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Screenshot of a breaking news alert e-mail from Q2 2017
Are retail forex traders actively switching from MT4 to MT5?
Platform provider MetaQuotes clearly wants that to happen.
One broker which has some unique insight on what is actually going on is Gland, Switzerland-based Swissquote Group Holding SA (SWX:SQN). Swissquote not only offers both MT4 and MT5, but also acts as a liquidity provider to smaller brokers running MetaTrader.
We’re pleased to speak today with Ryan Nettles, Swissquote’s Head of eForex Trading & Market Strategy, to shed some light on what he is seeing, what it means to be a MetaTrader liquidity provider, Swissquote’s own new logo and look, and lots more.
LR: Hi Ryan. We recently reported that Swissquote liquidity is now available in MetaTrader 5. Can you please explain the importance of that move from Swissquote’s perspective?
Ryan: We have experienced increased demand for our liquidity from institutions not only through Swissquote Bank’s direct API but through external market venues. As MetaQuotes has been increasing their distribution of MT5 licenses, our integration of liquidity on FX, Precious Metals and CFDs into MT5 corresponds with our liquidity distribution expansion plans into external market venues.
LR: Were there any serious technology hurdles in developing the new MT5 gateway? Did you develop it entirely in-house, or with a technology partner?
Ryan: The MT5 gateway was developed completely by MetaQuotes. MT5 licensees only need to purchase the MT5 gateway through the MetaQuotes support site and then connect the gateway to their Swissquote account once they setup a relationship with Swissquote Bank. Our Institutional Sales team can assist with any questions by telephone +41 58 721 98 00 or email [email protected]
LR: We know that Metaquotes wants brokers and traders to move over to MT5 from the MT4 platform. From your perspective as a liquidity provider (as well as a broker offering both MT4 and MT5), can you sense if the move is indeed being made. Or are traders stubbornly staying with what’s most familiar to them?
Ryan: As we just recently released hedging mode feature on MT5, which is one of the main criteria for MT4 users to make their switch to MT5, we are expecting to see more clear retail client trends shifting from MT4 to MT5 in the coming months. In addition, many MT4 users are using automated trading strategies called Expert Advisors, so MetaQuotes will need to make sure their MT4 users EAs are compatible for MT5 to expedite traders shifting to their new platform.
LR: Swissquote recently changed its logo, as well as its overall website and look. How have the upgrades gone over with your clients?
Ryan: Our mission is to challenge conventions by creating pioneering platforms, tools and banking solutions for our clients. The new brand identity and website is the visual expression of our refined brand mission. The client feedback is very positive. They find the new logo much more modern and like the distinctive detail we put in our “w” which makes a wink to the curve we were previously using in our brand communication. We are now progressively updating our platforms environments & marketing materials to make the transition as smooth as possible to not disturb our clients in their day-to-day trading.