TMS Brokers is the first Polish broker resigning from MT4

MetaTrader 4 is a legend among the Forex platforms. But it has been around for a long time MetaQuotes, the creator of the software, gives clear signals that her time is slowly coming to an end. Earlier this year, MQ announced the cessation of the sale of new licenses. It is supposed to be the future MetaTrader 5, an application that has been available for a good few years, but is still fighting for its position.

TMS Brokers as the first Polish company Forex / CFD broker, decided to completely abandon MT4 in favor of MT5. We talked about this decision with Adam Korecki, Director of the Customer Service Department of TMS Brokers.

Be sure to read: MT4 vs MT5 - Feature comparison

TMS Brokers resigns from MetaTrader 4 - Interview

Forex Club: Still relatively few brokers offer their clients the MetaTrader 5 platform. TMS is actually the only Polish brokerage house that currently has it on offer. Where did the decision to introduce it come from?

Adam Korecki: The basic premise behind the decision to introduce MT5 was the desire to provide customers with the most modern platform available on the market. In addition, the provisions of the MIFID II Directive came into force this year.  Unlike MT5, the MT4 platform does not meet some of the requirements set by these regulations, primarily related to reporting issues. It was also an important factor in the introduction of MT5.

Finally, the MT4 platform was created over 10 years ago. Since then, technology in the financial market has changed significantly. A growing number of instruments, a greater number of quotes and faster trading tools require modern investment tools such as the MT5 platform. 

FC: MetaTrader is a hit on a global scale. But this popularity was brought by the fourth edition, which is still used by traders around the world. The five seem to be underestimated all the time. Do not you think that you hurried off with MT4 completely extinguished?

AK: We want to stay ahead of the competition and changes taking place on the market. We believe that the MT5 platform is currently the best tool for investors. That is why we made the decision to introduce it. A very big advantage of the MT5 platform is that its operation is practically the same as its predecessors. Thanks to this, the customer does not have to re-learn and get used to the tool. It also has a modern one "Trading engine"that hides MT5. In our opinion, this is a very big advantage that our clients will have over other investors who are still active on the old MT4.

FC: Is MT5 really better than MT4, or is it a way to stand out from the competition and stay ahead of trends?

AK: As I mentioned, MT5 is a much more modern platform. The programming solutions used in it are adapted to the modern technical infrastructure and the changing financial market - faster and faster computers, more and more quotes provided, and many available financial instruments. It is also worth mentioning that MetaQuotes has already declared a few months ago that it will no longer support the MT4 platform. In our opinion, this fact and the need to adapt other brokers to MIFID II requirements will result in a retreat from MT4. We want to be one of the first brokers to propose clients to switch to MT5.

FC: The new platform is here. Will the offer remain identical?

AK: We intend to systematically expand the offer of available financial instruments. Already at the stage of introducing MT5, we offered CFDs on several cryptocurrencies such as Ethereum, Litecoin or Ripple. which were not on MT4. We are also considering expanding the offer by introducing futures from regulated exchanges such as CBOT, EUREX ICE as well as physical stocks. This will enable clients to better diversify their portfolio and find instruments that are attractive to them from a trading point of view. 

FC: Until when will you be able to use the MT4 platform at TMS Brokers? What will happen to open positions after this date?

AK: We have not yet set a deadline to close the MT4 platform. 

An important date is 28 July. On this day, all instruments on MT4 will go into Close Only mode. From that day, customers will not be able to open new positions. The only option will remain to close items already open. Such a decision results from the implementation of ESMA intervention. It is worth emphasizing that after 1 August this year. as one of the few brokers we will enable our clients to keep open positions before ESMA regulation is introduced "Old conditions". Customers can stay on MT4 with open positions as long as they want. However, we encourage you to transfer the MT4 account to MT5. Then all open positions, funds, pending orders and account history will be transferred. There, the customer will also be able to maintain his positions, open before the introduction of ESMA product intervention on the old terms and, of course, enjoy the benefits of the modern MT5 platform. 

Thank you for the interview.