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Software developer MetaQuotes has launched a new app, MQL5 Channels, available for IOS and Android devices. MetaQuotes is the developer of the Metatrader 4 and 5 platforms, the most used trading software nowadays. Here is a summary of what its new app can do:
What is MQL5 Channels?
First off, MQL5 Channels is no trading platform. Instead, this is a messaging app. It was developed for users of the two Metatrader platforms, as well as other traders. You can use the app to communicate with other traders, both via personal messages, as well as via group chats. Group chat rooms in particular can foster trading communities in which members can receive valuable information and data from financial professionals. This means newbies to the markets will find it quite useful. On the other hand, group chats can also be made into an invaluable workspace, providing large corporations with a lot of utility as well.
Aside from messaging others, the app also supports sending them documents, images and even video files. This makes MQL5 Channels a good companion piece for people using the desktop version of the Metatrader 4 or 5 platforms, as it allows communication on the go.
MetaQuotes states that will help traders from all over the world come together to solve problems and to coordinate with each other more efficiently to meet common goals. It boasts that despite its many features, the interface of the app has been kept simple. Additionally, the developer states the app delivers messages reliably even when using a lower speed internet connection.
The Metatrader ban from AppStore
The new app from MetaQuotes comes five months after the ban of the two Metatrader platforms from the AppStore. This ban was quite surprising to traders and the industry alike. Apple justified it by claiming that a lot of scam Forex brokers used the two platforms. In response to the ban, the developer tightened the rules for acquiring a white-label license for third parties. It also refined the web versions of the two platforms. At the time of writing, it contains all of the features that are present with the two now-banned platforms. MetaQuotes has stated that its web-based platforms have been refined to the point where getting an app is not necessary.
Since the ban did not affect already existing versions of the software, the two platforms continue to see a lot of use. However, other software is also seeing more downloads. The main competitor of MT4 and 5 is cTrader. What makes it stand out is the fact it also enables automated trading, and is compatible with expert advisers made for MT5.