Discuss trying to understand current situation with metaquotes dropping brokers

[paymanz]

recently metaquote has ceased service with many brokers. is it only the unregulated brokers that serve US citizens or any unregulated brokers cant use MQ anymore?

 

[The Punisher]

MetaQuotes is owned by criminal Russians. For years, they have allowed the sale of white and grey label licenses to criminal Chinese. As long as MetaQuotes gets their license payment they don't care how their platform is used or how many peopled are scammed.

Problem - MetaQuotes (Meta Trader) Complacent in White Label Scams

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...

www.forexpeacearmy.com

 

[navyseal]

Wait, is MetaQuotes the company that develops MT4/MT5 that 90% of brokers are providing to traders? For me, this is hard to believe.

 

[4evermaat]

Wait, is MetaQuotes the company that develops MT4/MT5 that 90% of brokers are providing to traders?

For me, this is hard to believe.

Why is that? It offers autotrading capability such that it is free for the end user. Then a large community following came into mt3/mt4 and build a lot of custom indicators and expert advisors for it. Whatever the platform doesn't offer natively, you can build custom code for it or around it. Normally a trader must license their own charting software, if the broker does not do it. MQ did make it "easy" for the trader in that they could focus on trader services!!!

And the platform is very stable with small resources footprint, if you don't try to run too many charts or indicators on it. Especially mt4.

IMO MQ just got greedy with MT5. They should just let brokers offer it for free (only pay server costs) and offer both mt4/mt5, so that the trading community (that made them popular) could use MT4 < > MT5 interchangeably, as mql5 is not backwards compatible with mql4. Meaning that custom mt4 indicators/scripts/EAs will not run on mt5. MQ's dream of just building MT5 successor and traders would just magically float over to mt5 and abandon all their mql4 investments is silly and inconsistent with the rest of the trading community. You still have people using TradeStation 2000i.

MetaQuotes is owned by criminal Russians. For years, they have allowed the sale of white and grey label licenses to criminal Chinese. As long as MetaQuotes gets their license payment they don't care how their platform is used or how many peopled are scammed.

No software provider would ever take responsibility for how others use their software (unless there is a specific legal requirement to do so). Why would they? They are not law enforcement. Fraud is still illegal. So if a broker wants to run away with people's money, what does MQ have to do with that?

And to MQ's credit, they have been tightening up requirements on obtaining a white label license, let alone a full license to be able to white label to others.

Can New Offshore Brokers Adapt as MetaQuotes Tightens Its White Label Policy?

MT4/5 remains CFD brokers' top choice, even for white labels, but MetaQuotes' tighter white label onboarding requirements is troubling those offshore.

www.financemagnates.com

recently metaquote has ceased service with many brokers. is it only the unregulated brokers that serve US citizens or any unregulated brokers cant use MQ anymore?

Have you asked MQ yet?

 

[paymanz]

Have you asked MQ yet?

You mean on MQ forums? No and i don't think they have any other channels for customer service.

 

[yrkaus]

MetaQuotes has very specific rules that they prescribe in the contracts. And the next broker that will have problems with MetaQuotes is HFM (HotForex) HF Markets

 

[Scam Reporters]

MetaQuotes is owned by criminal Russians. For years, they have allowed the sale of white and grey label licenses to criminal Chinese. As long as MetaQuotes gets their license payment they don't care how their platform is used or how many peopled are scammed.

Problem - MetaQuotes (Meta Trader) Complacent in White Label Scams

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...

www.forexpeacearmy.com

In addition, MQ invested into a popular and widely used UK regtech SumSub, a software provider for client onboarding automated system (KYC checks, address and other document confirmation, adverse info screening etc). According to some very well informed industry sources (yet, it's a rumour), the discounted services that regtech offers are compensated by (ab)use of 3rd party client data without their consent, that is sold to the highest bidder as new potential leads.

In other words, that company, suspected to be a MQ spinoff, allegedly sells customer data.

 

[4evermaat]

You mean on MQ forums? No and i don't think they have any other channels for customer service.

They do have a service desk, where you can make reports.

 

[The Punisher]

Breaking News! MetaQuotes Platforms Blocked in India!

Local reports suggest that MetaQuotes' trading platforms, MT4 and MT5, have been blocked in the Google Play Store India.

apphtml.0067.cc

 

[Scam Reporters]

Breaking News! MetaQuotes Platforms Blocked in India!

Local reports suggest that MetaQuotes' trading platforms, MT4 and MT5, have been blocked in the Google Play Store India.

apphtml.0067.cc

Why only India?