Metatrader is an electronic trading platform widely used by online retail forex traders. Forex means ‘Foreign Exchange Market.’ It is a worldwide market for the trading of currencies, with over $5 trillion traded daily. It is increasingly popular in India. Globally, numerous online trading platforms are used by forex traders.
Trading platforms are considered full-fledged workstations for both beginners and professional forex traders. One of the forex trading platforms is Metatrader 5. Metatrader 4 and 5 are the most popular platform in the forex market. If users are not satisfied with the Metatrader 5 platform, user can use some other similar apps like Metatrader 5. So here, I am providing a list of the top 4 Best Metatrader 5 Alternative.
Best Metatrader 5 Alternative 2022
This article presents you with the top Metatrader 5 alternative sites. Also, I am justifying why the alternatives are better than the Metatrader 5 platform. MT5 is a multi-asset platform that enables traders to trade stocks, forex, futures, and commodities. But, it also has some disadvantages when compared to other forex platforms.
MT5 has very few robots & EA developers, and it is not a suitable platform for beginner traders. These are some disadvantages of the MT5 platform. But in forex markets, plenty of forex trading platforms are available, which is better than the MT5 app. Let’s first see the MT5 platform and then the top alternative to Metatrader 5.
About – Metatrader 5
MetaTrader 5 is also known as MT5. It is the next-generation trading platform from MetaQuotes Software Corporation. It is closely linked to MT4 and was released in 2010. However, it still needs to be an updated version of the MT4 platform. Both platforms are fairly similar, performing at the same type of standard and being produced by the same MetaQuotes Company.
MetaQuotes is the leading software provider in retail forex and CFD forex trading. It is a Russian Software Company with offshore registration in Limassol, Cyprus, and has been operating since 2000. Renat Fatkhullian is the founder and CEO of the MetaQuotes Company, and his brother Lennar Fatkhullian, the Marketing Director for MetaQuotes, are all Russians.
MetaQuotes is the creator of both MT4 and MT5 platforms. Metatrader platform software is licensed to forex brokers who provide the software to their clients. It consists of both server and client components of platforms. The forex broker runs the server component, providing the client software to the forex broker’s customers.
- Alternative #1 eToro
- Alternative #2 Capital.com
- Alternative #3 TradingView
- Alternative #4 cTrader
- Alternative #1 eToro
| Product name | Live support | Rating | Action |
|---|---|---|---|
| eToro | No | 4.3 | Visit Website |
| cTrader | Yes | 4.5 | Visit Website |
| TradingView | No | 4.6 | Visit Website |
| Capital.com | Yes | 4.6 | Visit Website |
Contents
Best Alternative Of Metatrader 5 In 2022
MT5 is a multi-asset platform that enables traders to trade stocks, forex, futures, and commodities. It offers advanced tools for price analysis, copy trading, and algorithmic trading (Expert Advisor – EA and trading robots). It is considered more improved and diverse with better charting and exclusive technical indicators. It is the best choice for the modern forex trader.
It had two additional order types than MT4. The analytics function of the MT5 platform has 38 built-in forex indicators, 21 timeframe charts, and 44 graphical objects. The additional function of MT5 is to provide services for over 1000+ assets in forex markets such as stocks, indices, futures, and cryptocurrencies.
It supports mobile versions, desktops, and browsers. It supports Android OS and can be downloaded from the Google play store app. The rating of the Metatrader 5 platform is 4.5 out of 5.
Alternative #1 eToro
About – eToro
Over the years, the growth of social media has skyrocketed. Only then did retail investors find the opportunity to use trading apps. After the tremendous growth of social media, retail investors found their chance. Many investment companies and brokerage platforms stepped in to provide them with leverage and other facilities.
One such platform is eToro which offers almost everything from currencies, stock, commodities, and crypto in over 140 different countries eToro steps apart from its competitors as it is the Best Metatrader 5 Alternative. Metatrader 5 is an advanced version of Metatrader 4, a web-based platform for forex and stock traders.
Even though it has all the necessary functions for better trading, some platforms have offered more advanced features to facilitate the trader’s experience. Among those platforms, eToro stands out as the top alternative to Metatrader 5. However, eToro is an Israeli multinational asset investment company that enables traders to invest in a diversified portfolio.
A global community of investors is empowered by eToro. It was founded by three entrepreneurs in 2007, whose mission is to make trading accessible to anyone and everywhere. eToro reduces the investor’s and trader’s dependency on financial institutions by offering facilities like a visual fx trading platform, web trader, open book, eToro mobile app, introducing stocks, smart portfolios, crypto, 0% commission stocks, and eToro money. These facilities make eToro the Best Metatrader 5 Alternative.
