Monex Group has announced that it is launching the Metatrader 4 platform to users under the name MONEX MT4. While widely used around the world, MT4 has very small penetration in the world’s largest retail forex trading market. MT4 in Japan was the subject of a panel during last month’s Forex Magnates Summit in Tokyo. Among hesitations to deploying the platform are a lack of Japanese language guides, regulatory issues, and marketing of EAs. In terms of regulation, forex platforms are required to produce reports that are compliant with Japan’s FSA guidelines. As such, brokers electing to use MT4 explained to Forex Magnates that reporting needs to be tweaked and adapted for the FSA.
In terms of Monex, the company was introduced to MT4 through its acquisition of US based IBFX in 2011. They stated that MONEX MT4 is a joint release of the platform along with IBFX. As such, integration of the platform should be easier for the broker as they have been consolidating IBFX records in their overall statistics. The new offering will be offered as a standalone product, with customers not needing to open a consolidated securities account with Monex Inc.
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It will be interesting to see the uptake of the platform. Monex Group has clearly shown its interest in diversity as the firm also is launching tradable to clients. In addition to adding more platforms, the broker has been increasing its exposure to foreign markets with the above mentioned acquisition of IBFX along with buying Tradestation. In addition, the firm has been targeting Chinese clients with its dedicated Chinese language site.