“MetaTrader 5 is the Present, not the Future.”
Anthony Papaevagorou of Metaquotes will give a workshop at the upcoming London Summit.
Ahead of the London Summit on November 14-15 at The Brewery, Finance Magnates presents a series of interviews with speakers at the event.
What is your position and what does your role entail?
Anthony Papaevagorou, Head of Sales & Operations at MetaQuotes Software.
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In my position I am responsible for the day to day running of our operations and sales department, this includes selling both MetaTrader 4 & MetaTrader 5 platforms to financial institutions and banks and also fully servicing our clients.
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What was the single most important event or development that the market saw in 2016?
The most important development in 2016 was re-inventing MetaTrader 5, adding a number of enhancements and functionalities, including MetaTrader 4 style hedging accounting on transactions. We also introduced MetaTrader 4 and MetaTrader 5 web-terminals into the market and a number of native gateway solutions on MT5 allowing brokers to connect to the world best liquidity providers and exchanges.
What are the biggest challenges that the FX trading community is facing? How do they affect your field?
The biggest challenge in the trading community is the FX brokers’ resistance to change. It affects our field negatively (as the providers of the MetaTrader technology), as we have managed to develop the most advanced online trading platform with the only worthwhile opponent being MetaTrader 4 in the market worldwide. Change is finally happening now and we say ‘better late than never’.
What is the main message you’d like to convey to London Summit delegates?
That MetaTrader 5 is the present, not the future.
There are two good reasons why brokers don’t like change: 1) Updates often come with errors / bugs. These annoy clients. They also use extra internal resources to sort out any client problems (and fix the issue). 2) Clients don’t like change. If it ain’t broke, don’t fix it. Once a client has a platform they like, they don’t want to move to a new one and learn how the new one works. The new one may have 10 new features but most clients won’t use the new features and so there’s no upside in learning where all the buttons… Read more »
Adam, You are bang on point with this comment.
When MT5 was launched it was a massive step backwards into confusion for the average retail trader, and whilst the OCO feature suited some traders, is was the minority for sure.
Add to that, that the MT5 is essentially 95% the same as the MT4 now, and like you said, any benefits or additions it offers will not be used by the majority, it will remain to be the un-liked and unused younger brother to the MT4.
The biggest problem I find with Mt5 is the data feed. It is very slow. We have to load time frames from Monthly to 1 min and cannot click on one time frame randomly as data goes missing. Even after hitting refresh data is missing. I have experimented with couple of Mt5 brokers on loading of chart data and seen one broker whose charts load up really quickly. I dont know whether it is the infrastructure problem or a particular server problem.
Let’s all be honest here. Metaquotes isn’t trying to force this product onto its clients because it’s a better product, it’s doing it because the profit margins are higher. One of the great things about MT4 Servers is that there is no limit to the number of accounts you can have on a server. I’ve seen ONE server with over 400,000 accounts on it. Granted, that’s the most extreme case I’ve ever witnessed, but it’s not uncommon for MT4 WL re-seller providers to hit 100,000 accounts. With MT4, you could buy one server (discounted) for $80,000. But with MT5, you… Read more »