Problem MetaQuotes (Meta Trader) Complacent in White Label Scams

[The Punisher]

For all victims that show up at FPA to post their stories, there should be a strong presence from our community to push back on Meta Quotes. Meta Quotes allows a Real Label broker to sell White Label Licenses to scam brokers. When one approaches Meta Quotes there is usually little to no help for victims however I strongly urge all victims to start complaining to Meta Quotes. Meta Quotes can easily force the Real Label brokers to cooperate when fraud occurs including providing details to police and other law enforcement agencies. Meta Quotes also has a corporate responsibility to find and hold accountable both the Real Label and White Label license holders when there is clear evidence of fraud occurring. If Meta Quotes is getting any of the licensing fees and/or collecting royalties on white label licenses then they are also profiting from these white label scam brokers. Meta Quotes allows the white label licenses to be sold over and over resulting in the fraud of innocent investors. Separately I recommend all posters start to rate the Meta Trader App in the various app stores to draw attention to this behavior.

 

[scammedboy21]

Meta Quotes is at best turning a blind eye and at worst directly involved with these scam brokers. Since I've been scammed by "ETHBTC Investment Limited" AKA "Allbright Financial" AKA "Yunma Tianlong", I have sent multiple reports to Meta Quote highlighting the criminal activity that these scammers are engaged in. Each time, they send me a generic email evading any responsibility and the worst part is these brokers are still on their platform to this day.

At this point, I was not expecting Meta Quotes to help in retrieving my funds. All I wanted was to get these fraudulent brokers off their platform so that they don't harm anyone else. But they're still there, scamming every day. At this point, Meta Quotes cannot claim ignorance because they've been told several times and do nothing to stop it because again, they're complicit.

I don't know how possible this is given that the company is based out of Cyprus, but a class-action lawsuit needs to be filed against Meta Quotes by everyone who was scammed using their platform. Enough is enough.

 

[peacetoforex]

MetaQuotes allows fraudulent brokers to operate on their application. I was scammed by both Knight Service Group and Clearing Falcon Group, which are among many fake brokerages started by Yunma Tianlong. MetaQuotes is well aware that this is happening, yet they refuse to do anything about it. It is ridiculous that MetaQuotes allows brokers to display delayed securities data and trick people into thinking that the data is current and real. MetaQuotes allows these brokers to give the impression that we are placing actual trades. MetaQuotes must cooperate with authorities. When my lawyer reached out them, all they said is that one of my brokers is no longer on their platform, which isn't very helpful.

I agree with the earlier which stated that since MetaQuotes hasn't done anything, they are complicit in crimes which have caused victims to lose millions of dollars. And they may be making money from commissions from these fake brokers. This cannot be allowed to continue.

 

[Shiro21]

The MetaTrader platform do have loopholes that can be easily exploited by scammers if they wanted to. And I'm sure many of them did.

You can find many information about such exploits if you do some research into it. There's a video where someone compiled some of the techniques that some of these swindlers use to scam people.



Some of the points raised in the video coincides with what The Punisher have mention in his first post also, about how legit licensed broker are able to "rent" their server or sell white label license to others, who would then intentionally allow exploitations by scammer through their white label license on the platform.

 

[NRG11]

They just turn a blind eye to all the scam brokerages on their app, really they can remove them but won't or don't care

 

[ThePeach]

MetaQuotes Ltd. as a technology provider for the fake brokers is not only ignorer the victims' voices, but they also broke their owns rules.

See "Rules of Using the Virtual Hosting Service"

VIII. Termination of Service without Prior Notice in Case of Serious Violations of Terms of Use
"MetaQuotes Ltd reserves the right to permanetly terminate the service without prior notice, resulting in immediate and permanet account block in case your actions seriously violate the Rules, according to MetaQuotes Ltd."


Examples: Nr.1 Nr. 4 and Nr. 8

1. Any actions that threaten the operation of the service for other Users.

4. Development or use of means for fraud, modifiers, hacking tools, as well as any other third-party software to modify the Virtual Hosting service operation.

8. Using a Virtual terminal to access, copy, transfer, transcode or retransmit Signals in violation of any law or third-party rights.

By this time they should know that the " Hosters " are part of the " Black Industry Chain ", whose activites are against the law and threaten personlal properties.

 

[xiaomaoqiqi]

Metaquotes do have responsibilities to ensure each MT4/MT5 software licenses to fulfill registration requirements, whether it is main label or white label. If they have license to use the software, they must be properly registered companies. However, lots of scam brokers can easily run their fake trades on MT4/MT5 platform without any licenses, and MQ don't care as long as they can keep making money thru main labels/white labels.
I was scammed by a fake broker called AF Index and contacted them multiple times, they just simply asked me to contract the broker and they bare no responsibility because they are just a software company, when I tried to argue they blocked my email address. A class-action lawsuit needs to be filed against Meta Quotes by everyone who was scammed using their platform.

 

[slickwilley]

I was scammed by "Posedonfx/POSEIDON INTERNATIONAL GROUP LTD" VIA MT4 platform. Metauotes
suspend their license, but that did not prevent them from using another broker's credentials to start operating again. Several requests to MetaQuotes to recover money from the scammers have fallen flat. I was also subject to a fake trade scam by BTCUSDT on MT5. The fact that these unscrupulous brokers can misuse Metaquotes software to embezzle money from scores of individuals and get scot free is mind boggling. Hopefully law enforcement, in various countries, is watching this thread and act accordingly.

 

[4evermaat]

Metatrader would do their best to distance themselves from any activities of their users. So would any trading platform developer. Nether would any trading platform that is intended to be leased out. You just cannot control what people will do with your technology once you've done the initial setup.

The trader is really on their own to choose whom to trust. And no one is going to look after your best interest better than yourself.

 

[The Punisher]

Metatrader would do their best to distance themselves from any activities of their users. So would any trading platform developer. Nether would any trading platform that is intended to be leased out. You just cannot control what people will do with your technology once you've done the initial setup.

The trader is really on their own to choose whom to trust. And no one is going to look after your best interest better than yourself.

MQ continues to collect license fees and royalties from white labels and real labels even when fraud has been proven. The revenue stream appears to be more important to MQ than broker integrity and protecting investors. Also MQ does little to nothing to take fraud claims seriously even when traders have strong proof and evidence. I welcome MQ to appear in this thread and justify their inaction from the thousands of victims who have reported scammers that have licenses to use their software.