Which trading platform works best for a raw spread account? Is it cTrader or MetaTrader? You may need to look at the following factors to decide.
Trading platform is crucial as it can affect order executions and the way traders manage their positions. Two of the most popular trading platforms are cTrader and MetaTrader. Despite having their own advantages and specialties, both are often compared. Some traders might prefer cTrader over MetaTrader or vice versa. That's why a lot of brokers provide both platforms to accommodate both sides, so traders can choose which platform suits their needs.
More often than not, brokers also provide competitive spreads to attract traders. Due to its popularity, some of them provide raw spreads for cTrader and MetaTrader. While this is a great thing, it makes it more difficult for traders to choose a platform.
Comparing cTrader and MetaTrader Raw Spread
There are no questions that both cTrader and MetaTrader dominate the trading industry as the two top when it comes to trading platforms. Both have different benefits that might work for different kinds of traders. But, how do they compare? Which one has the better features? Let's compare below.
1. User Experience
User experience is very important in deciding whether a trading platform is comfortable or not. For a start, MetaTrader's (both MT4 and MT5) general navigations look quite similar to the Windows 98 style design pattern. While this classic design might be great and familiar for the older generations, it isn't as appealing for the younger generation. Nevertheless, it is safe to say that MT4 and MT5 offer different charting options and indicators. The upgrade could be great for technical traders.
On the other hand, cTrader presents a clean and modern interface. This appearance is much more appealing to younger generations. The cTrader user interface allows traders to customize the display with a light and dark theme. While it might be trivial, it actually makes a huge impact on traders. When it comes to charting tools, cTrader has detachable charts that allow traders to spread them across monitors. It also comes with more time frame options which makes it better for multi-timeframe strategies.
2. Automated Trading
Another factor to consider before choosing between cTrader of MetaTrader raw spread is the automated trading feature. While it's not for everyone, it is certainly great to have this option. It is common knowledge that MT4 and MT5 both support Expert Advisors (EA). The MQL4, MT4's EA language, has also been accepted by traders worldwide.
What about the cTrader? This platform also provides access to automated trading called with its cAlgo system. It is widely available to anyone with a cTrader account. The trading robot is written in the C# programing language. While it's a powerful programming language, it can be difficult for a beginner to master. Also, there are no tools to create custom cAlgo programs from scratch like MetaTrader.
3. Depth of Markets
Depth of Markets (DOM) is a great feature that allows traders to see market information on the number of pending orders at a given price. This gives traders some awareness of the orders that are placed on the markets. In the beginning, the MT4 doesn't come with an integrated market depth tool. This means traders have to use a plug-in to access DOM. MT5 was the first MetaTrader edition that comes with the tool. Although the display is rather basic and simple, it is positively received by the majority of MetaTrader users.
Meanwhile, cTrader has a much more sophisticated feature when it comes to the Depth of Markets. This platform lets traders see the full range of a broker's executable prices. It has no problem managing partial fills, but this depends on the broker's ability.
4. Availability
When it comes to availability, both cTrader and MT5 can be installed on Windows Desktop, Web, iOS, and Android. MT5 can especially run smoothly on macOS and Linux systems. Yet, the underlying difference between MT5 and cTrader in this regard comes from their business model.
MetaTrader charges for each version of the application. This caused some brokers to abandon the Mac version or the mobile app depending on which one they are willing to pay. On the other hand, cTrader gives all versions at one price. That is why cTrader mostly comes in all devices when offered by brokers.
Where to Find cTrader and MetaTrader Raw Spread?
Plenty of brokers let traders choose between cTrader or MetaTrader. But, only a few of them are able to provide raw spreads on both platforms. Here are some of the most popular brokers with raw spread accounts on cTrader and MetaTrader:
IC Markets
IC Markets is one of the best brokers for raw spread accounts. This broker caters to all kinds of traders, including those who have a specific taste for trading platforms. In IC Markets, traders can choose to use raw spread in cTrader or MetaTrader. While both accounts come with 0.0 pip spreads, there's a basic difference in the commission fees.
The IC Markert cTrader raw spread account only charges $3 per side or $6 per round turn. This is cheaper compared to the MetaTrader raw spread account with a $7 commission fee per round turn. Both trading accounts are scalper-friendly, but only MetaTrader can use EA. That being said, it is still possible to use automated trading with cTrader as IC Markets provides cTrader copy trading as well.
IC Markets is an online forex broker operating under the company of International Capital Markets Pty Ltd. Traders under the Australian jurisdiction are provided with the trading service of IC Markets AU that is headquartered in Australia and licensed by the Australian Securities and Investments Commission (ASIC).
