MetaTrader apps are now removed from the App Store, but still available on desktop and Android. What was the reason of the ban? Is it time to search for alternatives?
The trading community on social media has been filled with a lot of confusion and anxiety lately because popular mobile trading apps known as MetaTrader 4 and MetaTrader 5 were quietly removed from Apple's app store last month. After serving traders for more than a decade, the legitimacy of MetaTrader is now being questioned. Many people are also starting to raise concerns about the future of MetaTrader and whether they should continue using the platform for trading.
Contents
Why was MetaTrader Removed from the App Store?
Founded by MetaQuotes in 2005 and 2010 respectively, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have grown into two of arguably the top choice of trading platforms in the industry. Millions of traders worldwide have been using MetaTrader to execute their trades on global markets in the past couple of years.
The MT4 and MT5 apps were removed from the App Store on the 23rd of September 2022. MetaQuotes said that Apple has sent them an email, simply stating that the apps do not comply with the App Store's review guidelines. But apart from that, neither MetaQuotes nor Apple has made a formal statement regarding the specific reasons for the ban.
Although the official reason has not been disclosed, there are many speculations being discussed online right now. One possible reason is the increasing fraud cases being executed on the MT4 and MT5 apps, thus motivating Apple to take such quick and extreme action.
According to Forbes, MetaTrader has been used to execute a new type of crypto scam called "pig butchering", where the scammer builds a long-term relationship with their victim before luring them to invest money after a while. This scam type basically uses manipulated crypto apps and websites to make the investment look real.
It is important to understand that MetaTrader is only a third-party trading platform that connects to a broker. This means the platform only offers licenses for its software but the actual trades are enabled by brokerages. So, without a live trading account, traders won't be able to make any transactions on the platform. However, according to a scam victim advocacy group, the GASO, MetaTrader also allows licenses to use a special plug-in known as Virtual Dealer, which can be used by scammers to manipulate market prices and account balances.
Another speculation is that Apple is starting to restrict apps with ties to Russia as a form of sanctions against their aggressive acts toward Ukraine. Although MetaQuotes is based in Limassol, Cyprus, the company has its origin in Russia. The founder and CEO of MetaQuotes, Renat Fatkhullin, is also a Russian citizen himself. However, this assumption was promptly dismissed by a MetaQuotes representative, saying: "We do not believe that Apple's sanctions are linked in any way with the Western Sanctions on Russia."
How Does The Ban Affect Traders?
The ban on the MetaTrader apps has certainly taken the global trading community by surprise, especially considering how popular mobile trading these days. Even though Apple users who have already downloaded the app can still continue to use them to trade, they won't be able to get any future updates or fixes.
Meanwhile, Android users can continue using the app normally as the apps are not banned on Google Play Store. The desktop version is also still fully available and hasn't been affected at all.
The real impact will more likely be felt in the long term if other versions of the app are also banned and brokers can no longer offer their services to new clients. For now, brokers can only hope that MetaQuotes will find a way to resolve the situation and perhaps negotiate with Apple to lift the ban. As for traders, this might be a good time to start looking for other alternatives in the market.
MetaTrader Alternatives to Consider
MetaTrader is known for its simple interface and automated trading. It allows users to apply Expert Advisors and combine them with both basic and advanced trading indicators to test, develop, and apply trading strategies. Thus, when choosing a trading platform, the key element is to consider the features.
In the following list, we have curated some of the best alternatives to MT4 and MT5 out there.
1. Tradingview
Tradingview is an innovative platform created by a group of professional developers and traders who share a vision that online trading should be easy, powerful, and accessible to everyone. It takes advantage of the latest technology called cloud computing and browser language, making the platform available for any trader in the world. In addition, Tradingview is also a social community where users can share ideas and exchange news to enhance their skills.
Just like MT4, you can connect the platform to your trading account rather easily, either via desktop, mobile, or tablet. You can choose to trade using a demo or a live account, apply technical tools, get access to advanced charts, and connect with one of the largest trading communities in the world. Overall, Tradingview is a powerful choice for those who are looking for a seamless platform with high-tech technology and features.
2. cTrader
cTrader is another popular trading platform besides MetaTrader that's often supported in major ECN brokers. First of all, cTrader has a really attractive interface – it is clean and uncluttered, making it very pleasing to the eye. The developers seem to have put a lot of work to ensure that the platform is easy to use and suitable for any kind of trader.
Another benefit is the charting tools. cTrader has a wide range of chart modes available, including single-chart, multi-chart, and free-chart. You can monitor several different charts at the same time by putting them neatly beside each other or toggling between charts in only a few clicks. Each chart can also be customized exactly how you want, like changing the color of the bars and the background. On top of that, the platform is available on mobile apps so you can easily monitor your trades anytime and anywhere.
3. eToro
If you are into cryptocurrency and copy trading, eToro is undoubtedly a great choice to start. eToro has an independent trading platform that offers great trading conditions and an active community of global traders. It also has many social features such as news feeds and chart updates for specific tradable coins on the market. Users can freely chat with others and update their social media-like feeds to share thoughts and work together to improve their skills.
eToro established in early 2007, with a mission to make trading accessible to anyone, anywhere, and reduce dependency on traditional financial institutions. The company has head offices in the United Kingdom, Cyprus, USA, and Australia.
eToro (Europe) Ltd operates as a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license no. #109/10. Meanwhile, eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.
As for eToro AUS Capital Pty Ltd, the legal standing is acknowledged by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139.
A broker that belongs to the 4-digit type, eToro offers both short-term options for day traders and long-term options for investors, such as their innovative Smart Portfolios, a fully managed thematic portfolio.
