NakedPnL vs FX Blue: Multi-Venue Registry vs MT4/MT5 Analyzer
FX Blue is a free MetaTrader analytics and publishing tool. NakedPnL is a multi-venue, cryptographically chained performance registry. Compared honestly.
- FX Blue is a long-running, free-for-personal-use suite of MT4/MT5 analytics, publishing, and simulator tools, built around MetaTrader.
- NakedPnL is a multi-venue performance publisher: read-only connections to crypto exchanges, IBKR, Kalshi, and Polymarket are reduced to a single TWR record, then chained with SHA-256 and daily-anchored to Bitcoin.
- FX Blue is the right pick if you publish MetaTrader account screenshots and analytics. NakedPnL is the right pick if you need cross-venue, cryptographically re-verifiable data.
Verdict at a glance
FX Blue and NakedPnL solve adjacent problems. FX Blue gives MetaTrader users a powerful, free analytics layer plus a publishing site (FX Blue Live) that updates from MT4/MT5 with optional embeds. NakedPnL is the publishing layer for traders who do not live inside MetaTrader — it pulls daily NAV from crypto exchanges, Interactive Brokers, and prediction markets and reduces them to a single time-weighted return per trader.
If your trading happens entirely in MT4 or MT5, FX Blue's tooling is hard to beat for the price (effectively free for personal use). If your trading happens anywhere else — Binance, Bybit, OKX, IBKR, Kalshi, Polymarket — FX Blue cannot ingest it, and NakedPnL is currently the only product publishing a single chained record across all of those venues.
What they do differently
FX Blue Live publishes a trading account by reading MT4/MT5 history through publishing tools (e.g. an Expert Advisor) or by syncing the account directly. The site offers more than fifty charts and over a hundred filters for slicing trade-level performance, plus an MT4/MT5 Trading Simulator that replays historical bars. The platform is broker- and market-agnostic within the MetaTrader ecosystem but does not extend beyond it.
NakedPnL's pipeline is unidirectional and venue-specific: a read-only API key (or wallet signature) authenticates the connection, daily snapshots capture NAV plus deposits and withdrawals, the TWR engine chain-links periods using Decimal.js, and each output row is hashed and linked to the previous day's hash. The whole day's chain heads form a Merkle tree whose root is anchored to Bitcoin via OpenTimestamps. The /verify/chain/[handle] page lets any viewer re-hash from raw payloads in their browser using Web Crypto.
Feature comparison
| Criterion | NakedPnL | FX Blue |
|---|---|---|
| Category | Verified-performance publisher / registry | MetaTrader analytics + publishing tool |
| Custody model | None (read-only API keys / wallet signatures) | None (reads MT4/MT5 history) |
| API access model | Read-only API keys for exchanges; broker tokens; wallet sigs | MT4/MT5 publishing EA or direct sync |
| Verification mechanism | SHA-256 chain + daily Bitcoin OpenTimestamps anchor | Sync from MT4/MT5 reports; no cryptographic chain |
| Independent re-verification | Yes — browser-side SHA-256 re-hash from raw payloads | No — trust in FX Blue's sync |
| Public registry / leaderboards | Public registry of opted-in verified traders | Individual public account pages; embeds |
| Supported asset classes | Crypto, equities (IBKR), prediction markets | Anything tradable on MT4/MT5 — primarily forex/CFD |
| Performance metric | Time-weighted return (TWR), Decimal.js precision | Multiple stats: balance curve, profit factor, drawdown |
| Cost to traders | Free tier; paid tiers for alerts/webhooks/custom domain | Free for personal use; enterprise terms vary |
| Cost to viewers | Free public read | Free public read |
| Regulatory category | Publisher of verified data — not an adviser/broker/copy platform | Analytics tool / publishing service |
| Open-source methodology | TWR + hash algorithm published with re-derivation snippets | Calculation methodology not published as reproducible spec |
| Privacy model | GDPR-aligned PublicConsent; opt-in and withdrawable | Account-level public/private control |
| Append-only history | Yes — chain rejects retroactive deletion | No — accounts can be unpublished or reset |
| Embedding / sharing | LP-link tokens with watermark; public profile URL | Iframe embeds and headline-data API |
Use cases
- Forex/CFD trader on MT4/MT5 wanting deep trade-level analytics: FX Blue is well suited and free.
- Quant or system developer running a backtest in MT4 simulator: FX Blue's Trading Simulator is purpose-built.
- Multi-venue trader who needs a single verified TWR across spot, futures, equities, and prediction markets: NakedPnL.
- Trader who needs cryptographic, viewer-side re-verification (e.g. for an LP intro): NakedPnL is the only platform with that property.
- Trader who only needs to embed account stats on their own site: FX Blue's iframe embeds are simpler and battle-tested.
Pricing
FX Blue is documented as free for personal use, with professional or enterprise-level features potentially requiring special arrangements. NakedPnL's trader-side tiers (FREE / PRO / FUND_DESK) gate features such as outbound webhooks, custom domains, LP-link sharing, and Founding Lifetime perks. Both platforms keep public read access free for viewers — neither charges allocators, journalists, or the public to look at a verified track record.
Why this comparison is hard
FX Blue is fundamentally a MetaTrader-side toolkit with a publishing surface bolted on. Its primary value is the analytics depth it gives traders inside MT4/MT5. NakedPnL is the inverse: minimal in-app analytics, maximum effort spent on verification and cross-venue normalization. Comparing them is like comparing a chart-analysis suite to a public records office. Each is excellent at the thing it was built for, and a fair recommendation depends almost entirely on which tradable universe a user lives in.