What Are The Alternatives To MetaQuotes' MetaTrader MT4 And MT5 Platforms For Brokers?

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MetaTrader5

It has been over 2 weeks since LiquidityFinder broke the story on Saturday 24th September that Apple had removed MetaQuotes' MetaTrader 4 (MT4) and MetaTrader 5 (MT5) apps from its App Store. This move by Apple, with still no official explanation from either Apple or MetaQuotes, has left a huge amount of uncertainty in the trading industry, both for brokers and end clients. Metaquotes informed customers that this was a “unilateral decision of Apple which was outside the control of Metaquotes…Metaquotes is taking all the actions required in an effort to restore the Apps the soonest possible.” MT4 and MT5 apps are still available via Google Play, but could the same happen there?

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MetaTrader 4

It has been over 2 weeks since LiquidityFinder broke the story on Saturday 24th September that Apple had removed MetaQuotes' MetaTrader 4 (MT4) and MetaTrader 5 (MT5) apps from its App Store. This move by Apple, with still no official explanation from either Apple or MetaQuotes, has left a huge amount of uncertainty in the trading industry, both for brokers and end clients. Metaquotes informed customers that this was a “unilateral decision of Apple which was outside the control of Metaquotes…Metaquotes is taking all the actions required in an effort to restore the Apps the soonest possible.” MT4 and MT5 apps are still available via Google Play, but could the same happen there?

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cTrader

My conversations suggest that the immediate second choice from brokers looking for an independent platform is cTrader, supplied by Spotware Systems. Spotware asserts that cTrader has been founded on a “Traders First” principle. There is no annual license fee, with only a small set up fee. Instead it uses a ‘Platform-as-a-Service (PaaS) model, whereby brokers pay fees based on the volume of turnover of their clients. There should be, therefore, an alignment of interest between Spotware/cTrader and its clients (the brokers) to keep their traders actively trading for as long as possible.

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TraderEvolution

Another option for brokers that seems to be gaining interest is TraderEvolution. TraderEvolution is a multi-asset independent trading platform which can work with a range of instruments including Equities, Futures, Options, FX, CFDs, Crypto and Fixed Income. TraderEvolution also allows algo trading. TraderEvolution is sold on a license fee basis, with separate modules being sold under additional licenses which can be added on as a business enters new areas.

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Devexperts

A further, highly regarded, independent platform provider is Devexperts. Devexperts have been building custom trading solutions for 20 years, with over 8 million traders using their technology daily.

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NetDania

I spoke to Rasmus while researching this article, and he commented that the company has seen a spike in interest in their platform. "NetDania has seen a surge in interest from brokerage firms around the world since it was announced that the Meta Quote App was to be removed from the AppStore. Brokers are engaging us to discuss a replacement for their current Meta Quote setup but also sourcing alternative back-end solutions. Netdania has an easy plug-and-play solution for all brokers looking for alternatives, it can be fully white-labeled and delivered within 10 days at a very transparent license fee model."

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Match-Trade

Does Match-Trader allow for algo trading?Yes, it does. We provide an API that allows connecting any trading algorithm. But for, let’s say, less-skilled traders, there’s a Social Feed and Copy Trading mechanism built into the Match-Trader. It allows traders to follow the money manager’s (signal provider’s) strategy with a selected budget or copy selected trades from multiple professional traders. They can, of course, verify the historical performance of money managers to check their profitability and unfollow their accounts at any time.

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Fortex

The Fortex platform is provided as stand-alone software and is not bundled with any LP. A Fortex XForce broker can use whichever LP via the built-in Fortex LP aggregator. Further, a broker can tailor-make and distribute its own liquidity to others, like institutions, hedge funds, money managers and enterprises leveraging the Fortex margin and credit account system, and clearing and settlement technologies.

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FDCTech is another independent provider, through their Condor multi-asset trading platform. Founder of FDCTech, Mitch Eaglestein, set up the company in June 2016. Eaglestein commented on how recent events at MetaQuotes have resulted in more interest in their technology:

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TradingView

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