Why eToro is the Best Metatrader 5 Alternative?
Reason #1 Education
This free alternative to MetaTrader 5 offers free education to traders and investors. This unique feature helps millions of traders and investors learn the basics and the nook and corner of the market. Moreover, they provide news and analysis, eToro plus, the bull club, and eToro academy to educate about the markets. This feature makes eToro stand out as the Best Metatrader 5 Alternative.
In News and Analysis, they provide articles about the global market, forex, commodity, crypto, and bitcoin. Up-to-date information on the investment market is provided in this column. In addition, eToro academy provides courses and materials to successfully learn how to trade and invest in the forex market.
Their resources contain all the required courses like investing 101, summer school, trading 101, crypto 101, eToro basics, how to start investment quickly, stocks, crypto, investing, and trading. One of the groundbreaking features that are not available among other Metatrader 5 similar apps in 2022 is the Bull club.
The bull club has conversations with leaders. It provides insights from some of the world’s financial leaders and the most successful investors. These financial market giants share their experience and knowledge through webinars which can be accessed by everyone and everywhere. However, the advanced educational tools made eToro the Best Metatrader 5 Alternative.
Reason #2 Copy Trading
One of the most distinguishing features of eToro is copy trading. The most complicated thing for traders is to find the answer to the questions like where to invest, when to invest, how to invest, and on what currency pair to invest. Fortunately, eToro has Openbook, which allows traders to copy other investing influencers.
For that, copiers will charge a particular amount, and the strategy provider gains that money; this is one of the standard features among the top Metatrader 5 alternative sites. In the Best Metatrader 5 Alternative, eToro, by using copy trading technology, the investors can replicate the actions of other eToro investors in real time.
In that way, anyone can trade like a top trader. It is helpful, especially for beginners who struggle with an appropriate strategy, fundamental analysis, and technical analysis. However, there will be no extra charge for copying expert traders. There is no hidden cost, and management fees are involved. The strategy providers are contributing to copy trading get paid directly as part of their Popular Investing Programme.
Reason #3 Social Trading
eToro is the Best Metatrader 5 Alternative is not just a regular copy trading platform but operates more like a community. eToro platform is a place to connect, share and learn. By using the strategies of other influential investors, a trader can join hands with a leading community of traders and investors.
eToro platform lets the trader view millions of other traders’ portfolios, risk scores, statistics, and more. The trader can chat with them, benefit from their years of experience, and discuss strategies. eToro is a leading social platform with more than 20 million users across 140 countries, which lets traders connect with talented and experienced investors with track records.
Moreover, traders can get the maximum profit by investing in a people-based portfolio with eToro’s top trader intelligent portfolios. Also, they can trade with crowd sentiment by joining the conversation. Most importantly, the eToro news feed operates like any other social networking platform, such as Youtube or Instagram. Having the best social trading platform makes it the Best Metatrader 5 Alternative.
Reason #4 Pricing
The best alternative for Metatrader 5 made it easy for traders to understand its free structure. eToro allows traders to open a free account using professional tools and the crowd’s wisdom. In addition, there are no markup, stamp duty, and ticketing fees.
Moreover, the trader can invest in stocks commission free. The trader can buy in bulk or just a fraction, from as little as $10. However, it is only partially free. Like other Best Metatrader 5 Alternative apps, it charges various fees and spreads for withdrawal. For every withdrawal, $5 is charged.
Comparatively, eToro charges a low price, the diamond members are given an exemption from fx conversion fees, and platinum and platinum + members receive a 50 % discount. However, the conversion fee is applicable only when the deposits and withdrawals are made in non-USD currencies.
Furthermore, if the trader is inactive for 12 months, the inactivity fee of $10 is charged monthly. Most importantly, Rollover (weekend/overnight) fees change from time to time based on global market conditions. Such low prices and commission-free policies made eToro the Best Metatrader 5 Alternative.
Reason #5 Customer Support
eToro has the best customer support as the trader can register an official complaint if they face any issue while trading. Most trading platforms offer customer support via live chat, messenger, and voice calls.
But eToro provides almost every kind of customer support. The trader who faces an issue can raise a ticket, and those queries will be immediately answered. They have a team of expert advisors who can guide traders in every aspect of queries; this is one of the reasons for eToro being the Best Metatrader 5 Alternative.
