Russian software developer MetaQuotes said on Friday it has made the web version of the MetaTrader 5 (MT5) trading platform more secure by adding a two-factor identification protection.
The two-factor authentication process includes a one-time passwords and the option to change master and investor passwords.
To enable the new protection, users need to log into the mobile app for the MT5 platform, choose the one-time password (OTP) generator in the Setting window, and then generate a six-digit password that can be used for all accounts they operate. This password is used on the log into the MT5 web platform.
Traders can also create a personal ID for the web platform by changing the master and investor passwords.
These changes were implemented as a result of client requests.
In addition to the new protection features, MT5 also allows the automated generation of demo accounts. Demo accounts are used for practicing trading are suitable for novice traders and for those who want to try out new trading strategies. Unlike live accounts, demo accounts do not operate with real money and investors can learn to trade without risking their funds.
Recently, MetaQuotes expressed its intentions to stop issuing updates to the MT4 as it seeks to focus entirely on the MT5. Indeed, in the past few weeks the developer has not made any enhancements to the MT4, while adding new functions to the MT5 on a regular basis.