Forex brokerage Larson and Holz has picked the MetaTrader 5 software to power its cryptocurrency-based brokerage. The firm held an ICO, launching the LH Coin as a utility token for trading multiple instruments in a crypto environment back in February.
The firm managed to raise over $10 million from about 12,000 investors. LH-Crypto’s team states that the company finished the testing part, and is preparing the product is for deployment by the end of August 2018.
The LH-Crypto team chose MetaTrader5 as the main trading platform for its new project due to the versatility of the platform in a multi-asset trading environment. The firm has highlighted that the software solution from MetaQuotes is the only trading terminal that includes functions that are essential for comfortable margin trading on traditional instruments, CFDs, and cryptocurrencies.
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Company First Tried MT4
The goal of the crypto-based broker, LH-Crypto, is to enable traders with an opportunity to trade contracts on special accounts – Forex and most popular cryptocurrencies: Bitcoin, Ethereum, Litecoin, Ripple, BitcoinCash, and some tokens.
The account balance on the crypto broker will be also be denominated in cryptocurrencies. Deposit and withdrawal options in various cryptos will be available.
MetaTrader 5 has been gaining popularity in recent years as the software’s developer, MetaQuotes, decided to withdraw its support for the legacy MetaTrader 4 suite. The firm focused additional resources on the marketing and development of the 5th iteration of its top trading platform product. LH-Crypto is explaining its software choice with the need for a proven trading platform.
Commenting on the latest development at LH-Crypto, the Chief of the Audit and Control Department at Larson&Holz, Alexandr Smirnoff, stated that at first, the broker’s team of developers tried to adapt the previous, fourth version of the MetaTrader software. However, later they chose to build the broker based on the latest iteration of the most popular trading software among retail traders.