CQG Review

Our Take on CQG

Best Prop Firms with CQG Datafeed

Topstep, Take Profit Trader, Alpha Futures, TickTick Trader and FuturesElite support the CQG datafeed. Many traders use CQG for data and routing while the front-end platform might be TradingView, Tradovate, or NinjaTrader My Funded Futures

About CQG

CQG provides global market data from over 85 market sources, ensures accurate trade routing, and provides advanced tools for technical analysis. Over 100 futures commission merchants use their direct market access (DMA) functionalities to connect to over 40 exchanges.

Market Data

Most retail traders know CQG for their data feed, especially recently, when starting an evaluation with a prop firm. CQG and Rithmic dominate the futures prop firm market because both are reliable partners for accurate market data.

CQG’s market data is non-aggregated, providing market by price data (MBP), but they do not provide market by order data (MBO). The market depth in their trading DOM is limited to 10 steps to the up and down sides, and the tick by tick historical data is limited to 30 days.

The available exchanges are CBOT/Globex, CME, COMEX, ICE Futures US, NYMEX, SGX, and SGX FXQuote.

Trading Tool

CQG has many trading tools that most of us will likely never actively use, while those are often integrated within the broker and trading platforms of our choice. You can think about it like a white-labeled tech stack that uses the 40+ years of experience of CQG in the background.

The technical solutions of CQG include the CQG Integrated Client, CQG Sprader, CQG Q Trader, CQG Trader, CQG FC, CQG M, CQG Client APIs, and the CQG Data Factory.

The CQG platforms are priced on the higher end and are more interesting for high-volume traders like institutions. To just give you an example, the CQG Integrated client has a $595 monthly base fee, plus $1,400 for the CQG Spreader, plus optional data worth more than $2,000 extra, plus a study package that can cumulate to over $3,000.

For that reason, most retail traders will focus on their data feed or cheaper solutions like the CQG desktop, or simply use their futures broker platform where CQG’s tech is inside.

Brand Popularity

We’ve evaluated the number of monthly global searches for the brand name CQG.

Read Customer Reviews of cqg.com

CQG currently has a Trustpilot rating of 3.8 out of 5, based on only 2 reviews, which is categorized as Great. However, the CQG profile on Trustpilot is unclaimed, so the ratings are neither moderated nor checked by any means.

What Is CQG, Really?

CQG (Commodity Quote Graphics, yes, really) has been around since 1980, which in technology years makes it approximately ancient. Founded in Denver, Colorado, CQG is one of those companies that most retail traders have never heard of, yet their technology is everywhere in futures trading.

Here’s the confusing part: CQG is kind of three things at once.

First, it’s a data feed provider, like Rithmic, delivering real-time and historical market data from 75+ global sources to your trading platform.

Second, it’s infrastructure, providing order routing and execution services that connect over 100 futures commission merchants (FCMs) to 40+ exchanges worldwide. Big names like Deutsche Bank, J.P. Morgan, and TradeStation use CQG’s tech stack.

Third, it’s also a suite of trading platforms, CQG Integrated Client, CQG QTrader, CQG Desktop, CQG Trader, and more. But here’s the thing: most retail traders never touch CQG’s actual platforms. Instead, they use CQG’s data feed and infrastructure through platforms like NinjaTrader, Sierra Chart, or MultiCharts.

If you’re trading through a prop firm or using certain brokers, there’s a good chance CQG is working behind the scenes providing your market data and routing your orders, even if you never see the CQG name.

The CQG Platform Maze

CQG has so many products that figuring out which one you need feels like ordering at a restaurant with a 47-page menu. Let’s break down the main ones:

CQG Trader (The Execution-Only Platform)

This is CQG’s stripped-down execution platform. You get:

• Depth of Market (DOM) execution
• Quote board with real-time data
• Working orders and open positions tracking
• Purchase and sale tracking
• Account summary

What you DON’T get: Charts. Sound familiar? Just like Rithmic’s R | Trader, CQG Trader has no charting capabilities whatsoever.

This platform is for traders who get their analysis elsewhere and just need fast, reliable execution. The DOM is configurable and efficient, but if you’re expecting an all-in-one solution, keep looking.

Cost: Not readily disclosed. You’ll need to contact CQG or an authorized broker for pricing.

CQG Desktop (The Web-Based Solution)

Released as CQG’s modern, web-based platform, CQG Desktop finally acknowledges that we live in 2025.

The good news: It works on any device with a browser, Mac, PC, tablet, mobile. No software download required. It includes charting, market data, and trading all in one package.

The pricing: $25/month platform fee + $0.10/contract routing fee (capped at $495/month). Some brokers like Optimus Futures offer it free to their customers.

