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MetaTrader Banned on Apple’s App Store What Does This Mean for Brokers?

Written by on 9 June 2024

Popular forex and contract for difference (CFD) trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), are no longer available to download from the App Store, the online mobile store of giant technology manufacturer, Apple Inc. In the long term, the inability to use the MetaQuotes app on
Apple mobile devices will make brokers decide to change the platforms they
offer. According to some experts, this could provide a breath of fresh air in
an industry dominated by MetaTrader solutions and increase the market share of
competitors. Apple’s decision to remove the most popular forex and
contract for difference (CFD) trading platforms from its App Store, unknowingly
contributed to potentially severe changes to the retail trading industry, which
has been growing for over a decade.

why metatrader removed from app store

“MetaTrader, also known as MT, is an electronic trading platform widely used by online retail foreign exchange speculative traders. It was developed by MetaQuotes Software.”

This is a community subreddit totally run by the users and have no affiliation or endorsement by the developers or any brokers. MT4 and its more recent cousin MT5 are creations of MetaQuotes, a Cyprus based fintech software developer which has a more-than-50% market share in the online trading platform market among online FX and CFD brokers, and their retail trader clients. MetaTrader 4 (MT4) and MetaTrader (MT5) can no longer be downloaded from the Apple App Store. MT4 and MT5 account for around 80% of the retail trading app market, so the move will affect a significant portion of brokers and traders.

MetaTrader MT4 and MT5 removed from the Apple App Store

In order to do so, please follow the posting rules in our site’s Terms of Service. MetaTrader has provided no explanation as to how unscrupulous actors can use the software to illustrate fake trades, nor what actions, if any, it has taken to mitigate this behavior.

why metatrader removed from app store

Read our preview of major market events in the week beginning 11 March 2024, and view our economic and company reports calendar. Read our preview of major market events in the week beginning 18 March 2024, and view our economic and company reports calendar. MetaQuotes, the company behind the MT4 and MT5 trading apps, received a letter from Apple on September 23 stating that its applications do not comply with the App Store Review Guidelines.

Forbes Community Guidelines

In the meantime, a possible reason for removal could have been the recent scam broken by forbes.com on September 9th called “How One Man Lost $1 Million To A Crypto ‘Super Scam’ Called Pig Butchering”. Unfortunately, what happened will create many problems for millions of traders who own Apple Software Program For Trading Enterprise devices. We would like to remind you that the cancellation will not affect the trading of the apps previously installed on the IOS devices but by doing an update they will automatically be rendered unusable. This only affects traders who wished to download the app on their iPhones or iPads.

why metatrader removed from app store

The MetaTrader ban has surprised traders, especially considering how convenient these platforms are for online Forex trading. As suggested by Finance Magnate’s Quarterly Intelligence Report of Q2 of 2022, MT4 and MT5 together covered 83% of the market share of overall online trade transactions. Each broker can customise the platform with the tools
and features they wish to offer their clients. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of experience and risk appetite. Another possible reason put forth is based on another recent Apple trend, of removing apps for which Apple has received a certain amount of complaints, either regarding the apps themselves or how they are used. Read our preview of major market events in the week beginning 4 March 2024, and view our economic and company reports calendar.

MT4 platform build 1400 offers improved Market security

The company is based in Limassol, Cyprus, and has been operating since 2000. Finance Magnates’ check shows that the trading apps do not come up when a search entry is done on the Apple App Store. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. One area that traders might worry about in the absence of the MetaTrader
platforms, is the feature-rich charting tools. XOH Trader and XOH Mobile come loaded with advanced charts
that are intuitive enough for novice traders to use conveniently, while
offering advanced traders all the tools they need for informed decision-making.

Buzz 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. Apple’s ban of MetaTrader comes two weeks after Forbes profiled one California-based scam victim, who lost over $1 million last year. This victim, known as Cy, made all of his purported trades on the MetaTrader app, which showed him fictitious returns.

What Is the MetaTrader 4 and MetaTrader 5 Ban All About?

(FNG has reached out to various senior sources at MetaQuotes, who at the time of writing have not replied). Visa and Mastercard suspended their operations in Russia, bank transfers and financial transactions have been banned. The information on this website is prepared without considering your objectives, financial situation or needs.

why metatrader removed from app store

Social media has been abuzz this weekend, with reports that at some point late this past week Apple removed the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading apps from its App Store. Investing in CMC Markets derivative products carries significant risks and is not suitable for all investors. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. The firm’s MT4 and MT5 trading apps are offered by the majority of online brokers, including big names like Pepperstone, AvaTrade and Eightcap. However, the representative noted that the removal of the trading apps from the App Store has caused significant losses to the company.

You can open a live account at FXOpen to try MetaTrader 4, MetaTrader 5, and TickTrader platforms. This article will run you through what the ‘MetaTrader banned from the Apple App Store’ announcement is about, how it affects MT4 and MT5 trading, and the possible alternatives. Get all the top financial news delivered straight to your inbox. Apart from its
scalability, it offers 99.99% stability without any hosting costs, since it is
cloud-based. In fact, during the past 3 years, we’ve achieved 100% system
uptime. Push notifications are another unique feature, which keep traders engaged
and encourage them to make the most of market opportunities.

  • Meanwhile, Android users can continue to utilise the platforms since they are still available on the Google Play Store.
  • According to reliable sources, the cancellation of MetaQuotes apps was caused by the strong friction between Western countries and Russia.
  • If this has been the case however, MetaQuotes sure sound too surprised with the situation.

While the MetaTrader ban is big news for the trading world, it doesn’t
necessarily need to be bad news. Jan Santiago, GASO’s deputy director, said the organization was “glad” for the app’s removal. News of the app’s removal was first reported by FX News Group and Finance Magnates on Saturday. MetaTrader enables scammers to show victims fake earnings, a key element of a pig butchering scam. The Keynote will be available to stream on apple.com, the Apple Developer app, the Apple TV app, and the Apple YouTube channel.

Advanced order types enable the most discerning clients to develop sophisticated market strategies. With up to 200 levels and the opportunity to examine their limit orders within the order book, a trader can explore the depth of the market. TickTrader can be used as a Desktop Terminal, a Mobile Terminal on iOS and Android devices, or a Web Terminal to execute trades directly from any browser. You may consider some alternatives to equip yourself with additional tools and instruments. It also has dedicated, branded web and desktop options,
along with a fully open front- and back-end API. The result is the lowest
latency and highest throughput in the industry.

What Is a Whipsaw, and How Can One Trade It?

Fortunately, the applications are still available on Google Play and existing users will not be affected. Although iPhone and iPad users who
have already downloaded the trading platforms can continue to use them, they
will be unable to access updates, upgrades or fixes. “Apple provided assurance that customers who have already downloaded the Apps will not be affected. These customers can still use the Apps from their devices and will still have access to any in-app purchase products,” the representative explained.