Things are becoming more interesting in the foreign exchange sector if recent developments are anything to go by. The United Kingdom-based retail foreign exchange broker FXOpen, FXOpen UK has made it known this week that it is taking the next step. It is now going to be a part of those who have incorporated MetaTrader 5 into their transactions. This was confirmed with the venture’s opening of the MetaQuotes Software recent platform.
Advantages for all Players
With the FXOpen UK’s automated foreign exchange (forex) trading platform, it becomes very easy to gain access to the Electronic Communication Network (ECN) trading. It is not just limited to this but the same applies to interbank liquidity too. This was made known by the company in a release made available to the media on Thursday.
That is not the end of the development as there are some other benefits that must be pointed out to. Apart from what has been outlined above, the customers of the United Kingdom-based broker are going to be able to select between a pair of order accounting systems (netting and hedging). This is made possible via the MT5 and they can then make use of the economic calendar and financial updates. These are very integral to the network itself and it is understandable that the customers are going to expect everything to remain intact.
Next Level Operations
The platform is going to make it possible to set up as many as 100 charts complete with quotations all at the same time. It will also be possible to do tracking of movement of prices via the use of 21 timeframes. Another extra advantage that comes with this is the possibility of a comprehensive market study. It is so comprehensive that there are more than 80 indicators that can be used for technical analysis. All these were contained in the media release that the venture made public for all stakeholders on Thursday.
On its own, FXOpen has had a history of giving support to the MetaTrader 5 platform. In fact, just last month, the venture includes ECN trading accounts and interbank liquidity to the list of its portfolios that are on the MT5 network. This move by the venture this week is coming at a time when the sector is making moves to ensure that the MT5 network is intact at all levels. This is coming after a long period of MT4 reigning in the sector.
Of late, it has been observed that several service providers in the sector have incorporated the platform into their network. A very good example in this regard is VIPTRADE which includes the MetaTrader5 platform in October. The same period also saw the offer of the platform for clients by AETOS in Australia. In September, the same thing happened in Chile with MercadosG, another broker. When it comes to the highest levels and standards in the forex industry, MetaTrader 4 and MetaTrader 5 platforms have made names for themselves and that explains why many traders prefer to use them.