Cyprus-regulated forex broker ForexTime, or FXTM, said on Monday it has adopted the web-based version of the MetaTrader 5 (MT5) trading platform. In addition to other features, the web platform has a hedging functionality, which allows users to open multiple trades of the same trading instrument, including on opposite directions. This is not a new feature for FXTM clients, since the broker introduced hedging to the MT5 desktop version in late July this year.
MT5 is a successor of the MetaTrader 4 (MT4), the most widely-used forex trading platform worldwide. It has support for trading in forex, contracts for difference (CFDs), options, futures, equities, and stocks. Access to these markets is available via a single trading account.
The platform is based on the MQL5 programming language and has options for automated trading strategies (EAs) and is available as an application for desktop and mobile devices. It features advanced charting package, trading and analysis tools, alerts, signals, and customizable indicators. The platform allows four types of order execution – Instant, Request, Market and Exchange. Hedging was introduced to the MT5 in late March 2016, and soon after it became available to the Android and iOS mobile versions, as well.
The web version of the MT5 platform has all the functionalities of the desktop platform. It offers real-time market depth, advanced strategy testers, additional pending order types, and extensive technical and fundamental analysis, among others. However, the web platform is more convenient and easily accessible since it does not require the installation of additional software and can be used across all operating platforms and browsers.
The platform was developed by Russian software company MetaQuotes. Recently, the fintech expressed its intentions to stop issuing updates to the MT4 as it seeks to focus entirely on the MT5.
In the past few months, MetaQuotes actively been enhancing the functionality and interface of the MT5. In addition to hedging, it added to the platform 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.
FXTM supports both MT4 and MT5. The broker offers trading in more than 100 instruments, including forex, spot metals, and CFDs on stocks, commodities, and exchange traded fund (ETFs). It serves retail and institutional clients alike and supports MT4 and MT5 trading platforms.
FXTM is based in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC), which allows it to provide its services in all EU countries. Earlier this year, the broker obtained a license from the Financial Services Board (FSB) of South Africa. It has also set up a London-based unit, but it has provided no information at the time as to whether it plans to acquire a UK license.