If you are trading with a MetaTrader 4 broker, odds are that you have gotten an email recently announcing that users of the platform need to upgrade their terminals. As of today, August 1st, platforms older than build 500 are no longer being supported. What this means is that from today, all MT4 traders will now have access to One-Click trading on their charts as well as an extra tab for the MQL code base library. These features were previously available, but the build update that contained these enhancements was optional. Not included yet for all terminals is the signal trading tab. Non-participating brokers can still elect to have the tab that contains information about MetaQuotes signal trading hidden, with their clients disconnected from the initiative.
Beyond the current build update, MetaQuotes has also been enhancing its social features on the company’s MQL5 forum. Users of the site will notice that they incorporated a Facebook style ‘News Feed’ this past May, as well as the ability to share forum messages on various social networks. Yesterday they added the ability to add MQL5 users as ‘friends’. These features come as the firm has actively been promoting its signal trading product as a social trading platform that connects users. Specifically, MetaQuotes is aiming to have MQL5 forum users enter rich profiles that detail themselves and their websites as well as use the network for the broadcast of their trading ideas. For signal providers and forex marketers, the social profiles can help them draw prospective customers to their products.
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One of the concerns among brokers that Forex Magnates has spoken to about these social and copy trading initiatives from MetaQuotes, is that it will allow traders from competing brokers to interact which could lead to poaching of customers. On their part, Fivos Georgiades, Senior Manager at MetaQuotes, explained to us recently that the brokers have the ability to filter which signals are seen by clients, and can exclude users from competing brokers.
However, there is a drawback of this system. Although clients will only be able to connect their accounts to approved signal providers, they still need to register as MQL5 forum users. As such, this procedure opens up clients to other forum members that may market products that can only be used on competing brokers. On the other hand, MetaQuotes isn’t reinventing the wheel with their network, as traders that participate in popular forums such as Forex Factory and myfxbook are just as likely to be interacting with clients of other brokers and sharing their feedback and reviews.
Overall, our assumption is that we are seeing a trend from MetaQuotes to integrate more of its services within the core MT4/5 platforms. As such, just as one-click trading and the code library tab now appear for all users, we expect access for signal trading to also soon be available across all brokers. In addition, with the social enhancements to the MQL5 forum taking place, we wouldn’t be surprised to see this product integrated as an additional layer within the MetaTrader platforms as well.