Forex brokers have been on the market for a long time now. However, many of them have been very reluctant to change their ways of trading. For so many of those years, their primary tool for trading was MT4, which by today’s standards is nothing but an outdated piece of software. Many companies started to create their own applications and software to offer their customers to trade on. Many of those brokers actually saw a lot of success in their new ventures, so the developers of MT4 understood that sooner or later, they would go out of business.
How MT5 got popular
Eventually, MT5 came along and it has been quite a hit with most of the brokers today. Many of them are featuring the software on their platforms, for traders to enjoy. Retail Forex broker FXOpen is no different as it has decided yesterday to also add MT5 to its software collection.
The industry has been changing and they desperately needed a new platform that they could all migrate to. MT5 was the solution everybody was looking for and FXOpen knew it. It was a matter of time before they themselves crumpled from the peer pressure and had to commit to the platform as well. They are the newest broker to join the list of others, supporting ECN trading accounts and interbank liquidity on MT5.
Traders started to utilize other platforms that allowed them to diversify their portfolios, therefore making it a lot harder for MetaQuotes software to keep up. That is why the company decided to completely abandon all the updates in store for MT4 and went straight ahead with developing a completely new trading software that they could implement everything in.
MT5 is currently still restricted to only forex trading. However, there are a lot of customers in this field urging the software company to keep developing and keep updating their software. The tides may change as younger generation traders are getting a lot more interested in new forms of assets like cryptocurrencies. The life span and relevancy of MetaQuotes are yet to be determined.