Best Prop Firm Trading Platforms - Bestfxbrokers.com (2024)

One popular trading platform used by many proprietary trading firms is MetaTrader. While MetaTrader is a powerful and versatile platform, it may not be the best fit for every prop firm. In this article, we’ll explore some of the alternatives to MetaTrader that are available to prop firms. We’ll discuss the features and benefits of these platforms, and help you determine which one might be the best fit for your firm’s needs.

Comparing Metatrader with Alternatives

When it comes to selecting the trading platform for prop firms, MetaTrader is often the first choice. However, there are alternatives available in the market that offer similar or even better features. In this section, we will compare MetaTrader with some of the popular alternatives based on different parameters.

User Interface and Experience

Meta Trader has a simple and user-friendly interface that is easy to navigate. It offers customizable charting options, multiple timeframes, and real-time data streaming. Some traders may find the interface to be outdated and not very visually appealing.

One alternative to MetaTrader is TradeLocker, which offers a modern and sleek interface with advanced charting and technical analysis tools.

Technical Indicators and Charting

Meta Trader offers a wide range of technical indicators and charting tools that can be customized according to the trader’s preferences. It also allows traders to create their own indicators and automated trading strategies using MetaQuotes Language (MQL).

An alternative to MetaTrader is ProRealTime, which offers over 100 technical indicators and advanced charting features. It also allows traders to create their own indicators and trading strategies using ProBuilder, a visual programming language.

Algorithmic Trading Support

Meta Trader is known for its strong support for algorithmic trading. It offers a built-in strategy tester that allows traders to backtest their trading strategies using historical data. It also supports Expert Advisors (EAs), which are automated trading programs that can be created using MQL.

Another alternative to MetaTrader is NinjaTrader, which offers advanced charting and technical analysis tools as well as support for automated trading. It also offers a built-in strategy analyzer that allows traders to backtest their trading strategies using historical data.

Cost Comparison

MetaTrader

MetaTrader is a free platform that can be downloaded from the MetaQuotes website. Some brokers may charge a fee for using MetaTrader on their platform.

NinjaTrader

NinjaTrader offers a free version with limited features, as well as paid plans that offer more advanced features and data. However, traders also need to pay a one-time license fee to use NinjaTrader.

ProRealTime

ProRealTime offers a free trial period, after which traders need to pay a monthly subscription fee.

TradeLocker

TradeLocker offers paid plans that offer more advanced features and data.

Visit TradeLocker

When it comes to choosing a trading platform for prop firms, it is important to consider factors such as user interface, technical indicators and charting, algorithmic trading support, and cost. MetaTrader is a popular choice, but there are alternatives available that offer similar or even better features.

Regulatory Compliance and Security

When choosing a trading platform for your prop firm, regulatory compliance and security should be at the top of your list of priorities. Here are some key considerations to keep in mind:

Data Protection

Data protection is crucial for any trading platform. You want to ensure that your sensitive data, such as client information, is protected from unauthorized access. Look for a platform that uses encryption and other security measures to keep your data safe.

Audit Trails

Audit trails are an important feature of any trading platform. They allow you to track and analyze trading activity, which can be useful for compliance purposes. Look for a platform that offers robust audit trail functionality, including detailed reports and analysis tools.

Licensing Requirements

Licensing requirements vary by jurisdiction, so it’s important to choose a trading platform that is compliant with the regulations in your area. Look for a platform that is licensed and regulated by the appropriate authorities, and that has a proven track record of compliance.

Is MetaTrader Leaving the USA? Considering an Alternative

It appears that MetaTrader is no longer serving USA Prop firms. In such cases, TradeLocker could be the best alternative, tailored to the needs of US-based traders. Let’s check why.

TradeLocker: An Alternative for MT4 and MT5 Based Prop Firms

TradeLocker offers lightning-fast order execution, impressive reliability and uptime, top-notch security protocols, and a clean and intuitive user interface. Its extensive customization and scalability make it an appealing option for prop firms.

Why TradeLocker Stands Out for Prop Firms in 2024

TradeLocker features are impressive. It has a lot size of 0.01, 500+ assets, one-click trading, TradingView integration, high-quality charts and indicators, superior charting, in-app trading, optimization for all devices, and the ability to trade micro lots.

It’s important to note that TradeLocker doesn’t allow the use of EAs or any other bots, and its range of technical indicators is smaller compared to MT4.

Read the full Tradelocker review.

How to Integrate with TradeLocker

Integrating with TradeLocker involves a few key steps. To connect a prop firm account with Tradelocker, traders typically need to utilize an application programming interface (API) provided by the firm or supported by Tradelocker. This ensures secure access and synchronization between trading activities and the platform.

Prop Firms using TradeLocker

FunderPro, OspreyFX are some of the best options for traders that use TradeLocker as their trading platform.

Visit TradeLocker

Proprietary Firms Using MT4 & MT5

FunderPro, FTMO, and Toptier Trader are among the top options for traders utilizing MetaTrader 4 as their primary trading platform.

FunderPro, FTMO, Toptier Trader are some of the best options for traders that use MetaTrader 5 as their trading platform.

