Want to Trade with an ECN Broker? Read our Guide to cTrader Forex Brokers
For those of you who are a little disappointed with the variety of trading platforms available, there is light on the horizon with cTrader. For many years MetaQuotes has had the trading software market pretty much in the bag with MetaTrader 4 and 5. However, there are a few newcomers to the world of Forex trading platforms, and one we think worthy of a mention is cTrader. No longer do traders have to be content with MT4 or MT5, as there are an increasing number of cTrader Forex brokers to choose from.
A brief introduction to cTrader and what it has to offer
cTrader is the latest offering from Spotware Systems, and joins other trading platforms such as cMirror and cAlgo. Spotware has chosen to concentrate on electronic-Forex ECNs, and its products allow users to communicate seamlessly with other financial systems.
cTrader makes use of cloud technology, and is an FX and CFD trading platform offering direct market access. In 2013, it was awarded “Best Retail Platform of 2013” by FX Week.
Both beginners and more experienced traders can take advantage of direct STP access and enjoy the benefits of no dealing desk, no delays in order execution, and no requotes.
First impressions of cTrader
From the very beginning, you’ll get a good feel for cTrader, as it looks, and actually is, very user-friendly. Compared with the suite of MetaTrader trading platforms, new users will find it much easier to become familiar with. It may not have as many features as other more popular software, but after a time you’ll realise that many of them aren’t really that necessary. Nevertheless, there are plenty of tools to meet the needs of no-dealing-desk brokers. Finding your way around is child’s play, everything seems to be laid out in an intuitive way, and the workspace is clean and well organised.
Speed and efficiency are better by far.
cTrader is able to cater to the needs of a wide range of traders, both in style and needs. It is found by many users to be neater, easier to navigate, and smoother-running than the competition, making it perfect for beginners. There is no need to spend days understanding how it all works because it’s instinctive. Traders have the option of using Market Watch or TradeWatch to trade directly. This is made possible by cTrader’s Quick Trade interface. Traders are also able to trade directly through order screens, direct from the charts, or with the help of chart context menus.
Being able to react quickly to changes in the market is a vital part of Forex trading, and this is possible with cTrader because the backend allows simultaneous processing of orders, with little worry about slippage. cTrader uses the latest cloud technology and has data links with liquidity providers to offer some of the fastest execution in the industry.
Does cTrader have any special features?
As cTrader is designed to be used for real market trading, there are a number of special features that many traders may be unfamiliar with. Traders who are looking for automated trading options won’t be disappointed with cTrader’s cAlgo function, which allows for the generation of robots, custom indicators, and the performance of a wide range of strategies and back-testing. The cTrader platform keeps traders informed of all the markets currently open by displaying normal market hours.
For traders who prefer to trade in the real market, it is important to stay aware of the depth of the market. This is possible with a cTrader Forex broker because it is easy to see how much of a particular instrument is being offered for sale or purchase at a particular price. This valuable information is displayed in the lower section of an order ticket when a limited trade is being placed. It is represented in a number of different formats, including graphical weighting.
What about cTrader’s charts and tools?
cTrader has a good selection of charting tools, and they are pretty easy to understand. There are three different chart modes: free-chart, single-chart, and multi-chart, all of which can be arranged in the workspace differently. It is possible to have all open charts lined up one next to the other, or one particular chart expanded into the screen, or there is the option to arrange them in the sizes and locations of your choice. This makes it all very customisable and able to be tailored to a trader’s personal needs.
There is a wide range of indicators and timeframes including Moving Averages, Stochastic Oscillator, Bollinger, and more than 50 others. There is also the option to construct your own indicators with the C# programming language. For those who struggle with such technical issues, it is possible to get one of the team to do it for you, and the timeframes can be anything from 1 minute.
cTrader makes multi-account management easy.
Gone are the days of traders using just one account for trading. Multi-account trading has become very popular. With cTrader, you are given instant access, after the initial log-in, to all the trading accounts you may have. This is because all individual passwords are stored in the cloud. Following the initial log-in, you also have instant access to all Spotware products, without the need to sign into them all individually.
Did we find cTrader a joy to use?
Absolutely. And now there are more cTrader Forex brokers you have more opportunities to try it out yourself. We would always recommend you try it first with the help of a demo account because cTrader isn’t going to suit everyone. There are always going to be traders who stay loyal to certain brands, but we happen to be of the opinion that it’s never too late to change tactics.
cTrader is easy to use and provides a smooth experience. It’s very easy on the eye and there is nothing too complicated for even the most inexperienced trader. Spotware has clearly spent a lot of time and energy developing the platform, and we’re sure it’s not going to be long before there are plenty more Forex brokers offering cTrader.