Tradovate vs MetroTrade Compared: Fees, Margins, and More

Choosing a futures broker comes down to a few key factors: what you pay per trade, how much capital you need to hold a position, and whether the trading platform fits your workflow. Tradovate and MetroTrade are both modern, cloud-based retail futures brokers that position themselves on competitive pricing and accessible platforms. But they approach pricing very differently, and those differences add up depending on how often you trade.

This guide compares Tradovate and MetroTrade side by side on commissions, intraday margin requirements, platform features, and trader fit. The goal is to give you the numbers and context you need to make an informed choice.

Key Takeaways

• Tradovate uses a subscription pricing model that lowers per-trade commissions for active traders. The Free plan charges $0.39/side for micros and $1.29/side for standard contracts, while a $99/month membership drops those rates.
• MetroTrade charges a flat per-trade commission with no subscription required. Rates are $0.29/side for micro contracts and $1.09/side for e-mini contracts, with no fixed monthly costs.
• Intraday margin requirements are closely matched on micro equity index contracts. Both brokers offer $50/side day margins on popular contracts like MES, MYM, and M2K.
• Platform tools are comparable at the core but differ in architecture and ownership. Tradovate is a cloud-based platform now owned by NinjaTrader Group; MetroTrader is a proprietary platform maintained by MetroTrade.
• The better broker depends on your monthly trade volume. Tradovate’s subscription becomes cost-effective only if you trade enough to offset the $99/month fee; otherwise, MetroTrade’s per-trade model is likely to cost less.

How Tradovate and MetroTrade Are Structured as Brokers

What Is Tradovate?

Tradovate launched as a cloud-based futures broker focused on retail traders. It was an early mover in browser-based futures trading, known for its subscription pricing model and clean interface. In 2022, Tradovate was acquired by NinjaTrader Group, which also operates the widely used NinjaTrader desktop platform. Tradovate continues to operate as its own brand under that umbrella.

Tradovate appeals to active day traders who want a modern platform with flexible pricing. It offers web, desktop, and mobile access across all plans.

What Is MetroTrade?

MetroTrade is a CFTC-registered U.S. futures introducing broker built around its proprietary trading platform, MetroTrader. The broker integrates brokerage services and platform access into one ecosystem, with no need for third-party software or platform licenses.

MetroTrade targets beginner to intermediate retail traders, including those transitioning from stocks, options, or prop firm environments. The broker emphasizes transparent per-trade pricing, competitive intraday margins, and a 30-day demo account for traders who want to practice before going live.

Commission and Fee Comparison

Tradovate’s Pricing Model

Tradovate offers three pricing tiers. Each tier changes your per-trade commission rate, and two of them involve a fixed upfront cost.

• Free: No monthly fee. Commissions are $0.39/side for micro contracts and $1.29/side for standard (e-mini) contracts.
• Monthly: $99 per month. Commissions drop to $0.29/side for micros and $0.99/side for standard contracts.
• Lifetime: A one-time payment of $1,499, or four installments of $499. Commissions fall to $0.09/side for micros and $0.59/side for standard contracts.

The subscription model rewards high-frequency traders. If you trade enough contracts per month to offset the $99 fee, the lower commission rate saves money over time. If you trade infrequently, the Free plan avoids fixed overhead entirely.

Exchange, clearing, and NFA fees apply at all tiers and are not included in the commission figures above.

MetroTrade’s Pricing Model

MetroTrade uses a straightforward per-trade model with no subscription options. You pay a commission on each side of a trade and nothing else to the broker beyond that.

• Micro futures contracts: $0.29 per side
• E-mini futures contracts: $1.09 per side

Exchange, clearing, and NFA fees apply on top of commissions, as they do at every regulated U.S. futures broker. There are no platform fees or data subscription fees for basic access.

Commission Comparison Table

Exchange, clearing, and NFA fees are not included and apply to both brokers.

Which Pricing Model Costs Less?

