The UK entity of retail forex broker FXOpen, FXOpen UK, announced this week that it is joining the growing crowd of MetaTrader 5 adopters, with the company launching MetaQuotes Software’s latest flagship terminal.
FXOpen UK’s electronic foreign exchange (forex) trading platform will provide access to Electronic Communication Network (ECN) trading and interbank liquidity, the company said in a statement published on Thursday.
In addition to this, clients of the UK-based broker will be able to choose between two order accounting systems (netting and hedging) through the MT5, and they can access the economic calendar and financial news, which is a staple of the platform.
“The platform allows you to open up to 100 charts with quotes at a time; track price movements using 21 timeframes and carry out detailed market analysis with over 80 technical indicators,” the statement said.
CEO Spotlight: Alon Rajic on the Future of UK/EU Trade and EconomicsGo to article >>
The growing dominance of MetaTrader 5
FXOpen itself has long supported the MetaTrader 5 platform. Only last month, the broker added support of ECN trading accounts and interbank liquidity on MT5, as Finance Magnates reported.
FXOpen UK’s step this week comes as the industry’s transition towards the MT5 platform remains in full swing, following years of hegemonic domination by its predecessor, MT4
In recent months a suite of brokers and trading providers have adopted the platform. VIPTRADE recently adopted the MetaTrader 5 platform in October. As Finance Magnates reported, in the same month, Australian based broker AETOS began offering the platform to its clients, as did Chilean broker MercadosG in September.
The MetaTrader 4 and MetaTrader 5platforms were developed by MetaQuotes and have become an industry standard for forex trading. Although MetaTrader 4 remains as the dominant trading platform between the two versions, brokers are increasingly adopting the MT5 platform, which expands demand for the offering and enhances the platform’s features.