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Problem MetaQuotes (Meta Trader) Complacent in White Label Scams

I am having an issue with a company
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.
very true ...
 
very true ...
I agree 100% that traders need to perform their own due diligence, look for red flags, ask brokers many questions etc. What I am focusing on is the lack of action by MQ (Meta Quotes) when fraud has been proven and reported to them but they take little to no action. I have worked with many victims who have contacted MQ and they either don't reply or tell victims to work with the real label. Why is it up to the victim to work with the real label versus MQ performing their own internal investigation with the real label? The licensing agreements are between MQ and the brokers and at that point the victim is a 3rd party who has no access to the licensing agreement. Real labels usually won't even engage with victims so at that point there is no one to turn to but MQ for assistance. MQ takes the wrong approach and further burdens the victim to do everything on their own which signals MQ would rather turn a blind eye and keep collecting fees from licenses and royalties. MQ corporate responsibility appears to be non-existent. Again I welcome MQ to show up and try to justify their actions.
 
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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.
 
I agree 100% that traders need to perform their own due diligence, look for red flags, ask brokers many questions etc. What I am focusing on is the lack of action by MQ (Meta Quotes) when fraud has been proven and reported to them but they take little to no action. I have worked with many victims who have contacted MQ and they either don't reply or tell victims to work with the real label. Why is it up to the victim to work with the real label versus MQ performing their own internal investigation with the real label? The licensing agreements are between MQ and the brokers and at that point the victim is a 3rd party who has no access to the licensing agreement. Real labels usually won't even engage with victims so at that point there is no one to turn to but MQ for assistance. MQ takes the wrong approach and further burdens the victim to do everything on their own which signals MQ would rather turn a blind eye and keep collecting fees from licenses and royalties. MQ corporate responsibility appears to be non-existent. Again I welcome MQ to show up and try to justify their actions.
Metaquotes could be held responsible. There was a case where the court ordered Metaquotes to disclose information in order to help track down a scammer who scammed the victim of a significant sum of money.

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But I believe the victim had to hire a lawyer to make this happen. So if you have the money to hire a lawyer, you could force Metaquotes to assist in the investigation if the conditions are met.
 
Metaquotes could be held responsible. There was a case where the court ordered Metaquotes to disclose information in order to help track down a scammer who scammed the victim of a significant sum of money.

View attachment 66073

But I believe the victim had to hire a lawyer to make this happen. So if you have the money to hire a lawyer, you could force Metaquotes to assist in the investigation if the conditions are met.
MQ could easily provide law enforcement, and victims, with the details of the real label and white label and suspend both from their platform but they don't. The real label is usually sub-licensing to many white labels scam brokers and real labels are also making a profit from the license fees they also collect. The whole thing is profitable for everyone involved except the victim and MQ does not seem to be concerned as long as their license payments show up every month. At minimum, the real label can be held accountable, fined, turned over to police, etc. by MQ. There is no way the real label is blind to the actions of the white labels!

All victims who used Metatrader should start to report each and every instance of fraud to MetaQuotes. Also please rate their app in all app stores to expose this behavior.
 
Here is a great example where a real label license holder with MetaQuotes (MarketPluse) issued 33 white label licenses. MarketPluse is not even under supervision by any SFC's therefore it's clear MQ doesn't even do real due diligence before they sign up a broker for a license to use MetaTrader. MarketPluse is collecting monthly license fees from each of the 33 white labels, of which several are scam brokers, and MQ is also collecting licensing fees from MarketPluse as well as the White Labels. This is just one example but many of the real label license holders with MQ do this exact same thing. The revenue from the license fees is too valuable for MQ to care about the innocent investors who have their funds stolen every day. This behavior by MQ must be stopped!

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Another example, GANN has a real label license with MetaQuotes but has issued over 100 white label licenses that allow White Label brokers to use MetaTrader and scam money from innocent victims. GANN is not even under supervision yet MQ is happy to give them a license, collect monthly fees and turn a blind eye to this behavior. There are too many white label scam brokers for me to list in this thread however you can see GANN and MQ allow this bad behavior to exist. Given the amount of innocent investors who show up at FPA every day and MQ's lack of action or care, I call upon all posters of FPA to start to complain loudly to MQ. Feel free to share this thread with them as I would like to see their response to this behavior (i.e. revenue over remorse).

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I had the same experiences as many of the victims. MQ's approach to deal with victims' complaints and foreign law enforcement's and lawyers' requests is very disappointing. They chose to just block victims' emails, and ignore correspondences from law enforcements and lawyers. I contacted a law firm in Cyprus which is representing a victim. The law firm told me that MQ just ignore all their letters as well.
 
MQ could easily provide law enforcement, and victims, with the details of the real label and white label and suspend both from their platform but they don't. The real label is usually sub-licensing to many white labels scam brokers and real labels are also making a profit from the license fees they also collect. The whole thing is profitable for everyone involved except the victim and MQ does not seem to be concerned as long as their license payments show up every month. At minimum, the real label can be held accountable, fined, turned over to police, etc. by MQ. There is no way the real label is blind to the actions of the white labels!

All victims who used Metatrader should start to report each and every instance of fraud to MetaQuotes. Also please rate their app in all app stores to expose this behavior.
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.
 
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.

Not sure whether you have experienced being scammed by MT4/5 brokers. The scammers are using MQ as a marketing tool to promote themselves and make them look more trustworthy.

I think MQ has a minimal obligation to investors to screen the brokers properly before they lease their license out, but they fail to do so. They actually create enormous risks and investment hazards to the public. What really disappoints victims is that they simply ignore complaints with solid proofs, including legal letters sent by lawyers, or requests by law enforcements.
 
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