What is Platform Time?
What is platform time?
Platform time is the real time trading platforms are set in, including the software’s charts and data.
Eightcap clients have access to MetaTrader 4 (MT4) and MetaTrader 5 (MT5) and all clients trade under the same platform time. The platforms are set to Greenwich Mean Time (GMT) + 2 hours.
What is GMT?
GMT is the time at the Royal Observatory in Greenwich, London. The time here is used as a benchmark against all other time zones across the globe. During Australian daytime saving time, GMT is 11 hours behind Melbourne and Sydney. Therefore, the platform time for MetaTrader 4 and MetaTrader 5 is 9 hours behind Melbourne and Sydney (GMT +2 hours). Using this time zone also coincides with the closing time of the New York Stock Exchange, being 5pm EST.
The time zone changes periodically with different daylight-saving times, so for example in winter, the platform time changes to GMT +3 hours. The time zone changes twice a year to stay in line with the NYSE. In 2019 New York will begin daylight saving on Sunday, March 10, where clocks will be turned forward an hour at 2am. Then again on November 3 in 2019, where clocks will be turned back an hour. The time adjustment briefly affects trading on MetaTrader the following Monday, with CFD indices opening an hour later than normal. Trading hours then resume back to normal until the end of daylight saving.
Clients cannot change or alter the platform time on their software to suit local time zones.