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VTB24 Forex, one of Russia’s eight regulated and licensed forex brokers, has adopted the MetaTrader 5 (MT5) multiasset trading platform, said its developer MetaQuotes Software.
The minimum amount of funds on a trading account required for performing transactions is 50 000 rubles, while the minimum transaction amount is 50 000 units (0.5 lots) of the base currency. Currently the broker offers trading in 24 forex pairs, at a max leverage of 1:50 and average spreads of 3 pips. It is using the existing network of 700 offices of the parent bank to sign up clients.
VTB24 Forex is a daughter company of the major Russian bank VTB24, which was offering forex trading services itself. Last spring the bank board set up VTB24 Forex and applied for a license, which was granted by Russia’s c-bank shortly after that. This May the broker launched official operations. VTB24 Forex is also a member of of Russia’s Association of forex dealers SRO.
“We have never faced an issue of selecting a trading terminal”, states Alexander Sokologorsky, CEO of VTB24 Forex. “We have previously used MetaTrader 5 to render Forex services in VTB24. The platform has earned the deserved popularity both among our customers and technical support staff. We strive to provide customers with the best service at all stages, including fast registration in almost 700 offices across Russia, comfortable trading conditions via the convenient desktop and mobile platform, as well as simple ways to deposit and withdraw funds. Therefore, we are glad to continue our cooperation with MetaQuotes Software Corp. We hope for a long and efficient joint work”.
MT5 is the more advanced successor of the extremely popular MT4 platform, which is still offered by the vast majority of forex brokers across the world. Since the introduction of the hedging option to MT5 last spring, it has started gaining popularity among forex brokers and traders, not least thanks to the efforts of developer MetaQuotes Software to promote it. Other brokers offering MT5 are FxPro, XM, Fibo Group, FXTM, FBS, Alpari, IC Markets, FXFlat etc.