Active trading across financial markets generates massive amounts of data each day. Savvy traders rely on online platforms to analyze charts, backtest strategies and even automate their trading using the latest technology tools.
Since launching in 2011, TradingView has become one of the most popular online trading platforms with over 30 million monthly users. However, with growth comes limitations – leading traders to seek out alternatives to TradingView for analyzing and managing everything from crypto to stocks.
In this comprehensive guide, we‘ll cover:
- The rise and limitations of TradingView
- Top 5 alternative platforms for crypto, stocks, forex and futures
- Key features, pros & cons of each platform
- Factors to consider when choosing a trading platform
Let‘s dive in to explore the top TradingView competitor platforms in 2024.
Contents
The Rapid Growth of TradingView
First, let‘s look at the trajectory of TradingView and why some traders are looking for alternatives:
TradingView originated as a simple charting tool back in 2011, founded by engineers out of Russia. The web-based platform quickly became popular thanks to the highly customizable charts, ability to publish analysis ideas and integration with brokers like Oanda.
Here are some key milestones:
- 2014 – Platform expands to mobile with iOS and Android apps
- 2016 – Raises $3.8M in Series A funding, adds news feed and social features
- 2017 – Raises $37M Series B, userbase grows to 1.5 million
- 2019 – 5 million monthly active users. Releases premium plans.
- Today – Over 30 million monthly users, raised over $90M in funding
Today, TradingView is one of the largest online trading platforms, available in over 20 languages worldwide. However, the platform does have some key limitations:
- No trading – While TradingView excels at charting, analysis and community features, actual trading capabilities are limited. Need to connect a brokerage account to trade.
- Cost – Subscription plans quickly get expensive, ranging from $15/month to $60/month for premium features.
- Crypto focus – TradingView provides excellent crypto data, but lacks depth in other areas like futures or forex.
- Mobile – The mobile apps lack some key desktop features for trading and have UI issues.
This has opened the door for TradingView alternatives to enter the space providing their own takes on trading platforms tailored to specific assets and use cases.
Next let‘s explore the top 5 TradingView alternative platforms that improve upon TradingView‘s limitations while offering unique features of their own.
1. Pionex – Best for Crypto Trading Bots
Pionex is a cryptocurrency exchange and trading platform launched in 2019 that‘s quickly emerging as a favorite TradingView alternative among crypto traders.
Key features:
- Trading bots – Grid, Spot, Arbitrage and TWAP bots with templated strategies. Includes backtesting tool.
- Built-in exchange – Trades execute directly on your Pionex account. Aggregates liquidity from 12+ exchanges.
- Charts and analysis – Clean charts with indicators and templates for analyzing crypto markets.
- Mobile app – Fully-featured iOS and Android app.
Pionex stands out for its trading bots that allow automating proven crypto trading strategies 24/7. The trading bots are user-friendly with pre-built templates so even newer traders can automate their crypto investments out of the box.
The platform also recently surpassed $20 billion in total trading volume showing rapid adoption. Pionex charges a monthly subscription fee per trading bot vs. trading commissions – ranging from $0 to $60 per bot type.
Pros
- Pre-built trading bots and templates
- Clean charts tailored for crypto analysis
- Competitive fees – no commissions
- iOS and Android mobile apps
Cons
- Limited indicators vs TradingView
- Newer company, still developing features
- Only supports crypto trading
2. TrendSpider – Best for Automated Trading
TrendSpider brings automated trading to the next level with advanced charting capabilities and built-in trading alerts and strategies.
Key features:
- Customizable charts and technical indicators
- Backtesting and optimizing trading strategies
- 1000+ pre-built trading alerts and strategies
- Integrated automated trading
- Scanners for discovering trade opportunities
TrendSpider excels at helping traders backtest and automate technical trading strategies across stocks, options, crypto, forex and futures. With the trading automations, you can set specific entry and exit rules then allow the algorithms to execute trades in your connected account around the clock.
TrendSpider does have a high starting cost of $27/month for basic features up to $97/month for the premium plan. However, for hands-off traders the platform can quickly pay for itself.