However, there is no need for the trader to raise a ticket since most of the common queries are answered on the customer support page, such as the queries on my account, verification, deposit and withdrawal, copy trading, community, education, troubleshooting, crypto fees, and pricing, eToro accounts, eToro money, and crypto wallet are already answered.
Moreover, the customer service support center acts as a one-stop shop to track the progress of open tickets, search for answers to questions in the knowledgeable base, retain records of closed issues, and submit questions and feedback directly to the team.
Features of eToro
- All the financial assets, be they long or short-term, can be accessed and managed in one portfolio.
- Their demo account provides $100 k in a virtual eToro account to practice financial skills.
- The facility to discuss the strategies with the top-performing investors is offered.
- eToro provides readymade thematic portfolios.
- Professional clients have only fewer limitations and more freedom.
Pros
- eToro provides free insurance for up to one million EURO/GBP/USD.
- The clients’ funds are kept in a segregated account for extra safety.
- Follows the strict regulations of several authorities.
- It has low fees and commissions.
- eToro offers an earnings reports calendar.
Cons
- They charge overnight fees.
- Deposit and withdrawal fees are charged if not done in US Dollars.
- Most of the customer queries are answered only by raising a ticket.
eToro FAQ
What People Say About: People highly trust eToro as it is the Best Metatrader 5 Alternative. Many investors and traders like its user-friendly interface, which smoothens the trading process.
Buying Guide
Opening an account in eToro is a simple process that does not require complex detailing. One can download the app from the play store/app store or use the web browser. Then they have to fill in all the necessary details. Once the account is verified, the user can use its virtual or real account.
Alternative #2 Capital.com
About – Capital.com
Captial.com was founded in 2016, and its headquarters is located in Cyprus. It was owned and operated by Capital Com SV Investments Limited. It is a forex and global CFD broker and accepts clients from more than 183 countries worldwide. It maintains offices worldwide in the UK, Cyprus, Australia, Gibraltar, Seychelles, and more places.
It is a multi-award-winning global investment trading platform authorized and regulated by four entities. It is regulated by the Finance Conduct Authority (FCA) in the UK, the Cyprus Securities & Exchange Commission (CySEC) in Cyprus, the Australian Securities and Investments Commission (ASIC) in Australia, and the Financial Services Authority (FSA) – Seychelles.
Capital.com is the Best Metatrader 5 Alternative because it is a worldwide CFD brokerage platform, commission-free trading excluding overnight fees & buy-sell spreads, and low spreads. It offers clients the to trade on more than 6000+ financial CFD instruments, including 138 currency pairs, 23 indices, 39 commodities, 5452 shares, and 477 cryptocurrencies.
It has over 5+ million registered clients across the world. The minimum deposit is $20. It is commission-free, deposit/withdrawals also free, and the spreads are competitive. All types of payment methods are accepted. It is also available in multiple languages. They also offer a wide range of trading guides and educational materials for beginners.
They provide services to trade through platforms like web & desktop trading, mobile apps, MT4 platform, and TradingView platform. The maximum leverage is 130 for retail forex clients. It is considered safe and the most trusted forex trading platform. Overall, it is one of the Best Metatrader 5 Alternative apps. The rating of Capital.com is 4.3 out of 5.
Why is Capital.com the Best Metatrader 5 Alternative?
Reason 1 Capital.com And Metatrader 5 – Features
Capital.com has excellent trading tools and features in the stock trading platform. It has an innovative Artificial Intelligence (AI)-powered trading feature in the mobile trading app. It has personalized trading insights, analytical tools, technical indicators, and advanced charts. While MetaTrader 5 is a multi-asset trading platform and offers advanced tools for price analysis, copy trading, and algorithmic trading.
MT5 was released in 2010 and is closely linked to the MT4 platform. The MetaQuotes Software Corporation developed it. Capital.com and Metatrader 5 platforms offer various technical analysis tools like charts, indicators, etc. MT5 supports black-box functionality, while Capital.com doesn’t have that functionality.
Capital.com is the forex broker and provides services to traders through various platforms, while MetaTrader 5 is electronic trading platform software and has been adopted as the forex market standard. MT5 is the best choice for a modern forex trader. So, Capital.com is the best alternative for Metatrader 5 apps.
Reason 2 Financial Instruments
While both Metatrader 5 and Capital.com platform supports multi-asset trading instruments. But, the Capital.com platform has more trading instruments than the Metatrader 5 platform. Capital.com offers clients the ability to trade more than 6000+ financial CFD instruments, including 138 currency pairs, 23 indices, 39 commodities, 5452 shares, ETFs, and 477 cryptocurrencies.
