As the forex prop firm industry has grown dramatically over the last few years, so have the options that traders have at their fingertips.Traders are needing better user interfaces, quicker tools, and more advanced analysis platforms to compete in the ever-changing foreign exchange markets.This is where TradingView comes into play…
Lux Trading Firm is currently one of the few online forex prop firms that allow TradingView.
In this article, we’re going to look at using TradingView on your forex prop firm-funded account, why it’s useful, and which firms are currently offering this! Let’s get into it…
Forex Prop Firms Using TradingView
Here at Lux Trading, we take feedback from our funded traders very seriously and are actively looking to create the best possible offering within the forex prop firm industry.If you’ve come across us before, you may know that we are the only online prop firm providing real trading capital. In essence, this means that we only profit if our traders are making profits – losing traders cost us money!To that end, you can see why we put a lot of time and resources into giving our funded traders access to the best technology in the retail trading space.
TradingView is a product of this…
At the time of writing this, Lux Trading Firm is one of the few forex prop firms to offer TradingView integration to funded traders.This rings true on our trial account and real trading capital account!
Why Do Forex Prop Firm Traders Need TradingView?
By default, the large majority of forex prop firms are going to offer MetaTrader 4 as the trading platform. In short, this is because it’s very cheap and easy to get white labeled and set up within days.Although it’s widely known to be the most used platform on the market, it’s also got one of the worst ratings when compared to more advanced charting tools like cTrader or TradingView.At Lux Trading, we made the shift to TradingView a long time ago and started offering it to our funded traders. The feedback we had many years ago was that a lot of our prop firm traders were using TradingView to do their analysis, then moving back to MetaTrader 4 to execute their positions.This disconnect and the use of disparate systems causes extra work, and repeated steps, and just decreases efficiency for traders. We also believe that this can massively increase the risk of human error.
You may have noticed that in 2022, MetaTrader was removed from all the iOS App Stores around the world due to the escalating tensions in Russia. This made our transition to TradingView even more timely!
Benefits Of Using TradingView On Your Prop Firm Funded Account
When comparing TradingView to other platforms on the market, there are a huge number of benefits…
1. User Experience
TradingView has put user experience and system usability at the heart of the tool, and this really shows, right from account creation to execution and analysis.
2. Fast Execution
TradingView has lightning-fast execution speed, which is crucial for day traders and scalpers on funded trading accounts.
3. More Charting Options
The charting options that TradingView offers traders do literally cater to almost any trading method, style, and approach that you could dream of.
4. Dual Monitor Functionality
Unlike MT4, TradingView has dual monitor functionality, meaning you can have one of those giant setups that makes you ‘feel like a trader’!
5. Cloud Based
As TradingView is completely cloud-based, you’re able to work from anywhere in the world and trade with any internet browser. This is much easier, of course, than needing to bring your PC with you.Furthermore, this allows trading from Mac/Apple products, which was previously nearly impossible with MetaTrader.
6. No Third-Party EA’s Needed
A lot of our funded traders using MetaTrader rely on third-party risk management EA’s and trailing stop EA’s to manage their risk. With TV, this is all built-in, so there’s little need to rely on potentially risky third parties.
7. Fully Customizable
I’m yet to find anything I couldn’t do on TradingView, from colorways to tweaking EA’s and indicators, it’s all possible.There is a full guide here, to using TradingView for beginners.
Should You Move Away From MetaTrader As A Forex Prop Firm Trader?
Now that we are offering TradingView, we’ve been asked numerous times by fairly new traders whether it’s worth solely using TradingView and not working on MetaTrader 4 or 5.In all honesty, the answer is yours to give, as the trader. There are of course a massive array of benefits to using TradingView over MetaTrader when it comes to user experience and service improvement.With that being said, we have some funded traders with incredible track records that are only using MetaTrader to execute their trades.From what we can gather, MT4 seems to still be the most well-designed offering for those traders using EA’s and Algo’s to trade, whereas TradingView seems to be the best offering for manual traders.
My Prop Firm Doesn’t Offer TradingView – What Should I Do?
If your forex prop firm is not offering TradingView, you have three options…
Firstly, create your own TradingView account separate from the prop firm trading account. You’ll have to draw up your charts and undertake all of your market analysis on TradingView, then execute your orders on MetaTrader or the platform of choice.
Secondly, you could reach out to your contact within the prop firm and see if there is any scope in the TradingView integration.
Thirdly, you could cut your ties with that prop firm and move to a firm that offers TradingView as an option. Of course, we are biased, but Lux Trading does offer TradingView so if this is a dealmaker for you, feel free to get in touch with our team!
In Summary – Which Forex Prop Firms Use TradingView?
In conclusion, if you’re a fan of using TradingView in your trading analysis, you need to ideally be working with a forex prop firm that can allow you to do so, without the need for using MetaTrader alongside.With that being said, Lux Trading Firm is one of the few forex prop firms offering TradingView to traders at present.If you’re an algorithmic trader coding in MetaQuotes, then it makes sense to stay on the platform, of course, but if you’re a manual trader it’ll be very much worth checking out TradingView and seeing if you like the functionality!
Are you looking to become a funded trader? Work with us now!
