FXOpen’s step comes as the industry’s transition towards the MT5 platform remains in full swing, following years of hegemonic domination by its predecessor, MT4. FxOpen has become the latest brokerage to follow suit with the support of ECN trading accounts and interbank liquidity on MT5.
The decision to support MT5 functionality for its ECN trading accounts is a nod to the growing market penetration of the platform, which has seen a methodic uptick in usage amongst retail brokerages over the past year.
As a large number of FX brokers have started shifting their offering into the multi-asset space, the need for a new trading frontend caused MetaQuotes to stop updating its legacy platform and move on to focus on the 5th generation of the software. This included the rollout of new updates and an emphasis on new capabilities, essentially leaving MT4 behind.
Last week, FXOpen expanded its offering, adding eight new cryptocurrencies to its growing suite. The move places the company on par with other brokers in the industry amidst burgeoning client demand.
(Photo: MetaTrader 5 Android Interface)