While Metatrader 5 platform offers 1000+ financial instruments, including stocks, indices, futures, and cryptocurrencies, it is a web-based platform designed to help forex and stock traders automate trading using trading robots, signals, and fundamental & technical analysis. This platform predicts future market movements through price analysis and forecasting tools.
Metatrader is the most popular trading platform in the forex market. Both platforms have an easy user interface. Overall, the MT5 platform is one of the best choices for experienced forex traders, and for both beginners and experienced traders – Capital.com is the best choice in the forex market. Capital.com is the top alternative to Metatrader 5 apps.
Reason 3 Analytical Tools
The analytical tools, including both platforms’ charts, indicators, and timeframes, are different. MT5 has 38 built-in forex indicators, while Capital.com doesn’t have built-in indicators. MT5 platform provides more than 80+ technical indicators and 44 analytical, graphical objects for the most detailed price analysis.
For web & desktop trading platforms, Capital.com has 75+ technical indicators, and for mobile trading platforms, traders can access 70+ technical indicators. It also has multiple chart types, drawing tools, and views. Traders can view live performance charts through the mobile platform. It also offers AI-enabled biases detection system.
Traders can open up to 100 charts in the MT5 platform to enable monitoring of all required financial assets. It has a more straightforward layout and offers more timeframes for the charts than the Capital.com platform. MT5 has 21 timeframes charts from one minute to one month, seven types of hourly charts, 11 types of minute charts, and 365 daily, weekly, & yearly timeframes, which are not available on the Capital.com platform.
Reason 4 Accounts And Pricing
Capital.com offers clients two main account types – a CFD account and a Spread Betting account. It also has demo accounts. A Spread betting account type is available only for UK and Ireland residents. MT5 and Capital.com are free trading platforms that can be downloaded from their official website. So, Capital.com is a free alternative to Metatrader 5 platform.
The MT5 demo account is free to trade, which helps traders test all features of the trading platform. When traders access the MT5 platform through a broker, some brokers offer free for their clients or paid plans in the MT5 Standard account and MT5 Pro account. Both platforms offer fee-free deposit and withdrawal options via debit cards, credit cards, wire transfers, web money, and more.
But, processing time may vary for both platforms. The minimum deposit for the MT5 platform is $25, while Capital.com’s minimum is $20 for bank cards and $250 for wire transfers. Capital.com is a commission-free trading platform with low spreads, i.e., 0.6 pips, which is the main feature of this platform. And also, there is no inactivity fee.
Reason 5 Customer Support And Security
Both platforms support mobile versions, desktops, and web browsers. Capital.com app can be downloaded from Android and Apple stores, i.e., Google play store and iOS app store. But, Metatrader 5 platform can be downloaded from the Google play store only. Recently, Metatrader 4 and 5 were removed from the Apple store.
There is no development team or support staff to help customers in Metatrader 5 platform, while the Capital.com platform has extensive customer support 24/7 via email, phone, and live chat. Capital.com has multilingual customer support services in around 12 languages. It also has a comprehensive support section answering questions, including accounts, deposits, and more.
It also provides a wide range of educational tools and lives webinars. The live market analysis of this platform will be live-streamed on social media like Youtube channel, Instagram, and more. It is considered safe and the most trusted forex trading platform because it is authorized and regulated by the top-tier entities CySEC, ASIC, FCA, and FSA.
They protect client accounts with two-factor authentication (2FA) and encryption. They also obtained ISO 27001 certification for privacy risk management and ISO international standard for “Gold” trading. It is one of the best platforms for gold trading. Overall, Capital.com is the top MetaTrader 5 alternative site and also one of the Best Metatrader 5 Alternative apps.
Features of Capital.com
Excellent range of assets.
Regulated by four firms.
It has an AI-powered trading platform.
No deposit or withdrawal fees.
Commission free.
Available in multiple languages.
Excellent educational training app for beginners.
Fast and good customer support service.
Pros
Over 6000+ tradable CFDs assets.
No hidden fees and commission-free.
Highly authorized, and regulated by FCA, FSA, CySEC, & ASIC.
Minimum deposit – $20.
It offers free educational material & trading guides.
Customer support service – 24/7.
Live chat is available.
Cons
It does not accept US clients.
It has overnight fees.
Capital.com FAQ
What People Say About: People consider Capital.com as the Best Metatrader 5 Alternative. Because it has more features than Metatrader 5 trading platform. The rating of Capital.com is 4.3 out of 5. We can see many positive reviews from traders who are using this app. They said this platform has an easy user interface, is regulated by top-tier entities, and is a safe and trusted website.
