What You Need to Know About MetaTrader 4/5's Return to AppStore

Last week (Mar 7), Fazzaco reported that MetaTrader 4 and MetaTrader 5 (MT4/MT5), the trading software with the highest market share in the forex industry, has returned to Apple's App Store after a six-month hiatus​. New users can download these two applications directly on their iOS devices, while existing users can receive updates for the applications.

According to the MT's developer, MetaQuotes' announcement, "During the lengthy process of restoring the Apps back in the App Store, MetaQuotes has communicated to Apple extended explanations surrounding operational technicalities and provided further insights as requested. All matters have been resolved and the iOS applications have been reinstated to the store."

Today, Fazzaco will unravel this "MetaQuotes vs. Apple" incident and analyze the possible truth behind the comeback of the MT series on iOS.

Removal and Rumors

On September 24, Apple abruptly removed MT4 and MT5 from its App Store without prior notice​. This event quickly became a hot topic in the finance sector across social media. Due to the closed nature of iOS, some even started selling iPhones pre-installed with MT since it was impossible to download the apps on Apple iOS devices. Many traders were shocked and frustrated about this.

There were rumors that Apple's removal of MetaTrader was related to MetaQuotes' Russian background, but there was no concrete evidence supporting it. There were also reports that Google and Microsoft might follow Apple's move and remove MetaTrader from their app stores as well, but it was eventually proven to be false.

Four days later, on September 28, Fazzaco published an article titled "3 Reasons behind MT4/5 Removal from App Store!​", in which it was pointed out that the trigger might have been a scam covered by Forbes earlier, where a San Francisco Bay Area resident who identified himself as "Cy" was defrauded of one million dollars in a crypto Ponzi scheme on MetaTrader. The incident led to condemnations of the apps, ultimately resulting in Apple removing them on the grounds of safety concerns.

What Has Been Discussed During the Six-Month Negotiations

Some believe that the reason why Apple is receiving an increasing number of complaints is because many offshore/unlicensed brokers were providing false/fraudulent trading on MT4/MT5. However, in reality, these complaints had no direct connection with MetaQuotes, because the developer did not directly work with these brokers. Instead, these brokers were often provided with MT solution known as "white label", through third parties indirectly. Moreover, MetaQuotes has stopped processing all new MT4/MT5 white label applications since September 2022, leading to a rapid shift in the industry towards alternative platforms that provide MT4/MT5 alternatives to brokers and those who plan to start up one.

Therefore, firstly, we can reasonably speculate that during six months of negotiations, MetaQuotes must have indicated to Apple that it will more closely review broker qualifications, stepping up the effort to protect retail traders' rights and improve the reputation of the forex market. This also means that there will be less opportunities for offshore or unlicensed brokers, and more startup brokers will have to turn to other alternative solutions because they simply cannot pass strict reviews or cannot afford to purchase the main label, further promoting the growth of forex B2B white labeling services, among others.

Secondly, the fact that the two sides were able to reach an agreement on restoring MT to App Store also indicates that they have reached some sort of understanding. According to MetaQuotes' statement on Mar 6, they have "communicated to Apple extended explanations surrounding operational technicalities and provided further insights as requested". Since being removed from iOS in last September, MetaQuotes has continued to update and optimize its services. For example, they released a new version of the MT5 platform client build 3210​, a communication feature MQL5 Channels for traders and brokers​, and the latest MT5 Beta Build 3600​, launched shortly before the reinstatement of apps.

Thirdly, some argue that Apple's reinstatement of MT was not solely in response to MetaQuotes' demand. Apple's internal decision-makers may have also realized the negative impact of removing MT from their App Store. Firstly, mobile devices have consistently gained a larger share in the global forex market, with data indicating that prior to the pandemic, transactions done on mobile end accounted for 76% of all trades, rising to 79% by the end of 2022.

This highlights the significant impact of Apple's removal of MT on the entire market, where mobile trading has become the dominant force. While the loss of market share from new traders who abandoned Apple devices due to the apps' removal may not have threatened Apple's dominant position in the phone market, the resulting dissatisfaction and disappointment among users cannot be overlooked.

Look Back at the Whole MT Removal: Solved, But Impact Has Been Made

Although there are alternatives such as cTrader, MatchTrader, and Leverate, a market survey​ conducted by Fazzaco in last October still showed that 58% of respondents preferred to use MetaTrader.

However, for a large number of offshore and startup brokers applying for white labels, the increase in difficulty has made it harder for their business. Even though Apple and MetaQuotes have now worked things out, users are still concerned about possible issues in the future, such as compatibility or security issues with Apple devices. The most dreaded concern is, of course, the "uncertainty", which is fatal to any business. This whole removal thing might have been solved, the fact that Apple remained silent during the whole time the uncertain negotiations that lasted for six months have already eroded the trust of some users.

Due to changes in the industry, many brokers do not want to put all their bets on the MetaTrader but are starting to look for other alternatives. During the six months, a new trend emerged in the FX/CFD community, as some of MetaQuotes' competitors attempted to offer alternatives that are compatible with Apple devices. This has made the industry more diverse and provided users with more choices. Despite that MT4 and MT5 are still the most commonly used platforms, the industry has undergone changes, and such changes will continue.

On the other hand, the fact that MetaTrader 4 and 5 are reinstated back on the App Store is good news for brokers and traders who rely on these apps. Because MetaQuotes has implemented more stringent reviews on brokers who offer the apps, and consumers can use them more rest assured, thereby reducing the risk of fraud or frozen funds. At the same time, this has also sparked competition in the market, promoting more innovation and the rising of new alternatives, giving us more choices.