The number of brokers offering the MetaTrader 5 (MT5) platform for trading on the Dubai Gold Exchange (DGCX) rose from one to 10 in one year, said MetaQuotes Software – the company behind one of the most popular trading platforms.
Since one of the leading brokers in the Arab world – Menacorp – became the first DGCX member to offer the MT5 platform in July 2015, the number of such brokers rose to 10 in less than a year. Among them are the major players on the Middle East market such as AxiTrader ME, part of Australia’s AxiTrader, Arab Global Commodities, LT International and Krishi Gold.
Besides precious metals, as the name suggests, on DGCX investors can trade in forex, options, equities, energy, base metals, etc. Via the MT5 traders can download and launch any of the thousands ready-made trading robots, copy trading signals of successful traders, rent virtual hosting directly in the platform, use advanced trading and analysis tools and additional built-in features.
“MetaTrader 5 is rightfully in high demand among brokerage companies, since this is the most powerful solution for trading on financial markets,” said Manoj Choudhary, head of the MetaQuotes Software Corp. representative office in Dubai (MetaFintech LLC). “Due to its technological superiority, the platform meets the needs of the most demanding traders significantly expanding their opportunities”.
DGCX commenced trading in November 2005 and became the first derivatives exchange in the Middle East and North Africa. It is owned by the Dubai Multi Commodities Centre (DMCC). DGCX has 267 members. It is regulated by the Securities and Commodities Authority (SCA) of the United Arab Emirates, a member of the International Organisation of Securities Commissions (IOSCO). The Exchange owns a clearing house called Dubai Commodities Clearing Corporation (DCCC).
MT5 is among the most popular trading platforms, along with MetaQuotes’ MetaTrader 4 platform. Recently it had several upgrades and finally features the hedging option. Since then several of the forex brokers, offering MT5, such as Alpari and RoboForex, updated their terminals to also offer hedging. Meanwhile MT5 revamped its website, the web trading platform and also updated the mobile trading apps.