The answer depends entirely on how many trades you make each month. Consider a trader executing 50 round-trip trades per month in MES contracts, which equals 100 sides total.

• Tradovate Free: 100 sides x $0.39 = $39.00 in commissions, plus a $0 subscription. Total broker cost: $39.00.
• Tradovate Monthly: 100 sides x $0.29 = $29.00 in commissions, plus $99 subscription. Total broker cost: $128.00.
• MetroTrade: 100 sides x $0.29 = $29.00 in commissions, plus a $0 subscription. Total broker cost: $29.00.

At this volume, MetroTrade matches Tradovate’s Monthly commission rate while avoiding the $99 fixed fee entirely.

The Tradovate Monthly plan begins to make financial sense when the commission savings offset the $99 fee. For micro contracts, the savings per side between Tradovate Monthly ($0.29) and Tradovate Free ($0.39) is $0.10. You would need to execute approximately 990 sides per month just to break even on the subscription cost. Traders hitting that threshold consistently will find the Monthly plan worthwhile. The Lifetime plan requires its own volume analysis, but could pay off over several years of heavy trading.

For moderate-volume traders, MetroTrade’s per-trade model provides the same micro commission rate as Tradovate’s paid tier with no monthly overhead.

Note that frequent trading does not guarantee profitability and may increase transaction costs.

Intraday Margin Requirements Compared

How Intraday Margin Works

Intraday margin, also called day margin, is the amount of capital required in your account to open and hold a futures position during the trading session. It is different from initial (overnight) margin, which is set by the exchange and required to carry a position past the close of the trading day.

Brokers set their own intraday margin rates, which are typically lower than exchange-set overnight margins. Lower intraday margins mean less capital is needed to trade a contract during the session, which matters most for smaller accounts. Margins can be raised by the broker during periods of elevated volatility.

Tradovate Intraday Margin Requirements

Based on Tradovate’s published margin page, day margins for commonly traded CME equity index futures are:

• MES (Micro E-mini S&P 500): $50
• ES (E-mini S&P 500): $500
• MNQ (Micro E-mini Nasdaq-100): $100
• NQ (E-mini Nasdaq-100): $1,000
• M2K (Micro E-mini Russell 2000): $50

Tradovate notes that margins may increase around major economic news announcements. Energy and metals contracts such as CL and GC trade on NYMEX and COMEX rather than CME, so their margins appear under separate exchange filters on Tradovate’s margin page.

MetroTrade Intraday Margin Requirements

MetroTrade’s current intraday margins for popular contracts are:

• MES (Micro E-mini S&P 500): $50
• ES (E-mini S&P 500): $500
• MNQ (Micro E-mini Nasdaq-100): $100
• NQ (E-mini Nasdaq-100): $1,000
• M2K (Micro E-mini Russell 2000): $50

MetroTrade’s intraday margins are tied to a percentage of the CME-set initial margin and are updated regularly to reflect current market conditions. These reduced margins enable significant leverage, which amplifies both gains and losses.

View the latest intraday margin rates

Intraday Margin Comparison Table

Margin figures are subject to change. Verify current requirements directly with each broker before opening a position. Intraday margins enable significant leverage which amplifies gains and losses.

Platform Comparison: MetroTrader vs Tradovate

Tradovate Platform Overview

Tradovate was built from the ground up as a cloud-based platform, meaning all data and account settings are stored online rather than locally. This makes it accessible from any browser without installing software, with optional desktop and mobile apps available alongside.

Key features on the Tradovate platform include:

• DOM trading ladder: View bid and ask depth and execute trades directly from price levels.
• Chart trading: Place and manage orders directly from the chart.
• Bracket orders: Attach stop loss and take profit orders to a position simultaneously.
• Mobile app: Available for iOS and Android.
• Desktop app: Available for Windows in addition to the browser-based version.

MetroTrader Platform Overview

MetroTrader is MetroTrade’s proprietary trading platform, available via web browser and mobile app. The platform is tightly integrated with the brokerage’s account management, margin monitoring, and order management tools.

