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Prop trading is a fast-growing sector of the financial world where the choice of trading platform plays a significant role in a trader’s performance and profitability. Two of the most popular trading platforms in the industry currently are MetaTrader 4 (MT4) and cTrader. Both of these platforms come with unique features and benefits, but which one can be better in prop trading? Let’s compare MT4 with cTrader and focus on the number of prop trading firms offering each platform in a comprehensive analysis.
Number of Prop Trading Firms Offering MT4 vs cTrader
When selecting a trading platform, one key factor is its availability among prop trading firms and brokers. Let’s compare MT4 and cTrader and see which one is more popular among prop firms.
Prop trading firms offering MT4
MT4 has a long history of being one of the main Forex trading platforms that offer advanced capabilities including automated trading robots (Expert Advisors) and custom indicators. It was introduced back in 2005 and has amassed a large trader base. Because of this popularity among traders, the majority of prop firms that offer advanced platforms prefer MT4 over cTrader and other platforms. Since the platform has an extensive community and abundant educational resources, it remains one of the most popular platforms in FX trading till today. Prop firms that offer MT4 include Blue Guardian, Ment Funding, Lark Funding, Funded Trading Plus, and Forex Prop Firm. This is just a tiny list of prop firms that prefer to offer MT4 over cTrader.
Prop trading firms offering cTrader
cTrader is a newer platform when completed to MT4 and is gaining popularity slowly among traders. While an increasing number of prop firms are offering cTrader these numbers are still very small. cTrader is not as popular as MT4 among prop trading firms, but there are still some who offer their traders the platform. One such prop firm is FXIFY which offers both MT4 and cTrader. None of the prop firms mentioned above are offering the cTrader platform. Some firms allow traders to select their trading platform, but traders need to contact the support and discuss the matter with the prop firms, which might be uncomfortable.
MT4 Overview
MetaTrader 4 or MT4 was developed by MetaQuotes Software and quickly became one of the most widely used trading platforms among Forex traders. MT4 comes with a user-friendly interface and robust features, allowing traders to use custom indicators and advanced tools to fully analyze markets and make accurate decisions. Key features of MT4 include extensive charting tools, a wide range of built-in technical indicators, Expert Advisors (EAs) for automated trading, strong community support, and superior customization capabilities. Traders can fully adjust charts to their needs and trading style, making MT4 very comfortable for both seasoned traders and beginners.
cTrader Overview
cTrader is an advanced trading platform that offers a multitude of built-in features to fully analyze markets and make informed decisions. cTrader was developed by Spotware and is a relatively young platform. It supports C# programming language and allows for the development of automated trading robots cBots and custom indicators. cTrader is particularly popular for its modern design and is suitable for both beginners and experienced traders. The key features list of cTrader includes an intuitive modern interface, advanced charting and analysis tools, level II pricing, comprehensive order management, native support for automated trading, and a cloud-based trading environment.
Comparative Analysis: MT4 vs cTrader
When comparing MT4 and cTrader we have to compare them in important aspects such as interface, charting and tools, order management, automated trading, customization, and community and support.
User interface
MT4 has a straightforward and familiar interface but is outdated when compared to newer platforms. cTrader, on the other hand, has a modern design, is visually appealing, and easy to navigate. MT4 is slightly easier to navigate, but both platforms require time and effort to master their features.
Charting and analysis tools
MT4 has extensive charting tools and comes with numerous built-in technical indicators for detailed market analysis. cTrader also comes with advanced charting capabilities but offers more customization options and a broader range of technical analysis tools. However, because of custom indicators, both platforms are almost on par in charting and analysis tools.
Order management
MT4 comes with standard order types and basic order management features, while cTrader has enhanced order management with additional order types and Level II pricing.
Automated trading
MT4 supports EAs for automated trading with a large community providing a plethora of custom indicators and EAs. cTrader offers support for automated trading through cAlgo which is also integrated into the platform just like MT4.
Customization
MT4 offers superior customization capabilities to create and use custom indicators, scripts, and EAs. cTrader also excels in customization, offering all the same capabilities as MT4.
Community and support
When it comes to community, MT4 has one of the largest communities and extensive support with numerous forums, resources, and third-party developers. There are thousands of free and paid indicators and EAs available for download. cTrader has a growing community and support, with active forums and a dedicated user base. However, the cTrader community is still small when compared to MT4.
