MT4, MT5 and cTrader: which to pick
Platform differences in instrument coverage and order handling
A trader in Kochi opened a cTrader account because a colleague used it. The platform looked modern, but the broker's cTrader feed offered only 40 instruments, and the trader wanted to trade USD/INR alongside gold and an index. The account type was fine, but the platform limited what could be traded. This case shows why the instrument list matters before funding.
MetaTrader 4 was built for forex and contracts for difference on currencies. It handles pending orders, stop-loss and take-profit levels, and one-click trading. MetaTrader 5 adds more timeframes, an economic calendar, and a depth-of-market view for some instruments. cTrader focuses on level II pricing and detailed order book data for forex and contracts for difference. Each platform shows a different set of instruments, so check the broker's list for the pairs and assets you plan to trade.
Order handling also differs. MT4 uses a dealing desk model for some account types, where the broker may take the other side of the trade. MT5 and cTrader often use straight-through processing, where orders go to liquidity providers. The platform does not decide this; the broker's account type does. A platform may support both models, so the same software can behave differently at two brokers.
When you place a market order on USD/INR at 83.2500, MT4 shows the fill price and slippage on the trade tab. MT5 shows the same fill plus a separate commission field if the account charges one. cTrader displays the fill and a fee breakdown per trade. The numbers come from the account, not the platform. The platform only reports what the broker sends.
How account type sets spread, commission and leverage
A trader in Pune compared two accounts at the same broker. One had a spread of 0.8 pips on USD/INR and no commission. The other had a spread of 0.2 pips plus ₹200 per standard lot round turn. On one standard lot, the first cost ₹8 in spread (0.8 x ₹10). The second cost ₹2 in spread plus ₹200 commission, so ₹202. The platform was the same; the account type changed the cost.
Spread is the difference between the bid and the ask. On USD/INR at 83.2500, a spread of 0.0002 is 2 pips. If one pip is ₹10 per standard lot, that spread costs ₹20 per lot to enter and exit. Commission is a separate charge per lot. Swap is a daily financing charge for positions held overnight. These three charges vary between brokers and account types. The platform does not set them.
Leverage also comes from the account type. A broker may offer 1:50 on forex for one account and 1:200 for another. Higher leverage increases the size of a position you can open with the same margin, but it also increases the loss if the market moves against you. SEBI rules for retail forex in India differ from those for contracts for difference, and brokers may not offer both. Check the account's leverage and margin rules before trading.
The platform choice is reversible. You can open a different platform with the same broker, or move to another broker. The account type is harder to change because it may require a new application, new documents, and a new funding method. If you use UPI or bank transfer, the account type determines the minimum deposit and the withdrawal process. Choose the account type first, then the platform.
Reading the fee report on each platform
A trader in Delhi placed 10 trades on USD/INR over a week. On MT4, the statement showed profit and loss but no separate commission line. On MT5, the statement had a commission column. On cTrader, the statement showed commission and swap separately. The trader had to add the columns to see the true cost. Each platform reports costs in its own way, so learn where to look.
MT4 reports spread inside the price, so the entry and exit prices already include it. Commission appears as a separate line if the account charges it. Swap appears as a credit or debit for positions held overnight. MT5 adds a commission field and a swap field, and it can show a breakdown by symbol. cTrader shows commission per trade and a running total. None of these reports are standardised across brokers.
To compare platforms, open a demo account on each and place the same trade. On one standard lot of USD/INR, if the spread is 1 pip and commission is ₹200, the total cost is ₹10 + ₹200 = ₹210. If another platform shows a spread of 1.5 pips and no commission, the cost is ₹15. The platform with the lower number is not always cheaper because swap and execution quality also matter. Use the demo to check the fee report before funding a live account.
The platform does not hide costs; it displays what the broker provides. If a fee is missing, ask the broker for the contract specifications. The specifications list the spread, commission, swap, and margin requirements for each instrument. Read them before you trade. The platform is a window; the account type is the room behind it.
One USD/INR trade, three order tickets
| Step | Amount | Note |
|---|---|---|
| Instrument | USD/INR | The pair being traded; price around 83.2500. |
| Volume field | 1.00 lot | MT4 and MT5 label this as lots; cTrader may show units, where 1.00 lot equals 100,000 units. |
| Entry price field | 83.2500 | The price you type or accept; it varies with the quote. |
| Stop-loss field | 83.2400 | A stop 100 points away; on USD/INR one pip is 0.0001, so this is 10 pips. |
| Pip value shown | ₹10 per pip | One standard lot is 100,000 units; 100,000 x 0.0001 = ₹10. |
| Cost of the stop | ₹100 | 10 pips x ₹10 per pip. |
Brokers may round the pip value, add spread, commission or swap, and quote a slightly different price. These charges vary between brokers.
Doing it once, step by step
Follow these steps to compare MT4, MT5 and cTrader for a USD/INR trade without funding a live account. You will use demo accounts and the broker's contract specifications.
- 01
List the instruments you need
Write down every instrument you plan to trade, such as USD/INR, gold, or an index. Check the broker's platform page for the full list on MT4, MT5, and cTrader. If a platform lacks an instrument you need, it is not suitable. Do this before opening any account.
