MetaTrader IOS Banned by Apple. Are there alternatives?

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The popular trading programs MetaTrader 4 and MetaTrader 5* were reportedly deleted from Apple's App Store late last week.

However, iOS users who have previously installed apps on their mobile devices won’t be affected by the removal of MT4 and MT5 from the AppStore.

It is doubtful that they will have access to upcoming patches, updates or upgrades for their gadgets.

*MT4, released in 2005, and MT5, released in 2009, are among the best trading applications used by the investment community. MetaQuotes, a Cypriot financial technology software provider, which created MT4 and MT5, has over 50% market share in online trading platforms among online FX and CFD brokers as well as its retail trader clients.

What could be the reasons?

Over the past few days, there have been many thoughts to what could be the reason for such a move. At the same time, the main focus was on Apple blocking other applications related to Russia.

MetaTrader IOS Banned by Apple. Are there alternatives

Although MetaQuotes is headquartered in Limassol, Cyprus, the firm originated in Russia, and its founder and CEO, Renat Fatkhullin, and his brother, Lennar Fatkhullin, who serves as the company's marketing director, are Russians.

Another reason could be Apple's recent tendency to remove apps after receiving a certain number of development complaints

Forbes Senior Tech Writer Cyrus Farivar earlier this month spoke about a fraud case in which scammers forced retail dealers to download MetaTrader.

While MetaQuotes was not clearly involved in the scam, Apple spokesman Adam Dema told Forbes that "the firm is evaluating MetaTrader's concerns and will take additional action as necessary to protect App Store customers."

The report also describes how fraudsters may "manipulate market pricing and replicate account balances, earnings or losses" by using MetaQuotes' unique Virtual Dealer plugin, which is available to MT4/MT5 licensees.

The Global Anti-Fraud Organization (GASO), a US/Singapore organization, claims that MetaQuotes has few, if any, laws or practices that forbid license holders from using third-party plug-ins like Virtual Dealer.

MetaQuotes spokesperson: "Preloads will not be affected"

While Apple has yet to make an official statement on the matter, a MetaQuotes spokesperson has shed some light on the future use of the apps.

The spokesperson stated that his company received a notice on September 23 that its MT4 and MT5 apps didn’t comply with Apple's AppStore Review Guidelines and that they were removed from the AppStore following that notice.

Apple has assured that users who have previously downloaded apps will not be affected, a company spokesperson also said that access to the in-app purchase feature is retained.

Is Apple's decision related to US sanctions?

Asked if this decision is related to the massive sanctions imposed against the country in connection with Russia's invasion of Ukraine, a representative of MetaQuotes denied these accusations.

Is Apple's decision related to US sanctions

“We don’t believe that Apple’s actions are in any way related to Western sanctions against Russia,” a MetaQuotes spokesperson said.

Stating that they are continuing to communicate with Apple to clarify the situation, the spokesperson added that he is evaluating various options.

The company representative also stated that the removal of MT4 and MT5 from the AppStore caused the company significant losses.

iPhone sales with MetaTrader 4 and MetaTrader 5 attracted attention

The withdrawal of MT4 and MT5 from the AppStore opened up new doors for other persons and smaller businesses

Many people are interested in buying one of the new iPhone models. And they won’t find the discussed trading application on iPhone 14. Some have tried to take advantage of this. As always happens in a crisis.

Just an hour after MT4 and MT5 were removed from the AppStore, tweets started showing "iPhones with MT4 or MT5 installed". The base asking price for devices with apps installed is around $5,000.

The fact that even the 14 Pro Max, the top model among recent Apple phones, is selling for $1,099. This shows how greedy the opportunists are to take advantage of the crisis.

Other smaller companies have also taken advantage of this opportunity to promote their apps. "Try our alternative trading platform" is a common remark posted by many MetaQuotes competitors.

Until Apple or MetaQuotes clarifies the whole situation as to why these two apps were removed from the app store, such speculation will continue to hover for a long time.

