The cTrader trading platform is a relatively new but rather successful trading platform. cTrader has outstanding charting capabilities and fast order execution. Brokers are currently starting to offer the cTrader platform, so we suggest you read the cTrader platform overview, so in this article we suggest you get to know it better.
cTrader is a Forex trading platform developed by Spotware. The platform stands out in that it has been specifically designed for use by ECN brokers. Since its first launch with FxPro, cTrader has become a platform for several other leading ECN brokers including RoboForex, FIBOGroup, Pepperstone, IC Markets and others.
Review of the cTrader trading platform.
In recent years, cTrader has securely positioned itself as the leading trading platform in the industry. Evolving from a Forex-only platform to a powerful CFD trading platform with multiple asset classes, the cTrader platform has been enhanced with hundreds of new features over the years. It now offers thousands of symbols ranging from stocks, indices, commodities and of course still Forex.
As one of the main competitors of MetaTrader 4 , cTrader has a number of fundamental differences from it. The interface looks different, but that doesn’t mean it’s worse. Many people point out that the platform is visually more attractive, user-friendly, neat and intuitive.
In addition, cTrader offers you not only a desktop platform, but also convenient mobile platforms. If you have an Android or iOS device, you can always trade wherever there is a connection.
At first glance, the cTrader platform is neat and concise. It offers a nice interface and an almost self-learning workspace. The designers went to great lengths to keep the entire platform intuitive. The platform’s ergonomics allow you to quickly respond to changing market conditions, as opposed to going through various menus that only slow you down.
Users of this platform note that the cTrader interface is smoother, cleaner and easier to navigate than the MetaTrader platform. The cTrader platform has a large charting area with a range of indicators and charting tools.
The working area of the cTrader platform can be divided into three blocks: on the left is an information block containing information about accounts and quotes; on the right is the graph window; below is a block with information about your account: balance, margin, open positions, history of transactions and transactions, etc.
In the main menu, you can select the full screen mode (full screen), you can switch the color scheme and select the interface language (this is where you should start configuring the platform).
In the left column, select the main trading window, the cTrader Copy window – the service for copying trades, the Automate window, where you can test and edit robots and indicators, or the analysis window of your trade.
Traders who are interested in automated trading prefer to use the MT4 and MT5 platforms as they allow them to use and create trading advisors . To support this possibility, the cTrader platform offers cAlgo functionality, allowing traders to generate robots, custom indicators, and even perform a wide range of strategies and backtesting. cAlgo works with the C # programming language and the .NET framework.
Although the cTrader platform supports the more widespread and accurate C # language, a large proportion of traders still believe that the MetaTrader platforms offer better support for building Expert Advisors.
There are various resources to help users solve a programming problem, such as the cTDN forum and the cTrader developer network. Links to these resources are right in the terminal and you can simply follow the link to the desired site.
Of the advantages, it is worth noting that the cTrader platform allows you to work with several accounts at once, just switch between different accounts (real or demo). The trading accounts associated with your cTrader ID are stored in the cloud. Just select the account you want and you can work. You can also open a new demo account right there.
CTrader trading platform . Review of charts.
cTrader offers a well thought out charting area that is actually very easy to use. Charts can be detached from the platform into a separate window, it can be decreased or increased, timeframes, chart type can be changed, indicators can be added, etc. This makes the cTrader platform different from any other online trading platform.
cTrader provides a variety of chart modes, color schemes and timeframes, which ultimately leads to very comfortable trading. Some of the benefits of customizing graphs are described below.
Three different modes of graphs allow you to arrange them in different ways in the work area. You can select multiple charts, one chart, or Free-Chart mode.
The first mode will display all open charts lined up next to each other. The second will fully expand one graph on the screen, and the third will allow you to arrange all the graphs in the sizes and places you need, as you see fit. It is up to you which mode to choose that best suits your needs. Again, you can also detach any graph by creating additional tabs at the bottom.
Working with one chart, you can add indicators and change timeframes, change the scale and appearance of the chart on the tab on the right, add additional graphic elements on the tab on the left. All open charts are located on the tab at the top, you can also add a chart in it by clicking on the plus on the right.
The first time you open the cTrader platform, you will see that the default pattern colors are black and green and red bars or candles. But you can customize the graphics: change the default colors and save them as a different color scheme. To achieve this, you need to choose a different set of colors and adjust as the new color scheme. This setting will remain for this graph until you change the settings again.
Indicators and timeframes.
The cTrader platform provides a wide range of indicators and timeframes for your convenience. The platform contains over sixty indicators, including the most popular: moving averages , MACD indicator , Stochastic Oscillator , Bollinger Bands and many others. All indicators are divided into six groups: trend indicators, oscillators, volatility indicators and volume indicators, others and custom ones.
As for timeframes, you get access to regular timeframes: 1, 5 and 15 minutes, 1 and 4 hours, daily, weekly, just like in MetaTrader, but cTrader gives you many more options: 2, 3, 4, 10, 20 , 45 minutes; 2,3, 5, 6, 8 hours, etc. Overall, cTrader offers 26 timeframes, more than any other platform.
