Choosing a trading platform is one of the biggest decisions you will make as a prop firm owner. Get it wrong and you lose traders. Get it right and signups take care of themselves. After the MetaQuotes ban shook up the industry in 2024, the platform landscape looks different than it did two years ago.
I have looked at the four platforms prop firms are actually using right now: MetaTrader 5 (via grey label), cTrader, DXtrade, and TradeLocker. Here is how they compare on the things that matter most.
What Prop Firms Need from a Platform
Before comparing platforms, let me be clear about what actually matters for a prop firm. It is not the same as what a retail broker needs.
- ✓ Trader familiarity. If traders do not know the platform, they will not sign up for your challenge. Simple as that.
- ✓ Ban risk. Can MetaQuotes shut you down? This is now a real concern, not a hypothetical one.
- ✓ Cost. Platform fees eat into your margins. Lower is better, especially when starting out.
- ✓ Setup speed. Every week without a platform is a week without revenue.
- ✓ Account management. You need to create challenge accounts, track performance, and move traders between phases quickly.
The 4 Platforms Compared
| MT5 Grey Label | cTrader | DXtrade | TradeLocker | |
|---|---|---|---|---|
| Monthly Cost | $5/account | From $2,000 | From $3,000 | From $1,500 |
| Setup Time | ~2 weeks | 4-8 weeks | 6-12 weeks | 4-6 weeks |
| Ban Risk | None | None | None | None |
| Trader Familiarity | Very high (80%+) | Medium | Low | Low-Medium |
| Algo Trading | MQL5 EAs | cAlgo/cBots | REST API | Pine Script |
| Mobile App | MT5 app | cTrader app | DXtrade app | TL app |
| Copy Trading | Yes (MQL5 signals) | Yes (built-in) | Limited | Limited |
1. MetaTrader 5 via Grey Label
MT5 is still the most popular retail trading platform in the world. Your traders know it. They have indicators installed. They have EAs running. When you offer MT5, you remove the biggest friction point in your signup funnel.
The grey label model solves the MetaQuotes ban problem. You operate under a licensed broker's server, so MetaQuotes cannot see your prop firm. Your accounts look like regular brokerage accounts. No ban risk.
With a pay-per-account model and a 2-week setup, it is also the most affordable and fastest option. For most prop firms, this is the default choice unless you have a specific reason to go elsewhere. Read our full grey label guide for details.
2. cTrader
cTrader is the most popular MT5 alternative. Spotware, the company behind it, has no connection to MetaQuotes, so there is zero ban risk. The platform looks modern, the charting is good, and it has a built-in copy trading feature.
The downside: fewer traders know it. If someone has been trading forex for five years, they probably learned on MetaTrader. Asking them to switch means they lose their custom indicators, their EAs, and their muscle memory. Some will switch. Many will not.
cTrader makes sense if your target audience is already on the platform, or if you are building a brand around a modern trading experience. See our MT5 vs cTrader comparison.
3. DXtrade
DXtrade by Devexperts is the enterprise option. It offers deep backend customization through REST APIs, which is great if you want to build custom features on top of the platform. Several well-funded prop firms use it.
The cost is the main barrier. Starting at $3,000/month with a 6 to 12 week setup, it is the most expensive option on this list. And most retail traders have never heard of it, which means more marketing spend to explain what they are signing up for. See our MT5 vs DXtrade comparison.
4. TradeLocker
TradeLocker is the newest player. It is built on TradingView charts, which gives it a familiar feel for traders who use TradingView for analysis. It supports Pine Script for algo trading, which is a nice touch.
It is still early days for TradeLocker. The user base is small, and the platform is less battle-tested than MT5 or cTrader. If you are an early adopter who wants TradingView integration, it is worth a look. For everyone else, it is a wait-and-see. See our MT5 vs TradeLocker comparison.
So Which One Should You Pick?
You want the safest bet with the most traders
Go with MT5 Grey Label. Lowest cost, fastest setup, highest trader familiarity, zero ban risk.
You want a modern platform with no MetaQuotes ties
Go with cTrader. Good platform, growing user base, no ban concerns.
You have budget and want maximum customization
Go with DXtrade. Best APIs, but highest cost and longest setup.
You want TradingView charts built in
Go with TradeLocker. Newest option, still maturing.
Key Takeaways
- 1.MT5 Grey Label is the best all-around choice for prop firms: cheapest, fastest, and most traders already know the platform.
- 2.cTrader is the strongest alternative if you want to avoid MetaQuotes entirely and do not mind a smaller user base.
- 3.DXtrade and TradeLocker serve niche needs (API customization and TradingView integration) but cost more and have lower trader awareness.