Want to jump straight to the answer?
Best Forex Brokers Offering WebTrader
- OspreyFX - Up to 500:1 leverage
- Thorfx - Accepting US Clients Up to 500:1 leverage
- EagleFX - Bitcoin funding
What happened: MetaTrader delisted from Apple App Store
Without any prior notification or formal announcement, Apple removed the MetaTrader 4 and MetaTrader 5 online trading platforms from its App Store. That means iOS-based devices can no longer download the MT4 and MT5 apps from the official App Store.
Although the reasons behind the move are not yet clear, it is believed that the removal of the platforms could be due to several scams reportedly implemented through these platforms.
What is MetaTrader 4 and MetaTrader 5?
MetaTrader 4, first developed in 2003, has paved the way for countless traders to benefit from a platform of institutional grade. Subsequently, MetaTrader 5 arrived in 2010. The simplicity and flexibility of the platform allowed for various uses such as executing trades, technical analysis, and usage of indicators etc. Through the years, as MT4 and MT5 grew to become the number one trading platform, usage improved with the introduction of mobile trading.
Since the birth of both MT4 and MT5, countless comparisons have been made but MT4 dominated in popularity. However, back in June 2021, MT5 became more popular than MT4 among brokers which highlights the constant improvements the parent company, MetaQuotes, provides.
This led to MT5 winning the “Best Multi-Asset Trading Platform” award at the Global Forex Awards 2021. The award recognises the best solutions which enable an innovative and value-driven approach to multi-asset trading and technological integration.
App Store Bans MetaTrader. What Does This Mean for Brokers?
The news of Apple’s latest controversial move reverberated through social media, followed by mainstream media.
The noise around the ban is due to the immense popularity of MT4 and MT5, which together account for 83.8% of the total online trading platform market share, according to Finance Magnate’s Quarterly Intelligence Report for Q2 of 2022.
Although iPhone and iPad users who have already downloaded the trading platforms can continue to use them, they will be unable to download and install updates, upgrades or fixes. The impact will really be felt over the longer term if brokers can no longer offer the platforms to new clients.
In order to continue their operations on the App Store, brokers are hopeful that MetaQuotes will resolve the situation. For now, brokers can offer the web version of the platforms. Alternatively, Apple’s move could push brokers to look at other trading applications or even consider developing their own platforms. While the MetaTrader ban is big news for the trading world, it doesn’t necessarily need to be bad news. It provides an opportunity for brokers to take a fresh look at the latest technology solutions available in the market. We reached out to many brokers to understand how the app removal is impacting their businesses. Whilst some refused to comment, we expect more details to unravel with more reactions and will update this article accordingly.
How Does the MetaTrader Ban Affect Traders?
With MetaQuotes platforms reported to dominate over 50% of the retail market share, this is clearly not the best news. Although traders who have already downloaded the app will still be able to execute trades as before, they will not receive updates, an issue that could affect future functionality.
The good news - Web based platforms and Google Play downloads are still available. MetaTrader 4 and MetaTrader 5 apps are still available to download to Android phones from Google Play. Most traders use the web-based platforms for free from their dedicated broker. There have been no reported issues, to date, and this option is still readily available.
However, with traders eager to keep an open eye on the market while on the move, will there be an exodus to other trading platforms?
MetaTrader’s iOS Issue Opens Doors to New Opportunities
Here’s how the leading FX trading platform provider dealt with the huge blow:
“Following a unilateral decision of Apple which was outside the control of MetaQuotes, MetaTrader 4 and MetaTrader 5 for the iOS operating system will not be available for download in the Apple App Store, as of today”, MetaQuotes wrote in an email. “Metaquotes is taking all the actions required, in an effort to restore the apps the soonest possible”, the email added.
The fact is that complaints against MetaQuotes were mounting, with the most high-profile case being covered by Forbes earlier this month – about a super scam called ‘Pig Butchering’ and how it used MetaTrader to defraud investors. Apple spokesperson Adam Dema told Forbes the company was investigating complaints about MetaTrader, and would take additional action to protect App Store users if necessary.
It seems that the ‘additional action’ was taken, even though MetaQuotes had reportedly taken action on its own a couple of months ago. The firm had allegedly made it harder for white label providers to onboard clients.
It is still unclear whether the issues with the iOS mobile apps will be resolved soon for the delight of brokers and traders or will Google follow the example and cut MT4 and MT5 out of its Play Store. The reality is there are plenty of solutions for brokers besides MetaTrader. Many, if not most brokers, across the globe have been making efforts to diversify their portfolio of trading platforms in recent years for many reasons. One of them is the acknowledgment that legacy platforms aren’t able to keep up with the technological advancements and the demands from traders.
The Solution: WebTrader - Resolved MT4 & MT5 Ban on iOS
“MT4 & MT5 apps are no longer on the App Store globally. We recommend using the Mobile Web terminal on your iOS device.”
Thanks to its easy to use and simple interface, WebTrader is attractive to many traders around the globe. Learn more about the advantages and disadvantages of forex broker WebTrader in this article.
In forex trading, many platforms can be utilized and each of them has a wide range of functions, from the basic ones to the more sophisticated features for experienced traders. The most common platform used by traders is currently MetaTrader 4, a software that enables traders to place their trades and monitor their accounts through forex online intermediaries or brokers.
However, for some people, installing software on a device is no longer efficient. That is why forex brokers now are offering their clients the alternative to trade in a WebTrader.
WebTrader: How It Works and Is It Good?
WebTrader is a platform that allows you to trade forex, stocks, crypto, and CFDs from any browser and operating system without having to install any additional software on your devices. All you need is an internet connection. With only a couple of clicks, you can access full information about your account and start trading. Just open the official broker's website, and you will be guided to your account. Then you will be able to open price charts, analyze them, and execute orders straight away. This solution can be very helpful to many people at the moment because of its effectiveness and simplicity.
