Recent events in the forex market have shown that running a business with just one trading platform can jeopardise the business continuity of Brokers and White Label platform providers. Removing the most popular trading app from the App Store has created massive confusion in the industry. After MetaQuotes suspended sales of the White Labels for both MT4 and MT5 platforms, Brokers were forced to look for alternatives. We receive many inquiries from clients, not only novice Brokers but also those who own MT4/MT5 servers and are uncertain about future events (mainly that Google will follow Apple’s decision). They openly admit that they are considering our own Match-Trader platform and a cTrader platform developed by Spotware Systems.
Therefore, we decided to make a comparison to help clients better understand the similarities and differences between the currently most popular alternatives to the MetaTrader 4 and 5 platforms. Bear in mind that we compare the platform we have developed in-house with Spotware’s solution based on our own information research.
Similar, but not quite the same
Both platforms are available as a Server Licence giving Brokers sole control over their platform, and a standard White Label solution, for smaller or startup Brokers looking for a fast and easy way to start their business. But here’s the first difference. Match-Trade Technologies, which owns the Match-Trader platform, offers both: WLs and servers. Spotware Systems, however, (same as MQ) only sells cTrader servers and leaves WL sales to other technology providers.
The White Label solution offer
We offer a Match-Trader White Label package in a Broker-as-a-service model. Meaning that you can actually buy a complete forex business with predictable costs. We only charge a fixed fee for 1000 active accounts (with an option to upgrade) that varies from $2000 to $3500. It’s as simple as that. There are no other fees based on setup, deposit or Broker’s turnover. Match-Trader White Label entails a set of tools that includes Forex CRM with Client Office (and IB portal), Match2Pay multi-crypto payment gateway, and Social trading feature, all seamlessly integrated with the platform. Moreover, acquiring a WL means access to a trusted liquidity provider, ultra-fast data feeds, and more. We have also added special features for WL Brokers, like individual sets of symbols without suffixes, markups included on the chart and time on the platform based on the Broker’s chosen timezone.
cTrader platform offers an unlimited number of trading accounts. Regarding the standard offer presented to customers, Spotware charges Brokers a minimum monthly volume fee of $2000. It also requires a $5000 setup fee ($1000 without separate branded apps). With its cTrader White Label offering, Spotware Systems provides Brokers with a Copy Trading app, the cTrader Automate tool, and cBroker, an administrative tool to manage the accounts and trading conditions.
What’s worth mentioning, Spotware Systems sells only server licenses. Clients who obtained a server license can buy additional WLs for a $2000 min monthly fee per each. If the Broker doesn’t need a server license, then cTrader White Labels can be acquired from the company’s partners (White Label providers). The latter requires a $2000 min monthly fee plus the WL provider’s fee.
Setting up a White Label platform takes around five working days for both providers.
The server licence solution offer
The full server solution has recently been breaking popularity records. The Match-Trader server is offered in a Software-as-a-Service model. It means Brokers have access to the entire server and sole control over it. The server can be hosted in one of the most reliable and secured data centres chosen by the client (Microsoft Azure or Amazon Web Server). The monthly fee is $10 000, and there is no volume-based or setup fee. The license comprises 30 000 live trading accounts (with the possibility to buy another 50 000 with a $5 000 monthly fee). We keep our system as an open trading environment that can be easily accessed via API.
Our proprietary platform is already integrated with most distribution systems, market-leading CRMs and other 3rd party solutions. The wide range of APIs we provide allows our clients to easily integrate every application to create a complete trading ecosystem based on the technology they use or provide. What’s important, Match-Trade allows Brokers to host their database on their own server, which is then connected to the platform itself. This solution is essential to the companies concerned with the data’s security.
There are no major differences in Spotware’s offerings. The cTrader platform was first released over a decade ago. Naturally, it offers multiple integrations. Using cTrader Open API, you can interact with API by using JavaScript and connecting every 3rd-party app. The pricing is structured differently, though. cServer contains an unlimited number of live accounts, and Brokers pay a volume-based fee of $5 per every million traded (there is a min monthly volume fee of $5000).
The setup times are similar in both companies; the server setup takes up to two weeks.
Branded apps for web, desktop, and mobile devices
Both platforms are available on the web, desktop and mobile devices, giving Brokers their own branded apps and allowing traders to trade on the go. Match-Trader, developed using ultra-modern PWA technology, is the only omnichannel trading app on the market. Its interface adapts to the device, and all user settings are synchronised in real-time, which makes for the best trading experience. The app is also lightweight and works smoothly no matter the device it’s used on.
cTrader is also available on the web, mobile and desktop devices but offered as a separate cTrader native mobile app (created using native Android and iOS design patterns, layouts and controls) and cTrader Web platform (HTML5). Web-version also makes the platform accessible from any device providing desktop-version-identical functionality (it requires an HTML5-compatible web browser).
