MONEX Group Announces Schedule for Phasing out MetaTrader 4
Japanese retail FX broker MONEX Group has formally announced its takedown of its MetaTrader trading platform after its subsidiary IBFX sold its MetaTrader 4 client portfolio to rival broker FXCM at a fee of $4.4 million.
The phase-out of MetaTrader 4 platform now means MONEX can concentrate its efforts on its own MONEX FX Premium platform. In order to realize this, MONEX Group will stop offering MetaTrader 4 services on November 7, 2014. The company has already mailed its clients with a schedule of the activities in relation to the gradual phase-out.
MONEX Group intends to settle all open trades by 1.00 p.m. on November 8, 2014 at the prevailing exchange rates. The company will also stop handling withdrawals and deposits from 1.00 p.m. on the same day. Still, clients are allowed to ask for withdrawals through their “MT4 My Page” between November 10 and November 14 this year.
If a client fails to initiate withdrawals during that time window, MONEX Group will facilitate the withdrawals without involving the client.
The company also disclosed that it will also deposit funds to customers with Securities and Exchange comprehensive account with it. If this account isn’t available, MONEX will remit funds to the client’s bank account as per the details provided in the trading account.
MONEX Group’s decision is part of its strategic shift to its own trading platform, a trend that will also be replicated in its North American unit IBFX. IBFX sold off its MetaTrader 4 client portfolio in the U.S. and Australia to FXCM in order to focus on its Tradestation trading platform.