MT4, MT5, and cTrader are often provided in brokers as they rival each other in many aspects. Pepperstone has this practical guide to help you choose between the three.

In order to start a trading journey, there are several crucial aspects that must be taken into consideration. Aside from choosing the right broker, you should also consider what trading platform to use. In most cases, trading platforms are equipped with a diverse range of features, ranging from basic charting tools to in-depth news feeds and premium research information for advanced traders. Some platforms are even designed to suit the needs of specific markets, such as forex markets, stocks, options, or futures.

The choices of trading platforms typically depend on the forex broker you choose. Before you can start trading, you'll be asked to choose which online platform you'd like to use. In Pepperstone, there are three platforms that you can choose from, namely MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader.

Pepperstone Guide to Choose MT4, MT5, or cTrader

All three available platforms are very well-known in the trading community, so as a trader, it's important to know the characteristics of each platform so your chosen platform could complement and support your trading activities. Here's how Pepperstone explains the advantages of MT4, MT5, and cTrader to help you choose:

 

MetaTrader 4 (MT4)

MT4 is arguably the most popular trading platform in the industry at the moment. It is often said to be the "standard" trading platform because it has practically all the basics needed to start trading in various financial markets, including forex, stocks, and such. MT4 is also offered by almost all trusted brokers out there, making it highly accessible for traders from all across the globe.

According to Pepperstone, there are a number of advantages that you can get from choosing MT4, namely:

  • Highly customizable. You can easily customize the platform according to your trading style, needs, and preferences.
  • EAs are supported. Build and run your EAs using the MetaQuotes Language 4 (MQL4).
  • A wide range of indicators. There are 28 indicators and EAs that you can choose from 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.
  • 85 pre-installed indicators on the desktop app. Many tools are available to help you gain better insights into market trends and movements.
  • Automated trading. Trade 24/5 without any interruption.
  • Backtesting capability. Test your Expert Advisors before using them for the best result.
  • MQL4 programming language. Join a vast community of MQL4 users and get various signals and research from other traders.

It is worth mentioning that the platform is available on all devices, including desktops, tablets, and phones. You can trade for free and enhance your experience using various tools, live quotes, updated news, and analytics.

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

  1. Open an account and log in to download the MT4 software from your secure client area. You'll see the download page along with the complete instructions.
  2. Once you run the software, you'll be asked to input your login credentials, such as your account number, password, and server name.
  3. Start navigating the platform and open new trades. Be sure to familiarize yourself with the basics of the platform to avoid unnecessary losses.

If you have issues inputting your details, you can try using the following methods:

  • Copy and paste your password to eliminate the chance of typos.
  • Manually type your server IP address.
  • Backspace over the server and manually type 'edge.pepperstone.com'. For example, Edge 03 = edge03.pepperstone.com.
  • If any of the methods above didn't work, reach out to customer service as the last resort. Pepperstone's customer care team is available via live chat, email, and phone.

 

MetaTrader 5 (MT5)

Following the huge success of its predecessor, MT5 comes with even more powerful tools and a broader range of features. Instead of focusing only on forex trading, MT5 was designed to accommodate the needs of a wider type of audience by providing many options for time frames, pending orders, and analytical tools. The platform is suitable for both beginners and advanced traders and is particularly loved by shares and commodity traders.

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

  • Advanced platform customization. MT5 has a slightly better user interface and customization, making it easier to navigate around.
  • 21 time frames available. This is a huge benefit particularly for scalpers and advanced traders who are looking to do an in-depth analysis of the market.
  • 38 inbuilt indicators. More tools and indicators to take your trading to the next level.
  • Hedging is allowed. Such ability can help you minimize risks and increase potential returns.
  • Fundamental economic calendar. Get the hottest macroeconomic news in real time and use the data to build a better analysis of the market.
  • Access to Autochartist and Smart Trader Tools. Improve your trade results using various tools and charts.
  • Wide variety of pending orders. Aside from stop and limit orders, MT5 also allows traders to use stop limits, which is quite an advanced option in online trading.
  • Optimized processing of EAs and indicators. Faster processing times to help you stay ahead of the market.
  • Easier to code using MQL5. Although there is currently more research and guidance for MQL4 due to its popularity, many traders are starting to shift to MQL5 as it is more efficient and easier to use, even for beginners. MT5 even has an inbuilt MQL5 Community Chat to ensure that traders are connected.

While MT5 offers more features and new tools that aren't available in MT4, it was not built to replace MT4. In fact, the two are meant to go hand in hand and complement each other. This is why Pepperstone offers both platforms to give traders everything they need based on their unique trading approaches.

You can access MT5 using the same steps as MT4 above. Simply download the software and log in using your Pepperstone account credentials.

 

cTrader

cTrader is developed by Spotware, and it is one of the biggest trading platforms apart from the MetaTrader series. The platform was designed to provide both simple and complex functionality, making it a great option for basically any trader with various levels of expertise.

There are several reasons why cTrader is worth your attention, namely:

  • Highly intuitive. The platform offers a clean design that is excellent for those who just started their trading journey.
  • Advanced trading customization. With cTrader Automate, you can customize the platform according to your needs.
  • Designated to replicate institutional trading environment. This can be a huge advantage for advanced traders as there are access to various features like the depth of market.
  • Speedy execution. Faster processing times for trades with EAs and indicators.
  • Advanced risk management and order functionality. The platform will show you a preview of your pip value and amount of margin before you open the trade. You can also monitor your performance on the Analyze tab, including your total profit/loss, exposure to certain markets, and current volume held.
  • Open multiple take profit orders at once.
  • Many educational videos within the platform. Click the "Help" menu in the top left corner to access this feature. The videos cover all the basics you need to operate the platform.
  • Detailed order tickets. You can see the complete information of your order, such as the base currency dollar value and pip distance.
  • Use C# programming language and open API available. You can write your own scripts or modify the codes using C#.
  • Multiple languages supported. This includes English, Russian, French, Spanish, Portuguese, Polish, Japanese, Korean, Chinese, Italian, Greek, Turkish, Hungarian, and German.

 

The Bottom Line

All in all, Pepperstone offers three powerful trading platforms to suit different trading styles. All of the available platforms are completely free of charge and available on various devices, including desktop, tablet, mobile, and web apps. Each has its own pros and cons, so make sure to choose the right one based on your needs and preferences.

Generally speaking, MT4 is an excellent choice for forex traders as it is very straightforward and highly efficient. It offers a wide range of indicators, combined with high customization and backtesting feature. For those who trade using various assets and need more advanced features, then MT5 is considered more appropriate. Meanwhile, cTrader is a great option for experts. Designed by traders for traders, the platform offers a user-friendly interface that can be customized with various settings and detachable charts.

 

Pepperstone is an award-winning broker offering various trading instruments including forex, CFD, and crypto. This Australian broker is regulated by the Australian Securities and Investments Commission (ASIC).