MetaQuotes vs. a number of companies.

AsstModerator

FPA Forums and Reviews Admin
Messages
5,575
I've been hearing bits and pieces from different sources. Forex Magnates has done an excellent job pulling things together, so I'm going to give a quick summary and links to some of their articles. I'll also include some items I've come across.

In April, MetaQuotes cracked down on brokers including 3rd party add-ons as part of the MT4 installation files sent to customers. The MT4i add-on provided a number of functions for MT4, including OCO, one click ordering and more. MetaQuotes seems to want to keep a very tight leash on what can be bundled into an MT installation.

One weekend in May, most the FPA's Performance Tests stopped updating over the weekend. This coincided with 2 things. First, there was a report that a new update of MT4 had required some users to change their IP to reconnect. For those using a dedicated IP at home or on a VPS, this could prove to be inconvenient. Second, there are rumors of a blacklist of IPs that MetaQuotes had downloaded into broker MT4 backends.

The FPA has taken steps to keep Performance Testing up and running.

MyFxBook reported that many VPS systems and other MT4 stats sharing services were having disconnections or were completely blocked.

Forex Magnates reports that MetaQuotes blocked IPs from ZuluTrade, Tradency, Tradeo and MyFxBook. Here is a part of what MetaQuote's is reported to have send to brokers...

"Unfortunately, some third-party developers have hacked MetaTrader 4 trading platform’s network protocols violating end user license agreements and terms of contracts with brokerage companies.

As a part of our active efforts to improve MetaTrader 4 system, we are starting to upgrade the network protocols and block all services based on the hacked versions.

We urge you to cease any cooperation with ZuluTrade, Tradency, Tradeo, Myfxbook and other companies that use the hacked protocols violating our rights.
"
Tradency is shifting to work with brokers using non-MQ platforms.

ZuluTrade denies any hacking and said it was fully compliant, using only legitimate and documented methods to connect. ZuluTrade is also planning to change to non-MQ platforms.

Some brokers are backing MetaQuotes, some are planning to do away with MT4 and MT5. Others have remained silent. I have noticed recently that an increasing number of brokers have been hedging their bets. They are offering at least one other platform in addition to MetaTrader.

The FPA welcomes opinions by traders and companies on this issue.



A few references for more reading...

Platform Pandemic - As MetaQuotes Restrictions Takes Shape | Forex Magnates

Is MetaQuotes Blocking Myfxbook? | Forex Magnates

Important - Auto Update Issue Discussion | Myfxbook

MetaQuotes Warns Brokers About Working with Tradency, Tradeo, Myfxbook & ZuluTrade | Forex Magnates

The MetaQuotes Fall-Out: Tradency Ceases Relationship with Platform Provider Following Allegations of Hacking Via Third Party Software | Forex Magnates

MetaQuotes vs Third Party Signal Providers: ZuluTrade Speaks Out | Forex Magnates

MetaQuotes Puts The Copy Trading Cat Among The Pigeons - Let The Debate Commence | Forex Magnates
 

kamuta

MQL45 Representative
Messages
70
...
ZuluTrade denies any hacking...
Zulu used reverse-engineered solution to connect directly to any MT4 server and this not legal... I think ALL signal services that don't care about subscribers losses need to be closed! - they MUST check every manager not less than half year before adding his signals... Metaquotes made first step to protect investors and I hope NFA will made main step by defining rules for worldwide signal services - it's clear now that NFA have enough impact for this...
 

MMInc

Private, 1st Class
Messages
38
Zulu used reverse-engineered solution to connect directly to any MT4 server and this not legal... I think ALL signal services that don't care about subscribers losses need to be closed! - they MUST check every manager not less than half year before adding his signals... Metaquotes made first step to protect investors and I hope NFA will made main step by defining rules for worldwide signal services - it's clear now that NFA have enough impact for this...
Actually, I couldnt agree more about Zulutrade not caring about client losses. Most of the SPs that are live use horrible grid strategies that margin most customers out. I do however think that its wrong that services like MyFXBook and MT4i are included in this and there should be a medium in which their services can be offered. Forex is a RISK that clients accept when entering the investment and we all know well. ZuluTrade is the devil of the bunch, allowing SPs to create numerous SP accounts just to continously margin out client accounts with no accountability.

