Although a free tradingview account has some advantages that benefit forex traders who do not like conducting analysis on the Metatrader platform, there are various disadvantages associated with the free version that we would like to discuss in this article. Read on to understand the kind of problems a forex trader may experience when using the tradingview free account.
Table of Contents
6 Main Disadvantages of Using a Free Tradingview Account
- Too much ads
If you are analysing a forex chart on a trading view free account, it can be extremely hard to concentrate on what you are doing because pop-up ads keep distracting you.
When a forex trader opens a charting tool, his/her goal is to check where the market price is and identify the direction a price trend is likely to take. Free tradingview account presents traders with annoying pop-up ads and in-stream ads that can easily pull one’s attention from chart analysis.
- Traders get limited historical financial data
Forex traders use historical financial data to track the performance of currency pairs and make predictions about how much profit they would have made in case they used a trading strategy some time back.
With a free tradingview account, traders can access historical financial data for up to 7 years only. That can be very inconvenient, especially for a swing or position trader who is backtesting a new trading strategy.
- Traders can add a maximum of three indicators only per chat
Some technical traders use trading strategies that rely on a combination of many forex indicators.
For example, a technical trader can use two indicators to confirm trend reversals, two indicators to determine the entry point, one indicator for confirming the exit point, and another indicator for confirming trend continuation.
Such a trader cannot trade conveniently on a free tradingview account because he/she is not allowed to add more than three forex indicators on the charts.
- Chart data is loaded slowly on a free tradingview account
Considering that trading view is a much more advanced trading platform, traders expect data processing speed to be extremely faster on the trading software, as compared to that of MT4 and MT5.
Unfortunately, chart data on the tradingview free account is loaded very slowly compared to how the data is loaded on the tradingview pro and premium accounts.
In case you are using trading view platform because of the speed of trade execution on the platform, it is highly recommended that you upgrade to a higher plan for the software to meet your trading expectations.
We wrote an article about how to get tradingview pro account for free. Feel free to check out the post if you don’t have money to upgrade to the pro version.
- You can create 1 watchlist only in a free tradingview account
An investor who trades forex, cryptocurrency, stock market and other financial assets finds it finds it convenient to create customised watchlists for each asset. For instance, watchlists can be created for forex symbols, cryptocurrency symbols, and stock market symbols.
That said, it’s very unfortunate that trading view users who have not upgraded to the pro or higher version cannot create more than 1 watchlist.
- A trader can create 1 price alert only on the free tradingview account
Price alerts are normally activated on forex charts to detect and remind a trader when a currency price breaks support and resistance levels or when the price reaches a level of interest.
Unlike MT4 and MT5 platforms which allow traders to add unlimited price alerts on forex charts for free, the free tradingview account does not allow traders to create more than 1 price alert.
That is very disappointing considering that most traders do not spend much time watching price moves on the forex charts.
Conclusion
There are serious disadvantages of using the free tradingview account that make the package unfit for serious forex traders. Using the free version of tradingview hinders traders from experiencing the full potential of the platform.
The only feature that stands out about a trading view free account is that a user can add up to 1000 currency symbols in 1 watchlist.
Also, it’s possible to trade directly through one of the available forex brokers on trading view.
