MetaTrader Alternatives MT4 & MT5 Banned? What is the alternative?

October 10, 2023 By FinTech Comments Off

MetaTrader 4 (MT4) is a widely used trading platform among traders worldwide. It offers a range of tools and features to help traders make informed decisions and execute their trades with ease. One of the features available on MT4 is the ability to create and use different types of graphical objects to analyze price charts. These objects can include lines, channels, Fibonacci retracements, and more. However, over time, traders may accumulate a large number of these objects on their charts, making it difficult to navigate and analyze the data effectively.

Traders use these objects to identify trends, support and resistance levels, price levels, and other important information that can help them make trading decisions. MetaTrader iOS – the MT4 and MT5 apps – have been removed from the App Store. The trading platform’s desktop version is still available to download and the Google Play version hasn’t been affected. Another possible reason put forth is based on another recent Apple trend, of removing apps for which Apple has received a certain amount of complaints, either regarding the apps themselves or how they are used. A plug-in scam is where users enter a plug-in to any of the Meta Trader 4 or Meta Trader 5 apps, which helps them change the values of their profits or trades.

Opening an Account

Apple appears to have pulled popular trading apps MetaTrader 4 and MetaTrader 4, also known as MT4 and MT5, from the App Store overnight in a move possibly linked to the Western sanctions over Russia’s invasion of Ukraine. All information on The Forex Geek website is for educational purposes only and is not intended to provide financial advice. Any statements about profits or income, expressed or implied, do not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold The Forex Geek and any authorized distributors of this information harmless in any and all ways.

mt4 removed

Other than that, it works like a charm and I’m very happy with it. Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks. App versions of the popular PC electronic trading platforms  are provided by MetaQuotes Software Corp., a Russian software company that also has registration offshore in Limassol, Cyprus.

Plug-in Scams

Paxos is not an NFA member and is not subject to the NFA’s regulatory oversight and examinations. Double-click on the custom indicator to apply it to the current active chart or drag and drop it onto your desired chart. This will open the expert advisor’s configuration window. One area that traders might worry about in the absence of the MetaTrader
platforms, is the feature-rich charting tools.

mt4 removed

Most traders and users believe that this was definitely not the right decision. It is going to cause people to lean more towards getting an Android. They will certainly have no problem easily replacing their Apple phones with new ones immediately.

Trading Accounts & Fees

“The removal of the Apps does not only affect the parties involved but also the industry as a whole,” the representative added. MT4 and MT5 were developed by the software company, MetaQuotes. It’s a powerful combo for those who are looking to build on their trading experience with high-tech trading tools and software. It is unclear if the end of the war is going to bring back these apps to the AppStore. This is entirely because we’re not yet sure if this was the reason why Apple banned these apps in the first place.

mt4 removed

Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! The “MT4 Delete All Objects” function is a built-in feature in MT4 that allows traders to remove all objects from a chart with a single click. This function is useful for traders who want to clean up their charts or start fresh with a new analysis.

How do I add additional MT4 sub-accounts?

Traders should do their own research and use their judgement before choosing a trading platform. Forex brokers offer different products, assets and services for different needs, and there’s no “one size fits all” approach. After almost two decades of success with traders and forex brokers, an MT5 and MT4 ban could be around the corner. There has been a lot of speculation about the reasons for the MT4’s removal from the App Store, the latest being a $1m crypto cyber scam, as reported by Forbes.

Apple Reinstates MetaTrader MT4 & MT5 on App Store – Mirage News

Apple Reinstates MetaTrader MT4 & MT5 on App Store.

Posted: Wed, 08 Mar 2023 08:00:00 GMT [source]

One thing I would like to see is an easier way to adjust a the stop loss and take profit. For instance, being able to do it when you’re on the chart screen instead of having to go back into the trade screen, press and hold the desired trade, click modify trade and then enter it manually. The process isn’t bad if you have one or two trades open but when you have multiple (5-10 or more) trades open with different SL’s and TP’s, it gets tedious. This is especially true for those of us that scalp on the smaller time frames.

Trading & Technical analysis

XOH Trader and XOH Mobile come loaded with advanced charts
that are intuitive enough for novice traders to use conveniently, while
offering advanced traders all the tools they need for informed decision-making. We’ve spent
years perfecting our web and mobile apps to give brokers the edge they need to
attract and retain retail traders. Buzz around the ban is due to the immense
popularity of MT4 and MT5, which together account for 83.8% of the total online
trading platform market share, according to Finance Magnate’s Quarterly
Intelligence Report for Q2 of 2022. The top in-house trading platforms that qualify as MT4 and MT5 alternatives have developed the right tools to enable a seamless account integration with other platforms. While this theory is not that popular, it is still a very good possibility.