This news came as a big shock around the globe as many iPhone users may not be able to trade forex on their devices. This is because Apple has removed the MT4 and the MT5 apps from the App store. Hence, downloading the app becomes almost impossible. Considering the fact that you cannot sideload apps on iPhones like you can do on Android devices.
Apple / MetaQuotes Are Yet To Comment On The Removal Of The MT4 and MT5 Apps
Neither Apple nor MetaQuotes have given any comment as to why the MT4 and MT5 apps were removed from the App Store. Nonetheless, there is a bit of good news for those who already have the apps installed on the iPhones. The apps are still working fine. The only issue is that, you cannot get new updates anymore.
With regards to the removal of these apps from Apple’s App Store, there has been a lot of online discussions speculating the reasons why Apple removed the apps. Already there has been an ongoing removal of Russian related apps from the App store. Even though MetaQuotes is currently based in Cyprus, it originated from Russia. As a matter of fact, the founder and CEO of MetaQuotes Renat Fatkhullin and his brother Lenar Fatkhullin who is also the Marketing Director for MetaQuotes are all Russians. According to speculations this can be a contributing factor to the removing of MT4 and MT5 from the App Store.
Another likely reason for the removal of the apps could have to do with several complaints about the apps on the App Store. Apple usually removes apps that attain certain amounts of complaints from the app store. The complaints could be due to a recent article that went viral. The article was written by a senior tech writer from Forbes who goes by name Cyrus Farivar.
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A Forbes Article Could Lead To The Removal Of MT4 / MT5 Apps
The article was titled “How One Man Lost $1 Million To A Crypto ‘Super Scam’ Called Pig Butchering”. As part of the scam, the scammer made retail traders download the Meta Trader app. This lead to a lot of affected persons complaining about the Meta trader app on the App Store.
MetaQuotes on the other hand had absolutely nothing to do with this scam, but the Forbes article quoted Apple spokesperson Adam Dema who in turns explained that the company is investigating a complaint against MetaTrader. He went on to emphasize that, they will take further actions. To protect users of the App Store where needs be.
This same Forbes article outlined that MetaQuotes allows the lincecees of the MT4 and MT5 to use a particular plug-in known as Virtual Dealer. This Allegedly dangerous app could be used by scammers to manipulate market prices, duplicate account balances, profits and losses. According to Global Anti Scam Organization, an organization based in the United States and Singapore, MetaQuotes has almost zero rules and policies in place to prevent their license holders from the use of such plug-in softwares like Virtual Dealer.
Until Apple or MetaQuotes come out to clarify the whole situation as to why these two apps were removed from the app store, such speculations will keep hovering around for a long time.
What Happens Next?
The removal of these apps has also created new opportunities for other people and smaller companies. Now that there are new series Iphones, many would like to consider getting their hands on one. But that decision might be a risky one if you are a forex trader. This is because your favorite trading app cannot work on your new iPhone. This is also where the so called opportunists come in. There are people selling iPhones with pre-installed MT4 / MT5 for about $5,000. Other smaller companies have also taken this opportunity to promote their apps. The so-called alternatives to MT4 and MT5 apps.
For now, we will just keep our fingers crossed and wait for Apple or MetaQuotes to come out with any comments regarding this issue. Ones there is any update, we will be glad to share them with all readers