⦿ Executive Snapshot

• What: A report reveals that MetaTrader 4 (MT4) continues to dominate in North America, while MetaTrader 5 (MT5) leads in other global regions.
• Who: FM Intelligence, MetaQuotes, XTB, National Futures Association.
• Why it matters: This trend highlights regional disparities in platform adoption driven by regulatory environments and market dynamics.

⦿ Key Developments

• MT4 maintains a web visibility ratio of 0.87 in North America, unchanged for six quarters.
• MT5's global trading volume share increased from 54.2% to 65% from Q3 2025 to Q1 2026.
• xStation captures 92% of European platform traffic, with 4 million visits from Germany alone in Q1 2026.
• 7.4 million active accounts in retail FX/CFD mark a new high in Q1 2026.
• MetaQuotes' combined share of platform traffic rose by 2.8 percentage points in North America over the past year.

⦿ Strategic Context

• The shift from MT4 to MT5 reflects a broader trend in the retail FX/CFD market, influenced by regional regulatory frameworks and competitive dynamics.
• North America's lag in MT5 adoption contrasts with the rapid growth seen in other regions, indicating a potential market opportunity for future platform developments.

⦿ Strategic Implications

• The ongoing dominance of MT4 in North America may limit competitive pressure on other platforms, allowing for sustained market presence.
• Regulatory constraints could hinder the acceleration of MT5 adoption, affecting the overall growth trajectory of retail FX/CFD markets in the region.

⦿ Risks & Constraints

• Regulatory limitations from the National Futures Association, including leverage caps and product restrictions, may stifle innovation and new account growth.
• The competitive landscape may shift if other platforms successfully navigate regulatory challenges and capture market share in North America.

⦿ Watchlist / Forward Signals

• Monitoring changes in the regulatory environment that could facilitate MT5 adoption in North America, particularly regarding product offerings and leverage.
• Future developments in platform traffic and account growth metrics will be critical in assessing the competitive dynamics of MT4 and MT5 over the next quarters.