Fear of uninstalling other apps

While it was stated that the removal of Meta Trader was not related to Russian sanctions, the fact that Apple still hasn't made a statement has raised concerns among the investor community.

Fear of uninstalling other apps

Users started to wonder: “Will the apps of Russian companies be removed from the AppStore?” or “Will other American companies like Windows make similar decisions?”.

As part of the US sanctions against Russia, Apple stopped selling all products in Russia and suspended Apple Pay payment services.

It appears that the steps to be taken in the coming days will make it clear whether these fears are unfounded.

The trading platform should not be the broker's weak link

History shows that no one is immune from risks and problems. Even industry giants are exposed to risks associated with regulations, taxes, and politics at the most inopportune moment.

This must be taken into account in relation to any counterparties. The forex sector faces higher dangers than tech suppliers. Changes in the legal field or problems with the technology provider can be fatal.

There are some kinds of monopolists in the Forex market, but how reasonable is it to rely on the solutions they offer?

In the IT industry, there is a concept of a “single point of failure”. It means a critical component, the failure of which will stop the operation of the entire system.

Technology-based solutions are a crucial point of failure in the context of forex brokers. Without them, the broker simply will not be able to serve customers.

This is essential if the technology is supplied by a third-party vendor who also takes on the risk of running their own company. Not having an emergency plan can be costly.

There are many examples in the industry of how multi-million dollar brokerage companies built their business on popular software and didn’t care about having an alternative platform just in case.

In the event of sudden problems like the ones that recently shook the industry, these brokers will suffer double losses.

First of all, they have no place to draw in new clients, and those they already have will only have restricted access to upgrades.

Second, the absence of a fallback will give an advantage to competitors who can take market share from them. Also, the effect of rumors and the rapidly spreading misinformation cannot be underestimated.

Thus, when analyzing risks, it is necessary to take into account all aspects – external, internal, technological, and reputational.

Many large brokers have several licenses in different jurisdictions. This is their insurance: if there are problems with the regulator, you can always continue working under another license. The same approach should be applied to technology.

Companies such as Plus500, eToro, X-Trade Brokers, TopStep Trader, and Trading212 have achieved great success in recent years, owing in part to a modern approach to a new generation of clients who do not want to utilize sophisticated systems.

Therefore, the diversification of technological solutions not only guarantees business continuity in the event of a crisis but also becomes an impetus for development

Companies will have the opportunity to enter new markets or attract a new category of customers who were previously scared away by outdated solutions.

Are there quality alternatives to MT4/5?

With the removal of MT4 and MT5 from the App Store, forex brokers have had a problem providing services to users of Apple mobile devices. Is there a quality alternative solution?

capital.com

The MetaTrader 4/5 trading platform is one of the most popular in the OTC segment. At the end of 2020, the market share of this software was 79%.

Since mobile applications have already become an integral part of the life of traders, what happened has forced many brokers to look for MT5 alternative software solutions.

In this regard, it makes sense to pay attention to other OTC software developers. In the context of actual market monopolization, it is very difficult to find a solution as recognizable and popular as MT4 or MT5.

However, this doesn’t mean that there are no alternatives at all.

For example, the brokerage system powered by AI technology Capital.com also provides a mobile version for Android and iOS devices, integrated with the popular platform TradingView. It allows to:

  • Trade in a demo or live environment.
  • Access advanced charts, create indicators and signals, and share them with one of the largest trading communities in the world.
  • Apply technical analysis tools.
  • Connect to a major investor social media on desktop, mobile or tablet devices.

It's a potent combination for those who wish to expand their trading expertise with high-tech trading tools and software.

For context, TradingView named Capital.com the Most Innovative Technology of 2021, and Investment Trends named it the Best Mobile Platform/App of 2022. It is the most popular trading technology platform.

It provides traders with access to over 6,000 worldwide markets with narrow spreads, no commissions or hidden costs, and has garnered high awards for value.

! This material is not intended to be financial advice. When looking for MetaTrader alternatives, be sure to conduct your own study before joining a new platform.

About the author 

Peter Keszegh

Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.

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