Traders across the world right now are on edge because just last night EU and US and most parts of Asia have now banned the MetaTrader 4 and and Metatrader 5 app from being downloaded on iOS and Android phones. Why? Okay let’s find out.
Why have MT4 and MT5 been banned from downloading ?
The company that owns MT4 and MT5 is called MetaQuotes and they are owned by Russians. With the US placing sanctions on billionaires in Russia, the US has come to the conclusion that the Russians are using these platforms to transfer money around and this is their excuse for banning any further app downloads.
But something is not right here because the MT4/MT5 platforms are only middle software agents that connect to our brokers. It’s the brokers that are holding our money right ? So why ban a software platform.
The real reason is because it’s owned by Russians and the world collectively has said let’s try stop the Russians in every way possible. Well long story short the Russians and the legal team at MetaQuotes are currently putting in a subjective application to the higher courts to reverse this decision. Now this can take months, if not years before anything happen. Or even worse we might never see those apps in the App store or Playstore again!
For now use brokers like ICMarkets and use their Ctrader platform instead, business as usual there. Also worth noting, if you want to continue using MT4/MT5 simply don’t delete the app from your phone as you won’t be able to download it again. All brokers in the US have permanently removed the MetaTrader 4 and Metatrader 5 platforms. Interesting enough this was a planned operation which took place many months ago when the war broke out between Ukraine and Russia.
Things will get uglier and I don’t personally think we will have access to MT4/MT5 anymore. As US places further sanctions and tries disrupting the financial markets, its worth knowing that things are about to turn sour.
So yes time for a change guys and it is what it is. If you’ve been trading on MT4/MT5 and you got familiar with the platform, this one here is going to be a hard pill to swallow. There’s very little you can do and every trader should be experienced to trade on different platforms because of issues like this. There are many brokers that provide their own platforms too. So to conclude on why MT4 has been banned, now you know the truth! Safe trading too, this recession is about to get way deeper.