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Another set of forex brokers have adopted the MetaTrader 5 (MT5) multi-asset trading platform, Russian fintech company MetaQuotes (developer of the platform) said. XM, IC Markets and Hedge Total (aka HTotal) are joining the list of brokers that support the MT5.
IC Markets and Hedge Total have already started offering the MT5 to clients, while XM adopted it in March.
“It is something we have been patiently expecting for a long time, and I truly believe it will be a game changer for XM. […] I feel the predecessor of MT5, the globally acknowledged MT4, is a great platform and has proved itself, but it could only satisfy the needs of a certain audience and that would be FX traders, while MT5 is open to a whole new audience in addition to FX traders. Only judging from the audience it will serve as a multi asset class platform, I would say it’s the platform of choice as we speak,” said Chris Zacharia, marketing director of XM Group.
MT5 is the successor of MT4, which is the worlds’ most widely-used forex trading platform. Both platforms offer access to the forex, contracts for difference (CFDs), options and futures markets, but the MT5 also has a function for stock trading and hedging capability. It is available as an app for desktop or mobile devices, in a web-version and a recently-launched mobile web version.
The platform uses MQL5 programming language and allow automated trading via Expert Advisors (EAs). 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.
MT5 has been increasingly gaining momentum as the number of forex brokers and traders using it has been growing. One reason for this is the fact that MetaQuotes has announced plans to no longer support updates for the MT4, but to switch its focus on the MT5 instead.