Popular forex and contract for difference (CFD) trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), are no longer available to download from the App Store, the online mobile store of giant technology manufacturer, Apple Inc.
Finance Magnates’ check shows that the trading apps do not come up when a search entry is done on the Apple App Store. However, they are still available on Google Playstore.
MT4 and MT5 were developed by the software company, MetaQuotes.
MetaQuotes is the leader in trading platforms for forex and CFDs retail trading. The firm is headquartered in Limassol, Cyprus, where it is registered since 2009 and holds representatives across the globe, predominantly in Asia and the Gulf.
A MetaQuotes representative told Finance Magnates that the company received a letter from Apple on Friday, September 23, stating that the firm's trading apps do not comply with the App Store Review Guidelines.
The apps were pulled down on the aforementioned date, the software development company noted.
"Apple provided assurance that customers who have already downloaded the Apps will not be affected. These customers can still use the Apps from their devices and will still have access to any in-app purchase products," the representative explained.
MT4 and MT5 support Windows and Mac OS operating systems for desktop usage. In addition, they support Android and iOS operating systems for mobile use.
However, MetaQuotes does not support the use of MT4 on Mac OS. Nonetheless, white-label brokers provide customized versions to their clients.
'No Link to Western Sanctions on Russia'
Speaking to Finance Magnates, Metaquotes dismissed the assumption that the delisting has to do with the West's response to Russia's war on Ukraine.
"We do not believe that Apple's actions are linked in any way with the Western sanctions on Russia," the MetaQuotes representative said.
However, the representative noted that the removal of the trading apps from the App Store has caused significant losses to the company.
"The removal of the Apps does not only affect the parties involved but also the industry as a whole," the representative added.
MetaQuotes noted that it was liaising with Apple "in an effort to clarify the situation" and resolve the issue. Moreover, the company said it was considering other various options.
MetaTrader: An Industry Giant
Since its introduction, the MetaTrader trading platform has grown to become a giant in the online forex and CFD industry.
The software has been enjoying decades-long patronage from industry stakeholders and remains a top choice for online retail forex traders.
While MT4 was introduced in 2005 and optimized for online forex trading, upgraded MT5 was released in 2010, offering access to additional CFD markets: stocks, indices, commodities, futures, energies, etc.
According to Finance Magnates Intelligence, MT4 and MT5 boasted a combined 78.7% share of the market at the close of 2020.
On June 7, 2021, MetaQuotes reported that MT5 became a more popular platform than MT4 for the first time in history.
The developer reported at the time that the number of lines of MetaTrader 5 codes exceeded 7 million while MT4's numbered only 2 million.
Meanwhile, a recent development suggests that MetaQuotes might be following a more stringent agenda to measure up its standing with regulators around the world.
Finance Magnates reports that prospective forex and CFD brokers are finding it hard to be onboarded by white-label services to kick off their new brands.
This difficulty has been attributed to tougher requirements being requested by MetaQuotes from brokers before processing their white-label requests.
