In this trading platform, there is a large community of developers offering free or paid indicators and Expert Advisors that you can rely on when you trade. MT4 also offers rich functionality and a wide range of features. Using MT4, you can create charts out of nine timeframes, utilize 50 indicators already built-in in the platform and use the graphical objects for your trades. You can also get updated with the current market news.
The Weak Points
The main weak point of MT4 is that it is particularly made for Forex traders. If you are planning to venture into other markets such as stocks and commodities, you are better off with MetaTrader 5. It is the more updated trading platform and released by the same software company as with MT4.
cTrader was first released for public use in 2010. But since MT4 was already popular during those times, cTrader was accepted by the public rather slowly. The reason? For the things that MT4 excels in, cTrader failed to meet the same standards. The main advantage that cTrader has to offer is its accessibility and yet again, it can’t compete with MetaTrader 4. Another good thing about cTrader is its good design and proper use of color schemes.