- Social media is abuzz regarding reports that MetaQuotes apps have been removed from the Apple App Store.
- MTQ platforms have a +50% share of the online trading market.
- Existing users can still use the App but with little information forthcoming newbies are left considering alternatives.
The trading community has been left bewildered by the decision taken by Apple at some point over the last week to remove the ultra-popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading apps from its online store. The MetaQuotes trading platforms are the world’s most popular retail forex trading dashboards and have been so for more than a decade. With the platforms being renowned for their reliability and effectiveness, the question is what is going on behind the scenes.
Apple and MetaQuotes have declined the chance to explain the move, but online commenters are suggesting two possible causes for the unprecedented intervention. The first relates to Cyprus-based MetaQuotes having strong historical ties to Russia. Apple has been removing Russia-linked apps from its store, and MTQ’s founder and CEO Renat Fatkhullin is Russian, as is his brother Lenar Fatkhullin. The latter serves as Marketing Director for the company.
An alternative view is that Apple has removed the MT4 and MT5 apps because of fraudulent activity by third-party agents. There is no suggestion that MetaQuotes is involved in any way in the reported scams, but a plug-in to the platforms called Virtual Dealer has been linked to ‘Pig Butchering’ scams.
What are Pig Butchering Scams?
Pig butchering is a new high-stakes scam sweeping through the crypto markets. Victims of the approach report losing more than $1m, with the size of the losses reflecting the scam being based on the development of long-term relationships. To encourage more funds to be invested, the scammers use a MetaTrader compatible virtual plug-in such as VirtualDealer to inflate early-stage returns.
With the scammer’s platform of choice appearing to be MT4 and MT5, the move by Apple to discontinue offering that service to clients ties in with a previously made statement. Apple spokesperson Adam Dema went on record to say the company was investigating MetaTrader, the intention being to take additional action if that was required to protect App Store users.
What Next For MetaTrader Mobile Phone Traders
Until more information is forthcoming, traders are left considering their options. One route is to consider setting up an account with a broker that offers an alternative to the MT platforms. To avoid making a bad situation worse and rushing into the arms of a fraudulent broker, those setting up accounts should ensure they use trusted brokers such as those found on this shortlist.
Those with the Apple version of the app already downloaded are reporting they can continue to use it though unable to download upgrades. It is still available on Google Play.
Crowdsourcing information about scam brokers can help others avoid falling into the traps set by disreputable brokers, and you can share your experiences here. If you would like to know more about this particular topic or have been scammed by a fraudulent broker, you can also contact us at [email protected]
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