In late 2022, Metatrader 5 was banned from the AppStore. This was unexpected and shocking to many. Traders who prefer the platform could no longer install new distributions of it. Forex brokers which offer MT5 were also affected as they struggled to find an alternative to the software. In the fallout, several new trading platforms have emerged to take the place of Metatrader 5. In the article below we will discuss the likely direction the IOS trading space is headed and the five platforms which have emerged since the ban.
Is the Metatrader 5 ban going to be permanent?
The AppStore is rather notorious for its unilateral removal of apps as well as it being difficult to get them back. As it seems, the ban MT5 has received could very well end up being permanent. The developer of the software seems to be aware of that as well. Of course, the already installed distributions of the platform are not really going anywhere and clients are free to use them still. Furthermore, the web version has grown into a more than competent replacement for the mobile platform.
In November of 2022, MetaQuotes, the MT5 developer, pushed out a series of updates which improved its functionality, as well as UI scaling on mobile devices. At the time of writing, the web version and the IOS version of the software are pretty much the same. This is a solution that allows clients to still access it while the developer tries to fight the ban.
The above mentioned means that MT5 is not likely to go anywhere – there is already an established client base, and the software is available to them, be it because it was installed prior to September 2022, when the ban took place, or because they access it from their mobile devices. Nevertheless, several alternatives to the dominant platform have emerged. Here is what the leading five of them are and what they can offer:
Five trading apps that deserve a closer look:
cTrader has been the closest competition of Metatrader 5 for years now. The platform is very sophisticated and packs powerful features. Mainly, the automated trading available with MT5 can also be found in cTrader. No other platform we would like to present can offer this feature.
The trading bots used on one platform can easily be transferred to the other and they are fully compatible. This is part of the reasons why the majority of brokers polled after the ban picked cTrader as a replacement for the IOS software they offer. Besides automated trading, the platform has access to more timeframes, chart types and graphical tools than MT5 by default. However, there are less custom tools available for it than were developed for Metatrader 5 by its robust community.
cTrader is offered by several leading brokers like IC Markets and Pepperstone. Due to its plethora of analytical tools, the platform is a good pick if you are a professional trader, but it can be rather overwhelming for beginners.
On the other end of the spectrum, TradingView is a platform which is an excellent choice for beginners, but might not satisfy the needs of the hardcore trader. This is because it boasts a very clean and minimalist interface, but lacks a lot of the functionality of MT5 and cTrader. There is no automated trading available, for instance. However, there is a good amount of graphical tools available. A big draw for the software is the ability for traders to get a custom timeframe to view their charts in, which is best suited to their individual goals.
Newer traders will also find the tutorial, baked in the platform, to be quite useful in helping them wrap their heads around what is possible for it. What’s more, there is a somewhat robust community around the platform, which are both features of MT5 as well.
Another set of useful tools the platform has are the in-built economic calendar and news section which ensure you are up to date on global events which might impact the markets. Overall, TradingView is a good choice of trading software – and several prominent brokers like VantageFX and Pepperstone offer access to it.
Brokers’ own software
Another choice for mobile trading platform is one provided by your MT5 forex broker. These are usually developed by the company itself. There are some advantages to that – for instance, it could offer some unique promotions for you using the software. Furthermore, it is usually possible to top up one’s account straight from the platform and manage your funds from it. Nowadays, more and more brokers have sought to create their own trading apps.
All of them are unique in some way and worth checking out if the firm you are dealing with has one. A disadvantage of these apps would be the fact that most of them are rather lacking in features. There is no automated trading and the TA tools are much less. However, that could very well change as the brokers develop them further. With that in mind, here are three of the most popular IOS trading apps:
FXTM is a leading broker, which has developed its own trading platform. What’s more, according to its website, over 70% of clients with it trade using some mobile app. It is difficult to say if that is predominantly the mobile version of MT5 it offers or its in-house software, but the latter is well worth a look. It allows clients to open and close positions on either the app or MT5 and track them in the other platform. Therefore, FXTM Trader is a good way to balance the usage of a powerful desktop platform and a convenient mobile one. Of course, clients can also use it to top up their accounts and so on.
Another broker with a proprietary app worth checking out is OctaFX. The platform it has to offer to IOS users allows them to trade, deposit and manage their funds and even create new accounts or manage their leverage. Overall, the platform has a lot of useful features which are capable of easing your trading. If you are eligible to receive any kind of bonus, you could track that from the app as well.
Last but not least is FBS. The biggest advantage of its trading app is a promotion which the firm currently runs. Using it, you can get a cashback of up to 20% on trades you open via the app. That is something only possible on a proprietary platform in general. Of course, you can also use it to manage your deposits and withdrawals as well.