CTrader has the ability to take snapshots of charts and share them with other traders using the ChartShots tool.
Tip: first try the cTrader platform on a demo account. Thus, you will learn all the features and capabilities of the platform, you will be able to decide which type of indicators you need depending on your trading strategy , as well as which timeframes and color schemes are best for you.
How to execute trades with cTrader.
To open a deal in cTrader, you can use the vertical column located on the left side of the platform. Here you can see a list of the different tools; currency pairs, metals, oil. In front of each asset, you will see the price change in base units and percentage, as well as the current quotes.
To open a deal, click on the required asset. You will see an expanded window with all the information you need.
Just click on the “Sell” or “Buy” button and the deal will open immediately. The position volume can be selected between these buttons. You can also place limit orders here by simply selecting the required price level.
When you open your first trade, you will see the QuickTrade setup window, where you should select the quick trade mode. You can choose: One click and the deal will be opened immediately with one click of the mouse; Double click and the deal will be opened only after the second mouse click; Deactivated , that is, the QuickTrade mode is disabled and the deal will be opened through an additional window for opening an order.
You can also open a position by clicking on the “Create a new order” button. An additional window will open:
In this window, you can place a market or pending order, Stop order or Stop Limit order, as well as stop loss and take profit for this order.
By the way, stop loss and take profit can be easily changed by simply dragging and dropping them on the chart.
In the cTrader platform, you can open an order directly from the chart, for this you can click on the green “New Order” button above the asset chart, click on Sell or Buy at the top of the chart, or by calling the additional menu with the right mouse button.
Information about an open position is displayed on the chart, and it is quite detailed: order size, its direction, profit in points and in basic units, stop loss and take profit also in points and basic units. You can modify the order right there on the chart: open a reverse position with the same lot, double the position or close it. You can set an extended take profit, the deal will be closed in parts after a certain number of points. You can also simply change the stop loss or take profit.
Trade statistics panel.
At the bottom of the cTrader trading platform, under the charts, is the trade statistics panel.
It broadcasts information about open positions, pending orders, history of deals and transactions, message log, as well as balance, funds, used margin, free margin, margin level. In the panel, you can view detailed information on each open and closed order, change an open position, set an extended take profit, open a new position, as well as close all positions in one click, double or reverse a position.
We briefly familiarized ourselves with the cTrader trading platform, let’s summarize.
The main differences between the cTrader platform and MetaTrader.
Summing up the review of the cTrader platform, in the theses we will note its main advantages and disadvantages and compare with the main competitor – the MetaTrader platform.
Advantages of cTrader over MetaTrader:
– cTrader looks sleeker and more modern in terms of aesthetic appearance and functionality. cTrader also has more order types and smoother and more intuitive platform navigation.
– cTrader is much more advanced in its market depth functionality, the platform allows its users to see the full range of executable prices from broker liquidity providers. Market depth provides information on how many orders are in line at any given price. By seeing how many orders there are and where – traders can achieve superiority over other traders who are unaware of the prevailing order placement in this market.
MetaTrader 4 does not have built-in support for market depth data and must rely on third party tools. MetaTrader 5 has implemented Depth of Market functionality, but is still not used by many brokers.
– cTrader uses Direct Market Access (DMA), which allows a trader to place buy or sell orders on the exchange without going through an intermediary. Obviously, the cTrader trading platform is more advanced given the level of market it offers compared to MT4, which doesn’t have this feature at all.
Also, with the pluses of cTrader, we note:
- – Ability to work with different accounts in one terminal;
- – A large number of available timeframes;
- – Ability to close all positions in one click;
- – Doubling and reversing positions in one click;
- – Availability of a full-size tick chart;
- – Good information content of the platform.
Disadvantages of cTrader in comparison with MetaTrader:
- – MT4 supports Expert Advisors, custom indicators and scripts created in the MQL4 language and of which there are a great many, both paid and free.
This means that MT4 is very effective and can be used to create fairly complex trading programs. Although the power of the MQL4 language is impressive, learning to program can be very difficult for those with no programming experience yet.
cTrader, of course, does not yet have such a powerful software base.
2. – The MetaTrader platform is the most affordable trading platform offered by all Forex brokers. The cTrader platform is not yet as widely available as MetaTrader, but more and more brokers are starting to offer it to their clients.
3. – MetaTrader keeps up with the times and offers cryptocurrency trading, which is not yet available in cTrader.
4. – MetaTrader has a built-in service of MQL trading signals, which you can connect directly to the trading terminal.
In general, cTrader is a fairly modern and convenient professional trading platform. The only drawback is that the number of brokers offering the platform is still limited. This is due to the fact that the platform is relatively new, but you can be sure that many brokers will have it in the near future.
A fight between these two giants seems almost inevitable as Spotware offers a powerful platform capable of negating the superiority of MetaTrader 4 and MetaTrader 5.