Apple started to ban MetaQuotes online trading platforms for device users in September 2019 and today, MT4, as well as MT5, are completely no longer available for these device users. The ban was due to concerns that the platform allowed for market manipulation and other illegal activities.
This is a huge change as the popularity of MetaQuotes trading platforms as well as Apple devices are extremely high. This change has a significant impact on both Apple users and the whole FX industry. This is what we will cover down below and for more clarity, will suggest some alternatives which can be a better solution for FX traders who use Apple devices.
Ban On MetaQuotes – Reasons, And Results
Apple considered that MetaQuotes trading platforms were causing risks connected to fair trading and safety because they allowed for the execution of trades without the involvement of a broker. This meant that there was potential for manipulation of prices and other unfair practices. In addition, these platforms did not have the same level of security as traditional brokerages, which put investors at risk.
Note that, Apple Company has commented on the recent ban on the MT4 and MT5 platforms. They have said that they are disappointed with the decision and believe that it will have a negative impact on their business. As of yet, MetaQuotes Company has not made any comment in regard to their platform’s ban. This could be due to the fact that they are still working on a solution, or they may simply not have anything to say at this time.
On the other hand, it sounds pretty normal that Apple device users have complained about the ban on MT4 and MT5. Even though they can use other FX trading software companies, they argue that these platforms are essential for Forex trading and that the ban will limit their ability to trade effectively. Some users have even threatened to switch to Android devices if the ban is not lifted.
When it comes to impacts, we should outline several aspects. The main impact was that many people lost access to their trading platforms and had to find new ways to trade. This led to a lot of confusion and frustration, as well as some financial losses. There is no specific data proven yet but it is possible that some Forex traders who were using MetaQuotes trading platforms for Apple devices lost their accounts and capital because of the ban.
In addition, the ban on MetaQuotes by Apple impacted both companies in a number of ways. For Apple, it meant losing out on potential revenue from MetaQuotes users who would no longer be able to access the app. It also put a strain on the relationship between the two companies, with some reports suggesting they were considering taking legal action against Apple. For MetaQuotes, the ban meant having to find another way to distribute its software to users and losing out on the exposure that is available through the App Store provided.
For the FX market results, the impact of Apple’s ban on MetaQuotes is far-reaching. For one, it creates a major barrier to entry for new online trading software companies. Also, MT4, as well as MT5, were extremely widely used platforms. So those companies who are just getting started to enter the market will face some barriers. Furthermore, it also hurts existing players in the market who rely on MetaQuotes for their business. Accordingly, there is a high chance of higher prices and reduced competitiveness.
What Other Alternatives Can Help FX Traders To Continue Trading With Apple Devices
There are a few other Forex trading platforms that are now available for FX traders who trade via Apple devices. Some of these platforms include cTrader and NinjaTrader.
cTrader is a great platform for Forex trading and includes a variety of educational features for beginner FX traders. These features include an extensive video library, webinars, and tutorials. cTrader also offers a demo account so that beginner FX traders can practice their skills before risking real money. The main competitive advantages of cTrader compared to MT4 are its user-friendliness, advanced charting features, and flexibility. These advantages allow traders to take advantage of cTrader’s many benefits, including its ease of use, faster execution speeds, and lower costs.
On the other hand, many experts and traders think that Ninjatrader is better than MT4 or MT5 for Forex traders no matter their level of experience because it is more user-friendly and has more features. The main benefits that a trader will get if the trader starts trading Forex on NinjaTrader are
- Access to advanced charting and analysis tools
- Easy-to-understand market analytical tools
- Diversity of execution options
- An intuitive and user-friendly interface
To conclude, there are many different trading platforms available for Apple users who trade Forex. So for those who want to continue trading on this device, they still have some great alternatives which are safe and convenient to try. Otherwise, they can change the device type and continue trading on MT4 or MT5 platforms.