This is CQG’s answer to cloud-based platforms like Tradovate. It’s functional, reliable, and doesn’t require Windows. The interface is clean, though not particularly exciting. Everything auto-saves to CQG’s servers, which is convenient.

Think of CQG Desktop as “CQG Lite”, solid execution, decent charting, reasonable pricing. It’s the entry point for retail traders who want CQG’s infrastructure without the enterprise price tag.

CQG QTrader (The Professional Package)

CQG QTrader is where things get serious. This is essentially CQG Integrated Client’s slightly less expensive sibling.

You get:

• Advanced charting with multiple chart types (including CQG’s exclusive TFlow charts)
• Full analytics suite
• Multiple trade execution interfaces
• Spreadsheet Trader (track and trade across numerous markets)
• All standard order types (market, limit, stop, stop-limit, iceberg, trailing, algorithmic)
• Excel integration via RTD (Real-Time Data)
• CQG Mobile included at no extra charge

The charting is genuinely impressive, hundreds of technical indicators, customizable studies, drawing tools, and the ability to trade directly from charts. TFlow charts are color-coded to show volume execution at bid and ask prices, which is useful for order flow analysis.

Cost: Not cheap. Expect to pay several hundred dollars per month, though exact pricing varies by broker and package.

CQG Integrated Client (The Flagship)

This is CQG’s premium, everything-and-the-kitchen-sink solution.

Base price: $595/month Add CQG Trading: +$250/month Add CQG Spreader: +$1,400/month Add various data packages: +$2,000+/month Add study packages: Up to +$3,000/month

Yeah, you read that right. A fully loaded CQG Integrated Client setup can easily cost $4,000-5,000+ per month. This is institutional-grade software with pricing to match.

Features include everything in QTrader plus:

• CQG Spreader for complex spread trading
• CQG AutoTrader for automated strategy execution
• Advanced risk management tools
• Every possible chart type and analytical tool
• Enterprise-level support

Who uses this? Hedge funds, prop trading firms, commodity trading advisors, and institutions. If you’re asking yourself whether you need CQG Integrated Client, you definitely don’t.

What Actually Makes CQG Good?

Charting That Doesn’t Suck

Unlike Rithmic and Tradovate’s basic charting, CQG’s charting tools are legitimately excellent. Hundreds of indicators, multiple chart types (bar, candlestick, line, Renko, Point & Figure, TFlow), extensive drawing tools, and the ability to customize everything.

You can overlay multiple studies, create custom indicators, backtest strategies, and analyze order flow. The charts are professional-grade without being overwhelming, which is harder to achieve than it sounds.

Market Data From Everywhere

CQG aggregates data from 75+ sources globally, covering:

• Futures (obviously)
• Options
• Forex
• Equities
• Fixed income
• Commodities
• Financial indices
• Industry reports

The data quality is excellent, accurate, reliable, and comprehensive. While CQG provides Market By Price (MBP) data rather than Market By Order (MBO) like Rithmic, it’s still significantly better than what most retail platforms offer.

Execution That’s Fast (But Not Fastest)

CQG’s order routing is fast, server-side execution, low latency, redundant systems, SSL encryption. Orders are routed through the most robust connection possible to servers co-located with exchange matching engines.

Is it as fast as Rithmic? No. Rithmic has the edge in pure speed. But CQG is fast enough for 99% of traders, including day traders and scalpers. Only high-frequency algo traders will notice the difference.

Excel Integration That Actually Works

For traders who live in Excel, CQG’s RTD (Real-Time Data) feature is brilliant. Pull market data directly into Excel, build custom dashboards, create trading algorithms using formulas, and even place orders from spreadsheets.

This isn’t some half-baked add-on, it’s deeply integrated and works reliably. If you’re a quant who builds models in Excel, this feature alone might justify using CQG.

The Spreadsheet Trader

This unique feature lets you monitor and trade multiple markets from a matrix-style spreadsheet interface. Think of it like a super-powered quote board where you can see relationships between instruments and execute trades with a single click.

Spread traders particularly love this, you can define synthetic spreads, monitor exchange-traded spreads, and execute complex multi-leg orders efficiently.

Reliability That’s Boring (In a Good Way)

CQG has been doing this for 45 years. The infrastructure is mature, stable, and well-maintained. While platform crashes and connectivity issues happen, they’re relatively rare compared to newer platforms.

The redundant servers, multiple data centers, and extensive monitoring mean downtime is minimal. For professional traders who can’t afford platform failures during market hours, this reliability is worth the premium pricing.

Customer Support That Used to Be Great

Historically, CQG was known for exceptional customer service. However, Glassdoor reviews from current and former employees paint a different picture post-2008 recession. Customer service teams have been stretched thin due to attrition without replacement.

