MetaTrader 4, commonly known as MT4, is one of the most widely-used digital trading platforms used by Forex traders. Released by developer MetaQuotes Software in 2005, MetaTrader is licensed to brokers, who customise the platform with their own products and trading conditions.
Launched in 2010, MT5, or MetaTrader 5, is the latest version of the trading platform. MT5 has more functions including depth of market data and allows brokers to offer unlimited instruments (MT4 has a hardwired limit of 1024 symbols), which, consequently, allows brokers to offer a much wider range of products beyond Forex pairs.
Thanks to its native scripting language in its MetaEditor (previously MLQ4 and MLQ5), MetaTrader users and developers can create their own Expert Advisors (trading robots), scripts, and custom indicators.
With its long history of use in forex and CFD trading, there is also a large community and library of resources for MetaTrader, including a highly active marketplace for user-developed Expert Advisors and custom indicators. As a result, most forex brokers will offer MT4 and MT5 as one of their primary trading platforms, in addition to any others.
Even though a majority of MetaTrader users are still using MT4, MT5 offers several benefits. For example, because older versions were mainly developed for forex trading, there’s a hard cap of 1024 symbols that can be offered on the platform. While there’s little chance that a broker will offer more than 1024 forex pairs, this severely limits the addition of other asset classes like individual stocks or cryptocurrencies.
MT5, on the other hand, has been developed for brokers to offer a range of markets beyond forex, and has no cap on the number of instruments or symbols listed.
In addition, MT5 also offers a few more advanced functions including a multi-threaded strategy tester (versus MT4’s single-thread), and 21 chart timeframes to pick from, up from MT4’s 9.
On September 24, 2022, both MT4 and MT5 were removed from the Apple app store. While MetaQuotes is a Russian company based in Cyprus, representatives from the company have stated that the ban is not linked to the Western sanctions on Russia. Instead, Apple has offered the explanation that MT4 and MT5 do not comply with App Store review guidelines, although they were not specific about it.
How will the MetaTrader ban affect traders? iOS users that have already downloaded the app or made in-store purchases will still be able to access the app and their purchases, although new users will not be able to find MT4 or MT5 on the Apple App Store.
Fortunately, traders still have plenty of great options available even with the MetaTrader ban on the Apple App Store. Firstly, MetaTrader 4 and 5 can still be found on the Android Play Store alongside the PU Prime app. Otherwise, the following alternatives are available:
Boasting full dealing functionality, the PU Prime mobile trading app is an easy-to-use yet powerful alternative to the MT4/5 apps. Designed with both beginner and experienced traders in mind, the PU Prime app is a holistic trading platform that combines trading capabilities, daily news and trend updates, technical analysis reports, and more – all on a sleek, simple interface.
Download the PU Prime app here.
As an alternative to the MetaTrader trading platform, our WebTrader provides access to our trading platforms from most major web browsers, on any device. Access it readily from your mobile phone, or on a desktop.
No news has emerged hinting at this for now. While both MetaQuotes and Apple have dismissed speculations that the ban was part of Western sanctions, actual sanctions are still ongoing as Russia’s invasion of Ukraine continues – whether MT4/5 ban is repealed if and when the war ends still remains to be seen.
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