June 12, 2021 |James Messi
CHICAGO – June 2nd, 2021 – Rounding off an already impressive list of tradable assets on MT5, Beaxy Exchange announced today that it would provide a market of spot priced cryptocurrencies for integration with the popular trading platform. This development comes as welcome news for long time MT5 FX traders who have been waiting for access to crypto markets. The volatility inherent in these markets makes them highly attractive for dedicated day traders; that said, it may be an even more exciting move to make for Beaxy members for a few key reasons: social trading, Expert Advisors, and institutional-grade trading tools.
When linked to MT5, Beaxy users will benefit from one of the world’s strongest social trading communities as well as from the unique marketplace for trading bots, titled Expert Advisors, which is one the largest of its kind.
The online trading community built around dedicated users of Metatrader 4 and 5 is an excellent example of social trading. Successful traders publish trade signals which other traders can follow for a fee. Prolific signal publishers can make hundreds of thousands of dollars just from trade follow fees in addition to their earnings on successful trades. Each Signal is displayed in the Signal showcase among others with important data such as slippage warnings, drawdown charts, and historical accuracy ratings.
For traders who are not ready to make the jump to social, but also don’t want to trade manually, the Expert Advisor market is the place to be. Automated trading programs, often called “bots”, are known as “Expert Advisors” on MT5. The platform has its own programming language (MQL5) which allows for the development, backtesting, and optimisation of Expert Advisors. That may sound intimidating if you are not a developer. The good news is there are myriad ways to acquire Expert Advisors on MT5. A user can download certain programs free of charge, hire a freelancer to write a custom program, rent a trading program, buy a trading program, or build and test their own with the help of other users, all using their MT5 client or the online portal. The MQL5 Wizard can help beginners get started with Expert Advisors while advanced traders can take advantage of additional tools like MetaEditor and Strategy Tester.
MT5 has long been recognized as a leading trading platform in several global markets. Since cryptocurrencies have gained considerable market share and are now edging close to mass adoption, they are fast becoming coveted assets in every trader’s portfolio. The time is right to incorporate crypto into MT5’s multi-asset trading environment. While price quotes were previously available on MT5 for cryptocurrencies, the underlying assets were Contracts for Difference (CFDs); with the new integration MT5 traders will now have access to 26 separate spot cryptocurrencies and 31 pairs including several major fiat currency pairs.
Speaking on today’s announcement, Brian Peterson, Chairman of the Beaxy Board of Directors, said:
“Metatrader has refined a high quality trading platform and built a formidable community of traders over two decades working in the multi-asset and FX business. We are excited to work with Metaquotes to build toward a one-stop trading environment where all fungible assets interact seamlessly. In particular we are looking forward to the introduction of Metatrader’s powerhouse Expert Advisor market to spot-priced digital assets.”
Also commenting, Bay Abbott, Co-President at Beaxy said:
“MT5 has been the gold standard in Forex trading for a while and we are really interested in bringing this level of capability to the cryptocurrency space. The nuances of actual market trading have been de-emphasized by a lot of exchanges and we think there is ample opportunity for Beaxy to power full-time traders. As cryptocurrency markets mature, it helps to take advantage of what has been learned in legacy finance. Given that our team is primarily sourced from the financial sector, Beaxy is uniquely situated to provide those advantages to crypto traders.”
Having grown 728% since January 2020, Beaxy Exchange has been working since its inception in 2017 to bridge the gap between cryptocurrency and legacy financial trading. Reflecting that goal, Beaxy’s powerful digital trading platform was built with many of the advantages of a legacy trading platform. For example the overall speed of interaction on the platform is faster than many U.S.-based exchanges. Yet another factor that is not often seen on crypto exchanges is the depth of analytical tools Beaxy has made available to its users. The platform offers automated technical analysis to save traders the legwork while simultaneously offering the entire suite of technical analysis tools for those who prefer to do it themselves. Add these perks to seven advanced order types and Beaxy looks a lot like the ideal dream for market trading veterans. Integration with MT5 will bring Beaxy one step closer to bridging the legacy-to-crypto gap for institutional traders everywhere.
Beaxy Exchange is headquartered in Chicago, Illinois, USA and is operated by Windy Inc in the United States and around the world. Windy Inc is registered with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) as a Money Services Business. Beaxy services 42 U.S. states, in addition to serving an active global customer base in many international markets. Fiat currency on-ramps are offered by wire transfer in USD, EUR, GBP, JPY, CAD and AUD, as well as credit/debit card on-ramps offered through Simplex in USD, EUR, GBP, ILS, TRY, CAD, CHF, KRW, JPY, RUB, AUD, CZK, NOK, DKK, NZD, SEK, ZAR, HUF, and PLN. Beaxy Exchange offers safe, compliant, and protected cryptocurrency trading and fiat ramp services for its customers. Digital assets are secured by Curv Institutional Custody, with USD deposits insured by the Federal Deposit Insurance Corporation [FDIC] up to $250,000.
Established in 2000, MetaQuotes Software has been developing B2B software for brokerages, banks, hedge funds and stock exchanges. MetaQuotes is internationally known as a leader in the financial software market. The company’s representative offices are located all around the world. MetaQuotes Software always applies a fair and mutually beneficial approach to working with customers and partners. Reputation and reliability is what matters the most in the financial software business. Today, thousands of international companies rely on the MetaQuotes organization being reputable as a trustworthy software supplier. This is the best evidence of professional competence and reliability of MetaQuotes Software. Know more at https://www.metaquotes.net/.