MT4, MT5 and cTrader: which to pick

Open any of the three platforms and the first thing you see is a list of instruments. MetaTrader 4 was built for spot currency pairs. Its list is short and mostly major and minor pairs. MetaTrader 5 and cTrader list currency pairs and also metals, indices, shares and sometimes cryptocurrencies. The list is not the same at every broker. A broker decides which instruments to switch on. Two brokers can both offer MetaTrader 5 and show different lists.

The list matters because it decides which chart you can open. On MetaTrader 4 you may not find a chart for an index or a share. On MetaTrader 5 and cTrader you often will. If your plan is to trade only EUR/USD at about 1.0850, all three can show that chart. If you want to watch other markets on the same screen, check the list before you download. The list is on the broker's website under the platform name.

The list also decides how many symbols sit in the Market Watch or watchlist panel. A long list can slow a slow laptop. A short list is easier to read when you are starting. You can hide symbols you do not use. That changes what you see, not what you can trade. The broker still controls the full list.

The second difference is what happens between pressing the button and the order reaching the market. MetaTrader 4 and MetaTrader 5 send the order to the broker's server first. The server then passes it on. cTrader sends the order in a way that often shows the expected fill before you confirm. This changes what you see on the screen. It does not change the market price. The market price moves while the order travels.

On MetaTrader 4 and MetaTrader 5 you fill in the order fields first. Volume, stop loss, take profit and comment. The cost appears after the order is placed. On cTrader the entry screen shows an estimate of cost and commission before you confirm. That estimate can still change if the price moves. It is an estimate, not a promise. The final cost is on the statement after the trade closes.

Order types also differ. All three support market orders, limit orders and stop orders. The names and the screens are not the same. A limit order on one platform may sit on a different panel on another. The order still does the same job. It waits for a price you choose. Practise on a demo account until the buttons feel familiar. The demo uses the same order handling as the live account.

The third difference is how each platform reports what a trade costs. MetaTrader 4 and MetaTrader 5 show the spread inside the chart window, usually as two prices. The commission is often on a separate report or in the account history. cTrader shows the spread and the commission together on the entry screen. That does not mean cTrader is cheaper. It means the cost is easier to find before you trade.

To read the cost in pesos you need the pip value and the conversion rate. One pip on one standard lot of EUR/USD is about ₱10 in our example. That figure depends on the exchange rate the broker uses. The broker may round the pip value. The broker may add a commission on top. Those figures vary between brokers, so check the contract specification and the fee page for the account you are using.

A 35 pip move on one standard lot is 35 x ₱10 = ₱350 before costs. A 12 pip move on 0.50 lots is 12 x ₱5 = ₱60 before costs. The commission is charged per lot per side. If the commission is ₱200 per lot per side, a one lot round turn costs ₱400. That is ₱400 taken from the ₱350 in the first example. The trade would be a loss even though the price moved your way. Always subtract the commission before you judge a trade.