Key features on MetroTrader include:

• 75+ technical indicators and studies: Including moving averages, RSI, MACD, Bollinger Bands, VWAP, Fibonacci tools, and more.
• DOM trading ladder: View order book depth and execute from price levels.
• Drag-and-drop chart trading: Place and adjust orders visually on the chart.
• Bracket orders and trailing stops: Manage risk with combined stop and target orders or auto-adjusting stops.
• Real-time P&L and margin monitoring: Track account equity, margin usage, and open positions in real time.
• 30-day demo account: Practice with delayed Level 1 market data before trading live.

Feature Comparison Table

Which Platform Suits Which Trader?

Both platforms cover the core needs of a retail futures trader. The differences are more about ecosystem and cost structure than raw feature count.

Tradovate may be a better fit for traders who execute high enough volume to justify the $99/month membership, and will also get more out of Tradovate’s lower commission tiers.

MetroTrader suits traders who want a modern, fully integrated browser-based experience with no subscription decision to manage. The 30-day demo account makes it a low-barrier option for newer traders who want to explore the platform before committing capital.

Both platforms cover the core needs of a retail futures trader. The differences are more about ecosystem and cost structure than raw feature count.

Tradovate may be a better fit for traders who execute high enough volume to justify the $99/month membership, and will also get more out of Tradovate’s lower commission tiers.

MetroTrader suits traders who want a modern, fully integrated browser-based experience with no subscription decision to manage. The 30-day demo account makes it a low-barrier option for newer traders who want to explore the platform before committing capital.

Market Access and Available Contracts

Both brokers provide access to futures contracts listed on CME Group exchanges, which includes CME, CBOT, NYMEX, and COMEX. These are the primary venues for retail futures trading in the U.S.

Commonly traded contracts available at both brokers include:

• Equity index futures: ES, MES, NQ, MNQ, YM, MYM, RTY, M2K
• Energy futures: CL (Crude Oil), NG (Natural Gas)
• Metals futures: GC (Gold), SI (Silver)
• Interest rate futures: ZN (10-Year Note), ZB (30-Year Bond)
• Currency futures: 6E (Euro FX), 6B (British Pound)

Contract availability and specifications can change. Verify the full contract list with each broker before trading.

Who Each Broker Is Best For

Tradovate May Be a Better Fit If…

• You trade high enough volume (roughly 990+ sides per month on micros) for the $99/month subscription to lower your overall cost.
• You want a downloadable desktop application in addition to browser and mobile access.
• You are considering the Lifetime membership and plan to trade actively for several years

MetroTrade May Be a Better Fit If…

• You trade at a moderate pace and want per-trade pricing with no fixed monthly overhead.
• You are a beginner or intermediate trader and want a 30-day trial to practice before going live.
• You want micro contract commissions at $0.29/side without paying a monthly subscription to access that rate.
• You want a fully integrated broker and platform experience without managing third-party software or licensing.
• You are transitioning from a prop firm and want a live brokerage account with competitive margins and a straightforward cost structure.

Conclusion

Tradovate and MetroTrade are both solid options for retail futures traders, and the right choice depends largely on how you trade. Tradovate’s subscription model offers a path to lower per-trade costs for high-volume traders, while MetroTrade’s flat per-trade pricing delivers competitive micro contract rates with no fixed monthly commitment.

On margins, both brokers are closely matched for popular micro equity index contracts. MetroTrade publishes intraday margin figures across its full contract list, including energy and metals, which can be useful for account planning before you fund. 

If you’d like to start trading futures at low costs with no monthly subscriptions, open a MetroTrade account today.

Frequently Asked Questions

The content provided is for informational and educational purposes only and should not be considered trading, investment, tax, or legal advice. Futures trading involves substantial risk and is not suitable for every investor. Past performance is not indicative of future results. You should carefully consider whether trading is appropriate for your financial situation. Always consult with a licensed financial professional before making any trading decisions. MetroTrade is not liable for any losses or damages arising from the use of this content.