Popular exchange BTC-e announced improvements to its advanced trading rules yesterday, launching ‘Multi-Currency MetaTrader accounts’ via the MetaTrader 4 (MT4) terminal.
The change allows users to hold multiple MT4 trading accounts denominated in bitcoin, litecoin, and namecoin, plus the exchange’s most popular fiat currencies: EUR (euro), GBP (pounds sterling), RUR (Russian ruble) and CNH (Chinese yuan).
All MT4 account holders will now have the same benefits as those denominated in USD, as long as they define one of the seven currencies above as the account’s ‘base asset’ to show balance, profit and other parameters.
No conversion fees
Previously, users had to convert amounts in those currencies (or others traded on BTC-e) into USD before transferring to MT4, incurring conversion fees.
They may now also deposit, trade and withdraw in those base asset currencies with only “minimal desposit/withdrawal commissions”.
Users can now use their preferred fiat or digital currency as the base asset. The unlimited account rule, however, means there is no need to commit to just one.
BTC-e says users can setup MT4 accounts by clicking on the ‘MetaTrader’ tab on their BTC-e personal profile pages, and selecting a currency.
MetaTrader 4, developed by MetaQuotes Software, is one of the world’s most popular trading platforms for online forex trading. Users install the client software locally, while the server backend is provided by the broker, in this case BTC-e.
Targeted at expert traders, MT4 gives users better access to live streaming charts, plus advanced analytical tools. It further features nine timeframes for each financial instrument, providing detailed analysis of quote dynamics.
Multiple built-in indicators help simplify the analysis, allowing traders to determine trends, define shapes, and set entry and exit points. It also enables one object to be applied over another for comparative analysis, and can also print charts of any instruments for those who prefer paper.
BTC-e introduced MetaTrader 4 to its users in November last year. The platform also provides versions for mobile devices running iOS and Android.