MetaQuotes has started informing its broker clients that it intends to increase support fees for the company’s most popular product, Metatrader 4. The hike in monthly prices that the company is charging its clients is by about a third, according to official documents seen by Finance Magnates.
The price hike is going to become effective from the 1st of January 2017 with sources reporting that the hike is applicable only to the MT4 family of products. Earlier this year, the developer of the software MetaQuotes outlined during the Finance Magnates London Summit that a transition to the company’s MetaTrader 5 platform is on the way.
The software developer did not reply with a comment on the move undertaken by the company.
MetaQuotes outlined at the time that it will be focusing its development resources on the newer version of its widely popular trading platform. The MetaTrader 5 version of the platform is catering to multi-asset focused brokers and traders. The platform also is offering straight-through processing of order flow out of the box.
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With the massive footprint that MT4 has in the industry, a number of companies and traders are still committed to using it. The developers of algorithmic trading strategies have been particularly reluctant to adopt the next generation of the platform.
The Head of Sales of MetaQuotes, Anthony Papaevagorou, outlined during the Finance Magnates London Summit: “MT5 was previously struggling to keep up with MT4 and our other offerings, our problem is that we are victims of our own success.”
The company also shared at the time that since July 2016, MetaTrader 5 has seen an increase in demand and is currently outperforming MetaTrader 4 in terms of sales growth.
The company outlined in its announcement to clients that the price hike is a result of an increase in operating costs.