MetaQuotes (Meta Trader) Complacent in White Label Scams

lly_vanessa

Recruit
Messages
5
All MQ (or other tech provider) would do is just move their local office to a jurisdiction that was more liberal. Otherwise there would be no tech.

I do think that if there is some sort of criminal conviction or regulatory action showing abuse to traders, that MQ could prevent the direct selling. But the brokerage could just dissolve and form anew.
Most of other tech providers around the world have infringement departments, just name a few names: Google, Cloudfare, Facebook, GoDaddy... They respond to public complaints responsibly and gracefully, but I don't see the same thing is happening with MQ. From my personal experience, I do think MQ lacks corporate responsibility.
 

Shiro21

Private, 1st Class
Messages
63
100% agree. MQ should be held accountable for providing licenses to scam brokers, no matter main label or white label, with minimal to zero screening. I think all victims can also report MQ's behaviour to your securities and investment regulators as they actually provide a venue and marketing tools for unlicensed scam brokers to conduct illegal activities and violate the securities laws.
Their company is located in Cyprus, where the regulation is not as strict, so they could get away with their irresponsible behavior.
And they seem very intent to hide the identities of the scammers. Even in the previous case where the court ordered to have them disclose information to assist in investigations, they had appealed in a higher court to have that ruling reversed. But fortunately, they did not succeed, or that victim would have no access to important information that would help in tracking down the scammers.
 

The Punisher

Sergeant Major
Messages
673
MQ provides support to white labels and even charges them fees for doing so on top of the initial setup and on-going monthly fees MQ collects from the white labels (scam brokers using Meta Trader)! MQ is profiting from all white label scam brokers that stole your money using Meta Trader.


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Peter_E

Banned for uncivilized behavior.
Messages
4

At virtually every turn I have encountered deception in Fx.
Brokers dont place your orders in a real market, forum members make wild and dishonest claims about profits, "prop" firms claim to fund traders but instead collect evaluation fees then disappear, trading courses are disseminated by individuals who have never had a profitable trading account, chart prices are manipulated by a cabal of greedy whales, the list goes on.....
 

The Punisher

Sergeant Major
Messages
673
Virtual Dealer Plug-in allowed to be used by scam brokers on Meta Trader along with Virtual Hosting. The MetaTrader Virtual Hosting is a simple and user-friendly service, enabling traders to rent a server directly from the MetaTrader platform without any additional settings or adjustments needed. To sum this up....a scam broker buys a white label license from Meta Quotes to use Meta Trader, Meta trader then sells them virtual hosting (virtual server), Meta Quotes charges monthly fees for maintenance and support (IT support to the scam broker) and charges a monthly license fee to the scam broker to continue using Meta Trader. On top of this, there appears to be zero checks and balances to determine when a scam broker is using dealer plug-in software to manipulate charts, delay signals and trades, etc. If there was then 90% of the victims on FPA would not have had their money stolen.

Meta Quotes has built an entire infrastructure and empire to enable scam brokers to exist and profits off every action taken (sever fee, upfront license fee, monthly license fee and on-going maintenance and support fees). Meta Quotes likely makes more money from the scam brokers than they do from real brokers yet claim they are merely a software company. This is negligence as well as aiding and abetting scam brokers.

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Shiro21

Private, 1st Class
Messages
63
MQ provides support to white labels and even charges them fees for doing so on top of the initial setup and on-going monthly fees MQ collects from the white labels (scam brokers using Meta Trader)! MQ is profiting from all white label scam brokers that stole your money using Meta Trader.


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The amount they are charging is significant enough that they would overlook scams just so they could continue making money from it. Given the fees they charge, and the number of brokers that are out there, their profits would be in the tens of millions every year.

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I think they would lose nearly half of their profits if they were to implement strict requirements to stop the scammers from registering with them. Between the interest of the general public and their own, I think it's obvious which one they've chosen.


Virtual Dealer Plug-in allowed to be used by scam brokers on Meta Trader along with Virtual Hosting. The MetaTrader Virtual Hosting is a simple and user-friendly service, enabling traders to rent a server directly from the MetaTrader platform without any additional settings or adjustments needed. To sum this up....a scam broker buys a white label license from Meta Quotes to use Meta Trader, Meta trader then sells them virtual hosting (virtual server), Meta Quotes charges monthly fees for maintenance and support (IT support to the scam broker) and charges a monthly license fee to the scam broker to continue using Meta Trader. On top of this, there appears to be zero checks and balances to determine when a scam broker is using dealer plug-in software to manipulate charts, delay signals and trades, etc. If there was then 90% of the victims on FPA would not have had their money stolen.

Meta Quotes has built an entire infrastructure and empire to enable scam brokers to exist and profits off every action taken (sever fee, upfront license fee, monthly license fee and on-going maintenance and support fees). Meta Quotes likely makes more money from the scam brokers than they do from real brokers yet claim they are merely a software company. This is negligence as well as aiding and abetting scam brokers.

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Just looking at the features of the virtual plugin makes it clear how much of a disadvantage the trader is in. The broker get to set all the parameters that govern the execution without the trader knowing what those settings are. Like the "max profit slippage"; if the broker were to set it to zero, the trader would never ever get a positive slippage. And coupled with setting the "max loss slippage" to 5 or 10 would always ensure the broker get a slippage in their favour while denying the same advantage to the trader.

And the virtual plugin made all this all so easy for the broker to skew the execution in their own favour. But what about the trader? What do they get? Nothing. Because traders are not paying any money to MetaQuotes.
 

PK494

Master Sergeant
Messages
430
Virtual Dealer Plug-in allowed to be used by scam brokers on Meta Trader along with Virtual Hosting. The MetaTrader Virtual Hosting is a simple and user-friendly service, enabling traders to rent a server directly from the MetaTrader platform without any additional settings or adjustments needed. To sum this up....a scam broker buys a white label license from Meta Quotes to use Meta Trader, Meta trader then sells them virtual hosting (virtual server), Meta Quotes charges monthly fees for maintenance and support (IT support to the scam broker) and charges a monthly license fee to the scam broker to continue using Meta Trader. On top of this, there appears to be zero checks and balances to determine when a scam broker is using dealer plug-in software to manipulate charts, delay signals and trades, etc. If there was then 90% of the victims on FPA would not have had their money stolen.

Meta Quotes has built an entire infrastructure and empire to enable scam brokers to exist and profits off every action taken (sever fee, upfront license fee, monthly license fee and on-going maintenance and support fees). Meta Quotes likely makes more money from the scam brokers than they do from real brokers yet claim they are merely a software company. This is negligence as well as aiding and abetting scam brokers.

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This ☝️ . Why there’s no regulation once you allow these providers into your platform and let them manipulate the charts? MQ sells themselves as a well known trading platform and yet this will mislead victims to fall into these scammers.

I believe a class action lawsuit should be file against them, so they can take this seriously.
 

Haule

Private
Messages
16
Tôi tin rằng một vụ kiện tập thể nên được đệ trình chống lại họ, để họ có thể xem xét điều này một cách nghiêm túc.
Để môi trường Forex được trong sạch và nhà đầu tư được an toàn hơn, tôi nghĩ một vụ kiện tập thể lúc này là cần thiết.
 
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