Great UI/UX design catered to Traders’ needs
What sets Match-Trader and cTrader apart from the competition is their modern design.
cTrader has an advanced widget-based interface, meaning each feature is a separate part of the platform. Traders can fully customise their trading space according to their specific needs by moving widgets or switching them on and off to create their own platform view.
On the other hand, Match-Trader offers a thoroughly tested layout, ensuring the best possible trading experience. The app’s interface is very intuitive and user-friendly, making the app easy to use, even for novice Traders. For more options, Match-Trader developers created a set of interchangeable skins. Traders can choose the one with colours and layout that works best for them. Equally important, advanced features like top movers, market events, economic calendar, and automatic trading are placed in the widget on the Match-Trader’s main view. Everything traders might need is always at hand. A Single-Sign-On solution between CRM and the trading platform guarantees that only one login is enough to use both tools.
Both platforms offer their users equally detailed charts with advanced analytical tools to help traders better understand market trends and forecast future changes. There are various indicators suitable for novice traders and experienced investors focusing on in-depth analysis using advanced functions.
Algorithmic, social or copy trading
Both platforms allow users to automate their trading, though in this case, cTrader’s offer is more complex. The cTrader Automate allows traders to build automated trading robots and custom indicators using the cTrader API and the popular C# language. For copy trading, Spotware offers cTrader Copy, a fully integrated cTrader feature that allows copying trading strategies, as well as providing one’s own strategies for copying by other traders.
We also provide a Match-Trader API that allows connecting any trading algorithm. It gives traders endless possibilities but also requires some technical knowledge. But for, let’s say, less-skilled traders, there’s a Social Feed and Copy Trading mechanism built into the Match-Trader. Traders can copy chosen trades from professional money managers/signal providers or follow their strategies (with a chosen budget). They can verify the historical performance of money managers to check their profitability and unfollow their accounts at any time.
Manager and Administrative apps
Both companies also provide a full suite of management options to their server clients to ensure full control over their business. When choosing the Server License from Match-Trade, Brokers receive Manager and Administrative apps that allow them to control the whole trading environment and manage all of the clients’ activities and accounts; followed by Admin/Manager APIs to set configuration and call all manager functions from external apps.
In addition to cTrader, Spotware Systems also offers an advanced cTrader Suite with a wide range of options to manage the back office.
Match-Trade Technologies vs Spotware Systems
No platform comparison is complete without taking a closer look at its developers. Both Match-Trade and Spotware are renowned technology providers, with the second one being slightly longer on the market (3 years to be exact). The main difference is that Match-Trade started its development by building an ultra-fast matching engine and an institutional platform Match-Trader PRO. In contrast, Spotware began by launching a retail platform. So comparing only the platforms’ ages doesn’t give a full view. Also, when developing our platform, we were providing MT4/MT5 WL bundled with our proprietary Client Office app & CRM, Crypto payment solution, Bridge and data feeds. That’s why today, we can offer Brokers comprehensive solutions to run their businesses.
Regulated liquidity and crypto payments with FIAT settlements
Another significant difference between the discussed offers is the connection to liquidity and Data Feeds. Match-Trade offers access to its own ultra-fast data feeds. Thanks to the strategic partnership with Match-Prime Liquidity, which runs on the Match-Trader PRO platform, we can also provide access to regulated liquidity on a Prime of Prime model.
Spotware Systems offers neither of them. It is possible for Brokers to connect with several external providers with whom they can sign additional contracts.
The Match-Trader platform is also equipped with Match2Pay Crypto Payment Gateway. It gives the platform a significant edge, as Brokers using the app can easily collect, exchange and convert cryptocurrencies. Traders can make instant deposits using a credit card or wire transfer. Now, with the support of a regulated entity, M2P UAB FIAT settlements are also available.
As of today, cTrader has no payment technology embedded. It can be integrated via API, incurring additional costs and volume-based fees.
Technical and Broker Support
Last but not least is the support we offer to our clients. Acquiring Match-Trader, Brokers receive access to our support team, available 24/7 via different messengers. That means instant help in case of any trouble with the platform or the ever-changing market conditions.
Spotware Systems also has an experienced support team. The main difference is that they operate via a ticket system and Telegram.
If you want us to elaborate, our experts are happy to answer your questions and dispel any doubts. Using our knowledge gathered from years of working in the industry, we will carefully listen and support you in choosing the best platform for your business. Contact us by clicking here.