Since 2007, eToro has been at the forefront of the Fintech revolution. The most recent was launched in 2017, which is Smart Portfolios powered by Machine learning Al. Beyond developing Smart Portfolios, the company integrated Microsoft's machine learning technology into Momentum DD.
The new Smart Portfolios investment strategy uses artificial intelligence to find the steadiest traders who are most likely to generate a double-digit return and bundle traders into one fully-managed portfolio. eToro has hundreds of financial assets for trading across several categories including stocks, commodities, crypto assets, currencies, indices, and ETFs. Each asset class has characteristics and can be traded using a variety of investment strategies.
Some positions on eToro involve ownership of underlying assets, such as non-leveraged positions on stocks and cryptos. Employing CFDs will enable a variety of options, such as leveraged trades, short (sell) positions, fractional ownership, and more. For example, traders can invest as little as USD100 in gold, even if a single unit of gold cost USD1,000. Some of eToro's most popular CFD commodities include gold, oil, natural gas, silver, and platinum.
Currencies are traded on eToro only as CFDs. Also, CFDs enable Sell (short) positions and leveraged trade, even for assets that don't offer the option in traditional trading. Some of the popular currencies include EUR/USD, GBP/USD, AUD/USD, USD/JPY, and USD/CAD.
Furthermore, An Exchange-Traded Fund (ETF) is a financial instrument comprising several assets grouped to serve as one tradable fund. After opening an account in eToro, traders can invest as little as USD250 in an ETF that costs USD500. Some of the popular ETFs on eToro include SPY, VXXB, TLT, and HMMJ.
However, eToro also offers additional functions using CFD trading. All leveraged ETF positions in the UK are under FCA regulations. Meanwhile, all CFD positions executed by eToro Australia are under ASIC regulations.
The company has other advantages. In all financial assets that can be traded, eToro does not charge any deposit or trading frees other than spreads.
eToro charges a USD25 fee for withdrawals and the minimum withdrawal amount is USD50. Long (Buy), non-leveraged crypto, stock, and ETF positions are not executed as CFDs and do not incur any fees. eToro does charge overnight or weekend fees for CFDs positions, such as leveraged positions and short (sell) orders.
Fee updates always apply to open positions. Fees are subject to change at any given time and could change daily, without prior notice, depending on market conditions.
As a beginner, trader can use CopyTrading eToro. Different from the features of other brokers, traders can copy the strategies of professional traders without fee or profit-sharing. Therefore, 100% profit is fully owned by traders. For example, while trader A who is copied by trader B, produces a profit of 10% this month, then trader B also gets a profit of 10%.
The company is the world's leading social trading network. Since eToro operates in complete transparency, each trader has valuable information on their eToro profiles, so other traders that are interested to copy their trades can have assistance in creating their best portfolios.
Another feature that is unique to eToro is the personalized, social News Feed. Just like on any social media, traders can post their updates on feed, comment on other's posts, and gradually create a feed that is tailor-fitted to trader's trading and investing interests. On eToro social trading platform, traders will also get notifications when a trader writes a new post and many other important updates.
The highlight of eToro's trading platform is its copy trading feature. It basically allows traders to copy the strategies of top crypto traders and earn passive income from successful trades. On the other hand, you can also be a Popular Investor and let others copy your strategy for various rewards.
4. Thinkorswim
For sophisticated traders, the well-known broker TD Ameritrade offers thinkorswim, which is a trading platform with a wide range of advanced tools suitable for complex trading. Aside from stocks, the platform supports a bunch of other asset classes including forex, ETFs, mutual funds, bonds, and futures. It is also accessible via desktop, web browser, and mobile app.
Apart from being highly sophisticated, the platform offers a vast array of both technical and fundamental analyses. In other words, users can monitor the market movements of a specific asset as well as get the latest news about the companies behind those assets. Lastly, there is also lots of customization available, so you can set up the layout according to your trading strategy.
The Bottom Line
At the end of the day, it is important to understand that the financial industry is highly dynamic and businesses need to be flexible in order to survive. The removal of MetaTrader apps is certainly huge news in the trading world, but it is not the end of everything.
We can hope that MetaQuotes will reach a consensus with Apple, but there is no guarantee that that will really happen. So, in the meantime, you need to be flexible and open to new alternatives. You can choose to continue using MetaTrader via desktop or Android, or you can switch to a new alternative that offers cutting-edge tools and advanced technology.
To help you decide the best alternative platform to MetaTrader, here's a comprehensive comparison between MT5 and cTrader.
2 Comments
Jan 29 2024
So, Apple's gone and banned Metatrader, thanks to the Ukraine-Russia drama or some fraud issues – not sure which. But trading just got trickier, and the alternatives the article mentioned don't have my favorite broker. Wondering if I can just download Metatrader from somewhere other than the Apple store.
If the ban is because of fraud, seems like we could just steer clear of the sketchy stuff in the MetaQuotes market, right? I mean, if you get scammed, it's kinda on you. MetaQuotes provides the space, and traders choose the services. The whole ban situation seems a bit ridiculous to me.
Jan 2 2024
As an Apple user, I believe it's practically impossible to download the app from anywhere other than the App Store. Trying to get it elsewhere might be tempting, but it's a huge risk—could end up with a virus or something trying to snatch your data. On the flip side, apps from the App Store are like Fort Knox, 100% safe from viruses and trojan horses.
If you're keen on trading with the MetaQuotes app, maybe just switch to an Android phone because you can still snag it there! Or keep it old school and trade on your PC – download Metatrader straight from their website, no fuss. Yeah, it's a bit limiting with our Apple software, but sometimes you gotta play by the rules.