LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
In a surprise move, announced on Monday, Japanese retail Forex broker MONEX stated that it is halting its MetaTrader 4 service. All MONEX MetaTrader 4 accounts will be closed before October 31, 2014 and the service will stop existing as of this date.
The broker cites “restructuring moves in subcontractors” for the decision to discontinue the service.
This may be related to MONEX’s strategy to cut expenses, a plan it began to implement in October 2013 after a set of dismal performance metrics had been unveiled. Among many restorative measures, the plan involved boosting certain business aspects, including the introduction more platforms for the clients of the broker in Japan. For that matter, the decision to terminate the MetaTrader 4 service is more than stunning and testimony to the ever-changing nature of the retail FX business.
It could be that the broker is focusing its efforts on Tradable, the application-based platform it is set to introduce any moment.
Those who have followed MONEX’s business in Japan, however, would hardly be astonished by the broker’s decision. Since July 2, 2014, there has been a warning on the company’s website, saying that it does not accept applications for new MetaTrader 4 accounts “for various reasons”.
This has occurred at a poignant time within MONEX’s corporate decision to sell the entirety of its MetaTrader 4 accounts in Australia and the US to FXCM, with the business focusing on its proprietary platform TradeStation.
MONEX’s move leaves Japanese traders with only one originally Japanese FX broker supporting the ubiquitous MetaTrader 4 platform, that being Togaku Securities, formerly Easthill FX. That company offers not only Forex trading but also CFD trading on the platform. The other options for Japanese traders wishing to trade on the MetaTrader 4 include foreign companies like OANDA Japan and FXCM Japan. However one cannot be sure that the conservative Japanese clientele would overcome traditionalism and choose a foreign FX broker over the extremely popular domestic firms.
MONEX started offering its MetaTrader 4 service in August 2013. Traders are advised to contact the customer support service of the broker regarding withdrawals of their funds.
Latest research from Andrew Saks-McLeod (see all)
- FINRA Fines Goldman Sachs Execution & Clearing, L.P. $1.8 Million for OATS and trade reporting failures - July 27, 2015
- Full details of Malta’s new binary options regulation - July 27, 2015
- CMC Markets takes to the high seas at the Americas Cup – Live coverage from Portsmouth, UK - July 27, 2015
- One Financial Markets expands UAE operations with senior appointments and new offices - July 27, 2015