Pros
- Advanced automation for executing strategies
- Customizable scanners and alerts
- Tools for backtesting and optimizing strategies
- Support many order types and assets
Cons
- Very expensive subscription plan
- Steep learning curve
- Web-based, no mobile app
>> Get started with TrendSpider
3. MetaTrader 4/5 – Best for Forex Trading
MetaTrader 4 and 5 (MT4/MT5) are trading platforms offered by hundreds of retail forex and CFD brokers. The platforms have an estimated 7 million users.
Key features:
- Advanced charting for technical analysis
- Backtesting and optimizing Expert Advisors (EAs)
- Large library of third-party EAs and indicators
- Available on desktop, web and mobile apps
- Offered by most major forex brokers
As one of the most established retail trading platforms, MetaTrader packs a robust feature set comparable to TradingView – while connecting directly to live broker accounts. This makes MT4/MT5 excellent TradingView alternatives for forex and CFD traders.
MetaTrader platforms do have more of a learning curve than TradingView and UI is dated – but the advanced capabilities are unmatched. Costs vary by the broker, but some offer MT platforms free.
Pros
- Advanced analysis and automation capabilities
- Accepted everywhere
- Huge ecosystem of add-ons and libraries
Cons
- Outdated and complex UI
- Varies by broker – some charge monthly costs
- MT4 does not support crypto
4. NinjaTrader – Best for Advanced Traders
NinjaTrader focuses on advanced trading tools for active stock, futures and forex traders.
Key features:
- Advanced charting and technical analysis
- Strategy backtesting and optimization
- Trading simulation and replay
- Automated trading via NinjaScripts
- Brokerage integration or stand-alone
NinjaTrader competes with TradingView on features like backtesting and advanced charting. Where it excels is the focus on trade simulation – traders can replay market conditions to simulate and test strategies. This helps refine strategies with minimal risk.
The platform does have a high barrier to entry costing over $1000 for a lifetime license. But for advanced traders, the platform provides TradingView alternative worth the premium price.
Pros
- Advanced charting and technical analysis
- Trading simulation and replay functionality
- Powerful backtesting capabilities
Cons
- Very expensive platform license
- Steep learning curve
- Mostly desktop focused
5. Tradovate – Best for Futures Trading
Tradovate is a newer trading platform tailored specifically for futures traders providing advanced charting and trading tools.
Key features:
- Charting with replay, indicators and drawing tools
- Backtesting trading strategies
- Built-in order management tools
- Automated trading via API
- Mobile access and alerts
- Low futures commissions from $1 per side
While Tradovate is newer compared to rivals, it stands out by focusing specifically on futures traders‘ needs. The platform combines TradingView-style charts with order management tools, automation access and competitive futures commissions – all for just $20 per month.
Pros
- Purpose-built for futures traders
- Advanced charting capabilities
- Low futures commissions
- Good mobile support
Cons
- Limited trading tools outside futures
- Still developing features
- Smaller user community
Key Factors When Choosing a Trading Platform
When evaluating TradingView alternatives, here are some important factors to consider:
Trading Types Supported – Ensure the platform supports your specific markets like crypto, stocks, futures, forex.
Tools and Analysis – Prioritize the charting, scanning and backtesting tools that align with your strategy needs. Consider indicators libraries and customization options.
Automation – If you rely on automated trading like bots or algorithms, ensure the platform has those capabilities built-in or via API access.
Cost – Compare monthly subscription plans and any transaction fees. Watch for hidden fees. Consider free trials.
Useability – Look for modern, intuitive interfaces. Complex platforms have steeper learning curves.
Mobility – If accessing charts and trading from mobile is essential, ensure full-featured iOS and Android apps.
Security – Trading platforms hold sensitive personal and account data. Check security practices and encryption.
By identifying your top priorities in a trading platform, you can better evaluate alternatives to find the best fit for your trading strategies and habits.
The Takeaway
While TradingView excels at market analysis and community, active traders often benefit from platforms with more robust trading, automation and simulation capabilities.
Newer platforms like Pionex and Tradovate bring innovations like trading bots and purpose-built futures tools. Whereas veterans like MT4/MT5 and NinjaTrader offer depth through advanced charting and coding languages.
Consider the key factors and your personal priorities to determine which alternative platform beyond TradingView best enables your trading process and strategies in 2024. Most offer free trials to experience the tools first-hand with your own data.
