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For global forex brokers, Metaquotes remains the main provider of trading software available across computers and mobiles, opening the forex and crypto market for home-grown traders and professionals alike. Standing as the benchmark for efficiency, accessibility and flexibility, both Metatrader 4 (MT4) and Metatrader 5 (MT5) have superseded platform rivals since the launch from Cyprus-born Metaquotes. The platform has long been utilised by everyone from mainstream forex brokers to niche platforms, even recently falling victim to a recent wave of digital scammers. The MT4 platform was the most popular forex and CFD trading platform in existence, but was recently superseded by the birth of its more recent relative MT5.

Much of the digital trading world was thrown into the dark when in late September, Apple made the decision to ban the download of MT4 and MT5 from the App Store. Both platforms were still available on Android, but the move from iOS rocked the industry and global community of iPhone traders and brokers, deciding to ban the platform’s download for new users. What was behind Apple’s hasty decision? How will brokers and competing trading apps adapt to the ban?

Fraud Allegations

Allegations of a growing scam network are believed to be a primary catalyst for Apple’s decision. The new scam sweeping the digital community and social media landscape is known as pig butchering: abuses the Virtual Dealer plug-in and creates mock fabrications of trading interfaces, with replicated market prices, price action, and profits and losses. Metaquotes allows any of its licensees to purchase the plug-in, create fraudulent simulations, and lure unwary traders into the palm of the online scammer.

The new scheme has already claimed the trading livelihood of many, so it wouldn’t be a surprise if the ban was a last-ditch resort in halting any more fraudulent activity. Given the current circumstances, Apple seemingly didn’t have much choice in the matter. Current users can still access the platform but access to updates and extras via the Apple App Store will be restricted. New traders won’t be able to download either MT4 or MT5 from IOS’s App store.

Sanctions on Russia?

Following Russia’s invasion of Ukraine, international industrial, economic, and tech giants have slowly been halting business operations in Russia in support of Ukraine and the EU community. The widespread sanctions hope to target banking institutions and financial pillars, as well as the oligarchs and elites in legion with Vladimir Putin. The list of Russian sanctions is vast, including key financial operators Visa and Mastercard.

In terms of the ban, Apple already suspended all product sales and financial services back in March, and Metaquotes have responded to allegations stating that the ban is not related to ongoing sanctions in Russia.

Provoking Diversity

Whilst it might not be a reason for the ban, the lack of a clear market leader might well introduce more competition into the sector. MT4 was first introduced 17 years ago, followed by MT5 around 5 years later. Thus, Metaquotes has slowly developed an unrivalled market share, roughly 84% in total.

Trading technology is consistently adapting to remain prevalent and cutting edge, along with trader expectations of leading tech and interface tools. The trading environment is a constantly adapting landscape, and key industry leaders should be adaptable. Metaquotes possess a market share on the edge of a monopoly when it comes to trading software, so depending on the length and terms of the ban, this could be a time to shine for its competitors.

What’s Next?

It turns out that Apple and Metaquotes are yet to release a detailed statement regarding the ban of the popular trading platforms on new iOS devices. Apparently, Metaquotes received a simple email from Apple stating that the apps do not comply with the App Store’s ‘review guidelines’. What this exactly means is still anyone’s guess. What was certain was that Metaquotes’ tech rivals finally got a chance to swoop in. For leading mainstream brokers, surviving the iOS ban wouldn’t be as much of a business ender as it would be for a lot of emerging or small-to-medium-sized companies. It meant a boom in business for tech providers, but a troublesome couple of months as smaller brokers attempt to manage growth after a fundamental market hurdle.