The foreign exchange industry’s transition towards the MetaTrader 5 (MT5) platform is in full swing, following years of hegemonic domination by its predecessor, MT4. FxOpen has become the latest brokerage to adopt the platform for its clients, with MT5 now being supported on its ECN trading accounts.
The decision to support MT5 functionality for its ECN trading accounts is a nod to the growing market penetration of the platform, which has seen a methodic uptick in usage amongst retail brokerages over the past year.
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This steady adoption in the industry of MT5 is largely what MetaQuotes itself envisioned moving forward. The group’s dedicated push last year to phase out MT4 for the newer variant, as outlined during the 2016 Finance Magnates London Summit, seems to finally be coming to fruition.
Since then, more and more brokerages have opted to launch MT5 offerings, with an uptick of multiple incentives, updates, and builds supported by MetaQuotes in 2017. FxOpen has become the latest brokerage to follow suit with the support of ECN trading accounts and interbank liquidity on MT5.
The launch of ECN trading on MT5 comes nearly eight years after its foray into ECN trading on the MT4 platform. Of note, only ECN trading accounts will be supported on the MT5 platform, which include a total of seventy instruments including major currency pairs, metals, contracts-for-difference (CFDs), and other commodities.