Buying Guide
Traders can download the Capital.com platform app from the Google play store or the iOS/Apple app store. Then, they can sign up using Gmail or Facebook accounts using passwords and basic details like residence address, phone number, and more. In the next step, they can choose their account types, which will be verified.
After verification, a trader must pay the minimum deposit of $20 using any payment method. Then, they can choose their financial assets for trading in the forex market. After asset selection, they can start trading using this platform.
Alternative #3 TradingView
About – TradingView
Retail clients and institutional investors must analyze financial assets to make important decisions. For that, a better charting platform is needed. Though many brokerage platforms offer charting tools, one social networking and charting platform stand out as the Best Metatrader 5 Alternative, TradingView.
Moreover, their advanced tools and scripting language, Pinescript, let the users customize tools. TradingView is one of the top Metatrader 5 alternative sites for investing, as 30 million + users visit TradingView every month. In this most loved finance app, more than 8 million ideas and custom spirits are shared by their users. TradingView is accessible on all the devices like Android, IOS, desktops, and web browsers.
Moreover, these advanced tools and technology can be customized according to the need of the users as it serves their motto, “share tech, and share the wealth.” In addition, its user-friendly interface enables traders and investors to have a better experience while trading. One reason that makes TradingView the Best Metatrader 5 Alternative is that the menus and tabs are organized, making the user navigate their requirement.
However, what makes TradingView the Best Metatrader 5 Alternative is not just its user-friendly interface but also the features that are provided on the site. For instance, products, communities, markets, news, brokers, and more. Let us look further into its features in detail.
Why Is TradingView The Best Metatrader 5 Alternative?
Reason #1 Products
This free alternative to Metatrader 5 has the motto of “look first, and then leap.” As it says, they always prioritize informed investment decisions. They provide products like charts, screens, and heat maps to facilitate investment decisions. The charts provided in TradingView are often imitated, yet it is never duplicated.
On screens, the trader can find anything and everywhere. In addition, in heatmaps, one can see the lay of the land. The charts in TradingView are accurate and have the features like Compare symbol, Alert, and Replay. It has a feature to see the Market’s history in seconds, minutes, hours, days, and ranges and the option to choose bars, candles, columns, area, baseline, line, and high-low.
In addition, the indicators are provided to make better decisions by analyzing various factors. Moreover, technical indicators and financial indicators are provided along with community scripts. These metrics and strategies make TradingView the Best Metatrader 5 Alternative. Furthermore, screens on screeners are provided for stocks, crypto, and forex, and heatmaps for stock and crypto.
Reason #2 Community Support
Another fantastic feature of TradingView that makes it the Best Metatrader 5 Alternative is its community support. Traders and investors get support from the worldwide community of traders and investors. Through their ‘live streams, ’ traders and investors can watch educational and informational content and live to trade and chat with millions of experienced traders worldwide.
Anyone who has experience in the financial market can become a streamer; they also provide trade ideas. Familiar traders’ tested strategies, content, and ideas are shown in Editor’s picks if their global mode team sees their idea and likes it. Editor’s picks are merely meant to entertain, educate, and connect people. Educational ideas provide trending ideas, trading tools, and trading plans.
Moreover, they help traders to handle their emotions and mood swings during the trade by offering courses on risk management, trading psychology, and TradingView tips. In addition, passionate traders and creative programmers use Pine Script, the language used to create indicators and strategies to provide their valuable knowledge. Such a large community makes TradingView the Best Metatrader 5 Alternative.
Reason #3 Tools For Market Analysis
The best alternative for Metatrader 5, i.e., TradingView, provides the best tools for market analysis. The welcome traders who must be made aware of the fundamental and technical analyses tend to lose their capital. To avoid such a scenario, TradingView provides market analyses necessary to gain money from the market.
Providing articles from top traders ensures that their users are well-fed with market information. They provide data and analysis under three parts, Sparks, Countries and World economy. Sparks has highly researched lists for discerning deep divers. In Sparks, they provide information and data on industry, infrastructure, transport, logistics, finance, crypto, environment, inclusion, and countries.
Under the countries section, they provide the economic status and market scenario of the respective countries, most of the major countries. In the world economy, the global view of the world’s biggest companies and the world’s largest employees is provided.
Reason #4 Pricing
Compared to Metatrader 5 similar apps, 2022 TradingView has a reasonable price, making it the Best Metatrader 5 Alternative. Opening an account in TradingView is free and comes with certain limitations. The trader can go with their paid plans to access the full facilities. TradingView has plans and subscriptions for different levels of ambition.
