In a surprising (or not so surprising) move, Apple removed MetaTrader 4 and MetaTrader 5 from its App Store in a blow to the leading FX trading platform provider.
“Due to a unilateral decision by Apple which was beyond the control of MetaQuotes, MetaTrader 4 and MetaTrader 5 for the iOS operating system will not be available for download from the Apple App Store, starting today “, MetaQuotes wrote in an email.
“Metaquotes is taking all necessary steps, with the goal of restoring applications as soon as possible,” the email added.
The fact is that complaints against MetaQuotes were growing, with the most high-profile case being covered by Forbes earlier this month – about the “Pig Butchering” super scam and how it used MetaTrader to defraud investors. Apple spokesman Adam Dema told Forbes that the company is investigating complaints about MetaTrader and will take additional steps to protect App Store users if necessary.
It seems that “the extra action” has been taken, even though MetaQuotes would have taken its own action a few months ago. The company reportedly made it harder for white label vendors to onboard customers.
It is still unclear if the issues with the iOS mobile apps will soon be fixed much to the delight of brokers and traders or if Google will follow suit and remove MT4 and MT5 from its Play Store.
Although the decision was taken quietly on Friday, the news quickly reached the entire forex industry, which is already scrambling to find solutions to brokers who have put all their eggs in one basket.
The reality is that there are many solutions for brokers besides MetaTrader despite the flocking behavior that has been around for years. Many if not most brokers around the world have made efforts to diversify their portfolio of trading platforms in recent years for many reasons. One is the recognition that legacy platforms are unable to keep up with technological advancements and merchant demands.
The pros and cons of a legacy platform
We spoke with Jon Light, VP of Trading Solutions at Devexperts, for his opinion on the issue of legacy platforms. While admitting that the FX/CFD industry is in a weird spot when it comes to support for legacy platforms, he said the new generation of traders seems to be forcing changes.
“For nearly 20 years, broker-ready platforms have helped create a vast retail FX/CFD marketplace that has opened up trading to everyone. This standardized the offering and made it easy and inexpensive to set up the technology part of a brokerage. The only other solution was to have something built in-house, which is obviously more expensive and complex.
“After so long, the industry is now locked into this way of working, making it difficult for existing brokers to move and new entrants to simply offer the same as everyone else. Experienced traders are so used to the legacy platforms that are now the norm that they have become a staple part of a broker’s offering,” said Jon Light, while pointing out a new breed of traders who are not not just mobile first, but only mobile. “This type of merchant demands easy-to-use and exciting mobile apps.”
“The problem with legacy technology is getting locked into the same offering as everyone else, especially when users have evolved in terms of expectations. You also see a new breed of brokers who demand modern technology and practices These brokers have new ideas and different business models, which requires a flexible platform that can grow with them and their direction.”