Quick picks
- Pure algos: MT5 (multi-threaded, multi-symbol tester) or cTrader (cBots + C# + cloud tools).
- Big plugin market: MT4 (huge EA/indicator library).
- Manual pros: cTrader (DOM/Level II, crisp UI, order control).
- “Just trade”: Web terminals (no install; algos don’t run in-browser).
Key terms (fast)
Algos: automated strategies—MT4/5 “EAs”, cTrader “cBots”.
Depth (DOM): ladder showing liquidity at each price.
Symbols: instruments available—depends on your broker.
Backtesting: run strategies on historical data.
Ecosystem: add-ons, code, and community.
MT4 Classic
Old but trusted. Huge marketplace of ready-made robots and indicators. Simple, light on resources.
- + Library size: enormous EA/indicator market.
- + Lightweight: runs on modest PCs.
- ± Tester: single-threaded; slower for heavy research.
- – Codebase: MQL4 ≠ MQL5; MT4 EAs aren’t drop-in on MT5.
MT5 Modern
Newer engine with faster, multi-threaded testing and multi-symbol support. Better for complex algos and more asset classes.
- + Strategy Tester: multi-threaded & multi-symbol.
- + More order types and improved DOM.
- ± Market size: smaller than MT4, growing.
- – Requires MQL5 (not compatible with MQL4 binaries).
cTrader Pro manual
Modern UI with strong DOM/Level II and order control. Algos are cBots in C# with solid desktop backtests.
- + DOM & order control: great for discretionary traders.
- + C# stack: cTrader Algo + cloud-friendly workflows.
- ± Best testing on desktop (web app for trading/monitoring).
- – Smaller third-party library than MT4.
Web terminals (MT4/MT5/cTrader)
Browser-based trading: convenient and cross-platform. Good charts and core orders; algos don’t execute in the browser.
- + No install, runs anywhere.
- + Great for quick checks and manual trading.
- ± Fewer extensions vs desktop platforms.
- – No EA/cBot runtime in-browser.
Feature snapshot
| Feature | MT4 | MT5 | cTrader | Web |
|---|---|---|---|---|
| Robots / algos | EAs (MQL4) | EAs (MQL5) | cBots (C#) | Manual only |
| Backtesting | Single-threaded | Multi-threaded, multi-symbol | Desktop backtest/optimize | — |
| Depth of Market | Basic (broker-dependent) | Improved DOM | Strong DOM / Level II | Basic ladder |
| Ecosystem | Very large | Large & growing | Smaller, active | Limited |
| Best for | Plugins & simplicity | Modern research | Manual pros | Convenience |
Features vary by broker permissions, feeds and symbols.
Safety note
Backtests are not promises. Markets shift. Start small, test withdrawals, and never risk funds you can’t afford to lose.
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