Everyone knows of the dominance of the MetaTrader platforms in forex, but some may not realize where this software falls short. cTrader is one of the best alternatives in this regard and is technically superior to a lot of platforms out there, despite being less utilized and only available with a handful of brokers.
Where traders use other software packages mainly because of popularity, cTrader is all about performance, charting proficiency, and transparent no dealing desk execution. One should notice all these attributes as a theme among the cTrader brokers listed here, qualities that any trader ultimately wishes for.
Because there is only a limited selection in a cTrader brokers list, this article will provide five of the best names offering this software to their traders, why clients should use cTrader, and the methodology we’ve employed selecting the chosen brands.
Currency Pairs: 65
EURUSD Spread: 0.1 pips
Leverage: Up to 1:500
The ‘IC’ in IC Markets stands for ‘international capital,’ a befitting name for the broker since it’s all about international capital markets. IC Markets is a multi-regulated Australian CFD brokerage, with roots stretching as far back as 2007.
Like countless cTrader brokers, the brand prides itself on low spreads through their standard accounts or spreads on their zero spread account. Moreover, another noteworthy feature of IC Markets is that its clients can enjoy transparent liquidity with institutional-grade and lightning-quick execution.
This is one of the reasons why IC Markets processes at least $1 trillion in trading volume for March 2021, one of the largest amongst brokers globally.
- Multiple regulatory licenses
- Extensive selection of instruments
- Zero spread accounts offered
- Several supported base currencies for their accounts, namely USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD
- High leverage
- No negative balance protection
- Conversion fees that may apply to deposits not in their supported currencies
- $200 minimum deposit may be a little high for cash-strapped customers
- No access to the services for US clients
Currency Pairs: 60+
EURUSD Spread: 0 pips
Leverage: Up to 1:30
Pepperstone is another well-known, multi-asset, and multi-licensed Australian brokerage firm, established in 2010. Over time, they’ve broadened their global footprint, having now offices in Cyprus, Germany, London, Dubai, and Nairobi, boasting regulations from these respective regions.
Pepperstone shares similarities with IC Markets being one of the most recognized cTrader brokers. Clients can enjoy their ‘razor account,’ an account with spreads starting from zero, incurring a commission of 0.0035% of the traded base currency for opened and closed orders.
There are endless opportunities for funding and getting paid with Pepperstone, complimenting the extensive selection of instruments available for trade. If we consider their minimum deposit of $200, this broker is best for slightly more experienced traders with bigger disposable risk capital.
- Adherence to the standards by several regulators
- Support of a wide range of funding methods
- Zero spread accounts available
- Low commission for zero spread account on cTrader
- Fee-free payment options
- Minimum deposit of $200, which might be a little high for some clients
- Does not accept US clients
Currency Pairs: 32
EURUSD Spread: 1.0 pips
Leverage: Up to 1:500
Since being established in 2011, OctaFX has seen commendable year-on-year progress where they’ve opened more than 6.6 million accounts, executed more than 500 million trades, and served clients in more than 100 nations.
The brokerage is licensed by CySEC (Cyprus Securities & Exchange Commission) with headquarters in St. Vincent and the Grenadines. OctaFX boasts some of the tightest spreads in forex, as low as 0.6 pips on EUR/USD. This is one of the lowest for cTrader forex brokers.
As if this wasn’t enough, there are also no commissions on deposits, withdrawals, and even currency exchanges, unlike many other brokers. With diminished costs, clients can comfortably focus on what matters most, which is being profitable across the sufficient number of available tradable instruments.
Based on some of these offerings, OctaFX caters to all levels, from the new to the advanced trader.
- Flexible leverage
- No daily swaps cTrader account (only for weekends)
- No commission on the several payment options they have available
- $25 minimum deposit
- cTrader account incurs a commission per trade
- Limited selection of website support languages
- Only licensed by one regulator
- Broker does not accept US clients
Currency Pairs: 32
EURUSD Spread: 0.2 pips
Leverage: Up to 1:300
RoboForex is one of the formidable Belize-based cTrader forex brokers with 11 years of existence in the industry. Hence, its operations are overseen by the primary Belizean financial regulator, the IFSC (International Financial Services Commission). Additionally, CySEC regulates its European subsidiary.
Being presently one of the official partners for BMW M Motorsport, the broker prides itself on high performance in a great deal of areas such as a wide selection of instruments, low trading costs, an excellent platform, suitable payment options, and responsive customer support.
RoboForex is suitable for all experience levels of clients, but beginners should be more interested since the minimum deposit on most of their accounts is a measly $10.
Moreover, new clients can experience their trading conditions risk-free with a $30 welcome bonus, a promotion which they’ve been running for quite a while. Hence, RoboForex is one of the more beginner-friendly names in this entire cTrader brokers list.
- Fee-free depositing and withdrawing options
- Very low minimum deposit of $10 for most of their accounts
- Multi-language support
- Offers zero spread account
- Offshore regulation
- Broker does not accept US clients
Currency Pairs: 70
EURUSD Spread: 1.7 pips
Leverage: Up to 1:200
FXPro was one of the first brokers that cTrader partnered with. It is one of the world’s leading, award-winning forex brokers that have been in the game for 14 years.
FXPro boasts multi-regulatory status to keep a solid reputation, a plethora of instruments to trade, low trading costs, and customer support that goes above and beyond.
Putting transparency at the forefront, FXPro proudly claims no dealing desk intervention instead of being just another ECN/STP broker. They offer lightning-quick trade execution of fewer than 11 milliseconds with deep liquidity, which means drastically reduced chances for price re-quotes and slippage.
