News broke over the weekend that MT4 and MT5 had been removed from the App IOS store, many speculating it was due to connections with Russia. Or it may just be because the US has never really liked private clients trading Forex derivatives, for instance, CFDs are banned in the US. But whatever the reason, it’s hard to see a way back for MT4 and MT5 when the app can just vanish.
I’ve seen it before when people start to distrust their broker and it’s similar to a “run on the bank”. With, so many options for traders out there, why would you stay with a broker where there is even the sniff that things could be going wrong?
It happened when I worked at MF Global, word got out that the firm was in trouble, so customers started withdrawing money and stopping trading. So commissions where, down and it became a self-fulfilling prophecy.
I mentioned this when I wrote about alternatives for Alpari customers when they went bust way back in 2015. But for more info on MF Global, you can read The Money Noose: Jon Corzine and the Collapse of MF Global.
We’ve always only compared MT4 brokers that are regulated by the FCA, but the platform never has really, in my mind anyway been for serious traders. It’s always been associated with off-shore brokers, who are not regulated by the FCA, but are still able to take on UK customers. You only have to look at any social media forex scam and the platform almost always being showcased is the MT4 app.
Plus American’s really don’t like it when their residents trade off-shore. Even in the UK, where London is still (just about) the financial centre of the universe an American cannot open an account with a UK stockbroker. It’s not surprising they don’t want their taxable profits going offshore too to Vanuatu either.
MT4 & MT5 alternatives
There are no direct alternatives to the Metaquotes platforms that cater to retail traders, the closest you’ll come to a third-party platform that is offered by brokers to customers is TT X_Trader or CQG. But these are mainly for institutional and professional clients who trade with direct exchange market access, not OTC CFDs.
I’ve always thought there are better options to MT4 out there. If you are an MT4 or MT5 trader and are looking for other brokers you can compare the best alternative MT4 and MT5 trading apps here or compare brokers by what specific markets you trade:
The majority of large UK-based FCA regulated brokers have offered MT4 in the past as the demand has always been there from clients. IG, CMC Markets, Saxo Markets, Pepperstone & City Index have offered it, but their main platforms offer many more markets to trade. Interactive Brokers has never offered MT4 as it’s own propriety platform is one of the best around, however, they are US HQ’s although there are regulated to do business in the UK and have an office here.