After Apple Inc. removed the popular MetaTrader 4 (MT4 ) and MetaTrader 5 (MT5) trading apps from its App Store at the end of September, the industry began to speculate on what impact this would have on the future shape and operations of retail contracts for difference (CFD) brokers. According to a survey conducted by Finance Magnates, cTrader appears to be the most interesting alternative in the face of recent developments.
Apple's removal of access to MT4 and MT5 was an unexpected move. It should be remembered that the App Store is the only place where users can download mobile applications for their iPhones and iPads (with some technical exceptions). So, for traders using Apple mobile devices, this means no access to one of the oldest and most popular retail trading platforms.
cTrader Instead of MetaTrader? Find Out the Results of the Finance Magnates Survey
Before the weekend, Finance Magnates asked brokers and industry professionals on LinkedIn which "preferred trading alternative" they would choose in the face of the MT4 and MT5 ban in the AppStore, and which solutions could potentially be best for users.
More than 350 people participated in the survey, and according to the majority (53%), the best alternative will be the cTrader platform by Spotware. The platform, which has been in development for many years, gained a dominant lead over the second-ranked, MatchTrader (27%), then Leverate (12%) and XOpenHub (8%).
Unlike products owned by MetaQuotes, the cTrader app is continuously available in the App Store. Additionally, according to data collected by Finance Magnates Intelligence, MetaTrader 4 and 5 were the dominant trading platforms in the CFD market (83.8%). Moreover, the volumes generated by mobile trading have exceeded those generated from desktop computers (56% vs. 44%) in recent months.
Finance Magnates Intelligence data provides information on the volume distribution among MT4, MT5 and other platforms that retail brokers may offer. All values are calculated based on data from brokers providing more than one platform to their clients. The data only includes brokers that shared information with Finance Magnates Intelligence and may not give a detailed or representative picture of the retail industry as a whole.
Advantages of the cTrader Platform
The cTrader platform was created and is still being developed by Spotware, currently offering trading on desktop and mobile apps as well as web browsers. As seen from the platform's description on its website, its mission is to find a balance between ease of use and advanced and comprehensive features so that both experienced and novice traders can use it.
The mobile app, available for both iOS and Android, incorporates virtually all of the major functionalities of the dexterous platform and is available in 22 different languages, increasing accessibility for an international client base.
The app offers access to smooth and responsive charts in 26 timeframes and 50 different indicators. More information about Spotware's platform can be found here.
More Surveys from Finance Magnates Coming Soon
Finance Magnates has been one of the leaders in the retail trading industry for more than a decade when it comes to providing key information and analysis to brokers and industry professionals.
The popularity of the recent survey and the discussion that ensued under it have made us decide to use this format far more often. If you would like to express your opinion on issues that are important from a broker's point of view, participate in our polls or see the results, then follow our LinkedIn profile.
