MT4 and MT5 are the platforms that traders use most often all over the world. Millions of traders in hundreds of countries use them. Forex traders are more likely to use MT4, while stock and commodity traders are more likely to use MT5. Both platforms have a lot of tools and features that both new and experienced traders can use.
Apple hasn’t said anything official about the ban on MT4 and MT5 yet. But many people in the business world think that the ban may be permanent and that Apple may no longer allow these apps to be on its App Store.
In this article, we will discuss what MT4 and MT5 are, as well as some other MetaTrader platform alternatives that iOS traders can use instead of MT4 and MT5.
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Contents
What is MetaTrader 4 and MetaTrader 5?
MetaTrader 4, which was first made in 2003, has made it possible for many traders to use a platform that is good enough for institutions. Then, in 2010, MetaTrader 5 came out. The platform was easy to use and flexible, so it could be used for many things, like making trades, doing technical analysis, using indicators, etc. As MT4 and MT5 became the most popular trading platforms over time, mobile trading made it easier for people to use them.
Since both MT4 and MT5 came out, there have been a lot of comparisons, but MT4 was much more popular. But in June 2021, brokers started to use MT5 more than MT4, which shows that the parent company, MetaQuotes, is always making improvements.
At the Global Forex Awards 2021, MT5 won the award for “Best Multi-Asset Trading Platform.” The award goes to the best solutions that make it possible to trade multiple assets and integrate technology in a way that is both innovative and focused on value.
How does the Apple Store’s ban on MetaTrader affect brokers?
Apple’s latest controversial move was first talked about on social media, then in traditional media.
The noise about the ban is because MT4 and MT5 are so popular. According to Finance Magnate’s Quarterly Intelligence Report for Q2 of 2022, MT4 and MT5 make up 83.8% of the market share for online trading platforms as a whole.
People who have already downloaded the trading platforms on their iPhones and iPads will still be able to use them, but they won’t be able to download and install any updates, upgrades, or fixes. If brokers can’t offer the platforms to new clients, the effects will be felt over the long term.
Brokers hope that MetaQuotes will fix the problem so that they can keep doing business on the App Store. For now, brokers can only offer the platforms’ web versions. On the other hand, Apple’s decision could make brokers look at other trading apps or even think about making their own platforms. Even though the ban on MetaTrader is a big deal for traders, it doesn’t have to be bad news. It gives brokers a chance to look at the latest technology solutions on the market with a fresh set of eyes.
How does the ban on MetaTrader affect people who trade?
MetaQuotes platforms are said to control more than 50% of the retail market share, so this is not good news. Traders who have already downloaded the app will still be able to make trades, but they won’t get updates, which could affect how the app works in the future.
The good news is that you can still download and use the web-based version of Metatrader. MetaTrader 4 and MetaTrader 5 apps can still be found on the Google Play Store for Android phones. Most traders use their dedicated broker’s free web-based platforms. So far, no problems have been reported, and this option is still easy to use. But traders want to keep an eye on the market even when they are on the go.
What are the platforms that can be used instead of Metatrader?
Since MetaTrader can’t be downloaded on Apple devices, I’ve been looking for alternatives. Below is a list of the best alternatives to Metatrader that both new and experienced traders can use.
Top 5 MetaTrader alternatives
| Platform | Compatibility | Category | Languages | Age Rating | Size | Price |
| OANDA | iPhone, iPad, iPod touch, Mac | Finance | English, German, Italian, Japanese, Portuguese, Simplified Chinese, Spanish, Traditional Chinese | 4+ | 91.9 MB | Free |
| TradingView | iPhone, iPad, iPod touch | Finance | English, French, German, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Simplified Chinese, Spanish, Swedish, Thai, Traditional Chinese, Turkish, Vietnamese | 17+ | 70.1 MB | Free |
| eToro | iPhone, iPad, iPod touch, Mac | Finance | English, Danish, Dutch, Finnish, French, German, Italian, Malay, Norwegian Bokmål, Polish, Portuguese, Romanian, Russian, Simplified Chinese, Spanish, Swedish, Thai, Traditional Chinese, Vietnamese | 4+ | 161.1 MB | Free |
| Investing.com | iPhone, iPad, iPod touch | Finance | English, Arabic, Dutch, French, German, Hebrew, Hindi, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Simplified Chinese, Spanish, Swedish, Thai, Traditional Chinese, Turkish, Vietnamese | 4+ | 309.7 MB | Free |
| AvaTrade | iPhone, iPad, iPod touch, Mac | Finance | English, Arabic, French, German, Italian, Japanese, Russian, Simplified Chinese, Spanish, Traditional Chinese | 4+ | 190.6 MB | Free |
Conclusion
The absence of MT4 and MT5 may cause problems at first, but as we get used to other platforms on our Apple devices, we will learn more about trading tools and how they can be used in new ways. This is a chance for Metatrader’s competitors to shine by giving us a trading experience that is flawless.