MT4 vs MT5 vs cTrader vs TradeLocker
Most forex and gold brokers offer one or more of four platforms: MetaTrader 4, MetaTrader 5, cTrader and, more and more, TradeLocker. All of them let you trade the same markets; they differ in features, speed of development and how they're built.
| MT4 | MT5 | cTrader | TradeLocker | |
|---|---|---|---|---|
| Released | 2005 | 2010 | 2011 | 2020s |
| Still developed | Barely | Yes | Yes | Yes |
| Markets | Mostly forex and CFDs | Forex, CFDs, stocks, futures | Forex and CFDs | Forex and CFDs |
| Automated trading | EAs (MQL4) | EAs (MQL5) | cBots (C#) | Through its API |
| Timeframes | 9 | 21 | Many, plus tick and range charts | Standard set, with TradingView charts |
| Strength | Huge library of EAs and indicators | More tools, faster testing | Clean design, transparent pricing, modern API | Works in the browser and on mobile, popular with prop firms |
MT4
The classic. Almost every broker has it and countless indicators and EAs exist for it, but MetaQuotes no longer develops it much, and some brokers are moving new customers to MT5.
MT5
MT4's successor: more timeframes, an economic calendar, more order types, a much faster strategy tester. EAs written for MT4 don't run on MT5 without changes.
cTrader
Built by Spotware, popular with traders who like a modern interface, detailed order information and an open API. Fewer brokers offer it than MetaTrader.
TradeLocker
The newest of the four: a web-based platform with TradingView charts built in, so there's nothing to install. Many prop firms and newer brokers now offer it. It has fewer ready-made robots and indicators than MetaTrader.
Which should you choose?
- Use MT4 if your favourite EA or indicator only exists there.
- Use MT5 if you want MetaTrader with current development.
- Use cTrader if you prefer its design and your broker offers it.
- Use TradeLocker if you trade mostly in the browser or your prop firm uses it.
Can you use more than one?
Yes. Many traders have accounts on different platforms. A cross-platform trade copier lets you trade on one and copy to the others automatically.