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OctaFX, an offshore forex broker that has a subsidiary with UK regulation, announced it is making available the MetaTrader 5 (MT5) platform for its customers with demo accounts.
Interestingly, the MT5 platform, which is gaining traction among the forex brokers, is not available for live trading to OctaFX’s clients, or at least not yet.
As per the announcement of the broker, the aim of the introduction of MT5 is to offer practice at brokerage services to customers in forex, CFDs, futures and equity markets. The demo accounts will let users train in trading and test strategies, without having to spend real money and, naturally, without making profit. Those accounts offer the same functionality as the live ones.
The MT5, which finally started featuring a hedging system this spring, almost six years after its launch by MetaQuotes Software, has 31 technical indicators, 23 analytical objects, one-click-trading and the entire set of trading orders. The program interface has been translated into 41 languages.
The MT5 demo accounts of OctaFX are also available through the platform’s mobile applications for Android and iOS and the web version.
OctaFX is registered in the offshore zone St. Vincent and the Grenadines, but has a subsidiary regulated by UK’s Financial Conduct Authority (FCA). It offers trading in forex, CFDs and some precious metals. The platforms for live trading are MetaTrader 4 and cTrader. The minimum deposit is $5 and the maximum leverage is 1:500.
MT5 is used by brokers, like Alpari, RoboForex, FBS and FXBlue, to name a few, with the latest addition of FXTM. At the same time, MetaQuotes reported that MT5 is gaining popularity in Pakistan.