The companybehind the popular trading applications MetaTrader 4 (MT4) and MetaTrader 5(MT5), is experiencing accessibility issues in India, which hosts one-fifth ofthe world's retail investors. Reports from local media indicate that MetaqQuotes'platforms have been blocked in the Google Play Store India.
Thisdevelopment was highlighted last week on the Forex Salary channel, subscribedto by 120,000 people and run by an Indian YouTuber, showing that MT4 and MT5were removed and banned from the Indian version of the Android app store.
Consideringthat, according to Statista, 95% of people in India use Android devices ratherthan iOS, this could pose a significant problem for the local investmentindustry. While specific reasons for this decision are hard to find, recentactions by the local government and the central bank, which have repeatedlywarned against the activities of unregulated brokers in 2023, may offer someclues.
The localgovernment considers retail trading in FX to be a form of gambling,speculative, and too risky for retail investors, making the trade legal butheavily restricted for small market participants.
To confirmits hard stance, in November 2023, the Reserve Bank of India (RBI) updated itslist of warnings about "illegal" FX trading platforms, including manypopular international brands such as Easy Markets, Admiral Markets, and HFMarkets, bringing the total number of flagged names to 75.
"There would be far more scrutiny by banks on account holders making forex transactions on non-authorized platforms, including apps," one of the officials who didn't want to be named said in an interview with India Times in November. "The regulator wants lenders to further ensure that Know Your Customers norms for all parties in such transactions are strictly followed."
Repeat Issue, but ThisTime Local
ForMetaQuotes, this is not the first issue with mobile app stores. In September2022, a ban on the MT4 and MT5 apps in Apple's App Store, which affected allmarkets, made headlines. Though the reasons for the decision were unclear,there was speculation that it was related to trading scams published in the iOSapp store, impersonating popular trading platforms.
Afternearly six months, MetaQuotes' applications returned to the mobile store,following a lengthy re-listing process where the company had to provide Applewith extensive explanations about operational, technical aspects and otherrequired information. It remains to be seen whether the issue with the IndianGoogle Play Store can be resolved in a similar manner or if regulatory pressurefrom the authorities will prove too significant.
"We are happy that the situation has been resolved, and we managed to find an understanding with Apple," said Renat Fatkhullin, the CEO of MetaQuotes, . "Our company respects the requirements of any marketplace and always strives to meet them. We feel responsible to our users, and, therefore, we did our best to provide clarifications on the issues raised from Apple in a timely manner. I also want to thank the traders, brokers, and media, who actively showed their support."
Problems in the Prop Trading Industry asWell
Regulationsin the United States and globally have also led MetaQuotes to crack down onprop trading firms. In its latest move, the technology company forced BlackbullMarkets, which had marked its MT5 license as a grey label for prop tradingfirms, to cease providing services for Funding Pips.
— Khaled (@Khldfx) February 14, 2024Hello, community and friends,
From day one, we have been completely transparent with each and every one of you. We have always adhered to our promises and commitments, unlike many others, and will continue to do so.
Today, MetaQuotes decided to abruptly halt services, due to…
This actioncaused significant chaos in the industry and a wave of suspensions of many propfirms, especially concerning servicing new and existing clients from the USA.Over the last two weeks, prop firms have begun migrating from the widely usedMetaTrader 4 and 5 platforms to competitor platforms, including Match-Trader,cTrader, and DXTrade. The evolving situation can be followed in a special tableprepared by Finance Magnates.
"The providers, that are not dependent on MQ, will certainly participate in the redistribution and will onboard all the MQ refugees," commented Evgeny Sorokin, the Chief Product Officer at Devexperts. "They will (or already have) put necessary (mainly legal, but also technical) controls in place, enhancing KYB processes while offering services to all the legitimate props. While opportunists may exploit the situation, this would also happen with traditional FX/CFD trading players."
The companybehind the popular trading applications MetaTrader 4 (MT4) and MetaTrader 5(MT5), is experiencing accessibility issues in India, which hosts one-fifth ofthe world's retail investors. Reports from local media indicate that MetaqQuotes'platforms have been blocked in the Google Play Store India.
Thisdevelopment was highlighted last week on the Forex Salary channel, subscribedto by 120,000 people and run by an Indian YouTuber, showing that MT4 and MT5were removed and banned from the Indian version of the Android app store.
Consideringthat, according to Statista, 95% of people in India use Android devices ratherthan iOS, this could pose a significant problem for the local investmentindustry. While specific reasons for this decision are hard to find, recentactions by the local government and the central bank, which have repeatedlywarned against the activities of unregulated brokers in 2023, may offer someclues.
The localgovernment considers retail trading in FX to be a form of gambling,speculative, and too risky for retail investors, making the trade legal butheavily restricted for small market participants.
To confirmits hard stance, in November 2023, the Reserve Bank of India (RBI) updated itslist of warnings about "illegal" FX trading platforms, including manypopular international brands such as Easy Markets, Admiral Markets, and HFMarkets, bringing the total number of flagged names to 75.
"There would be far more scrutiny by banks on account holders making forex transactions on non-authorized platforms, including apps," one of the officials who didn't want to be named said in an interview with India Times in November. "The regulator wants lenders to further ensure that Know Your Customers norms for all parties in such transactions are strictly followed."
Repeat Issue, but ThisTime Local
ForMetaQuotes, this is not the first issue with mobile app stores. In September2022, a ban on the MT4 and MT5 apps in Apple's App Store, which affected allmarkets, made headlines. Though the reasons for the decision were unclear,there was speculation that it was related to trading scams published in the iOSapp store, impersonating popular trading platforms.
Afternearly six months, MetaQuotes' applications returned to the mobile store,following a lengthy re-listing process where the company had to provide Applewith extensive explanations about operational, technical aspects and otherrequired information. It remains to be seen whether the issue with the IndianGoogle Play Store can be resolved in a similar manner or if regulatory pressurefrom the authorities will prove too significant.
"We are happy that the situation has been resolved, and we managed to find an understanding with Apple," said Renat Fatkhullin, the CEO of MetaQuotes, . "Our company respects the requirements of any marketplace and always strives to meet them. We feel responsible to our users, and, therefore, we did our best to provide clarifications on the issues raised from Apple in a timely manner. I also want to thank the traders, brokers, and media, who actively showed their support."
ADVERTIsem*nT
Problems in the Prop Trading Industry asWell
Regulationsin the United States and globally have also led MetaQuotes to crack down onprop trading firms. In its latest move, the technology company forced BlackbullMarkets, which had marked its MT5 license as a grey label for prop tradingfirms, to cease providing services for Funding Pips.
— Khaled (@Khldfx) February 14, 2024Hello, community and friends,
From day one, we have been completely transparent with each and every one of you. We have always adhered to our promises and commitments, unlike many others, and will continue to do so.
Today, MetaQuotes decided to abruptly halt services, due to…
This actioncaused significant chaos in the industry and a wave of suspensions of many propfirms, especially concerning servicing new and existing clients from the USA.Over the last two weeks, prop firms have begun migrating from the widely usedMetaTrader 4 and 5 platforms to competitor platforms, including Match-Trader,cTrader, and DXTrade. The evolving situation can be followed in a special tableprepared by Finance Magnates.
"The providers, that are not dependent on MQ, will certainly participate in the redistribution and will onboard all the MQ refugees," commented Evgeny Sorokin, the Chief Product Officer at Devexperts. "They will (or already have) put necessary (mainly legal, but also technical) controls in place, enhancing KYB processes while offering services to all the legitimate props. While opportunists may exploit the situation, this would also happen with traditional FX/CFD trading players."
