MT4, MT5 and cTrader: which to pick

MT4 was built for currencies. Its order ticket shows the spread in pips and the lot size, but it does not show a commission line. If your account charges a commission, you see it only on the statement after the trade. MT5 shows more instruments, including shares and futures, and its ticket can show a commission field if the broker fills it. cTrader shows the spread and the commission together before you send the order, and it asks for quantity in units rather than lots. These differences change what you can see, not what you pay.

The platform does not set the cost. The account type behind it does. A standard account usually has a wider spread and no separate commission. A raw or ECN account usually has a narrower spread and a commission per lot. Two people can trade the same EUR/USD price on the same platform and pay different amounts because their accounts differ. The platform is only the window you look through.

When you compare the three, look at the same field on each. On MT4, find the spread in pips and the lot size. On MT5, find the same two plus any commission field. On cTrader, find the spread, the commission and the unit quantity. If a field is missing, the cost is still there. It will appear on your statement. Ask the broker for the contract specification before you trade, because that document lists the spread, the commission and the minimum size for each account type.

MT4 uses a dealing desk model by default. Your order goes to the broker, who may take the other side. MT5 uses a different order system that can send orders to a market or to a central exchange. cTrader is built for straight-through processing, where your order goes to a liquidity provider without a dealing desk in between. These models affect how your order is filled, not the price you see on the chart.

The practical difference is in the order types. MT4 has instant and market execution, and the ticket shows the price you will get. MT5 adds more pending order types and a depth-of-market window on some instruments. cTrader shows the full order book for some accounts. More order types do not lower your cost. They give you more ways to enter and exit, which can help or hurt depending on how you use them.

For a beginner, the model matters less than the account type. A dealing desk can widen the spread at busy times. A straight-through model can show a variable spread that moves with the market. Both can be expensive if you trade during news. Check the contract specification for how the broker handles orders during volatile periods. That document tells you whether your order will be filled at the price you see or at the next available price.

You can download a different platform in minutes. Changing the account type usually means opening a new account, moving your money and sometimes paying a fee. Some brokers let you switch between account types on the same login, but many do not. The account type sets the spread, the commission and the minimum deposit. Those numbers follow you until you open a new account.

Before you open any account, ask for the contract specification for the account type you are considering. Work out the cost of two pips on the size you plan to trade. Add any commission per lot. If the total is more than you expected, ask about a different account type. Do this before you deposit, because moving money later can take days and may cost a fee.

The platform you choose today can be replaced tomorrow. The account type behind it often cannot. That is why the lesson puts cost first. Pick the account type that matches your size and your frequency, then pick the platform that shows you the cost clearly. If you are unsure, start with the account type that has no commission and a wider spread, because the total cost is easier to see on the ticket.