Prop firms using cTrader

FTMO are some of the best options for traders that use cTrader as their trading platform.

Which prop firms use TradingView?

Topstep are some of the best options for traders that use TradingView as their trading platform.

Final Word

Prop firms face the challenge of navigating a complex landscape of global financial regulations. Compliance with key regulations such as MiFID II in Europe, the Dodd-Frank Act in the U.S., ASIC regulations in Australia, and data protection and privacy laws are crucial.

These include stringent requirements for transparency, reporting, comprehensive market regulation, consumer and investor protection, as well as the safeguarding of client information in the digital era, so finding reliable platforms becomes a key.

Best Prop Firm Trading Platforms - Bestfxbrokers.com (2024)

FAQs

Which is the most trusted prop firm? ›

The most popular prop trading firms and funded programmes

Axi Select.
FTMO.
The Forex Funder.
E8 Markets.
The 5%ers.
Funded Next.
Funded Trading Plus.

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Which prop firm is better than FTMO? ›

FTMO 's top competitors in May 2024 are: FunderPro, the5ers and more. FunderPro is currently rank as the number one on the list of top Forex Prop Firms.

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Do prop firms give you real money? ›

In a typical challenge model, the prop firm will give the trader a certain amount of virtual money to trade with. The trader will then have to meet certain profit targets in order to pass the challenge. Once they pass the challenge, they will be given a funded account that they can use to trade with real money.

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Is FTMO trustworthy? ›

Having successfully operated since 2015, we provided thousands of clients with their FTMO Accounts, and in total, we have paid out over $160 million. We've also been featured in Forbes and awarded by Deloitte and EY multiple times.

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Which prop firm is the best in the USA? ›

#1 – Funder Trading

Funder Trading stands first in our list of the top prop trading firms in 2024 due to multiple reasons but notably it is the only prop trading firm that offers options funding and includes coaching for every trader signed up.

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What is the best prop trading firm with instant funding? ›

While FTMO stands out as the best overall prop firm, other options such as Fidelcrest, 5%ers, BluFX, Glow Node, Smart Prop Trader, FTUK, Instant Funding, and SurgeTrader also offer attractive features and benefits.

Which prop firm has the lowest fees? ›

Top Best Cheapest Prop Trading Firms

1) Funded Trading Plus.
2) FTMO.
3) TopStepTrader.
4) Fidelcrest.
5) LuxTradingFirm.
6) OneUp Trader.
7) FTUK.
1) Funded Trading Plus.

More items...

Apr 4, 2024

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Which is better FTMO or FTMO swing? ›

The Swing account is a type of account designed for more conservative traders who hold positions for more extended periods. The main difference from the Normal account type is the ability to hold positions overnight and over the weekend even after passing the Verification.

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What is the biggest FTMO payout? ›

Dariusz from the USA exceeded everyone's expectations and made his dreams come true. As our FTMO Trader with a maximum allocation, he beat the previous record payout of $500,180 thanks to his profit of $1,206,225, the biggest payout in the industry!

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What are the negatives of prop firms? ›

Foreign Exchange Specialist at FTMO.

Strict Risk Management Rules and Trading Guidelines: ...
Profit Sharing: ...
Profit Targets During the Evaluation Period: ...
Limited Control Over Capital and Payouts: ...
Lack of Regulatory Oversight: ...
High Leverage and Margin Requirements: ...
Financial Risk and Capital Exposure:

Feb 11, 2024

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What are the disadvantages of prop firms? ›

Among many other potential factors, the main disadvantages of prop trading arise from being classified as a market professional, unfavorable profit sharing, and whether your net trading profits are taxed as capital gains or ordinary personal income.

Can you make a living with prop trading? ›

Also known as “prop trading,” it offers higher earnings potential much earlier in your career than jobs like investment banking or private equity. It's arguably the most merit-based industry within finance: if you make millions of dollars for your firm, you'll earn some percentage of it.

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How many people fail FTMO? ›

The FTMO challenge has a reputation for being extremely difficult to pass. Across FTMO's various account levels, it is estimated that only around 10% of traders are able to successfully complete the evaluation and become a funded trader. This means approximately 90% of those who attempt the challenge end up failing.

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Is FTMO banned in the US? ›

FTMO Banned USA Clients – Heres our Top 5 Alternatives (Accepting USA Traders) FTMO have now restricted access to all new US-based traders as of January 2024. This appears to be related to regulatory issues and may have something to do with the recent My Forex Funds case.

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Is FTMO a con? ›

FTMO is one of the most reliable firms in modern prop trading industry. Here's why. FTMO Solution with a wide choice of assets across the board, with very low commissions and spreads.

Are online prop firms legit? ›

While these laws applied to banks, not all independent prop companies in operation today are covered by the Volcker rule. Prop businesses nowadays are utterly unregulated and far apart from the banking industry. As a result, these internet prop companies are legitimate and not a fraud.

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How do I choose a prop firm? ›

Don't just pick the first prop trading firm you find. Choose one with a good reputation, support for traders, good tools, safety measures, fair costs, and a friendly community. This way, you can trade smarter and have a better chance at success.