MT4 is the most popular forex trading software on the market today—so popular, in fact, that it has virtually overshadowed its newer version, MT5. However, one fact that is often overlooked is that MT4 is just one of hundreds of trading platforms available to brokers today.
MT4’s reputation and popularity are no accident; there are good reasons why the software dominates the industry: a vast array of charting tools, indicators, and automated trading robots, among other features. Furthermore, MT4’s mobile compatibility and integration with news outlets and alert services allow traders to access critical information directly within the platform.
“The data is reliable,” says Maoz Tenenbaum, Sales Director at Leverate. “The fact that MT4 is so popular means that something about the program is being done right.” As a well-known Israeli fintech firm, Leverate offers MT4 in addition to its own proprietary software, Sirix.
“We offer MT4 in a white-label format, which means it’s hosted on our servers and allows our clients to use it under certain conditions,” Tenenbaum said.“This isn’t the only product we offer—our proprietary software is absolutely on par with MT4—but we want to provide our clients with as many options as possible, so offering this platform makes perfect sense.”
At the same time, it’s undeniable that the public’s preference for MT4 isn’t necessarily the result of careful market research; it may have more to do with trends and convention. Precisely because of this, new traders rarely understand the technologies available beyond MT4, let alone use them.Furthermore, using multiple types of software and tools simultaneously requires some skill, and novice traders are usually more focused on learning the basics of trading.
Therefore, now that we’ve covered the obvious advantages of MT4, its drawbacks are also worth mentioning.
First, it lacks user-friendliness
Another issue with MT4 is that it isn’t the most user-friendly software ever created. It includes numerous options and features that can be overwhelming at first. While this raises questions about how it has become so popular among novice and inexperienced traders, the fact remains that MT4’s popularity is undeniable.
Second, Stringent Verification Processes
As of 2022, if your startup forex brokerage platform operates in the Asian market, you must pay close attention to MetaQuotes’ latest requirements for submitting KYC documents and verify, item by item, whether your startup meets MetaQuotes’ requirements. Key aspects of KYC include:
Certificate of Incorporation
Register of Shareholders and Directors
Good Standing or Incumbency
Copies of shareholders’ and directors’ passports
Selfies of Shareholders and Directors Holding Their Passports
Utility bill under the company’s name
Bank reference letter or bank statement under the company’s name
The company’s business scope must include: financial services / currency trading / FX trading
Legal letter from a local lawyer certifying that the company has the capacity to conduct foreign exchange trading
Proof of domain ownership
The upload of the above KYC documents must be completed by the company owner. MetaQuotes typically sends a link and instructs the company owner to click on it, turn on the camera, record a video and take photos (front, left side, right side), and then upload the documents while the camera remains on. In the past, technology providers such as Leverate could collect and upload the documents on behalf of the company owner.
“MetaQuotes may be considering withdrawing from the Asian market; they are particularly strict in reviewing documents submitted by applicants from China, Southeast Asia, and other regions,”according to an industry insider. “For example, in Malaysia, a white-label forex brokerage platform faced customer complaints due to operational issues. Some traders filed complaints directly with MetaQuotes, which subsequently revoked the entire Main Label License.”This means that the white-label technology provider cannot use MetaQuotes’ license to conduct business.
According to Maoz Tenenbaum of Leverate, “At Leverate, our standard policy is to recommend that all our brokers offer multiple software solutions rather than relying solely on MT4.” He explained that this is part of a broader industry trend.
Leverate’s Sirix addresses this widespread need.
Sirix is a simple and flexible platform tailored to meet the needs of brokers and the capabilities of new traders. This proprietary software can be downloaded or used online and features mobile apps compatible with iOS and Android operating systems.Leverate’s designers found the optimal balance between functionality and simplicity, successfully creating the Sirix platform, which offers the widest selection of tools that can be integrated into the software without compromising user-friendliness.
Compared to MT4, Sirix offers the following advantages: no restrictions on trading groups, no limits on back-office accounts, the ability to grant each administrator higher and more flexible management permissions, the ability to view profit and loss statements directly within accounts, visual reports on order sources, and automatic reports on open positions broken down by instrument.
Sirix not only benefits traders but also offers a wide range of advantages to brokers. With a strong emphasis on back-office functionality, Sirix is a powerful platform that combines adaptability and transparency, ultimately simplifying compliance with regulatory requirements while offering a cleaner, more intuitive interface, lower pricing, and greater administrative privileges.
Ultimately, the forex industry relies on advanced technology, and this critical component can determine a broker’s fate.Good software can provide a significant advantage, while substandard software may lead to a brokerage firm’s bankruptcy and demise. A positive user experience meets traders’ needs and fosters sustainable relationships with them. Not to mention, a user-friendly platform leaves a positive first impression on new clients and helps boost the platform’s conversion rate.
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