Where can I find a good alternative to MT4 now that they were removed from the Apple Store?
The news that Apple removed MT4 from the app store caught millions of user by surprise. Millions of day traders and investors who use the MT4 or MT5 trading app on their iPhone are all searching for an alternative.
Although the currently installed app continues to work, anyone who bought a new iPhone in the past week are stuck without the app.
Why MT4 was removed from the App Store?
Why it was removed from the App store has many people speculating that it could be due to their Russian connections. It is no secret that the founders of MetaQuotes have origins in Russia, but the software is actually owned by a company based in Cyprus.
A more likely reason Apple banned the app, was in response to a Forbes exposé about Boiler Room scams. Today they are calling the boiler room scams Pig Butchering. The Forbes article feature a man that was scammed out of more than $1 million dollars.
A key component of the MetaTrader trading system is it’s ability to integrate with a brokers virtual trading system. Scam artists used virtual trading accounts to display fake profits, and thereby solicit more funds from unknowing investors.
An industry article recently highlighted that MetaQuotes has been more careful in who they license their MT5 software too, read more. It used to be that anyone could get a license, and overnight become a broker. Now MetaQuotes in verifying company information before giving out a server license.
Why do it matter? Because 90% of brokers using MT4 are not licensed or regulated. Although many people think they are fine with an unregulated broker, they don’t realize that it is against the law for a broker to solicit clients from the United States, Australia, or Germany without a license.
Also, by trading with an unregulated broker, you cannot be certain that your funds will be available for withdrawal when you want them.
Which Trading App is a Good Alternative?
Among the 10% of online brokers that are licensed and regulated, a few of them are large enough to have actually developed their own trading platform.
While MT4 is a decent software if you are used to it already. It is not very user friendly, and definitely not made for beginner traders.
AvaTrade is a licensed and regulated broker for more than 10 years. Their are based in Ireland and have branches in major cities around the world. They are one of the few brokers that hold a license in Canada, Japan and Australia.
ForTrade is a broker that got their start in London, and has rapidly expanded in the past 5 years to include licensed in Canada and Europe. In addition to their custom trading platform, they also offer their day traders MetaTrade 4.
Pepperstone is originally an Australian broker, that is now licensed in multiple countries. Their selection of trading apps include; MT5, MT4, TradingView and cTrader.
Markets.com is a well established broker, and they have a custom trading app for Apple users. You will see that their range of products is quite large, with over 2,000 assets available for trading. Free demo accounts are available on their trading app.
There is no reason for day traders to start stressing out, because there are plenty of alternatives to the MT4 Apple App. But we all know very well that traders are so busy trying to perfect their trading skills, and changing trading apps and platforms can be a tough learning curve.
Either way, now is a good time to re-evaluate your broker, and your trading app. It is no longer 2005, and there are plenty of newer and better trading apps available.
For Example, The AvaTradeGo apps has a 4.6 star review rating on the App Store, see here.
An alternative solution that one of our readers suggested is, to continue using the desktop version of MetaTrader 4 for your EA plugins, and use a different brokers app for mobile trading.