When I first heard about cTrader, the ‘facts’ I’ve learnt about it prevented me from making the most of the platform straight away. For some reason certain myths about Spotware cTrader platform are so widespread and root so deeply that it’s not that easy to bust them. Nevertheless, I’ll give it a try.
It took me quite a long time and quite enough effort to learn all these things and I’m glad I have this blog platform to share my findings. It’s much more convenient to find it all collected in one place and it’s my pleasure to save your time this way.
Myth #1: Spotware cTrader is too complex and doesn’t suit beginners.
The information about cTrader’s advanced features and complexity of using the platform came to me along with the good tidings on the new alternative to existing MT monopolia on this market of forex and CFDs trading. In other words the message I’ve got sounded something like: “Hey, have you heard of a new cTrader platform? What a pity it’s a rocket science to set it up and start using!”
This is how I lost a whole year. I was a beginner back in 2014 and definitely not confident enough I could manage with a platform that really created an impression of a spacecraft panel at first sight.
To tell the truth I still don’t understand what exactly served to be the source of this myth. I can’t boast to have used Spotware cTrader since 2010. Maybe the interface was not that intuitive back then. Nevertheless, in 2016, when I first made a live trade using this platform, it made me think of a great tendency of the modern world: companies tend to create plug and play services, software and devices. You run it and you use it. That simple.
Of course not all the Spotware cTrader features lie on the surface. Having a specific workspace layout in mind you will also need to work a little to adopt the interface to your needs. Some advanced features reveal themselves only if you intend to find them. Yet, the general rule is the following for cTrader.
What a beginner might need to start charting and trading is available right away upon the launch of the platform. If you need something more complicated than drawing some lines, applying a few indicators or placing a trade — try digging in the corresponding section of the platform. Most likely it is there.
For example, multiple take profits that close a certain volume of your position can be found near your position settings under the Advanced Protection icon. The logic of placing the cTrader settings where they are might not seem to be obvious at first sight. Yet, once you start using the platform you’ll see that all the features are placed exactly where they belong.
One more hint. Use help if you can’t find the features you need or try using an online search. There is a high probability the feature you need is already there even if you can’t find it right away.
Myth #2: cTrader is FxPro’s proprietary trading platform
Personally I’ve never had this belief but I know some traders do. From time to time I see the discussions about Spotware cTrader where people wonder about this brokerage firm and praise it for creating truly professional ‘proprietary trading application’ as opposed to other broker’s custom software that usually lacks functionality and stability.
The truth is that Spotware welcomes collaboration with any brokerage that is willing to subscribe to cTrader and offer it to their customers. The only reason that keeps many brokers’ from offering this highly demanded platform to its traders is the Spotware’s transparency policy.
cTrader keeps the records of all executions in the history including their exact time, delay in milliseconds and also a market depth snapshot. Moreover, the execution channel is also displayed. The only channel that allows broker’s interference in the process is ‘Phone Trading’.
To put it simply, Spotware cTrader does not allow brokers to manipulate execution prices or change the trades manually. If it attempts to, a trader will be able to see that in the trades’ history and get proof of such manipulation. This is why the list of the brokers that are willing to work with cTrader is not that long yet.
Having cTrader in the list of the offered platforms is a quality sign of a broker in my opinion. They might have different spreads, specific trading conditions and lists of suggested assets, so better explore this matter a bit deeper if you choose to sign up with one of them.
One of the important features that I personally find fascinating is the availability of cTrader Copy. If you plan to get some subscribers to your strategies or copy someone’s successful strategies yourself, better keep in mind that some brokers offer cTrader but limit cTrader copy functionality.
Myth #3 Spotware cTrader is the only product that the company developed
As it often happens with companies that launch successful products, Spotware gained the reputation of ‘oh, that’s the one that created cTrader’ company.
The fact is that Spotware is a software development company that is focused on trading business. They can work on custom trading applications, exchanges, liquidity aggregators, crypto wallets, marketing automation systems, etc. cTrader is a true gem that they’ve managed to create and they still work on support and updates of this software. Yet, this is not the only application they’ve ever worked on.