MT4 and the newer version of the MT5 platform account for around 80% of the retail trading app market, but that dominant position was shaken by Apple’s decision to remove MetaTrader’s mobile apps from its App Store in late September 2022.
MT4 and MT5 applications cannot be downloaded and installed on iOS devices. Those already installed continue to function, but existing users cannot receive updates and fixes. Users using Android devices are not affected because the apps are still fully available on Google Play.
On Sept. 23, Apple notified MetaTrader’s developer, MetaQuotes, that its applications do not comply with the App Store Review Guidelines. MetaQuotes stated that they are in contact with Apple to resolve the matter as quickly as possible, but the specific reason for the tech giant’s decision has not been officially announced.
According to some speculations, the decision may be related to the anti-Russian sanctions due to the fact that the Cyprus-based MetaQuotes has Russian origins. But Forbes and a number of specialized publications point to the use of MetaQuotes’ apps in fraudulent schemes as the main reason.
While many leading brands in the industry use MetaTrader, the MetaQuotes licenses allow the software to be used by malicious players who offer fictitious trading. Forbes reports on victims who lost more than $1 million as a result of scams known as pig butchering, where a scammer builds a longer term relationship with their victim before convincing them to invest money over time.
Key to these scams is the ability for trading apps to be manipulated in a way that fools the victim into thinking their money is invested and even profitable. The Global Anti-Scam Organization (GASO) points out that MetaQuotes allows licensees to use a particular plug-in, known as Virtual Dealer, which can be used by scammers to “manipulate those market prices, and simulate account balances, profits or losses”.
First launched in 2005, MetaTrader4 (MT4) is the platform of choice for more than 80% of all traders around the globe. So, it is no wonder that more than 10 years after its launch, the MT4 is still offered by the majority of forex brokers.
Charting & Technical Analysis
The reason why MetaTrader4 has gained immense popularity is not just because it’s easy to use, but because it offers a plethora of useful features and tools. For example, the charting package of the platform is second to none. Not only that you can select different chart types time frames, colors, create templates, but there is a plethora of technical analysis indicators to choose from. Most traders use indicators such as Bollinger Bands, Fibonacci retracement, moving averages, in combination with support and resistance to help them predict the future direction of exchange rates and make profit.
EAs & Back-testing
Another prominent feature of MT4 is the automated trading. Users can run automated trading sessions with the help of specially designed Expert Advisor bots, which are easily customizable. Speaking of customization, those who have some coding skills can create indicators and EAs of their own.
Many traders who use EAs carry out back testing to see how a certain bot might perform over historical trading periods. Running back-tests shows traders what they can expect from the EAs, and which ones are worth it.
One-Click & Signals Trading
Apart from the fast order execution speed, the MT4 has a built-in One Click Trading function, which enables you to perform trade operations with a single mouse click. Besides, those who don’t have the time or the skills to trade on their own have another option on this platform. It is called signals trading and allows users to automatically copy the deals performed by other traders in real time. Many successful traders become signal providers, offering public access to their trades either for free or a reasonable fee.
With its intuitive interface, and professional tools no wonder that MetaTrader4 has stood the test of time and established a market dominance in the forex sector. It seems, however, that this platform is destined to become a relic of history in the years to come, as its developer, MetaQuotes, has put a lot of efforts in making its successor, the MT5, functionally better. What is more, the company has announced that it will no longer update the MT4.
Nonetheless, by the time of writing this, the platform is still functional and preferred by both beginner and professional traders. The MT4 is available as a desktop download, web version, as well as Android and iPhone mobile apps. Here you may take a look at our list of brokers offering the MT4.
Apple’s decision to remove MetaTrader’s mobile apps from its App Store
MT4 and the newer version of the MT5 platform account for around 80% of the retail trading app market, but that dominant position was shaken by Apple’s decision to remove MetaTrader’s mobile apps from its App Store in late September 2022.
MT4 and MT5 applications cannot be downloaded and installed on iOS devices. Those already installed continue to function, but existing users cannot receive updates and fixes. Users using Android devices are not affected because the apps are still fully available on Google Play.
On Sept. 23, Apple notified MetaTrader’s developer, MetaQuotes, that its applications do not comply with the App Store Review Guidelines. MetaQuotes stated that they are in contact with Apple to resolve the matter as quickly as possible, but the specific reason for the tech giant’s decision has not been officially announced.
According to some speculations, the decision may be related to the anti-Russian sanctions due to the fact that the Cyprus-based MetaQuotes has Russian origins. But Forbes and a number of specialized publications point to the use of MetaQuotes’ apps in fraudulent schemes as the main reason.
While many leading brands in the industry use MetaTrader, the MetaQuotes licenses allow the software to be used by malicious players who offer fictitious trading. Forbes reports on victims who lost more than $1 million as a result of scams known as pig butchering, where a scammer builds a longer term relationship with their victim before convincing them to invest money over time.
Key to these scams is the ability for trading apps to be manipulated in a way that fools the victim into thinking their money is invested and even profitable. The Global Anti-Scam Organization (GASO) points out that MetaQuotes allows licensees to use a particular plug-in, known as Virtual Dealer, which can be used by scammers to “manipulate those market prices, and simulate account balances, profits or losses”.
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