Russian fintech company MetaQuotes no longer intends to issue upgrades to the MetaTrader 4 (MT4) as it is focusing entirely on its successor MetaTrader 5 (MT5), investment news provider Finance Magnates reported on Tuesday, citing Anthony Papaevagorou, head of sales at MetaQuotes, as saying at the Finance Magnates London Summit.
“We do not expect to see any developments to come out of MT4 ever again. Given this, MT4 is slowly dying out,” Papaevagorou said as quoted by the media. “MT5 was previously struggling to keep up with MT4 and our other offerings, our problem is that we are victims of our own success,” he added.
Indeed, in the recent months MetaQuotes has been putting a stronger emphasis on the MT5. It has been actively enhancing all versions of the platform and prompting both brokers and traders to switch to it from the MT4.
In the past few months, MetaQuotes has added to the MT5 hedging functionality (a long-awaited feature), chat functionality, exchange markets analyzer, new charting solutions, one-click trading and demo account opening, among others. It also launched a gateway to e-trading and charting platform CQG, thus providing direct access to a number of instruments traded on global exchanges. In addition, the platform has added a few new liquidity providers, including forex giants Alpari, FXCM Pro, Swissquote Bank, and LMax Exchange.
Earlier on Tuesday, MetaQuoted announced the addition of Skrill to the MT5 supported e-payment system. It also offers seven other money transfer systems – Visa, MasterCard and UnionPay cards, as well as the MQL5.community, PayPal, WebMoney, Neteller and ePayments systems.
As a result of the enhancements, the number of brokers that support the platform has been on the increase. In June, the developer said the MT5 was used by four out of the 10 leading brokers in Pakistan just a year after its launch in the country, while the number of brokers offering the platform for trading on the Dubai Gold Exchange (DGCX) had risen from one to 10 in one year.
Both the MT4 and MT5 are the most widely-used trading platforms for forex, contracts for difference (CFDs), options and futures. The MT5 also has a function for stock trading. They both use MQL programming languages.
The platforms allow automated trading, using Expert Advisors (EAs), and have advanced charting packages, trading and analysis tools, alerts, signals, and customizable indicators.
The MT4 and the MT5 are available as applications for desktop and mobile devices and as web-based platforms. The web version of the MT5 was released earlier this year.
MT5 trading is included in the offering of forex brokers FXTM, Alpari, OctaFX, Exness, Admiral Markets, RoboForex, IC Markets, Windsor Brokers, WhoTrades, Fortex, FBS, and many more.