With MetaQuotes’ recent decision to cut ties, retail proprietary trading firms are facing a critical moment of transition.
MetaTrader has long been a go-to in the trading ecosystem, offering a familiar and reliable platform for brokers and traders alike. However, with its sudden exit from the scene, prop trading firms are now compelled to reevaluate their technology stack and explore new solutions that can meet their unique demands.
As the most widely used platform steps back, the search for reliable alternatives is underway. Many tech providers are stepping up to fill the void, offering relevant solutions to cater to the unique needs of prop trading firms.
From advanced execution management systems to sophisticated risk management tools, these providers are bringing something new (or merely repackage the old ones) to the table, ensuring that brokers can continue to operate.
In a series of interviews, FinanceFeeds explores what these tech providers are offering to help prop trading firms adapt and survive in a post-MetaTrader world. We have engaged with CEOs and top executives of leading tech providers to uncover how they are stepping up to fill the void.
Today, we’re kicking off with two insightful chats featuring industry leaders: Spotware Systems’ CEO, Ilia Iarovitcyn, and FPFX Technologies’ CEO, Justin D. Hertzberg, Esq.
In this interview, we speak with Spotware’s head to learn more about their cTrader platform, its unique features, and how it’s supporting prop trading firms through advanced customization, security, and seamless migration from MetaTrader.
What specific solutions are you offering to proprietary trading firms? Are these solutions new, or were they developed in response to MetaTrader’s decision to cut ties?
As part of our proactive strategy, we have been developing cTrader as a perfect-fit platform for the proprietary trading environment. We offer a complete solution, including a cross-platform trading app, real-time price feed, robust infrastructure, powerful back office and unlimited possibilities for integration. Our newest solution is plugins that allow prop firms to customise the cTrader UI and easily integrate any third-party services.
How are you addressing security and compliance concerns that prop trading firms may have, especially in light of increased scrutiny by regulators?
cTrader has built an industry-leading reputation as a reliable and transparent enterprise solution provider. So, we have not received any complaints from our prop clients about their security and compliance being compromised. Spotware only onboards reputable and well-regulated prop firms, assuring them that we will never permit price manipulation, trade rejections or other illegal activities.
What level of customization do you offer for prop trading firms?
We offer application branding options for our prop trading clients to enhance their market recognition and awareness. Our recently launched plugins are ideal for prop teams to independently expand the cTrader UI and integrate additional services. Open API delivers a comprehensive service for developing custom applications and solutions connected to the cTrader backend. With this versatile toolkit, our prop clients can bring any of their ambitions to life.
What markets or asset classes do you cover?
cTrader is integrated with major liquidity providers, granting access to a vast choice of financial instruments. As a comprehensive solution for prop firms, Spotware’s own price feed covers diverse asset classes, including forex, cryptocurrencies, metals, indices, energies and soft commodities.
What kind of integration support do you provide for transitioning firms that may be moving away from MetaTrader or other platforms?
We provide several options to migrate prop firms’ clients to cTrader, from the light migration of accounts only to the full migration with the complete trade history. The light migration process typically takes just one working day! Widgets enable prop firms to effortlessly embed the trading terminal directly into their website. cTrader is already integrated with popular CRM solutions, and integrating any backend operation system is straightforward with our WebServices API.
Can you share any success stories or case studies of prop trading firms that have recently transitioned to your platform?
Absolutely! Without disclosing our client names, I can confirm that several prop firms have successfully transitioned to cTrader, benefiting from our reliable technology solutions amidst growing regulatory pressure and market turbulence.
FPFX Tech provides a powerful SaaS solution that integrates seamlessly with multiple trading platforms, including MT4/5, cTrader, and Rithmic. CEO Justin D. Hertzberg highlighted that while MetaTrader had its popularity, FPFX started branching out to other platforms over a year ago for the sake of diversification. Their solutions focus heavily on security and compliance, tackling concerns around cybersecurity and regulatory oversight.
- What specific solutions are you offering to proprietary trading firms? Are these solutions new, or were they developed in response to MetaTrader’s decision to cut ties?
The Prop Trading Tech Kit offered by FPFX Tech is the most robust SaaS solution on the market, with a myriad of customizable and configurable features and functions that facilitate all facets of a prop firm’s operations and administration.
Our offering includes integration into many of the industry’s leading trading platforms, including MT4/5, DXtrade, cTrader, MatchTrader, TradeLocker, Rithmic, QuadCode and several more to come.
The software solutions we offer are not new – while the overwhelming majority of early prop firms using our tech wanted MT4/5, we started to integrate into other platforms over a year ago, as we ultimately felt that 1) not every trader likes/enjoys MT4/5 (which is why many brokers offer multiple platform options) and 2) that we didn’t want to have a single point of failure in the event MT4/5 could not service prop firms/traders for any reason.
- How are you addressing security and compliance concerns that prop trading firms may have, especially in light of increased scrutiny by regulators?
I’m not sure what security or compliance concerns you’re specifically referencing, but we have always incorporated cybersecurity tools, designed to prevent intrusion and to secure sensitive information into our offerings. We take our security obligations seriously and are constantly improving security for our applications.
I think the recent regulatory scrutiny has much more to do with protecting the end-users from low-integrity and undercapitalized prop firm operators than from the product itself. These concerns have more to do with the solicitation efforts and financial aspects of the operation and less about the industry itself.
- What level of customization do you offer for prop trading firms?
Within our Enterprise licensing option, we offer complete customization through technology, including:
- Dashboard
- Prop plans
- Payment gateway integration
- Affiliate portal
- Discount code functionality
- Leaderboard interface
- Trading contest software
- Trader certificates with QR code/blockchain integration
- Badging
- Loyalty programs
- Translation services
- Education suites
- Platform integrations
- What markets or asset classes do you cover?
We provide prop trading technology for FX/CFDs, on-exchange futures and on-exchange cryptos.
- What kind of integration support do you provide for transitioning firms that may be moving away from MetaTrader or other platforms?
We have developed protocols to easily migrate accounts from one broker to another or one platform to another with minimal downtime and end-to-end support. Enabling our licensees to maintain their reputations and relationships with their traders during challenging times is critical to their continued success. We understand the importance of the task and the urgency with which it needs to be completed. Fortunately, we have the team and the experience to assist with these migrations, when needed.
- Can you share any success stories or case studies of prop trading firms that have recently transitioned to your platform?
I cannot list specific firms, but we have powered over 150 prop firms over the last four years. Recently, the firms experiencing the greatest success (and the ones I believe are best suited to thrive in the prop space) are brokerage firms that are adding prop trading as an ancillary business.
Stay tuned for the next part of our series, where we continue to explore insights from more industry leaders and uncover new strategies that are helping prop firms survive in a post-MetaTrader world.
