Top Tier Trader, a US-based prop trading firm, has entirely scrapped MetaTrader platforms and is now solely offering services on TradeLocker, a relatively new trading platform. The prop trading firm will finish the migration of all its existing clients using MT4 and MT5 to the new trading platform by today (Tuesday).
“Rather than rush to onboard another broker with the hope that we might maintain MT4/5 for a bit longer, only creating more uncertainty, disruption, and instability for our Traders, we have made the decision to no longer offer MT4 and MT5 from this point forward,” the CEO of Top Tier Trader, Dave Guttman, wrote on the Discord server of the company.
Ending MetaTrader Offering
The addition of the new trading platform did not come abruptly, as the prop trading platform added TradeLocker “last summer.”
“We evaluated DXTrade, CTrader, and others, and it was clear to us that TradeLocker was the best alternative to MT4/5,” the CEO added. Meanwhile, most of the other prop trading platforms are adding DXtrade and cTrader, among a few other trading platforms.
TradeLocker was developed by the people behind MochaLabs, which also runs the prop trading platform Funder Pro. The trading platform seems to be targeting prop firms as its website says prop firms can launch with its platform in merely seven days to six weeks.
An Unusual Move to Restrict Traders from 10 Countries
Regarding Top Tier Trader, the company grabbed headlines earlier this month as it restricted traders from ten unusual countries, including Vietnam, Pakistan, Kenya, the United Kingdom, India, Turkey, and Germany.
While other prop firms, big and small, restricted their services to US-based customers, Top Tier Trader continued to offer services to its customers in that country. With the embrace of TradeLocker, Top Tier Trader cemented its position in the US market.
According to the Top Tier Trader website, it offers up to $600k in simulated funding, which can be scaled up to $2 million. It also claims to share 90 percent of the profit with the traders. The company clarifies that it offers trading in the simulated environment and not on live markets.
Although the platform does not share any of its metrics publicly, its social following can evaluate its popularity: it has more than 9,900 followers on Twitter and more than 31,000 followers on its Discord server.
“Please note that all trades must be closed by February 26th, 5PM EST to facilitate this migration. Any trades not closed by February 26th, 6 PM EST will be closed automatically,” the migration notice by Top Tier Trader added. “Trading will be available again by February 27th, 9AM EST.”
