Menacorp, a leading brokerage firm operating out of Abu Dhabi in the United Arab Emirates (UAE), is launching the MetaTrader 5 (MT5) online trading platform for their customers wishing to trade on the Dubai Gold and Commodities Exchange (DGCX), the first derivatives exchange in the Middle East and North Africa region.
Traders will gain access to all instruments available at the Middle Eastern financial and commodity derivatives exchange via the MT5 platform, which is the successor of the hugely popular MetaTrader 4 (MT4), developed by MetaQuotes Software.
The move by Menacorp to adopt MT5 is rather curious, given its overall lack of uptake among trading firms. Consequently, the very thing that made MT4 so popular – namely, that a huge development community sprung up around it providing customization – is strikingly absent from its successor.
Nevertheless, Menacorp’s status as the number one broker on UAE exchanges will likely not be harmed by offering the new trading technology on the DGCX.
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Commenting on the decision, Gaurang Desai, Interim CEO of DGCX, said: “We extend our congratulations to Menacorp to become first DGCX member to use MetaTrader 5 platform and offer our products to their customer base. This partnership comes at a time when DGCX has recorded the highest Open Interest ever in its 10 year history and with dynamic platforms like MetaTrader 5, we expect increased participation and fresh enrollments across the MENA region.”
“We are very delighted to be a member on DGCX as we believe that it has a great future and we look forward to being a very important and active member. DGCX will help us diversify our product offering to our clients. We made sure to use one of the best software for trading futures which is MetaTrader 5,” comments Ayman Al Satari, Deputy Managing Director Brokerage at Menacorp.
“We also congratulate Menacorp on the successful implementation of MetaTrader 5 to DGCX,” adds Renat Fatkhullin, CEO of MetaQuotes Software. “This step has significantly expanded the opportunities of the broker’s clients.”
In June, Menacorp became the first entity in the region to receive Derivative Membership under NASDAQ Dubai Limited, receiving a full mandate to act as a trading and clearing member for securities and derivatives in the Middle East.