MetaQuotes (Meta Trader) Complacent in White Label Scams

The Punisher

Sergeant Major
Messages
837
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The OP has invited the company to this discussion on Sep 8, 2021 at 9:46 PM
 

The Punisher

Sergeant Major
Messages
837
Shocking...no one from Metaquotes will show up to FPA. Any poster reading this thread should give bad reviews to their software in the app stores and flag them everywhere you can!
 

PK494

Master Sergeant
Messages
469
Shocking...no one from Metaquotes will show up to FPA. Any poster reading this thread should give bad reviews to their software in the app stores and flag them everywhere you can!

I did but for some reason they deleted it on their apps
 

Scam Reporters

Master Sergeant
Messages
486
Shocking...no one from Metaquotes will show up to FPA. Any poster reading this thread should give bad reviews to their software in the app stores and flag them everywhere you can!
The interesting thing about Metaquotes is that due to so many scams they simply 'fail' to see, now they have (finally:rolleyes:) attracted the attention of some EU law enforcement agencies, some people say...

So, let's see if something good comes out of that.
 

The Punisher

Sergeant Major
Messages
837
The interesting thing about Metaquotes is that due to so many scams they simply 'fail' to see, now they have (finally:rolleyes:) attracted the attention of some EU law enforcement agencies, some people say...

So, let's see if something good comes out of that.
They publicly hide behind "we are just a software company" but at the end of the trail, they have contractual agreements from white labels and they collect a lot of fees monthly from them. MQ could easily accept and investigate claims of fraud and hand everything over to law enforcement. The greed of the revenue stream from white labels outweighs their corporate responsibility for a better trading world, plus justice for victims!
 

exchangeviews

Private
Messages
23
From my own personal experience there is certainly a "dance" being done between MetaQuotes and these White label brokers in order that this company can absolve itself from any legal responsibility to the trader end user of their software platform. Having attempted to make contact with them directly I have been both deflected and ignored by MetaQuotes.
The public moderators of their MQL5 trader company forum are also instructed to censor any discussion of Broker dissatisfaction or illegal behavior. I had attempted to post on there about my own situation and this was removed. I received a PM from a moderator who advised me he was doing this and he basically was parroting a defence of MetaQuotes role in the matter and (amusingly) referring me to other forum's such as FPA for advice on this. When I questioned him further I was amazed that he placed the responsibility on to Governments, their financial regulators, and the laws of your respective country. His contention also was that fraud is conducted via Google websites everyday and MetaQuotes cannot control this.
What this suggests is that MetaQuotes indeed requires in its contracts that any broker or other related business which licences their product is a government registered company and also holds the appropriate licence to perform such business under the financial regulations of the country they are registered in.
As we know in reality there are many cases where these brokers either hold no licence or regulatory status or worse, they fraudulently clone the name and/or licence details of another business name that does hold such a licence and then represent themselves to prospective trader clients as this same business in order to trick them into depositing their funds with them. Once this has occurred a trader has no chance of ever getting their funds back as requested whether they make a profit or not. The money is effectively stolen from the time it leaves your bank account.
MetaQuotes is no doubt aware of this grossly illegal practice as it has received many complaints about it from injured traders over a number of years now. If they were a responsible organisation they would have taken steps to protect the end consumer of their platform and scrutinize the legal standing and regulatory status of each broker that licences their software platform and then represents the Metatrader name and brand as further backing in order to convince the trader they are contracting themselves with a reputable licenced business.
MetaQuotes are guilty of participating in these scams by simply being in association with these criminal organisations. They are an accessory to fraud and they should be prosecuted for this under the laws in whatever country this fraud occurs. This can and should happen but we need to stand together as a community in order that it does !
 

exchangeviews

Private
Messages
23
The interesting thing about Metaquotes is that due to so many scams they simply 'fail' to see, now they have (finally:rolleyes:) attracted the attention of some EU law enforcement agencies, some people say...

So, let's see if something good comes out of that.
I for one would love to know which EU law enforcement agencies and what are they doing about this ?
Is there an article or blog somewhere you can direct us to please ?
 

Scam Reporters

Master Sergeant
Messages
486
I for one would love to know which EU law enforcement agencies and what are they doing about this ?
Is there an article or blog somewhere you can direct us to please ?
Unfortunately no. But it's an accurate information, that much we can confirm. Sadly, it's per country basis, so it will take long time to coordinate various jurisdictions, even within EU space. You can imagine the timeframe if you are APAC region based.
 
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