Support is available via phone, email, and live chat (Sunday-Friday, 2:30pm-5pm CT), but response times and quality have reportedly declined. Your mileage may vary depending on your broker and account type.

What Drives Me Absolutely Crazy

The Pricing Is a Mystery

Want to know how much CQG costs? Good luck. Pricing information is scattered across different websites, varies by broker, changes based on your account type, and often requires contacting a sales rep.

For retail traders used to transparent pricing like Tradovate’s $25-99/month, CQG’s opacity is frustrating. The enterprise-focused pricing model makes sense for institutions, but it’s a barrier for individual traders trying to evaluate options.

CQG Trader Without Charts Is Silly

Offering an execution platform with no charting in 2025 is absurd. Yes, professional DOM traders exist. Yes, some traders prefer separate charting software. But the vast majority of futures traders need integrated charts.

Forcing users to run CQG Trader plus a separate charting application is needlessly complicated. Just include basic charts, even if they’re limited.

The Learning Curve Is Steep

CQG’s platforms are powerful, which means they’re complex. The number of features, settings, windows, and customization options can be overwhelming for beginners.

While the interface is more user-friendly than, say, raw NinjaTrader customization, it’s still not intuitive. Expect to spend time watching tutorials and reading documentation before you’re comfortable.

Platform Options Are Confusing

CQG Trader, CQG Desktop, CQG QTrader, CQG Integrated Client, CQG Mobile, CQG Spreader, CQG FC… the product lineup is a mess. It’s unclear which platform is right for which trader without extensive research.

A simple “Good, Better, Best” tiered structure would help enormously. Instead, you’re left piecing together information from various sources to figure out what you actually need.

Market Data Fees Stack Up

Like all professional platforms, market data isn’t included. CME Group bundle starts around $9-12/month for basic data, but if you need depth of market, options chains, or data from multiple exchanges, costs escalate quickly.

Professional rates are significantly higher, if you’re classified as a professional trader, expect to pay 5-10x more for the same data.

It’s Still Very Windows-Centric

While CQG Desktop is web-based and works on any platform, the more powerful CQG Integrated Client and QTrader are clearly designed for Windows. Mac users can use them, but the experience isn’t optimized.

In 2025, when Tradovate runs natively on macOS and NinjaTrader is being called out for Windows-only support, CQG’s Windows bias feels dated.

Almost No User Reviews

CQG has only 2 reviews on Trustpilot with a 3.8/5 rating. That’s not enough data to draw meaningful conclusions. For comparison, Tradovate has 1,842 reviews and NinjaTrader has thousands across various platforms.

The lack of public feedback makes it hard to gauge real-world user satisfaction beyond marketing claims and broker promotions.

Who Should Actually Use This?

CQG is perfect if you’re:

A professional or institutional trader, The advanced tools, data quality, and enterprise support justify the premium pricing at scale.

Trading through a broker that offers CQG free or cheap, Some brokers like Optimus Futures offer CQG Desktop for free to customers. At that price, it’s a no-brainer.

A spread trader, The Spreadsheet Trader and spread matrix tools are specifically designed for complex spread strategies.

An Excel power user, If you build trading models in Excel, CQG’s RTD integration is unmatched.

Someone who values reliability, 45 years of proven infrastructure means fewer platform failures and connectivity issues.

Trading with prop firms, Many prop firms use CQG infrastructure, so familiarity with their platforms is valuable.

A futures trader who needs comprehensive market coverage, Data from 75+ sources covers virtually every futures market globally.

Skip it if you:

Trade on a tight budget, At $595/month base for Integrated Client or hundreds per month for QTrader, there are cheaper alternatives that cover 90% of retail needs.

Are a complete beginner, The complexity and learning curve make this a poor choice for first-time traders.

Need the absolute fastest execution, Rithmic beats CQG for raw speed in high-frequency strategies.

Want simple, transparent pricing, If you hate calling sales reps to get quotes, CQG’s pricing model will frustrate you.

Primarily trade stocks or options, CQG is built for futures. While it handles other asset classes, platforms like ThinkOrSwim are better for equities.

Trade casually or infrequently, Paying hundreds per month when you’re making 10 trades is economically nonsensical.

How Does It Stack Up?

CQG vs Rithmic

Speed: Rithmic wins. Ultra-low latency is Rithmic’s defining feature.

Data Quality: Rithmic’s MBO (Market By Order) data provides more granular order book visibility than CQG’s MBP (Market By Price) aggregation.

Charting: CQG destroys Rithmic. CQG’s charting is professional-grade; Rithmic’s is basic at best.

Market Coverage: CQG covers more markets (75+ sources vs Rithmic’s focus on futures).

Reliability: Both are solid. CQG has a longer track record; Rithmic reportedly has more stability issues with prop firm connections.