On the other hand, non-Australian traders who open an account in this broker are registered under IC Markets SEY that is based in Seychelles, and regulated under the Seychelles Financial Services Authority (SFSA). The dual operation is a result of the relatively new rules from ASIC that prohibit their regulated broker to offer trading services outside Australia.
Classified as an ECN broker, IC Markets provide clients with MetaTrader 4, MetaTrader 5, cTrader as platform trading options. This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds.
The minimum deposit in IC Markets is in the middle range compared to other ASIC-regulated brokers, as it reaches $200 for every client. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website, proving their competence to serve their traders with important contents created by market experts that work specifically for them.
For payment methods, IC Markets allows funding and withdrawal via wire transfer, credit card, PayPal, Skrill, Neteller, FasaPay, UnionPay, as well as Bitcoin via BitPay. The more interesting aspect from this broker is its multi-base currencies that include USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.
As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency (especially on cTrader), the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping.
To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. As of late 2019, IC Markets provided their website in 18 international languages including English, Korean, Indonesian, French, Spanish, Italian, Malay, German, and Chinese.
2. Pepperstone
Another great brokerage that allows traders to choose between cTrader of MetaTrader raw spread accounts is Pepperstone. Both accounts are available under the Razor spread option. Commission fees for MT4 and MT5 Razor are different according to the trading account currency. For example, a trading account with USD will be charged USD7 per round turn for every 1 lot. Meanwhile, a trading account with AUD will be charged AUD7 per round turn. As for the cTrader, the commission fee is only $6 per round turn.
Pepperstone was founded in 2010 by a team of experienced traders with a shared commitment to improve the world of online trading. Based in Melbourne, Australia, they grew to become one of the largest forex brokers in the world. If traders want to find a broker that provides low spreads, fast execution, and award-winning support, then the answer is Pepperstone.
Pepperstone has a strong legality guarantee because it has been licensed by the Australian regulator ASIC and FCA. Traders' funds can be deposited in segregated accounts at top Australian banks, one of which is the National Australia Bank (NAB). Therefore, the safety of funds is not a concern if a trader chooses to open an account in Pepperstone.
They succeeded in collaborating with 23 top banks to bring Bid to investors instantly via optical fiber. This allows all orders to be executed 100 percent automatically with low latency up to 0.05 milliseconds, without dealing desk intervention and requotes, as well as with super low trading costs.
Trusted by over 73,000 traders around the world, Pepperstone processes an average of USD12.55 billion of trading volumes every day. Because of that, they have many awards such as:
- The Best Global Forex ECN Broker 2019 and Best Forex Trading Support-Europe
- Best Australian Broker and Best Trading Platform 2018 by Compareforexbrokers.com
- Best Forex ECN Broker, Best Forex Trading Support, and Best Forex Trading Conditions by UK Forex Awards 2018
With the many rewards gained, Pepperstone hopes to attract more and more traders from all over the world. The rising performance of Pepperstone is not only due to the super-tight spreads and fast execution that it provides, but also because many traders are interested in trading with deposits in currencies other than US Dollars.
For this reason, Pepperstone is one of the most market-responsive brokers because it is willing to accept deposits in 10 currencies, which include AUD, USD, EUR, CAD, GBP, CHF, JPY, NZD, SGD, and HKD.
Trading in Pepperstone would allow traders to choose between 11 trading platforms: MT4 for desktop, MT4 Mac, MT4 iPhone, MT4 Android, MT4 iPad/Tablet, MT5, WebTrader, cTrader WebTrader, cTrader cAlgo, and cTrader Mobile. The choice of trading platforms may seem confusing to novice traders, but actually, it is very useful because it has fast execution.
When trading forex, traders can enjoy raw spreads from 0.0 pips on Razor accounts, over 61 currency pairs, and commission-free account funding on a wide range of deposit options. In addition to currency pairs, Pepperstone provides many types of trading instruments, including CFDs for indices and shares, commodities, and cryptocurrencies.
Instruments in commodity trading are pretty much diversified. Not only metal, gold, and silver, but traders can also trade with soft commodities such as cotton, sugar, coffee, cocoa, and orange juice. Pepperstone also provides trading on energy (oil and gas).
There are two types of accounts provided by Pepperstone, namely Razor accounts, and Standard accounts. If you area beginner, it is recommended to choose a Standard account with an average EUR/USD spread of 1.0-1.3 pips and free commission.
