Software developer Tools for Brokers has announced the launch of a new plugin for brokers using the MetaTrader 5 suite by MetaQuotes. The Swap Changer application enables the automation of the process of changing the swap rates that brokers charge their clients.
Tools for Brokers is gradually expanding its products list for MetaTrader 5
Typically when a central bank adjusts interest rates, every brokerage has to update the swap rates it charges on the select currency corresponding to the rate change.
That results in changes across the platform that can be time consuming for dealer room employees. More importantly, the automatic adjustment prevents human errors such as when the broker doesn’t reflect the interest rate change in a timely manner.
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Although it is not the most time-consuming task, as interest rates changes in the current economic environment have become quite rare, the automation of this process can save brokers some time and money.
Tools for Brokers is gradually expanding its product list for MetaTrader 5 in the wake of the ongoing transition, a change which MetaQuotes is encouraging for all brokers using its trading platforms.
The forex broker technology provider is currently offering several other solutions for MT5. Risk management tools include a Virtual Dealer for b-book risk management and a stop out plugin that limits the losses for client accounts in case of rapid market moves.
The MT5 plugin portfolio of Tools for Brokers also provides a bonus manager for brokers that are allowed by their regulator to provide them, and an agent and IB commission manager.
For brokers that are aiming to attract and keep clients that don’t have much trading experience, Tools for Brokers is also offering a PAMM accounts solution. The Percentage Allocation Management Module allows customers of a brokerage to allocate funds to more experienced money managers who are operating via MetaTrader 5.