Is This The End of Forex Trading?!

It is shocking news to all that MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are no longer available for download on Apples App Store. These 2 are popular forex and contract for difference (CFD) trading platforms that have accounted for over 50% of the market share in the world of online trading.

Although neither Apple nor MetaQuotes have commented on the removal of these two platforms from the App Store, there are many speculations floating around. Some suggested that this could relate to the Western sanctions on Russian entities because of the Russia-Ukraine war. This is because these two platforms are the creation of MetaQuotes Software Corp., a Russian software fintech company registered in Cyprus. Simultaneously, some claimed that this is due to the overwhelming of scam cases that took place on MetaTrader platforms. Therefore the ban is to ensure that they have a better and stricter policy to prevent such “pig butcher scams” do not continue to persist.

However, the silver lining is that this only affects users who have yet to download the apps. Whoever already has these two apps on their Apple smartphones will remain unaffected. In addition, both desktop and web versions are still available on computers. To date, Google Play is still offering both MT4 and MT5 for android users.

Another thing to note is that despite being a main dominant player in the Forex and CFD industry, MetaTrader is not a monopoly player. Several alternatives are still available, such as TradingView, cTrader, eToro and Capital.com.

Another trend we have noticed in the last few days is the mushrooming “opportunists” looking to capitalise on the situation. On Twitter, several offers for iPhones with MT4 or MT5 are already preloaded for up to $5,000. Several MetaQuotes competitors have also been actively posting posts like “try our alternative trading platform.”