"Brokers Should Engage with Us Now”: TipRanks' Enterprise Head on New MT5 Plugin

<p>Brokers, nowadays, are not only providing
trading services but several other add-ons. There are several third parties
offering these added services, but ease of integration is a major factor for
brokers when it comes to choosing a service. TipRanks is hitting this pain
point with its new MetaTrader plugin.</p><p>TipRanks, a provider of institution-grade data
and research tools to retail investors, has now developed a plugin for the
MetaTrader trading platform. The plugin provides access to TipRank's stock
screener tool with recommendations from analysts. CFI has become the first broker to
incorporate TipRanks via MetaTrader.</p><p>Finance Magnates recently spoke with Joseph
Craven, TipRanks' Global Head of Enterprise Solutions, to learn more about the
plugin and other offerings of the company.</p><p>TipRanks’ New MetaTrader Plugin</p><p>Craven pointed out that <a href="https://www.financemagnates.com/tag/tipranks/">TipRanks</a>' plugin is
now available under the Expert Advisors area of the MetaTrader platform, easing
its integration for any brokerage platform. Although CFI has become the first
to implement it with exclusivity for the time being, the plugin will be ready
for other brokers soon.</p><p>“It's open for every broker to engage in
conversations with us now,” Craven said on the new plugin. "We built it in such a manner so that
there was a minimal amount of technological effort and development effort by
the brokers so that they could commercialize the product pretty much
immediately as they launch."</p><p>The data provided under the plugin is the same
as the general offerings of TipRanks. Meaning it will display complex stock
research datasets in an easy-to-understand format. It will also include
analysts' price targets, implied upsides or downsides, and an analyst rating
consensus.</p><p>TipRanks' clients include over 100 banks and
brokerages spread across the globe, including the US, Canada, Brazil,
Singapore, Japan, England, Germany and Spain. Recently, it entered the Japanese
market with a <a href="https://www.financemagnates.com/forex/tipranks-teams-up-with-rakuten-for-japanese-market-entry/">partnership with Rakuten</a>. It also has a presence in the Chinese
market with its <a href="https://www.financemagnates.com/forex/exclusive-tipranks-enters-the-chinese-market-with-futu-partnership/">partnership with the Hong Kong subsidiary of Futu</a>.</p><p>TipRanks is specifically targeting the brokers
offering stock trading. Although it has some big-ticket partnerships, it focuses on onboarding smaller brokers, which offer a few hundred stocks.</p><p>"We're really disrupting the research
space," Craven expressed. "There's been an increased appetite for stocks,
but where's the stock research? And that's where TipRanks comes along." He
additionally revealed that TipRanks is “working on releasing <a href="https://www.financemagnates.com/cryptocurrency/hong-kong-takes-crown-in-cryptocurrency-readiness-us-holds-third/">Hong Kong</a> stocks, and
that's gonna come out very soon.” </p><p>Although there is no timeline for the launch
of research on Hong Kong stocks, Craven estimates that it could hit the market at some time in the first quarter of 2024.</p><p>A Customizable Product</p><p>The new MetaTrader plugin of TipRanks is further customizable, as Craven elaborated: "We can customize it so that it has
some logo of the individual broker and also help them to customize some of the
UI. We have a professional services team at TipRanks, comprised of UI UX
specialists, and we'll be happy to make them available. And, of course, this is
just one example, depending on the level of sophistication that the broker
wants." </p><p>"We can add more tools and continue
adding more data sets to this, so it doesn't have to look so homogeneous; it
can look and feel slightly different," he added. "If brokers want, they can have the
off-the-shelf version. It will be much more reasonable because it's already
been developed. They can also have something customized, which will involve a
few additional fees due to customization. We're all about creating synergy with
brokers and their users."</p><p>Also, the TipRanks plugin is completely
synchronized with the offerings of any broker – if the broker offers 500 stocks,
it will show the research for 500 stocks; if it provides 5,000 stocks, it will
match that number.</p><p>It is to be noted that TipRanks did not
partner with MetaTrader to develop the plugin. <a href="https://www.financemagnates.com/forex/metaquotes-mt5-beta-gets-ai-coding-assistant/">MetaQuotes, the developer of
MetaTrader</a>, allows any third party to leverage tools of its library and develop
plugins seamlessly.</p><p>A MetaTrader 5 Plugin</p><p>However, the plugin is only available for
MetaTrader 5 at the moment. Although <a href="https://www.financemagnates.com/forex/analysis/mt5-will-phase-out-mt4-but-it-will-take-time/">MetaQuotes is pushing MT5 over MT4</a>, the
legacy MT4 is still very popular. MT4 still captures most of the market
regarding forex and contracts for differences (CFDs) trading. According to
Finance Magnates Intelligence data, MT4 still captured about 44 percent of the
market in Q2 2023, followed by MT5 with nearly 33 percent.</p><p>"We've developed this particular plugin
for MetaTrader 5. We do have the MetaTrader 4, but it hasn't been launched yet.
We're in the process of developing it," Craven added.</p><p>With the plugin, TipRanks dramatically
expanded its targeted market. Although its services can be integrated into any
trading platform, the sheer number of brokers using MetaTrader will open up a
wide market for its stock research tools.</p><p>"There's got to be 1,500 small
brokers," Craven said. "They probably cover a hundred or five hundred
stocks each, and FX is their main business. But, they probably think of
providing data about those limited stocks and increasing the engagement on
those."</p><p>Speaking on the ways to measure the
performance of the TipRanks plugin, Craven revealed that although there is no
official metric on this he thinks that the number of retail brokers using it
might be a critical parameter.</p><p>"When TipRanks is integrated, there is a
dramatic increase in engagement and trading volume in the stock product. So my
gauge of success would be that brokers out there who are potentially looking at
stocks and thinking maybe I should be involved in stocks, start coming to us
and integrating us," he added.</p><blockquote><p lang="en" dir="ltr">BREAKING NEWS