The Reason Why MT4 and MT5 Were Removed From the Global Apple Store

The MetaQuotes software has been used to propagate a new sort of cryptocurrency fraud dubbed “pig butchering,” in which a scammer establishes a long-term connection with their victim before enticing them to contribute money over time. A significant feature of the scam is the use of fraudulent cryptocurrency applications and websites that promise to show the victim they're gaining money off their investment when the fraudster has stolen everything.

Two weeks ago, Forbes reported on a California fraud victim who lost $1 million last year. Cy's supposed transactions on MetaTrader showed him false returns. Apple spokesman Adam Dema said the firm was examining MetaTrader and considering extra steps to safeguard App Store customers.

Forbes didn't hear back from MetaQuotes. Squire Patton Boggs attorney Daniel Delnero, who told Forbes late Sunday night that his firm now represents MetaQuotes, did not answer by press time. Multiple emails to corporate addresses went unanswered. None of the company's global offices are mentioned on its Contacts page.

Apple and Google didn't comment.

Existing MetaTrader iOS installations work. Twitter users claim to sell iPhones with the software pre-installed for $15,000, 5,000 British pounds, or “$10k OBO.”

MetaTrader's licenses allow genuine trading by real brokerages, Forbes said. Oanda uses this agnostic trading platform. MetaTrader enables licensees to use a plug-in called Virtual Dealer, which fraudsters may use to manipulate market prices and replicate account balances, earnings, and losses. According to GASO, everything appears and feels authentic but is fake.

MetaTrader has not revealed how unethical actors may exploit the software to fabricate trades or what steps it has taken to prevent this.

Sen. Sherrod Brown, chairman of the Senate Banking Committee, wrote to Apple and Google CEOs in July about phony crypto applications in their app stores.

Other reputable forex news websites reported the app's withdrawal on Saturday.

Cy, the victim who hasn't recouped any of his money, said he was glad Apple banned the trading app. He told Forbes that excellent evaluations and availability on Apple's App Store prompted him to download it.

“Time,” he wrote. “How many victims died before we were heard？” It's proper. But the harm is done.

Jan Santiago, GASO's deputy director, was “happy” the app was removed.

Furthermore,

Metaquotes, the MetaTrader 4 platform's provider, will end support for all outdated platform releases below 1320 on October 1, 2021. Metaquotes may enhance the speed and stability of the whole MetaTrader 4 platform by mandating all users to use build 1320 or later.

This change will affect all customers who are using a desktop or mobile terminal that is less than the 1320 platform build. They will no longer be allowed to log in to their trading accounts as of October 1, 2021.

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