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Fazzaco
Fazzaco
Fazzaco is a leading B2B financial info platform that helps Fintech companies and Forex brokers find business partners.
Published Dec 15, 2022
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Apple abruptlyremoved MT4 and MT5 trading platforms from App Store without any prior announcement on September 24, delivering a wide-spread blow to the forex and CFDs industries. Although iOS-based device users who have downloaded the trading platforms can continue to use them, they are unable to access any updates or upgrades on these devices.
At the very beginning, it was speculated thatthe ban was related to Western sanctionsagainst Russia, but the rumor was refuted. According a comment, Apple banned MT4 and MT5 because the trading platforms allow automated trading robots or EAs, which place trades on behalf investors and are likely to be used to manipulate markets. Another reason is that MT4 and MT5 offer leveraged products that may result in huge losses to investors if not managed appropriately, which is in violation of App Store guidelines.
Though MetaQuotes released a new version of theMT5 web terminalin early November, Apple's move could push and have already pushed forex brokers to look at alternatives or even consider to develop their own trading platforms, as the market has already seen a growing demand for cTrader, Match-trader, and more. In the long run, MetaQuotesneeds to find a solution or may lose itsmarket dominance.
How will this ban affect the forex industry? How should forex brokers adapt? Fazzaco has reached out to a few C-level executives and explored how the massive fallout affected the forex and fintech industries.Read More Here
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