Last week, Apple removed the popular trading platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) from the App Store. The news has gone viral on social media, drawing more attention from trading communities who are up in arms about Apple’s decision. What impact does this have on the mobile trading app and you as a retail trader? Let’s find out
What is MetaTrader?
MetaQuotes (a Cyprus-based fintech software developer) developed MT4 and MT5. MetaQuotes has more than half the market share in the online trading platform market, which is impressive. This share is divided among CFD (contracts for difference), online forex brokers, and their retail traders.
MetaTrader has been used for decades by industry stakeholders and is still the best choice for online retail forex traders and all other day traders alike.
MT5 was released in 2010, While MT4 was introduced in 2005 and optimized for online forex trading. MT5 provided access to additional CFD markets such as stocks, futures, energies, and Crypto as the most recent asset, which MT4 did not.
Why were MT4 and MT5 removed from the Apple App Store?
Neither Apple nor MetaQuotes have commented on why they moved forward with removing MT4 and MT5 from the App Store and have yet to comment on anything else.
Over the last few hours, there has been much speculation about the reasons for Apple’s removal of MT4 and MT5. Much of the conversation has focused on Apple’s removal of other apps due to its ties to Russia.
What appears to be retaliation by the US government is unconfirmed assistance by the CEO of MetaQuotes in assisting Russian oligarchs in funnelling funds out of Russia.
Another explanation is based on Apple’s recent trend of removing apps for which Apple has received backlash, either about the apps themselves or their usage.
Forbes senior tech writer Cyrus Farivar said an article titled “How One Man Lost $1 Million To A Crypto ‘Super Scam’ Called Pig Butchering” was printed earlier in the month. It covered a hustle in which the scammers got retail traders to download and access MetaTrader as part of it.
Additionally, Apple sent a letter on Friday, the 23rd of September, to a MetaQuotes representative, according to a report in Finance Magnates. It stated that the firm’s trading apps do not comply with the App Store Review Guidelines. According to the software development firm, the apps were removed on the date above.
According to Apple, customers who have already downloaded either MT4 or MT5 will not be affected. These customers can continue (if they so choose to) to use these Apps from their iOS devices and access any in-app purchase products.
Meanwhile, removing MT4 and MT5 from the App Store seems to have had no impact on those who have already downloaded the mobile trading apps to their iOS mobile devices. However, there is no telling what Apple will do or what the future entails.
It should be noted that those users who continue to use the Apps on their iOS devices are unlikely to be able to download any future updates for it.
Are MT4 and MT5 platforms still available?
Even though Apple has removed mobile MetaTrader from their App Store, many other versions are still available. It would help if you understood that MT4 and MT5 were originally designed for computers, so the assumption that they would still be available on Windows and even Mac is still correct.
Remember that the Apple App Store only applies to iOS devices like iPhones and iPads. MetaTrader 4 and 5 are still available as downloadable software to your computer. Then MT4 and MT5 are still available on Android devices through the Google Play store.
Where can I download MT4 or MT5?
You will need to check which versions your broker offers if you want to download MT4 or MT5 on its other functioning platforms. Depending on the broker and what versions of MetaTrader they offer (MT4 and/or MT5), you will need to consider what device you have and what situation will best suit you.
Most reputable brokers will offer you the option to download MetaTrader for one of these platforms;
- MetaTrader 4 Windows or Mac
- Metatrader 5 Windows or Mac
- Mobile MetaTrader for Android
How to trade on MetaTrader 4?
If you only have an iOS device and do most of your day trading from it, you will have to consider a few available options. Some may be better suited than others, depending on how you like to trade and your situation.
Use the MT4 web terminal
The easiest solution is the use the MT4 web terminal you should be able to access from your iOS device. You will have to understand that although most brokers offer this functionality, and you will most certainly be able to access it using Safari (Apple’s preferred iOS web browser), some brokers may not have an MT4 web terminal portal.
If your broker does not have this web terminal option available, you may be out of luck because that will mean you will have to run MT4 or MT5 from an Android or a computer, which we will look at next.
Use MT4 Android
Although Apple removed MetaTrader from their iOS devices, it is still available on Android phones and can be downloaded from the Google PlayStore. This goes for both MT4 and MT5. One thing that should be noted here is that the circumstances surrounding the removal are still speculative, and if it is based on Russian involvement, then Google may follow suit and remove it too.
However, for the moment, if you have the ability (and a spare Android phone lying about), then this might be a suitable alternative. This is especially true if you are comfortable using the platform on your mobile device.
Once again, it would help if you considered whether or not your broker has the option to use this version of the platform. If not, then you should perhaps look at signing up with one that does.
We have covered many broker reviews here where this platform is accessible to them, as well as the ones we will mention below, including a proprietary mobile app. One such broker is ZFX.
Use MT4 Windows or Mac Platforms
If you are unable at any point to either use your iOS device or an Android phone (not to mention the MT4 web terminal is not available), then your second to last option is downloading and using MetaTrader on a computer.
We touched on this above, and this is your last option in terms of being able to use the MetaTrader at all. Depending on your broker, they may offer only MT4 or both MT4 and MT5 as part of their downloadable platforms for Windows and/or Mac.
You will need to contact your broker or visit their website to see what your options are. Most brokers typically do offer both versions, but some may only offer one of the two.
What stock trading app should I use now?
If you are not interested in using some form of a computer (Windows or Mac) to trade and looking to keep day trading on your mobile device, then there is one other recourse you can take.
Nowadays, most brokers are moving away from mobile MetaTrader and developing their own in-house proprietary trading app. This will typically be available for both Android and iOS. Most come with incredible features and allow you to trade in a similar fashion to that of MT4 or MT5.
Some features include;
- One-tap trading
- Market analysis
- Market insights and outlooks
- Financial news
If you are still using mobile MetaTrader and your broker doesn’t have an in-house mobile trading app like this, then it may be in your best interest to look for a broker (like ZFX) that does. This will be especially true if you are not wanting to consider trading on Windows or Mac.
Conclusion
Although Apple has removed MT4 and MT5 from their App Store, the impact seems to not have been all that significant. This is probably due to users having the app already installed, and if they don’t uninstall it, then they won’t have a problem.
For those looking for an alternative, the next best recourse is to use the web terminal. Otherwise, options will be limited to using the Windows, Mac, or Android versions.
Lastly, if you are still wanting to use your iOS device, then perhaps a change of pace in choosing a new broker that supports an in-house mobile trading app is your best bet.