I think MQ should be more forgiving to services like MyFXBook and MT4i. Their tools are great and give great additions to a plain looking 1980s platform that is sooo retro for 2013. Afterall, this is technology and MQ will realize that there is more competition popping up and one day they may be replaced by a new platform. Maybe its time to give in MQ and find some common ground with some of these companies. They may not be all that bad. MQ has a monopoly right now but I can see that changing easily as time goes by.

The client does have the right to choose but I forgot that democracy is a thing of the past and we no longer have free will.. What else is new?

Funny thing is that Im actually looking at some of the top SPs on Zulu right now with about 1000 pip DDs...
 

Carlo Colombo

Private
Messages
25
Very interesting to see that MetaQuotes has .... discovered now what is regularly happening from some years.
It's clear that they want the business of trading signals, they have now introduced in MT4 what they previously created for MT5.
But, apart the business of trading signals, some websites (see MyFxBook) were offering a high quality service, able to verify directly on broker server the trading statement.
Now we are come back to the direct upload of the statement, and this will lead to the revamp of shown fake account with fake trades.
 

mastereuro

Private
Messages
11
Now my MT4 gives me signal "Account Disabled" when I am trying to login. is this part of what you say?
 

Jay August

Recruit
Messages
1
Sock smoking!

Zulu used reverse-engineered solution to connect directly to any MT4 server and this not legal... I think ALL signal services that don't care about subscribers losses need to be closed! - they MUST check every manager not less than half year before adding his signals... Metaquotes made first step to protect investors and I hope NFA will made main step by defining rules for worldwide signal services - it's clear now that NFA have enough impact for this...
Whether Zulutrade hacked the system or not is one issue but who the hell does MQ think they are by making an assertion like the above? Just what has this to do with hacking? No regulation is needed. This world is completely over regulated as it is and there are enough safeguards built into the Zulu system. In a free market fools can lose their money in any way they please, just like gamblers at a racetrack. Frankly from the comment above and one other from an MQ representative I saw elsewhere its clear that MQ are smoking their own socks, have an absurd notion of their own righteousness, and lack an understanding of what free markets are all about.
 

zuijlen

Private
Messages
24
The MT4 platform was Metaquotes' first attempt to limit what could be done with the platform and to increase their grip on development. Some of you may remember that the previous MT platform (it was called MQL2, I believe) had an API which allowed a lot of flexibility. MT4 did away with that. Metaquotes have been very successful, but it seems that they start to behave like Apple: a tightly controlled closed platform. Don't for a minute believe that these latest measures have anything to do with protecting customers. They are taken to protect Metaquotes' considerable business interests. It is sad when greed takes over... Unfortunately, there is little in the way of a cost-effective alternative if you want to develop your own EAs.
 

Pharaoh

Colonel
Messages
19,782
For the sake of argument, let's assume that some of the accused may have done something wrong to copy signals in some unacceptable fashion.

How does this explain MT4 sharing sites (like FPA Performance Testing, Myfxbook.com, and more)? Since when is logging in and gathering data from a statement (with the account owner's full permission) against any rules?

Too tight of control can push a good product out of the mainstream. Zuijlen is right about Apple. They tried to keep their grip too tight and handed the market to Microsoft and the PC makers for quite some time.

I think Princess Leia summed it up just about right:

The more you tighten your grip, Tarkin, the more star systems will slip through your fingers.


I use MT4. I like MT4. Things like this have me planning to take some time exploring alternatives to it.
 

Dogdancer

Recruit
Messages
2
As far as I can recognice Zulu was never affected by the MT4 changes. Their system seems still to be running. But great Websites like Myfxbook were harmed for sure.
 
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