A firm running MetaTrader 5 has already made a reasonable choice. It has hedging and netting modes, market depth, a multi-threaded strategy tester and the biggest robot library in the industry through MQL5. None of that changes the fact that MetaQuotes alone decides who gets a licence and on what terms, a fact that became concrete for a wave of prop firms in early 2024 when licensing was enforced more strictly and several had to change or add a platform at short notice. Firms happy on MT5 today still look at alternatives for the same reason people keep a second supplier for anything they depend on.
Here is what a firm considers instead of, or alongside, MT5. We build eTrader, so it is our recommended starting point, stated openly, with eTrader's own weak spots admitted further down.
1. eTrader
eTrader replaces the MT5 assembly with one bundle: native apps for iPhone, Android and Mac and a full trading terminal in any browser, the eTrader price feed (about 580 instruments with years of history) so a firm does not need to buy market data separately, native MAM / PAMM and copytrading, a built-in Dealing Desk with A-book, B-book and hybrid routing, and cloud robots and AI Traders that run without a VPS. SGHK hosts it in the cloud and the firm manages it.
The trade-offs, stated plainly: eTrader is the newest platform in this comparison, its third-party library of indicators and robots is smaller than MQL5's, and robots are written in Tide, eTrader's own language, so an MQL5 robot has to be rewritten rather than imported. The Windows desktop app is still coming; Windows traders use the browser terminal today.
2. cTrader
cTrader, from Spotware, competes with MT5 directly on depth of market and algorithmic trading, done in C# through cTrader Algo, with cTrader Copy built in for copy trading. It runs on Windows, Mac, the web, iOS and Android. A firm moving from MT5 still assembles its CRM, liquidity and risk tools around cTrader the same way it did before.
3. DXtrade
Devexperts sells DXtrade as a white-label platform the firm brands as its own, an option MT5's shared-app model does not offer. Many prop firms added it during the 2024 licensing shuffle specifically for that reason. Its trader community and robot ecosystem are smaller than MQL5's.
4. Match-Trader
Match-Trade Technologies sells Match-Trader as part of a wider package: the platform, a client office, payments and dedicated prop firm tools together. It suits a firm that wants one vendor instead of the CRM, feed and risk stack it built around MT5.
5. TradeLocker
TradeLocker puts TradingView charts inside its own terminal with a built-in risk calculator, and by its own account is newer than MetaTrader and cTrader with automation tools still growing. It appeals to traders who already chart on TradingView and want that view built into the platform they trade on.
6. TradingView
TradingView is the best-known charting platform and trading community, with Pine Script for indicators and strategies. It is not a platform a firm runs its book on. Brokers on MT5 or any other platform integrate with it so clients can chart from TradingView while orders still execute on the firm's actual platform.
7. MetaTrader 4
Moving backward to MT4 is rare, but worth naming for completeness: it is the same vendor, netting-only, from 2005, with a separate MQL4 library that does not run on MT5. New licensees are generally pointed to MT5 rather than a fresh MT4 server, so this is not really a forward option for a firm already on MT5.
| Platform | Made by | Strongest at | What a firm assembles around it |
|---|---|---|---|
| eTrader | SGHK | One bundle: feed, dealing desk, MAM / PAMM, copytrading, cloud robots | Nothing for the firm to host |
| cTrader | Spotware | Depth of market, C# automation | CRM, feed, risk tooling |
| DXtrade | Devexperts | A branded white-label terminal | CRM, liquidity, payments |
| Match-Trader | Match-Trade Technologies | Platform, client office and payments bundled | Liquidity connection |
| TradeLocker | TradeLocker | TradingView charts, a built-in risk calculator | CRM, liquidity, feed |
| TradingView | TradingView | Charting and community, Pine Script | A platform to actually execute on |
Why keep a second platform at all
The 2022 Apple App Store removal of MetaTrader and the 2024 licensing changes are the two events that made vendor concentration a board-level question rather than a technical one. Neither means MT5 is a bad platform. It means a firm depending on one vendor for its entire trading business is exposed to that vendor's decisions. Most established firms end up running two platforms for exactly this reason. SGHK's Broker CRM and Prop Firm CRM connect to MetaTrader 4, MetaTrader 5, cTrader, DXtrade, NinjaTrader, Match-Trader and TradeLocker as well as eTrader, so adding a second platform does not mean adding a second CRM. See our full MetaTrader alternatives comparison for the broker and prop firm angle side by side.
"MT5 is a strong platform. Depending on it alone is the part worth fixing."
— The SGHK Team
Key Takeaways
- MT5 has the largest robot library through MQL5, but MetaQuotes alone sets the licensing terms.
- eTrader, cTrader, DXtrade, Match-Trader and TradeLocker are the platforms firms most often add next to MT5.
- eTrader bundles the price feed, dealing desk, MAM / PAMM, copytrading and cloud robots that a firm otherwise assembles around MT5.
- eTrader's real trade-offs: newest platform here, smaller third-party library, MQL5 robots rewritten in Tide.
Frequently Asked Questions
What is the best MT5 alternative for a prop firm?
We recommend eTrader for a firm that wants one bundle instead of a bridge, feed and CRM stack: evaluation accounts can run on demo servers without a liquidity provider, and the Prop Firm CRM comes with eTrader connected from day one.
Do MQL5 robots run on eTrader?
Not directly. eTrader robots are written in Tide, so an MQL5 robot has to be rewritten. The editor flags mistakes as the trader types and backtests run on the firm's real price history.
Why would a firm leave MT5 for cTrader?
Mainly depth of market and C# automation through cTrader Algo. A firm still assembles its own CRM, liquidity and risk tooling around cTrader, the same as it did on MT5.
Can we run MT5 and eTrader together?
Yes. SGHK's Broker CRM and Prop Firm CRM connect to MetaTrader 4, MetaTrader 5, cTrader, DXtrade, NinjaTrader, Match-Trader and TradeLocker as well as eTrader, so one CRM runs both platforms.
Is TradingView an alternative to MT5?
No. TradingView is a charting platform and community with Pine Script, not something a firm runs its trading book on. Brokers integrate it alongside whichever platform actually executes orders.
About SGHK
SGHK is a FinTech company that designs and builds its own software for the trading industry: the eTrader trading platform, Launch your Broker and Launch your Prop Firm. Every product is written, hosted and supported in-house and licensed to trading firms, with the CRMs branded to them, all hosted by us in the cloud, managed by each firm and built to scale across clustered servers as our clients grow. Everything is encrypted, and each firm is the only one with access to its data and its clients' data.