Moreover, when the trader opts for an annual subscription, they get 16% off, which is two months free. They have three plans, respectively, Pro, Pro+, and Premium. One can opt for the Pro plan, which offers distraction-free trading for more charts, intervals, and indicators. In Pro+, they offer intraday technical analysis for day traders.
Moreover, in the Premium plan, the trader can get the highest precision and maximum data to capture all possible opportunities. Every plan provides a tool to facilitate the experience of the users. The traders can try their plans for 30 days free of cost. Now Pro plan costs $14.95, Pro+ costs $29.95 and Premium costs $59.95.
By providing such reasonable prices, they rank as the top alternative to Metatrader 5. When most trading apps provide the minimum amount of indicators, TradingView provides a good number of indicators according to their plans. This is one of the reasons for TradingView is the Best Metatrader 5 Alternative.
Reason #5 Customer Support
Among other Best Metatrader 5 Alternative apps, TradingView provides the best customer support. Metatrader 4 and Metatrader 5 do not provide customer support, whereas TradingView provides customer support with expert advisors. They have a help center where one can find ‘my support tickets. By using that, the trader or an investor can raise a ticket. These tickets will be answered in no time.
Moreover, they have listed the common issues faced by clients and made several articles for every category. Common issues are billing, data, chart, trading, alerts, pine script, financials, screener, social network, watchlist, mobile apps, desktop, and profile settings. Altogether they provide more than 1100 articles to solve the queries of their clients. Such fast customer support makes TradingView the Best Metatrader 5 Alternative.
Features of TradingView
- TradingView has multi-monitor support in the desktop app and is accessible on almost every device.
- TradingView provides supercharged super charts, which are unavailable in other alternative apps.
- They have 100+ pre-built most popular indicators and 100,000+ community-built indicators.
- Their trading alerts are robust, easy to use, and flexible.
- They have made a special programming language for traders called ‘Pine Script’ to share their indicators and strategies.
Pros
- The welcome traders can start with paper trading.
- The traders can trade through top brokers directly.
- One can get an overview of the global market since it is connected to hundreds of data feeds.
- It offers different parameters and tools to compare symbols.
- The platform is user friendly.
Cons
- To access multiple charts and indicators, they charge an amount.
- The mobile app is slightly more unstable than Metatrader 5.
- Their basic free plan only provides some of the necessary tools.
TradingView FAQ
What People Say About: Many reviews about TradingView can be seen on Youtube and Instagram. People consider it the Best Metatrader 5 Alternative. Their price, charting, screeners, and additional features have earned them many reviews. It is reliable, comprehensive, and has most of what you need daily when trading. Despite the few issues, its relatively low price makes it a no-brainer.
Buying Guide
Many popular platforms like Metatrader 4 and Metatrader 5 have a simple and easy process to buy plans. The same is the case with TradingView. First, the trader has to open an account by downloading the TradingView app from Playstore or Appstore or else through a web browser. Then his account will be verified.
Once the account is verified, the user has to choose the asset type, such as forex, crypto, bitcoin, and stocks. Once the asset type is chosen, they can choose their plan. After that, the user is set to use the platform, which is easier than other alternative apps.
Alternative #4 cTrader
About – cTrader
cTrader is a forex trading platform and was founded in April 2011. It is a London-based company. It was owned and developed by a Fintech Company called Spotware Systems Ltd. A Spotware System Limited Company was founded by fintech pundit and entrepreneur Andrey Pavlov in 2010, and its headquarters is located in Limassol, Cyprus. It has grown greatly over the past ten years.
cTrader is a multi-asset trading platform with more advanced trading features for any trader. It offers more complex tools and indicators for trading. The company motto is “traders first,” which encapsulates their mission of developing a robust platform that builds client loyalty. cTrader platform is an innovative electronic communication network (ECN) primarily used by forex and CFD traders.
It is specifically designed for ECN brokers, demanded by top-tier brokers, and trusted by millions of worldwide traders. But unlike Metatrader platforms, it uses a more common C# programming language, while MT5 uses an MQL5 programming language. It is the Best Metatrader 5 Alternative app in forex and CFD trading because it has very powerful features against the MT5 platform.
It is an intuitive and easy-to-use trading platform with advanced application capabilities such as fast entry & execution, coding customization, ECN/STP market execution, manual trading, algorithmic trading, copy trading, the Depth of Market (DOM) feature with level-II pricing, back-testing capabilities and more. It allows reverse, double, or close all positions in one click.
