The Power of Interaction – MetaTrader 5 iPhone Application Now Features Chat
MetaQuotes have announced a significant upgrade to their MetaTrader 5 iPhone mobile platform in the form of a facility which
MetaQuotes have announced a significant upgrade to their MetaTrader 5 iPhone mobile platform in the form of a facility which enables users to arrange a chat conversation with any registered MQL5 user, regardless of with which brokerage they hold their trading account. In creating an MQL5 community, messages can be sent directly to recipients’ mobile devices by specifying the MetaQuotes ID, listed in all users’ MQL5 profile. 
The facility adds a new dimension to the type of social trading interactions which will take place, owing to the neutrality of the community. It has created a facility to message all users of the MetaTrader platform, rather than specific clients of specific brokerages.
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Currently, availability of this service is exclusive to the iPhone platform, however it will be rolled out to the Android mobile operating system in the near future. MetaQuotes explained to us: “We are releasing these on a gradual basis. Initially, these new features will be implemented over the coming days for the iPhone operating system. Subsequently, we will implement them on the MetaTrader 4 and MetaTrader 5 mobile platforms for the Android operating system.”
One particular potential effect which springs to mind when considering the possible ways in which this will be used market-wide, bearing in mind that its primary function is to allow users to interact with each other, is the potential for clients of MetaTrader brokers to use this facility as a means of sharing information with clients of other brokers, to the detriment of each other’s interest.
Will clients of one broker sharing information about better spreads in order to attract a client of another broker? Or will an IB use it to introduce clients to the brokerage with whom he has a partnership by accessing another broker’s client base via MQL5 chat? There are many interesting ways in which this new innovation could adapt the dynamic of the mobile trading world.
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On this issue, Gaies Chreis, COO of MetaQuotes Software Corporation, explained: “No third-party brokers have access to traders. Only those who know specific MetaQuotes IDs can send messages from their terminals via Alerts or Expert Advisors using the SendNotification function.”
“Traders can arrange chat conversations with each other using MQL5.community logins. In this case, you do not have to know your interlocutor’s MetaQuotes ID. Soon the brokers will be able to use MetaTrader 5 Manager to send personal messages to traders who specified their MetaQuotes IDs. It is impossible to send notifications without knowing MetaQuotes ID and using our services. If anyone tries to send spam or ads, the access will be blocked”.
Other upgrades include support for background mode, meaning that when the application is closed, it switches to background mode which saves the current operating state. Users also can view a simplified account summary, and the messaging has been upgraded to include an audio signal alert when a push notification is received. This can be enabled or disabled via notification settings, rather like SMS notification audible alerts.
Two new languages have been added as part of the ongoing localization. In this case, they are Polish and Czech.
The forex industry’s concentration on the various methods of social interaction between traders continues among software houses, signal providers and brokers alike. Certainly this particular facility could have a major effect on the way business is conducted between groups of traders due to its practicality and constant availability as a mobile platform and its ability to connect all traders worldwide regardless of brokerage.
This is a bad idea : every single broker will have all their sales people contact all other MT5 traders for all other brokers, and especially if they have a large balance.
No one can have access to traders without their MetaQuotes ID’s (unique and private ID). Of course, no changes to send spam or ad.
is it different ID than account number? because some IBs can simply take their account number and add numbers trying to guess other traders’ numbers, no?
MetaQuotes ID is unique randomly generated ID like 8B4E6A3D. No way to predict next ID and API fully under our control.
It means that no way to spam.
Well, I thought this could be a neat idea since it opens up more discussion amongst traders… Is the spam issue going to create a big problem?
@Jon – I think the UK does it a bit differently, the FCA does welcome retail participants but most of them are spread-betting/CFD orientated and therefore very much aimed at the domestic market. The US has led the whole world when it comes to regulatory reform and it has a very strong institutional sector which I think it wants to encourage and preserve the reputation. London is the world’s largest financial center and one of the oldest, therefore the banks are really what count there, the retail FX sector is small. The US market is bigger from a retail perspective… Read more »
@Jon – I think the UK does it a bit differently, the FCA does welcome retail participants but most of them are spread-betting/CFD orientated and therefore very much aimed at the domestic market. The US has led the whole world when it comes to regulatory reform and it has a very strong institutional sector which I think it wants to encourage and preserve the reputation. London is the world’s largest financial center and one of the oldest, therefore the banks are really what count there, the retail FX sector is small. The US market is bigger from a retail perspective… Read more »
ok that’s good, thanks
Sounds like a nice idea, but who is this designed for? Vendors? Brokers? or Users? 🙂
Users
Yep, that sounds safe. Better, thanks 🙂
Great. Functionality added to a piece of software that nobody uses.
@A – Based on their trading signals being launched first on MT5 and then a month later for MT4, it’s safe to assume that the iPhone features will arrive to MT4 as well.
Guys, what’s is the reason why people are sticking to MT4 and not just upgrading to MT5? I don’t understand why!
why should they upgrade?
Why shouldn’t they?
i’m not saying they shouldn’t, i’m asking from your perspective – why do you think they should?
Version MetaTrader 4 iPhone with chats is ready, we are waiting for approval in AppStore. It takes ~10 days.
Let’s see if this gains widespread use. It will be interesting to monitor the popularity of this as a trading community, compared with, for example, MT4’s forthcoming social trading system. It appears that a lot of innovations are made due to chat facility users interacting with each other. In this case without the boundaries of using communities or social trading software purely within a framework set by a specific broker.
@indicator guy – it’s not an upgrade, but a seperate platform – MQL4 to 5.
There is no way you can keep two positions in opposite direction in one currency pair in MT5.
This is a great post. So clear and easy to follow. Thanks for the tangible and attainable help. All your hard work is much appreciated.