PSB-Forex, the retail forex subsidiary of Russia’s Promsvyazbank PJSC, has officially activated the Metatrader 5 trading platform.
Russian-based Promsvyazbank officially received its retail forex broker license in 2017, quickly launching its subsidiary to operate the bank’s retail FX agenda.
As part of its attempt to permit an easy onboarding process, it is possible to new clients to remotely conduct a framework agreement with PSB-Forex, through the online agent’s bank – Promsvyazbank PJSC.
In contrast with many retail FX brokers, another strong selling point for existing and prospective clients of PSB-Forex, is the fact that the company does not charge any withdrawal fees from client trading accounts.
The Shift to MT5
As the reign of Metatrader 4 over FX trading dominance begins to dwindle, brokers are swiftly acting to incorporate its successor platform – Metatrader 5.
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Last month, Metaquotes announced the official halt of further sales and support of the MT4 system. The reasons for the decision were primarily centered around the premise that the platform is outdated, and fit the technological capacity of last decade.
Metaquotes’ insistence that further developments are not practical for MT4, led the company to finalize its advancement of the MT5 platform as its staple platform. The decision was made, despite the long-standing popularity for MT4 among brokers and traders alike.
The Development of MT5
The landscape of online trading has taken a strong turn toward mobile in recent years. More users than ever placed their emphasis on obtaining access to their portfolios from mobile devices, over a wide range of features available on desktop versions. In response to this trend, Metaquotes released its latest MT5 build for iOS devices, in August of last year.
The launch of MT5 was initially met with relative resistance, as veteran FX and CFD traders insisted that the MT4 platform better met their needs.
However, various features that were not available at the launch have been implemented to meet user demand. For instance, hedging was not immediately available on MT5, as any attempt to place hedged positions would simply close out some of the initial exposure in the client’s account.
Metaquotes continues to add features that will create a better overall user experience for traders. One example is the integration of a detailed positions report, which can be produced on demand by client request.