- 02
Open a demo account on each platform
Register for a demo with the same broker if possible, so the account type is similar. Use a unique email and complete the demo profile. The demo lets you see the order ticket and fee report without risking money. Do not fund a live account until you have tested all three.
- 03
Place the same USD/INR trade on each
Buy or sell 0.10 lot of USD/INR at the market price, around 83.2500. Note the fill price, the spread, and any commission. On 0.10 lot, one pip is ₹1, so a 2-pip spread costs ₹2. Record the numbers for each platform.
- 04
Find the fee report
Open the account history or statement on each platform. Look for columns for commission, swap, and profit. If a cost is missing, check the contract specifications. The report shows what the broker charges, not what the platform charges.
- 05
Compare total cost for one standard lot
Multiply the spread in pips by ₹10 for one standard lot. Add the commission per lot. For example, 1 pip spread plus ₹200 commission gives ₹210. Compare this total across platforms and account types. The lowest total is not always best if execution or swap differs.
- 06
Check the account type details
Ask the broker for the account type's leverage, margin, and minimum deposit. Confirm whether UPI and bank transfer are accepted for deposits and withdrawals. The account type controls these terms, and changing it later may require a new application. Choose the account type before you commit to a platform.
The mistake most people make here
People often pick a platform because a friend uses it, then open an account without checking the instrument list, the order types or the fee report. MT4, MT5 and cTrader differ in what they show and how they handle orders, but the account type controls the spread, commission and leverage. Read the contract specifications and the fee page before funding. If the platform feels wrong later, you can change it; the account type is harder to change.Check yourself
On one standard lot of USD/INR, what is the pip value in rupees?
₹10. One standard lot is 100,000 units, and one pip is 0.0001, so 100,000 x 0.0001 = ₹10.
If you set a stop 25 pips away on 1.00 lot, what is the loss in rupees before costs?
₹250. 25 pips x ₹10 per pip = ₹250.
A platform shows volume in units instead of lots. How many units is 0.10 lot?
10,000 units. 0.10 x 100,000 = 10,000.
Questions that come up next
Can I move my open positions from one platform to another?
No. A position lives on the broker's server, not on the software you installed. If you switch platforms, you close the trade on the old one and open a new trade on the new one. The fill prices will differ, so the switch is not free. Plan any change for a time when you hold no open trades.
Does MT5 give better prices than MT4 on USD/INR?
No. The price comes from the broker's feed, not from the software. The same broker can send the same USD/INR quote to both platforms. What differs is how the platform displays the fill and any commission. Check the contract specifications for the account, not the platform name.
What is level II pricing in cTrader?
It shows the queue of buy and sell orders at prices near the current market price. You see how much volume sits at each level, not just the best bid and ask. This can help you judge whether a large order will move the price. Not every broker provides this data, and it varies between account types.
How do I find the pip value for an instrument other than USD/INR?
Open the contract specifications page on the broker's site. It lists the contract size, the tick size and the currency of the quote. For USD/INR, one standard lot is 100,000 units and one pip is 0.0001, so the pip value is ₹10. For other pairs, the pip value depends on the quote currency and the exchange rate at the time.
Can I use the same account on MT4 and MT5?
No. The account is tied to one platform on the broker's side. You can open a second account on the other platform, but it will have its own balance, leverage and fee schedule. The two accounts are separate, so a position on one does not appear on the other.
Which platform is best for a beginner in India?
There is no single best platform. The choice depends on the instruments you want, the order types you need and how clearly the platform reports costs. Start with a demo account on each and place a few USD/INR trades. Then compare the fee reports and the instrument lists. The platform is reversible; the account type is harder to change.
The words used on this page
- spread
- The gap between the price at which you can buy and the price at which you can sell. On USD/INR at 83.2500, a spread of 0.0002 is 2 pips. That spread is a cost you pay on entry, and it varies between brokers and account types.
- commission
- A separate charge per lot, on top of the spread. A broker might charge ₹200 per standard lot round turn. Not every account charges commission; some build the cost into a wider spread. Check the fee page before you trade.
- swap
- A daily financing charge for holding a position overnight. It can be positive or negative, depending on the pair and the direction of the trade. Swap rates vary between brokers and are listed in the contract specifications.
- leverage
- The ratio that lets you control a larger position with a smaller deposit. It is set by the account type, not the platform. Higher leverage increases both the potential gain and the potential loss. SEBI rules limit leverage for retail clients in India.
- contract specifications
- The page on a broker's site that lists the contract size, tick size, spread, commission and swap for each instrument. It tells you the pip value and the trading hours. Read it before you open a trade.
- straight-through processing
- An order handling model where your trade goes directly to liquidity providers without a dealing desk. The broker does not take the other side. MT5 and cTrader often use this model, but the account type decides, not the platform.
What to take away
- The platform is the screen; the account type sets the spread, commission and leverage.
- Check the instrument list and the contract specifications before you fund an account.
- You can change platforms later, but changing the account type is harder.
- On one standard lot of USD/INR, one pip is ₹10 when the pip is 0.0001 and the lot is 100,000 units.