The Advantages of WebTrader
- Easy to Access: The most apparent advantage of a WebTrader is that it allows you to trade anywhere and anytime – be it from home, on the road, or on vacation. All you need is a stable internet connection and an up-to-date browser. This is highly recommended for people who have tight schedules with high mobility to jump from one place to another, in which they don't have much time to sit in front of the computer all day to monitor the price chart. You can even login with the same account from the MT4.
- Faster and Lighter Performance: Not having to install an app or software on your devices makes WebTrader a light platform that doesn't take much space in your device memory. This characteristic then affects the platform's performance as a whole, making it possible for traders who do not want or cannot install any software on their devices but still want to enjoy quick access to their accounts.
- Equipped with Technical Indicators: Technical indicators are useful for traders in many ways. They operate as tools connected to the web and manage to help traders analyze their positions and give a different perspective of the market. They can offer many functions for either long or short-term forecasts, such as looking back at historical data or a view into the current price of a currency pair. Various web-based platforms may offer different combinations of these indicators, so you must put this into consideration before you choose to use a certain WebTrader.
- More User-Friendly: Since most WebTraders have a more limited series of functions than other platforms, it is well suited for new traders who are still learning and like to follow a simple trading strategy. Therefore, the web interface is usually more attractive and straightforward because there are no complicated functions provided on the platform.
- Supports Social Trading: Social trading combines social networks and online trading, where traders exchange their experiences and ideas about the market and trends. Traders can share their insights, discuss various trends, learn each other's strategies, and many more. Some WebTrader platforms offer this feature to attract novice traders who have yet to understand how forex trading works in a more sophisticated way.
The Disadvantages of WebTrader
- Various platform displays among brokers can confuse traders so they need time to have a good understanding when trying to use WebTraders for the first time
- Compared to MT4, WebTraders have a smaller range of technical indicators.
- As for now, most WebTraders still focus on the concept of simple trading, making it less compatible for traders with complex trading systems.
The Best Forex Brokers in 2022
Things we liked: Up to 500:1 leverage
Low minimum deposit requirement
Things we didn't like: Absence of a direct telephone number for customer support
Ospreyfx is not a fully licensed and regulated broker
Things we liked: Accepting US Clients Up to 500:1 leverage
Low minimum deposit requirement
Things we didn't like: Absence of a direct telephone number for customer support
Thorfx is not a fully licensed and regulated broker
View All Forex Brokers
OspreyFX PWA app - A Preferred Alternative
ECN Forex Broker OspreyFX regularly improves its trading terminal and applications. The innovation was the development of an application that does not require installation on your device, this is the so-called Progressive Web App (PWA). OspreyFX allows traders to trade on the device from anywhere without having to install an app on the device.
What is OspreyFX PWA?
A progressive web app (PWA) is an application that runs in a web browser. It looks and behaves like a native mobile app, but it doesn’t require the user to visit an app store or download any files locally. Instead, PWAs can be installed by clicking the “Add to home screen” button in any browser.
How to start using the OspreyFX PWA app
- To start using it, you need to go to a special page. Next, register or enter your login information if already registered.
- Install the OspreyFX app and Add to Home Screen
- To start trading, you just need to click on it. The PWA app gives you more opportunities to trade. You will find trading instruments that are not in the official applications for Android and iOS
In a Nutshell
WebTrader is a convenient trading platform solution in many ways, both for novice and professional traders. Without having to spare an additional space in your device or installing software, you can log in to the online page and start trading.
However, WebTraders are not without flaws because most of their features are still limited compared to the installed trading platforms. This is why traders must consider carefully what they need when choosing a trading platform. If you are still new to WebTrading, try to find a broker that provides a demo or a trial on their web-based platform so you can try and see if it suits you without risking any real money.
FAQs on MT4 and MT5 Ban on App Store
Why was MetaTrader removed from the App Store?
Apple removed MT4 and MT5 from the App Store on the 23rd of September 2022 claiming the app did not comply with its guidelines. The official reason has not been disclosed but this unexpected move sparked varied speculations. One probable speculation is the increasing number of frauds being executed through the MT4 and MT5 app which prompted Apple to take quick and drastic action.
Another speculation is the connection between MetaQuotes founder, who is a Russian citizen, and Western sanctions against Russia in the recent Russia-Ukraine conflict. However, the claim was promptly dismissed by a representative of MetaQuotes quoting: “We do not believe that Apple’s actions are linked in any way with the Western sanctions on Russia”.
How Does This Affect Traders?
What happened between Apple and MetaQuotes may be unfortunate and could serve as a turning point for users. Currently, traders using iOS devices have to start sourcing for other platforms, while Android users can continue to enjoy using the app as MT4 and MT5 on the Google Play Store.
For Apple users who have installed either MT4 and MT5 previously on their IOS device, there is a possibility to reinstall the platform by going to the App Store and go to “Account”, then click “Purchased” and choose the previously installed version.
Will MT4 and MT5 still work on Android?
The apps do not appear to have been removed from Google Play Store. Android users should be able to run them without problems.
What is a web trader?
A web trader is a platform through which forex traders can open and close positions online, without downloading any software. By using a web browser, traders can follow Bid-Ask spreads, place Stop Loss and Take Profit orders, and track all positions executed, past and current.
How does one use a web trader?
Once a trader has opened an account with a broker, such as OspreyFX, they will see links to the trader’s web trading platform. By clicking on the link, and confirming that they are in fact the trader with the account, they can access the entire trading history through the web trader, as well as all potential forex trades. The OspreyFX web trader can be found here.