It provides two key functionalities to traders, i.e., execution of trades or order execution and charting. It has an adjustable workspace, and charting tools are quite accurate and also offers one additional chart type – a dot chart. It has a large number of technical indicators than MT5. In 2018, it was recognized as the Best FX Trading Platform by Finance Magnates London Summit Awards.
They provide services to trade through platforms like web & desktop trading and mobile apps. It is a genuine platform for multiple forex trading approaches. Overall, it is one of the Best Metatrader 5 Alternative apps. The rating of Capital.com is 4.46 out of 5.
Why Is cTrader The Best Metatrader 5 Alternative?
Reason 1 cTrader And MetaTrader 5 – Features
cTrader was released in 2011 by Spotware Ltd, while MT5 was released in 2010 by MetaQuotes Company. Unlike MetaTrader 5, the cTrader platform features a modern and easy user interface. MT5 and cTrader platforms are very popular trading platforms in the forex market. Both platforms are good and offer a high level of customization to traders.
cTrader is a multi-asset trading platform with more advanced trading features. It is widely known as an all-in-one trading platform. It offers highly effective features that allow traders to connect, fast entry & execution, manual trading, algorithmic trading via cBots, copy trading, level II pricing, asynchronous order processing, advanced order types, and more features make it the Best Metatrader 5 Alternative.
It is built for No Dealing Desk (NDD) brokers with higher transparency, while MT5 is built for all types of brokers, i.e., Dealing Desk (DD) and NDD. MetaTrader 5 is a multi-asset trading platform that offers advanced price analysis tools, copy trading, and algorithmic trading. cTrader platform features are the top alternative to Metatrader 5.
Reason 2 User Interface
Suppose we compare the user interface of the cTrader and MT5 platforms with different designs. cTrader platform offers a smooth, clean, and modern user interface, especially compared to the MT5 platform. At the same time, the MT5 platform displays a somewhat outdated design that follows the same rigid windows 98 style design pattern.
The cTrader and MT5 platforms allow traders to customize the colors of the chart elements, but the cTrader platform offers a light and dark theme. cTrader platform attracts traders of all levels giving them the simplicity or complexity they desire in trading.
cTrader platform is one of the best for both beginners and professional traders, while MT5 is the best for experienced traders. Overall, the cTrader platform’s features and user interface are the Best Metatrader 5 Alternative.
Reason 3 Analytical Tools
The analytical tools, including both platforms’ charts, indicators, and timeframes, are different. cTrader platform has more built-in indicators than the MT5 platform. cTrader platform provides 70 built-in technical indicators, 54 timeframes, and 9 types of charts, including dot charts, while MT5 offers 38 built-in technical indicators, 21 timeframes, and 3 types of charts only.
MT5 platform also provides 44 analytical, graphical objects for the most detailed price analysis. Both platforms have major key differences in charts object. In the MT5 platform, traders must select the active chart and then apply any changes to settings in the active chart. But in the cTrader platform, each chart has its toolbar to make it a bit easier to control charts.
cTrader platform has a few major advantages, like a chart linking feature and detachable charts, which allow traders to spread their charts across multiple monitors, making it the Best Metatrader 5 Alternative. cTrader platform also allows traders to place pending orders even if the forex market is closed, while the MT5 platform doesn’t allow this order type.
Reason 4 Accounts and Pricing
Both the cTrader and MT5 platform has demo accounts. Both provide a free trading platform that can be downloaded free from their official website. So, cTrader is a free alternative to Metatrader 5 platform. The MT5 demo account is free to trade, which helps traders test all features of the trading platform.
When traders access the MT5 platform through a broker, some brokers offer free for their clients or paid plans in the MT5 Standard account and MT5 Pro account. Both platforms offer fee-free deposit and withdrawal options via debit cards, credit cards, wire transfers, web money, and more.
But, processing time may vary for both platforms. Based on the forex broker’s site, the minimum deposit may vary for both platforms. Traders have to pay some amount for Copy trading method. The MT5 platform minimum deposit is $25, while cTrader’s minimum deposit is $100. cTrader is the Best Metatrader 5 Alternative because it can create applications using cTrader’s open API, a free alternative to Metatrader 5.
Reason 5 Customer Support
Both platforms support mobile versions, desktops, and web browsers. cTrader app can be downloaded from Android and Apple stores, i.e., Google play store and iOS app store. But, Metatrader 5 platform can be downloaded from the Google play store only. Recently, Metatrader 4 and 5 were removed from the Apple store.
