Apple Banned MetaTrader Trading Platforms on App Store

October 3, 2022 at 01:25 PM

Popular Forex and CFD trading platform MetaTrader (MT4, MT5) developed by MetaQuotes got silently removed by Apple from the App Store.

MetaTrader banned by Apple
MetaTrader

iPhone and iPad users will no longer be able to download the platforms, however, those who have already installed the platforms on their devices can still use them, although they will not get access to updates, upgrades, and fixes. Also, traders can access the MetaTrader web platform through their browsers.

Although the reasons why Apple pulled down the platforms are not clear yet, it is allegedly due to the recent accusations against MetaTrader. It is believed that the platform was used by fake brokers to commit cryptocurrency scams, known as pig butchering, where scammers build long-term trustful relationships with victims before eventually convincing them to deposit more of their digital assets into fake crypto wallets or websites run by scammers.

The surprise removal of Cypriot-based MetaQuotes caused considerable turmoil in forex and contract for differences (CFD) markets. The tech giant’s move was unexpected since it affects not only MetaQuotes but dozens of brokers who use the platform. Collectively, MT4 and MT5 hold 83.4% of the total market share by the end of Q2 2022.

With such dominance, it comes as no surprise that the market reacted strongly to the news about removal.

Since its inception, MetaQuotes has grown into a giant forex and CFD trading provider. The software provider has been around for decades and it’s still one of the most popular online retail forex trading platforms. For further information visit the official website MetaQuotes.

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