The news came as a surprise to forex traders around the globe as Apple removed arguably the most popular trading apps MetaTrader 4 (MT4) and MetaTrader 5 (MT5) from the App Store overnight. Here are five things you need to know about MetaTrader and this change.
MT4 and MT5 are market-leading trading platforms
First developed in 2003, then in 2010, MT4 and MT5 provided countless of traders with a platform of institutional grade. The simplicity and flexibility of the platform allowed for countless of different 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 over time with the introduction of mobile trading.
Since the birth of both MT4 and MT5, countless of comparison 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.
Why was MetaTrader removed from the App Store?
With so much success and consistency across the years, why did MT4 and MT5 suddenly disappear 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.
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 .
The Future for MetaTrader?
Moving forward, Apple and MetaQuotes are likely to reach a consensus, and this would include strengthening security with brokers to prevent potential frauds. One thing is for sure, alternative platforms will be using this as an opportunity to further improve their security and advance their technology.
Alternatives to MetaTrader
The adaptability of the financial industry has been tested yet again as MT4 and MT5 is removed from the App Store. However, never doubt the tenacity of traders as some have already found alternative sources to the classic MT4 and MT5. Here are three in-house trading platforms to consider:
- Vantage WebTrader: The Vantage WebTrader does not require any downloads but still comes equipped with the technical tools a trader may need. Traders moving from MT4 or MT5 into the Vantage WebTrader will find no issues assimilating as both platforms are similar.
- Vantage ProTrader: A platform powered by TradingView, the Vantage ProTrader offers a comprehensive list of tools for in-depth market analysis.
- Vantage App: Traders searching for an enhanced trading experience look no further than the Vantage App. With an average rating of 4.85/5 stars and a total download of more than one million across the App Store and Play Store, the Vantage App is an all-encompassing trading app that meets trader’s financial needs.
MetaQuotes and Apple, at the time of writing (5 October 2022), have yet to release any concrete statements. Will traders adapt to the situation and go for alternative platforms? Or will MetaQuotes adhere to future guidelines provided by Apple and be re-listed on the App Store? Only time will tell.