What is the impact of the removal of MT4/5 from the Apple App Store?

Recently, the delisting of MetaTrader 4 (MT4) and MetaTrader 5 (MT5) from Apple's App Store has sparked heated discussions in the market.

Reason for the removal

MT4/5 was developed by MetaQuotes. Although MetaQuotes is registered in Cyprus, it is actually a Russian company because its founder and CEO Renat Fatkhullin is Russian. Previously, both Visa and MasterCard had suspended operations in Russia, and bank transfers and financial transactions had been banned. Apple also stopped all product sales in Russia and suspended financial services including Apple Pay. Because of this, it has also led the market to speculate that this move may be related to Western sanctions against Russia.

While MetaQuotes has not yet made an official announcement, it said it is in contact with Apple “in an effort to clarify the situation” and resolve the issue. At the same time, MetaQuotes denies the claim, saying that the removal of MT4/5 from the App Store has nothing to do with Western sanctions against Russia. The company said it received a letter from Apple on Friday (September 23) saying the company's trading software did not meet App Stores review guidelines, and the platforms were subsequently removed.

Frequently asked questions about MT4/5 being removed from App Store

1. Will the clients who have already downloaded MT4/MT5 be affected？

Apple guarantees that customers (iPhone, iPad) who have already downloaded the app will not be affected. These customers will still be able to use the apps from their devices and will still have access to any in-app purchases, but won't be able to upgrade or patch until they're back on shelves. It is worth noting that if the user has previously installed MT4/MT5 on the mobile device, even if they are uninstalled later, he can try to reinstall them.

2. Will trading with Android devices be affected？

Users and traders of Android devices are not affected, and can also search and download normally on Google Play. Only mobile devices running on iOS will be affected by this change. Users can also access the account through the web version of MT4/MT5 or the desktop application.

3. Will it affect the deposit and withdrawal？

If the user chooses a formally regulated entity / trading platform / broker for trading, the user/trader's funds are deposited in the regulated account of the regulated bank, and the user's fund transfer and fund deposit are also handled by the trading platform. The MT4 and MT5 software provided by Metaquotes is only a bridge trading platform for online trading. Therefore, the current removal of MT4/MT5 from the Apple App Store will not affect any deposits, withdrawals or transfers of users/traders.

How to judge whether the platform is under the supervision of a formal regulatory agency？ It is difficult for ordinary investors to distinguish the true from the false, and it is time-consuming and laborious to verify. As a globalized corporate financial information query tool, WikiFX is known as the “Wikipedia in the foreign exchange industry”. Currently, the number of traders included in WikiFX exceeds 39,000, and 11 languages are supported. In addition to providing basic information inquiry, regulatory license inquiry, credit evaluation, platform identification and other services for the included foreign exchange trading platforms, there are also many functions such as exposure, mediation, scam brokersreview, investment information, etc., and investors can therefore understand the foreign exchange industry better. It allows investors to easily identify the reliability of the platform!

3. Impact on the foreign exchange industry

MetaQuotes is a Cyprus-based fintech software developer that develops both MT4 and MT5. MT4 was released in Russia in 2005, after which MT5 was launched in 2009 to support more trading tools. Thanks to advanced technical analysis, flexible trading systems, algorithmic trading and Expert Advisors, as well as mobile trading applications, since its launch, the MetaTrader trading platform has developed into a giant in the online foreign exchange and CFD industry, with over 50% market share in the online trading platform market for online foreign exchange and CFD brokers and their retail trading clients - according to statistics, at the end of 2020 MT4 and MT5 together accounted for 78.7% of the market share.

MetaQuotes said that the removal of MT4/5 from the App Store caused significant losses to the company. But there is no doubt that as an industry giant, the removal of MT4/5 from the App Store will not only affect the parties involved, but also the entire industry.

First and foremost, iPhone users/investors will be troubled. Since users who have downloaded are not affected, some investors have posted on social media to sell iPhones with MT4, bidding starts at 5k!

Some investors also said that due to the removal of MT4/5 from the App Store, they will consider buying another Android phone to download MT4/5 for use, because Android is not prohibited.

Brokers'Response

At present, no broker has terminated the use of MT4/5 due to the delisting event, but there is probability that some brokers will take some action later and switch to cTrader and TradingView.

There is news that major brokers in the US are starting to stop offering MT5 to retail clients through their websites.

Some brokers have already informed clients, saying that: “Apple App Store has silently deleted all MetaTrader applications. If you currently have the application on your phone, be careful not to delete it as you may no longer be able to redownload it. You can also use MetaTrader terminal provided by your broker.”

Just before that, Saxo Bank of Japan terminated support for MT4 in early September and switched to Saxo Trader Go/Pro and SaxoInvestor.