Interestingly, they have published stats from the year 2020 where 98.86% of orders through them had no re-quotes, 0.54% having better price fills, and 0.60% having negative price fills. Some of the many awards they’ve bagged throughout the years certainly exemplify their focus on execution.
- Regulated by several regulators
- Clients can view their website in 20+ different languages
- 70+ forex markets
- Supports multiple account base currencies, namely AUD, CHF, EUR, GBP, JPY, PLN, ZAR, and USD
- Restricted in a large number of countries
- Charges inactivity fee
- Broker does not accept US clients
What is cTrader platform?
cTrader is one of the leading, award-winning multi-asset trading platforms worldwide available in desktop and mobile versions. Cyprus-based software corporation, Software Systems, created this product.
The developers released cTrader in 2011, packing it with high-tech, sophisticated features using the C# programming language that has rivaled many of its competitors ever since, most notably MetaTrader.
cTrader is also renowned for transparency as it only partners with ECN brokers, all of which are included in this list. With all these achievements in mind, it is no wonder over 50 brokers and over 1.5 million traders have traded with the platform since inception.
Why should you trade with cTrader? (cTrader features)
Even though only a handful of cTrader forex brokers exist, there are several compelling reasons why traders should consider this software package. One of the unique selling points of cTrader separating it from the rest is the developers created the platform to partner with STP/ECN brokers (Straight-Through Processing/Electronic Communications Network).
Millions of traders particularly favor this brokerage model because it decreases the chances of order manipulation, offers the best pricing and lightning-quick execution. For this reputation, many analysts consider cTrader to be one of the safest trading platforms.
Another unique feature of cTrader not found with other software is the level II market depth.
Such an attribute allows one to see the order flow of traders at particular price levels through the broker offering the platform, which is beneficial especially for short-term speculators.
Design-wise, cTrader is highly intuitive, boasting a minimalistic, less clunky yet sleek user interface complementing all of its advanced functionalities.
Regarding the charting superiority, all the features one would expect with this software are amplified, e.g., 70+ built-in indicators, 26 time-frames, netting, multiple zoom levels, nine different chart types, advanced back-testing capabilities, and more.
cTrader is also quite responsive when executing positions, an essential element for any trader desiring the quickest order fill possible. This becomes even more crucial when placing multiple orders simultaneously, where delays can become an issue.
Overall, this software delivers in offering an immersive trading experience which could be a pleasant surprise for those who’ve used less superior platforms previously.
How to choose cTrader broker
The process of choosing any cTrader broker is the same for any brand offering any platform. Nonetheless, potential clients must follow logical selection criteria by observing the following: regulation, negative balance protection, execution model, trading costs, range of instruments, and range of support channels.
This attribute is usually the first consideration for any brokerage firm.
By and large, analysts consider the top-tier regulators in the industry to be CySEC, ASIC (Australian Securities and Investments Commission), FCA (Financial Conduct Authority), plus other trusted bodies from Europe, North America, and Australia.
Generally, traders should stay away from brokers solely regulated by organizations based in offshore nations like the Cayman Islands, the Bahamas, Bermuda, Belize, and Mauritius.
The only exception is when the brand has been in business for at least five years, has a license from another recognized regulator, and boasts an impeccable reputation.
Negative balance protection
Although this attribute may seem insignificant, it’s still crucial given that forex is a highly leveraged market. Most brokers do provide such a feature, but it’s always beneficial to verify for certainty purposes.
Negative balance protection ensures one will not owe a broker due to a negative balance in the unlikely case they suffer a substantial loss trading the markets.
We class brokers as ECN or market maker. No model is necessarily better than the other, and most brokerages may alternate with both. The importance of this point is more about the pros & cons and what traders typically expect from each.
For instance, with an ECN broker, we typically expect variable spreads, which might not be suitable for every trading strategy. Contrastingly, most market maker brokers can provide fixed spreads, which might be necessary for many traders.
Almost all the time, ECN brokers permit all strategies, discretionary and automated, while market maker brokers often don’t allow scalping, hedging, and robots. These are a few examples of the differences between both execution models.
Trading costs: Regarding trading costs, potential customers must look at spreads, commissions, funding/withdrawing charges, and inactivity fees. Fortunately, virtually all cTrader brokers provide competitive spreads.
For less traded instruments like exotics, we find notable discrepancies. Some accounts like zero spread typically incur a commission, which can also vary noticeably across the board. With respect to swaps, this may not affect all traders, and it’s dependent on the traded pairs.
However, there could still be differences amongst brokers worth noting. For depositing and withdrawing, one will be mindful of the options they will choose and generally stick with brokers charging no or low fees in this respect.
- Range of instruments: The standard is virtually all brokers offer the 28 combinations of the major and minor pairs. However, other brokerages might be pretty limited with exotics, which is an important consideration for some.
Furthermore, some traders might consider trading a non-forex instrument and probably prefer sticking with the same brand in the long run.
- Range of support channels: A broker with a responsive live chat function is necessary to ensure customers have their queries answered promptly. Though fewer companies are relying on telephone communication nowadays, it is still a helpful feature because of the human interaction.
The research behind this article comes from extensive observations after using the chosen brokers for months. In doing so, we were able to rigorously scrutinize factors such as the regulation, ease of opening an account, trade execution, available instruments, costs, safety, swiftness of the customer support, and overall customer experience.
With these details in mind, we compiled a list of the main pros & cons after a brief overview of each broker. Because of the experience we have with cTrader, we noted the main reasons objectively why it’s consistently performed as one of the best trading platforms worldwide.
Finally, with such ample data collection, everything is summarised neatly where all the pertinent points are covered in a logical manner.