MetaTrader4 gets enhanced functions for retail FX traders
Gold-i, the UK-based trading technology integrator, has developed a new system for FX traders that streamlines allocations between multiple accounts. Its new Multiple Allocation Manager (MAM) will be integrated into the MetaTrader4 platform.
MetaTrader, the most popular white-labelled retail FX trading platform, is offered by leading retail brokers alongside proprietary trading platforms. It has been popular with traders because of its automated functions, such as the ability to build auto-execution algorithms in simple code, which has allowed independent traders to automate 24-hour trading. Trading programs that are compatible with MetaTrader are written and sold via so-called expert advisers. Many of the advisers also offer real-time trading advice and support on a pro-rata basis. A new version of MetaTrader – MetaTrader5 – has been built, but many of the larger retail brokers are waiting until the software becomes standardized among users before upgrading.
In a recent interview with EuromoneyFXNews, the US chief executive of retail broker, Alpari, Daniel Skowronski, said it would be at least three-to-six months before his firm considered upgrading. Alpari has been keen to increase its marketing of MetaTrader in Japan, where take-up of the platform hasn’t been as high as in the US and Europe.
The new MAM will enable traders to allocate trades automatically from a variety of master accounts to sub-accounts, in real time. It will allow the removal of accounts from the allocation group without closing any master trades or restarting a MetaTrader server. Up to 512 allocation groups are permitted per Multi-MAM installation.
“Take-up has been incredibly popular. We’re adding two to three customers a week,” Gold-i CEO Tom Higgins tells EuromoneyFXNews. The majority of those are retail FX and contract-for-difference brokers, he adds, although the MAM is growing in popularity with start-up hedge funds – such as those with less than $30 million under management.