Pepperstone's guide to choosing between MT4, MT5, and cTrader

The choices of trading platforms generally depend on the forex broker you choose. Before you can start trading, you will be asked to choose which online platform you want to use. At Pepperstone, you can choose from four platforms, namely MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader and TradingView (See our article: How to trade on TradingView with Pepperstone?)

These platforms are very well known in the trading community. As a trader, it is therefore important to know the characteristics of each platform so that the chosen platform can complement and support your trading activities. Here's how Pepperstone explains the benefits of MT4, MT5 and cTrader to help you choose:

MetaTrader 4 (MT4)
MetaTrader 4 is arguably the most popular trading platform in the industry today. It is often said to be the "standard" trading platform because it offers virtually all the basics needed to start trading in different financial markets, including forex, stocks, etc. MT4 is also offered by almost all trusted brokers, which makes it very accessible to traders around the world.


According to Pepperstone, you can benefit from a number of advantages by choosing MT4:

    Highly customisable. You can easily customize the platform to suit your trading style, needs and preferences.
    EAs are supported. Build and run your EAs using the MetaQuotes 4 language (MQL4).
    A wide range of indicators. You can choose from 28 indicators and EAs in the broker's Smart Trader tools.
    Thousands of other online tools. Plug as many additional tools as you want into the platform in no time.
    Autochartist. Use this tool to identify crucial market movements in real time.

If the above benefits are to your liking, follow these steps to access MT4 in Pepperstone:

    Open an account and login to download the MT4 software from your secure client area. You will see the download page along with full instructions.
    Once the software is launched, you will be asked to enter your login details, such as your account number, password, and server name.
    Start browsing the platform and opening new deals. Be sure to familiarize yourself with the basics of the platform to avoid unnecessary losses.

MetaTrader 5 (MT5)
Following the huge success of its predecessor, MetaTrader 5 comes with even more powerful tools and a wider range of features. Instead of just focusing on forex trading, MT5 has been designed to meet the needs of a wider audience by providing plenty of options for timeframes, pending orders, and analytical tools. The platform is suitable for both beginners and advanced traders and is particularly popular with stock and commodity traders.

Compared to MT4, MT5 offers several advantages, such as:

    Advanced platform customization. MT5 has a slightly better user interface and customization which makes it easier to navigate.
    21 time frames available. This is a huge advantage, especially for scalpers and advanced traders looking to do in-depth market analysis.
    38 built-in indicators. More tools and indicators to take your trading to the next level.
    Hedging is allowed. This ability can help you minimize risk and increase potential returns.
    Fundamental economic calendar. Receive the latest macroeconomic news in real time and use this data to better analyze the market.

cTrader
cTrader is developed by Spotware, and it is one of the largest trading platforms outside of the MetaTrader series. The platform was designed to offer both simple and complex functionality, making it a great option for virtually any trader, regardless of their level of expertise.


There are several reasons why cTrader deserves your attention, namely:

    Very intuitive. The platform offers a clean design which is great for those just starting their trading journey.
    Advanced trading customisation. With cTrader Automate, you can customize the platform to suit your needs.
    Designed to replicate the institutional trading environment. This can be a huge advantage for advanced traders as they have access to various features such as market depth.
    Fast execution. Faster processing times for transactions.