If one were to take a snapshot of the Forex Industry, it is easy to understand why they would think that MT4 (often referred to simply as “Metatrader”) is a prerequisite for opening and maintaining a brokerage. MT4 is the most popular platform on the market today. So popular that it actually overshadowed its updated version – MT5. However, an often neglected fact is that MT4 is one of several hundred platforms available to brokers today.
The reputation and popularity achieved by MT4 did not come about by accident, and this software dominates the industry for good reasons: a plethora of charting tools, indicators and automatic trading robots to name a few. In addition, MT4’s mobile compatibility, as well as its compatibility with news outlets and alert services allows for an integrative product that puts vital information at the traders’ fingertips.
“There is safety in numbers” says Leverate’s head of sales, Maoz Tenenbaum. “The fact that MT4 is so popular means something in that program was done right”. As a leading tech provider for brokers, Leverate offers MT4 in addition to their own proprietary software, Sirix.
“We offer MT4 in a White Label format, which means that we have it on our servers and allow our clients to use it under certain conditions”, says Tenenbaum. “It is not the only product we offer, and our proprietary software is definitely on par with MT4, but we want to give our clients as many options as possible, and to this end, offering this platform makes perfect sense”.
At the same time, there is no denying that the public preference towards MT4 is not necessarily the result of a carefully conducted market research, and might have more to do with trend and conventions. It is because of this that new traders rarely know about existing technologies beyond MT4 and use them even less. Furthermore, working with several types of software and tools at the same time takes some skill, and novice traders are usually more focused on learning the basics of the trade.
So after acknowledging MT4’s obvious advantages, it’s worth mentioning a few if its shortcomings. One problem with this software is its limited compatibility with external developments. While most developers allow for external add-ons and extensions, the designers of MT4 chose to make their software incompatible with external add-ons.
Another problem with MT4 is that it is not the most user-friendly software ever invented. It contains many options and features, and has the potential to be overwhelming at first. While this warrants the question how it is nevertheless so popular among new and inexperienced traders, at the end of the day MT4’s popularity is an indisputable fact.
According to Leverate’s Maoz Tenenbaum, “at Leverate, it is our standard policy to advise all of our brokers to offer multiple software solutions and not to rely solely on MT4”. He explains that this is part of a larger trend in society, in which people search for simplicity. Technological advances have made mankind accustomed to quick and easy solutions, and Forex traders are no different. Therefore, novice traders can feel more comfortable by beginning with a simpler platform that might offer less functions but offer the ones most used in a more user-friendly interface. Later, when the trader has gained experience and confidence, they can move to the more complicated MT4.
Leverate’s solution to this popular demand is in the form of Sirix, a simple yet flexible platform that is tailored to the needs of brokers and the abilities of new traders. This proprietary software can be downloaded or used online and has a mobile app that is compatible with both iOS and Android operating systems. In Sirix, the designers at Leverate have found the optimal combination between functionality and simplicity and have successfully created a platform that offers the largest selection of tools that is possible to incorporate into a software without compromising user friendliness.
Sirix is not only beneficial to traders but offers brokers a wide variety of advantages. With a strong emphasis on back-office functions, Sirix is a robust platform that is, at the same time, both adaptable and transparent, which ultimately simplifies compliance with regulatory requirements.
At the end of the day, the Forex industry relies on advanced technology, and this vital component can determine the fate of a brokerage. Good software can confer a tremendous advantage, while sub-par software can mean a brokerage’s demise. An appealing software can help retain satisfied traders and maintain an ongoing relationship with them. This is without mentioning the positive first impression that a friendly platform has on new clients, and the positive effect that this would have on conversion rates.
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Therefore, although definitely a must-have software, MT4 is no longer enough as a standalone for Forex brokers. While it would be an act of foolishness to ignore MT4, brokers who want to maximize their potential must add complimentary solutions to cover the “blind spots” overlooked by this software’s designers.
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