Those with particular trading styles such as scalpers and algorithmic traders may enjoy the lower cost setup traditionally seen in a Razor account, with a commission from AUD7 round turn of 100k traded. You can start trading with a minimum lot of 0.01 (micro) and 1:400 leverage.
As a Pepperstone client, a trader can fund and withdraw with alternative methods including Visa, Mastercard, POLi internet banking, bank transfer, BPay, PayPal, Neteller, Skrill, and Union Pay.
If you are new to trading or looking to practice your trading strategies in a risk-free environment, you can create Demo Account in Pepperstone. But if you are an experienced trader or prefer to learn by doing, Pepperstone provides a Live Account that allows you to trade with live executions and pricing.
Traders can also follow and copy strategies from popular traders using third-party services while learning how to improve their trading abilities. Pepperstone has partnered with a range of social trading platforms that traders can choose from, such as Myfxbook, ZuluTrade, Mirror Trader, MetaTrader signals, and Duplitrade.
3. RoboForex
RoboForex listed their raw spread offering under the ECN account. Here, traders can choose between cTrader or MetaTrader. While there are no differences when it comes to commission fees, the ECN MT4 account comes with one-click trading and better fundamental analysis features.
On the other side, the ECN cTrader account is equipped with a customizable list of instruments and pinpoint position management. It is safe to say that both accounts have different useful features.
Well-known as one of the most committed brokers in trading technology advancements, RoboForex reaches out to a wide range of traders, from beginners to the more experienced ones who seek sophisticated trading environments with ECN-like spread and execution. The company is established in 2009 and holds a head office in Belize. Registered under the IFSC Belize, RoboForex manages to attract clients with fantastic leverage as high as 1:2000.
Following its commitment to be the forefront in terms of a high technology forex broker, RoboForex provides various trading platform choices including MetaTrader 4, MetaTrader 5, Social Platform, and its proprietary platform.
Trading instruments range from Currencies to Metals, Indices, Energies, Stocks, and ETFs. Aside from basic service, trading in RoboForex also presents a collection of distinctive features such as the PAMM system and Social Trading network developed with their own brand of CopyFX, ETFs, and stocks that reaches up to thousands as the available trading assets, and tight spreads.
RoboForex also accepts payment through a surprising online gateway besides wire transfer and credit card. The alternative methods are Skrill, Neteller, UnionPay, Perfect Money, and other similar online payments.
After opening an account, traders can start with a minimum deposit as low as $10 in Pro Accounts. To specify, here is a short description of each type of accounts that traders can choose from in RoboForex:
Pro-Standard
- Minimum Deposit: $10
- Spread: from 1.3 points
- Minimum order volume: 0.01
- Leverage: up to 1:2000
ECN-Pro
- Minimum Deposit: $10
- Spread: from 0 points
- Minimum order volume: 0.01
- Leverage: up to 1:300
Prime
- Minimum Deposit: $5,000
- Spread: from 0 points
- Minimum order volume: 0.01
- Leverage: up to 1:100
Pro-Cent
- Minimum Deposit: $10
- Spread: from 1.3 points
- Minimum order volume: 0.1
- Leverage: up to 1:2000
R Trader
- Minimum Deposit: $100
- Spread: from $0.01
- Minimum order volume: 1 stock
- Leverage: up to 1:200 (during the trading session) and up to 1:4 (after the trading session)
The R Trader account signifies RoboForex's attempt to distinguish forex and stock trading condition. It appears that the platform used in that particular account is RoboForex's in-house product that is specifically designed for stock online trading.
The overall description above depicts RoboForex as a distinguished broker despite its status as an offshore-regulated entity. Not only successful in providing various trading technology, but RoboForex also focuses on stock trading for more conservative traders. However, it is also important to note that RoboForex is one of the few brokers that boldly offer an extremely high perimeter of leverage at 1:2000.
So, Which One is Better?
No one can deny that cTrader and MetaTrader are often being compared. There is always a debate about which platform is the best, but the truth is, both are great depending on how traders utilize them. Some traders might be more comfortable using cTrader while others love MetaTrader. There is nothing wrong with having different tastes regarding the trading platform. Most brokers understand this, and that's why many of them provide both options.
When it comes to raw spreads, cTrader is mostly offered with lower fees. This is a good choice for traders who put importance on low-cost trading and advanced user interface. On the other hand, MetaTrader raw spread accounts may fit traders who prefer familiar setups, simple navigations, and automated trading with MQL-based EAs.
Choosing the right platforms can affect the whole trading activity, but this can be a difficult chore for beginners. As such, you may explore some recommended platforms for beginners.