There are more than 700 Forex trading platforms on the market, but in the retail Forex business, everyone agree that the field is dominated by one product alone— MetaQuotes’ MT4. In fact, its popularity is so strong, that its own developer still hasn’t been able to convince people to adopt its successor, MT5. As you might recall, MT5 was released back in 2010!
There is no doubt that the current version of MetaTrader has stood the test of time. It enjoys unparalleled reputation, and has every feature a trader would need – countless charting tools, over 1,700 trading robots and 2,100 technical indicators in the MT4 Market, copy trading, alerts, financial news and mobile trading on iOS & Android.
“Millions of traders can’t go wrong”, says Haim Machluf, Sales and Biz Dev Manager at Leverate, a leading brokerage solutions provider.
“MT4 is the most popular forex trading platform for a reason. Its biggest advantage is variety – it is the most diverse trading system today for retail clients. It also isn’t lacking on the broker side – with the ability to control trading conditions, assign role-based managers, create client groups and market segments, and modify every component in the platform with dedicated APIs. For this reason, we offer our clients a low-cost solution which includes a complete white label MT4 platform hosted on our servers”.
MetaTrader 4 is used so widely in the FX trading industry that many traders see itas an intrinsic part of their daily trading activity. But is it really the best option for every occasion?
As you well know, nothing stands still in the world of technology, and that is especially true when it comes to financial software. While MT4 may be the trading platform of choice for most traders, that may be because they are simply not aware of what is available in the market.
That is hardly surprising, as traders are more inclined to invest their efforts in trading than in competitive analysis. And chances are, there are better packages out there that could make their work less onerous, less tedious, and ultimately more profitable.
Truth be told, MetaTrader does have a number of weak points. For a start, today’s traders are far more tech-savvy than their predecessors, and MT4 hasn’t been at the forefront in regard to continuous updates and new features.
For example, as recently as 2015, the system was only available on Windows and there was no Web-based product on the market. The company eventually produced a Web version, but it is a little below average compared to other equivalent products.
Another weakness of MT4 is its short-sighted policy concerning third-party integration. There is hardly any system on the market today that fails to integrate with third-party add-ons.
Even tech giants like Microsoft, Apple, and Google open their platforms for external developers to create enhancements. MT4’s developers have decided to pursue a closed-system approach, which is unlikely to win them many fans.
But MT4’s biggest downside definitely has to do with accessibility. MT4 is a vast, complicated, and overwhelming software, which isn’t very welcoming towards new traders
“As a technology provider, we always advise our clients to offer more than just MT4”, says Haim. “In today’s world, diversification is no longer the only key to success. Simplicity of actions and clear graphic design have proven themselves numerous times as essential for better conversion and better customer value on the long run. MT4 is simply too much to handle for beginner traders. It is an astounding behemoth of a platform, and most of its features will be undecipherable to the novice trader”.
To help brokers attract and convert newcomers, Leverate created its own trading platform, Sirix. Available for Web, Desktop, and Mobile users, this super-friendly platform has been designed with the intention of taking the stress out of trading while also enhancing trading success and profitability.
With its one-click trade execution, fully intuitive dashboard design, and streamlined technical analysis and charting, Sirix supplies all the features that the average trader dreams about.
Sirix also supports copy trading and crypto trading, either as a separate standalone platform, or integrated into the broker’s main Sirix offering.
On the broker side of things, Sirix provides a back-office solution that supplies flexibility and transparency simultaneously, enabling traders to fully comply with even the most stringent of international regulatory standards.
“Trading today is more about the relationship between broker and trader”, says Haim. “Sirix is the one trading platform that will make traders feel at home instantly. It is way simpler and easier to stomach for new traders, while still leaving room for professional traders to grow. For brokers, Sirix enables more accurate calculation of the trades, and is better suited for trading with crypto assets. It enables you to make modifications on the trading group conditions that will not affect the full range of activities. At Leverate we offer Sirix as a standalone product with its own server, or as part of the Sirix Venture package which contains all the complimentary tools a broker would want”.
Technology has the power to give your brokerage an unbelievable advantage over your competitors. Whether it’s to increase your conversion and retention rates, establish longstanding connections with your traders, or just diversify your offering, it’s imperative to stay dynamic and keep your position at the forefront of the industry.