Singapore-based brokerage Phillip Futures is adding the 5th generation of the MetaTrader 5 platform to its lineup of trading platforms. The news comes on the back of a continued push by the software developer of the solution, MetaQuotes.
The Singaporean futures and forex brokerage, which is supervised by one of the strictest regulators in the world, the Monetary Authority of Singapore, is pioneering the new platform in Singapore, a market where few brokers are operating due to the strict requirements by the national regulator.
“Our presence has especially expanded in the Asian market. It is undoubtedly a rational choice, since the full-cycle MetaTrader 5 platform is the best solution for organizing a brokerage business in any financial market,” the Chief Operating Officer of MetaQuotes Software, Gaies Chreis, explained.
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Up until now only traders that have been using offshore-regulated and unregulated broker services in Singapore have had access to MetaTrader 5. Another broker in the region which is offering trading solutions from MetaQuotes, OANDA, is currently only offering the MetaTrader 4 suite.
With the rapid growth of MetaTrader 5 in recent months, many brokers have been transitioning away from the legacy MetaTrader 4 platform, which is no longer being updated.
According to Phillip Futures, the main reasons for picking MetaTrader 5 are the popularity of the trading platform and its user friendliness. MetaQuotes has been investing in maintaining the infrastructure for community support for algo developers. The company acquired the Forex-TSD forum earlier this year, merging the content into its own MQL5 community website.
Commenting on the deal, the CEO of Phillip Futures, Teyu Che Chern, said: “Our clients are getting more sophisticated, so they seek an all-encompassing trading system. MetaTrader 5 is the answer to our clients’ need for a multi-functional trading platform that equips them with more innovative tools to trade forex.”