The MetaQuotes Fall-Out: Tradency Ceases Relationship with Platform Provider Following Allegations of Hacking

Further to MetaQuotes issuance of a warning urging brokers and traders to desist from using third party copy trading platform providers this morning, Tradency has been the first of those mentioned to respond.

The company has announced that it has with immediate effect ceased operation with MetaQuotes systems, shifting its Mirror Trader brokers to various currently available proven solutions.

In the announcement today, Tradency stated that its various integration solutions will be offered to those of its clients that have been previously using Mirror Trader with MetaQuotes services. The on-going transition process has been in motion for some time now, and is expected to accelerate in light of recent events.

Tradency sent a clear message in a corporate statement today that the company will continue to offer its growing client base with top-tier technological integration solutions away from MetaTrader, including Currenex, FXCM, ACT and additional proprietary solutions. These solutions are already in place with a series of brokers, therefore paving the way for what Tradency expects to be a straight-forward transition.

This signals the end of a seven year affinity with MetaQuotes, but indicates the first of such ancillary platform companies making for the hills in the light of MetaQuotes’ increasing focus on institutionalizing the third party marketplace.

Support Growing For New Platforms

Tradency’s step, while seemingly bold, could also be viewed as being far from a step into the great unknown.

The early part of this year has seen some of the world’s large banks pledge their support for new platforms such as ParFX, and discussion among some senior figures last week at the IFXEXPO in Cyprus favoring open platforms, this could be the dawn of a new era.

Dukascopy CEO Alain Broyon addressed delegates at the IFXEXPO conference last week in Cyprus in favor of open platforms. “The Jforex platform is built in with different interfaces that can be set by the broker. Every platform should have a detail that is different, to help it be global and allow the technology to be in line with Regulation .”

Tim Haman, CEO of Fair Trading Tehcnology added that third party applications and tools are important to traders who want to use EAs and signals. He explained : “They may not be programmers therefore they need to be able to have a list of options to customize their platform to suit trading style.”

Gold-i CEO Tom Higgins considers the server-side as important as the user interface side: “We see a lot of server side integration, copy trading, multi-account managers. We are very big on the server side. There is a lot of demand for back office integration so that databases can be managed and reports to regulators can be easily pulled off the system.”

The general consensus among the panel was that the participants were very much pro open trading platforms. It was agreed that party providers which can link a broker to appstore and provide on-the-move open applications can really make a difference to the reach of a broker.

When asked if the future is open platforms, the answer was a resounding yes. It was the view of the panel that closed platforms are not offering enough solutions to brokers or traders, therefore it is down to programmers and developers to continue to engineer open platforms and third party solutions which integrate with such platforms.

Forex Magnates will be reporting in detail on industry discussion regarding this move, and intends to follow it closely.