Metaquotes has just made an announcement that is likely to materially affect the industry, stating that it will no longer sell the Metatrader 4 trading platform. The company elaborates that the system is outdated and cannot be developed further. The decision of the software developer comes amid an increasing push for MetaTrader 5 adoption which the company started in 2016.
MT4 has been a staple of FX brokerages and traders for more than a decade. Since its launch 12 years ago, the trading platform grew in popularity, as its user interface and functionality were highly touted by traders. A lot of brokerages offer the trading platform, and it has come to be perceived as the default option. Its scalability and wide user base among algo traders have been accommodating the high demand across the industry.
Metaquotes has long been preparing the gradual phase-out of the trading platform. The statement elaborates: “The architecture was designed under the limitations of a different time, due to which it is no longer possible to implement new features that should meet nowadays increased requirements of the industry or the brokers and traders demands.”
Introducing NextV - The Full Scope Solution To Building Your Next Virtual EventGo to article >>
Who Will be Affected?
The announcement elaborates that the company will stop issuing new licenses to new clients, although the MT4 platform can continue to be used by existing customers. Moreover, brokers who are already using the software will not be able to expand their operations on the platform, as no new servers will be issued in any capacity.
On a positive note, existing customers will continue to get access to technical support as usual, in addition to the continuation of the offering of white label terminals for servers that are already in use. The platform will not be neglected by Metaquotes in any way, and it has already addressed concerns regarding the continuation of security updates and fixing of potential bugs.
Assuring a Smooth Transition
When the Metatrader 5 trading platform was initially launched several years ago, the platform lacked the same community support as its predecessor. Rumors of discontent and issues pertaining to features and functionality flooded the industry. Specifically, traders who enjoyed the hedging function were initially disappointed that the feature did not exist in the new MT5 trading platform. This feature, as well as reports on positions have been added to accommodate the needs of traders, as well as to induce a smooth transition from one system to the next.
Moreover, the general landscape of internet use has dramatically shifted toward mobile devices over the past few years. In response to this trend, many companies have developed user-friendly mobile apps and interfaces, designed to provide end-users with the best possible user experience where the palm of their hands take center stage. Metaquotes is no exception, as in August of last year the company launched its most recent version of the Metatrader 5 iOS application, to the delight of many of its supporters.
In recent months, there has been a trend of many brokerages beginning to offer the Metatrader 5 platform. In an effort to adapt to the significant change to the industry, several technology companies have already begun to adjust to the new software, by adapting their products to fit the technology of the MT5 platform. Among these companies are Gold-i, oneZero, PrimeXM and Tools For Brokers.