There is no development team or support staff to help customers in Metatrader 5 platform, while the cTrader platform has extensive customer support 24/5 via an email-based ticketing system and phone. It has multilingual customer support services. They responded to customers very fast.
The number of brokers offering the Metatrader 5 platform is greater than the cTrader platform. It is considered safe and the most trusted forex trading platform. Overall, cTrader is the top MetaTrader 5 alternative site and one of the Best Metatrader 5 Alternative apps.
Features of cTrader
- It has two key functionalities – Order execution and Charting.
- It offers rich charting tools, large technical indicators, and timeframes.
- It has market-depth functionalities.
- It also offers advanced order types, level II pricing, and fast entry & execution.
- It has useful features like manual trading, copy trading, and algorithmic trading via cBots.
- It allows traders to reverse, double, or close all positions in one click.
- Fast and good customer support service.
Pros
- It has a smooth, clean, and modern user interface.
- It is available in multiple languages.
- Excellent charting and technical analysis tools.
- It has C# programming language.
- It has fast and efficient execution.
- Minimum deposit – $100.
- It supports mobile, web, and desktop platforms.
- Customer support service – 24/5.
Cons
- A stop-loss order type fluctuates drastically.
- It has unreliable trading bots.
- It doesn’t support live chat service.
cTrader FAQ
What People Say About: People consider cTrader as the Best Metatrader 5 Alternative. Because it has more features than Metatrader 5 trading platform. The rating of cTrader is 4.46 out of 5. We can see many positive reviews from traders who are using this app. They said this platform has an easy and smooth user interface, a genuine platform for multiple trading approaches, forex trading with one click, and more reviews.
Buying Guide
cTrader platform offers Public Beta versions for mobile, web, and desktop. Traders’ first step has to sign up with a trusted forex broker website like FX Pro, IC Markets, Pepperstone, and more. And then, they have to download the cTrader beta version. Then, traders have to select the tools in just one click. The final step, they can start trading using this platform. The many tutorials are on social media sites such as Youtube, Facebook, Instagram, and more.
Metatrader 5 Similar Websites In 2022
Above are the top 4 best Metatrader5 similar websites. We have seen why it is an alternative and the features, advantages, and disadvantages of all alternatives of the Metatrader 5 trading platform. Trading platforms are considered full-fledged workstations for both beginners and professional forex traders. Metatrader 5 trading platform is the best choice for the modern forex trader.
It has better charting and exclusive technical indicators. Many Metatrader 5 similar apps or platforms are available in the forex markets, which are the Best Metatrader 5 Alternative apps.
Metatrader 5 Free Alternatives In 2022
Other free alternatives to Metatrader 5 platforms are eToro, Active Trader Pro, IEX, Binance Broker, TT Platform, E-Trade web platform, and more platforms available in the forex market. No doubt, Metatrader 5 is the best trading platform in the forex market. However, there are more alternative platforms like Metatrader 5. Below is the top 4 Best Metatrader 5 Alternative in 2022.
FAQs of Best MetaTrader 5 Alternatives
Is Metatrader 5 good for beginners?
No, it is not suitable for beginner traders. The MT5 platform is the best choice for professional traders.
What is the minimum deposit for MT5?
The minimum deposit of MT5 is $25. But, some forex broker’s sites have no minimum deposit, and some offer more deposit.
What is better than MT5?
Among the above top 4 alternatives, eToro is better than the MT5 platform.
Winner
Among the top 4 Best Metatrader 5 Alternative platforms, the winner is eToro. The eToro platform is regulated and authorized by top-tier entities. It offers a wide range of assets, educational tools, charts, technical indicators, social trading, copy trading, and more features than the Metatrader 5 platform. Both platforms have an easy user interface. Overall, eToro is the Best Metatrader 5 Alternative app.
Conclusion – Best Metatrader 5 Alternative In 2022
Metatrader 5 platform is reasonable when compared to all other platforms in the forex market. There are plenty of Metatrader 5 similar apps in 2022. But if a user is considering moving from Metatrader 5 for some reason, I am sure you can pick anyone from the above-mentioned Best Metatrader 5 Alternative apps in 2022. If you ask me to recommend the best one out of the four best alternatives for Metatrader 5, I will go for the eToro platform.
Hopefully, I pointed out why it is the Best Metatrader 5 Alternative and the features, advantages, & disadvantages of the top 4 alternatives of Metatrader 5 similar apps in 2022. So, look at the above article to find the Best Metatrader 5 Alternative.
