In a move that has shocked the forex trading community, the MT4 and MT5 trading apps suddenly disappeared from the Apple App Store as of September 24th.
The two incredibly popular trading apps developed by MetaQuotes can no longer be downloaded by iPhone users, although they are still available in the Google Play store. iPhone users who already have the MT4 or MT5 app can so far continue using the apps without any interruptions. These users probably won’t be able to access any updates or new versions in the future, however.
I don’t often write about breaking news, but since readers have already reached out, I thought I would do a quick FAQ with what we know right now. I’ll update this post as more information becomes available.
What happened with MT4 and MT5 in the Apple App Store?
As of September 24th, Apple has removed both the MT4 and the MT5 trading platforms from its App store. iPhone users can no longer download the apps or any subsequent updates. A search for MT4 or MT5 in the app store only yields alternative trading platforms and portfolio tracking apps.
Why Aren’t MT4 and MT5 Available in the App Store?
UPDATED: It now seems clear that Apple’s actions were based on attempts to protect the consumer rather than any US government against Russia, as many had speculated. A number of investment scams had been perpetrated using MT4 and MT5, most notably a $1 million fraud that was detailed in Forbes. MetaTrader is apparently trying to fix the glitches that the scammers exploited with the hopes that they will be reinstated by Apple.
Before the recent comments from the developer of MetaTrader, it was presumed by many (including myself) that the surprise removal was a result of the ongoing sanctions against Russia due to the war in the Ukraine. MetaQuotes is based in Cyprus, but originated in Russia where founder and CEO Renat Fatkhullin is from.
If I Already Have MT4 on my iPhone, Can I Still Use It?
Yes, so far the removal from the app store has done nothing to affect traders who already have the MT4 or MT5 app installed. So if you already have MT4 or MT5 downloaded on your phone, you have nothing to worry about. In fact, some opportunists are trying to sell their phones with the app already installed for exorbitant prices. Going forward, however, iPhone users probably won’t be able to update the MT4 and MT5 apps or have access to newer versions.
Does the Removal Affect MT4 on my Desktop?
No. If you already have them downloaded, MT4 and MT5 are still fully functional on your desktop. However, if you’re a Macbook user, you won’t be able to download either MT4 and MT5 if you don’t have them already.
Are there Alternative trading apps to MT4 and MT5?
Yes, there are many other options. Most brokers have their own proprietary trading apps that they offer in addition to MT4 and MT5. In fact, I recently wrote a review ranking my favorite forex trading apps that aren’t developed by MetaQuotes.
Why is the MT4 and MT5 removal from the app store such a big deal?
In some ways it isn’t. Like I said, only iPhone traders who don’t have the app installed are out of luck at this point. Desktop users can still use MT4 and MT5 and so can Android users, and if you already have the app on your iPhone, it is still functional for the time being.
However, MT4 and MT5 are such incredibly popular forex trading platforms that any hint of disruption can be a bit of a scare. Some are worried that Apple’s decision is just the beginning and forex brokers may cease their partnerships with MetaQuotes. This would force traders to use different trading platforms. For loyal MetaTrader users, that could be a difficult adjustment.
Is MT4 and MT5 Banned in the US?
No. So far it has only been removed from Apple’s App store. MT4 and MT5 are still available on Google Play for Android phones, and their desktop versions are available for download. Apple obviously had substantial reasons for removing the most popular forex trading apps in the world, so it is possible that Google Play will follow suit. This might force forex brokers to consider alternatives. We’ll see how this all plays out and I’ll keep this post updated as things develop.