Pricing: Rithmic is generally cheaper for basic connectivity ($25/month + $0.10/contract). CQG’s platform fees are higher.

Choose Rithmic if you’re a high-frequency trader or algo developer who needs the absolute fastest execution and MBO data. Choose CQG if you want comprehensive charting, broader market coverage, and are willing to pay more for the all-in-one solution.

CQG vs Tradovate

Modernization: Tradovate wins. Cloud-native architecture, native Mac support, slick interface.

Charting: CQG is more advanced. Tradovate’s charting is functional but basic.

Pricing Transparency: Tradovate wins easily. $0-99-1499 vs CQG’s “call for pricing.”

Speed: Roughly comparable for most traders. Neither is as fast as Rithmic, both are fast enough for day trading.

Reliability: CQG has the edge due to 45 years of infrastructure maturity.

Learning Curve: Tradovate is much easier to learn and start using quickly.

Choose Tradovate if you’re a retail trader who wants modern, affordable, cloud-based trading. Choose CQG if you need advanced charting, comprehensive data, and enterprise-level reliability.

CQG vs NinjaTrader

Customization: NinjaTrader wins. The ability to modify everything with C# scripting is unmatched.

Charting: NinjaTrader is more powerful for custom indicators and strategies. CQG has better out-of-the-box tools.

Platform Availability: CQG Desktop works on any device. NinjaTrader is Windows-only (though they released a mobile app).

Pricing Complexity: Both are equally confusing with add-ons, data fees, and tiered options.

Automation: NinjaTrader is better for algorithmic trading development.

Data Feed Quality: CQG typically provides cleaner, more reliable data than NinjaTrader’s native feeds.

Choose NinjaTrader if you want maximum customization and algorithmic trading capabilities. Choose CQG if you want professional-grade charting out of the box without extensive customization.

CQG vs TradingView

These aren’t really competitors, they complement each other.

TradingView is primarily a charting and social platform with broker integrations. CQG is infrastructure and execution-focused with advanced analytics.

Many traders use TradingView for charting and social features while connecting it to brokers that use CQG’s infrastructure for execution. It’s not either/or.

My Completely Honest Take

CQG is the platform equivalent of a well-built German sedan. It’s reliable, powerful, engineered properly, and expensive. It’s not flashy, it’s not trying to be trendy, and it’s definitely not cheap. But it works, and it’s been working for 45 years.

Here’s the reality: most retail traders don’t need CQG’s full platform suite. The $595/month Integrated Client is overkill for someone trading 20 contracts per month. Even QTrader at several hundred per month is hard to justify when Tradovate offers solid execution for $25-99/month.

But, and this is important, CQG’s infrastructure powers a huge chunk of the futures market behind the scenes. When you trade through certain brokers or prop firms, CQG is providing your data feed and routing your orders even if you never see their logo.

The charting is legitimately excellent. The data quality from 75+ sources is comprehensive and reliable. The Excel integration is brilliant for quants. The execution is fast and stable. And the 45-year track record speaks to their ability to maintain complex financial infrastructure.

Where CQG falls short is accessibility. The confusing product lineup, opaque pricing, Windows-centric design, and steep learning curve create unnecessary barriers for retail traders. CQG Desktop addresses some of these issues at $25/month, but it’s still not as user-friendly as modern alternatives.

The almost complete absence of user reviews (2 on Trustpilot) makes it hard to assess real-world satisfaction. Glassdoor reviews from employees suggest customer service quality has declined since 2008, though this may vary by account type and broker relationship.

My rating: 3.5 out of 5 stars, Professional-grade infrastructure with excellent charting and data quality, held back by high costs, confusing product lineup, and accessibility issues for retail traders.

If you’re an institutional trader, professional managing significant capital, or trading through a broker that offers CQG cheaply or free, it’s excellent. The tools are powerful, the infrastructure is mature, and the reliability is proven.

But for retail traders evaluating platforms purely on price-to-value for individual trading, platforms like Tradovate (modern and affordable), Rithmic (fastest execution), or NinjaTrader (maximum customization) may serve you better depending on your specific needs.

CQG is what happens when you build professional infrastructure that works extremely well but never quite figures out how to make it accessible to the masses. It’s the platform your broker uses behind the scenes, even if you’ve never heard of it.

Bottom line: Mature, reliable, professional-grade trading infrastructure with excellent charting and comprehensive market data. Best suited for professional traders, institutions, or retail traders whose brokers offer it cheaply. The high cost and complexity make it hard to recommend for budget-conscious individual traders when cheaper, more accessible alternatives exist, but the 45-year track record and quality are undeniable. If your broker offers CQG Desktop for free or cheap, take it. If you’re looking at $500+/month for the full package as a retail trader, think twice about whether you actually need that level of sophistication.