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.
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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.
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.
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?
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.
As we have seen in the recent past MetaTrader, the most popular forex trading application, can experience issues from time to time, which can affect traders' ability to execute trades or access market data. When this happens, traders may need to rely on alternative platforms or brokers to continue trading. Will September 2022 go down in the Fintech books of history as the day that forex opened the door for TradeLocker? Perhaps, perhaps not. What is certain is that ever since Apple mysteriously dropped the MT4 and MT5 apps from the Apple store forex traders and forex brokers are looking for alternatives.
TradeLocker is a brand new trading platform powered by TradingView and designed for lightning-fast performance with a slick minimalist interface.
Designed to Reduce Dependency on Third-Party Platforms, TradeLocker gives traders access to all the tools they need for in-depth analysis and high-performance execution, all on a slick modernized designed platform. Powered by innovative technologies, TradeLocker provides a seamless trading experience and endless branding opportunities. The platform includes web, mobile, and desktop apps, making it accessible from anywhere. As a stand-alone independent trading system, TradeLocker backend infrastructure offers brokers full control and easy configuration options to meet their specific needs.
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