The website doesn't screen and test their products. EAs even though not proven are sold overpriced. Signals even if they only work for a month are still sold. There are signals that last longer but there is no way to copy them because they are delayed or slipped. It is the responsibility of the owner of the website to screen these products to protect the buyers. This website don't do any testing of their products. They left the testing to the poor buyers who every time loose their money to do the website's work. This is unethical. Some government agency or worldwide authority should investigate and ban this website. This is an international scam.
I just had to share my experience with MQL5 author/seller. I tried the EA and it worked well with decent profits on my MT4 Strategy Tester. The EA didn't have a rental option but wasn't priced too high either (between $300 and $400) so I purchased with high expectations and looking forward to some nice profits. Well after installing the Ea and waiting for it to show me what it was going to do, it became evident that it was not the same as the one in the Strategy Tester. The purchased one made exactly the same sell recommendation on a currency pair everyday at 11 pm. The one in the Strategy Tester would make good buy, sell, abstain recommendations that were profitable long-term. The purchased one was as useful as a compass that always points in the same direction... worthless. Some other EAs aren't much better. MQL5 is a plethora of EAs with no thought put into them to protect the user... many with no stop-loss, no spread filters, trade against the trend, martingale strategies, grid strategies, descriptions that make no sense due to poor language to English translations, authors abandoning software after a few weeks/days, and support turnaround in days or weeks. EAs often don't have adequate instructions on how to use such as best currency pairs for EA, time frames, whether inputs are in points or pips, minimum balance required to safely use EA, etcetera. And some require that you set GMT to broker time zone difference yourself, if you don't it doesn't function properly... I guess the authors weren't smart enough to program that into the EA themselves. This what you pay for and poor support. It wouldn't exist if people weren't supporting it financially. You'd almost think they were part of the MQL5 and brokers team and profiting from losing traders. Less expensive EAs seem like they're written by authors that barely graduated from a community college with minimal skills in programming in MetaQuotes Programming Language 4 (MQL4) with just classes in basic MQL4 and writing martingale and grid programs with moving averages for direction. More expensive ones seem better but are just marginally profitable and often blow your account sooner or later going into deep draw down, or they take weeks or months to produce a small profit. And little or no recourse to get a refund even if it appears to be a scam/fraud... I think they're a large part of the reason PayPal no longer wants anything to do with Forex transactions and I don't blame them. A person can spend thousand of dollars on EAs and not have one good one to show for all the expenses. The indicators aren't much better. Free ones are available that are nearly the same just not as nicely packaged. If you have a problem with MQL5 it won't be easy to find a page to get customer service. I think it mainly exists just to set up a deposit system to get your money and little else... excluding PayPal of course, which probably won't be part of the payment/deposit system much longer. I have some sympathy for some of the reviewers and empathy for others since I've experienced what some have experienced. The best thing that could happen is competition by a competent company that would put all of them out of business and in the streets jobless but I doubt that will happen.
Absolutely the worst—I mean the worst—customer service
Service use: Other
Length of use: 3-6 Months
Absolutely the worst—I mean the worst—customer service I've ever experienced to date. I assumed since they were connected with the MT platform (or so I think) the organization could be trusted without researching reviews. In short, I was wrong! Here is what happened:
- I hired a developer who did a terrible job. He would not follow our directions, implementing what he wanted, instead of what we requested. He was 2 months late. And, the quality of work was poor. The EA wasn't professionally created.
- I initiated a dispute resolution to cancel the project, and I requested a full refund.
- MQL5 split the amount escrowed, giving the developer 50% for nothing useable to us.
- After reviewing the developer's dispute rating and his comments regarding the resolution process, I begin thinking this is how he makes his money—creating something just to say he is working, then a dispute resolution is initiated, giving him a split. Now, I'm wondering if the developer is affiliated with MQL5.
- So, now the project is cancelled and I wanted to retrieve the remaining funds.
- it took months to receive the remaining balance due to their quirky and archaic requirements, and gross neglect. For example, I was refused a refund because I didn't have any earned money. Therefore, withdrawal options were not available. I don't even know what that is. It seems as though you have to be a seller AND get paid even though you are just buying.
- They said I could delete the account and request a refund. However, I was concerned if I deleted the account, what would happen to the funds
- After expressing my concern, they mentioned I could request a withdrawal...duh, that's what I've been doing.
- After months, they finally enabled the withdrawal option for me to withdraw the remaining funds.
- Upon asking them why it take so long for them to respond, trying to give them the benefit of the doubt, they deleted my account with no response.
YOU ARE AN UTTER FOOL IF YOU USE THIS COMPANY AFTER ALL OF THESE NEGATIVE REVIEWS!!!! Fiverr is way more professional and responsive than MQL5 could ever dream of being.
I have been using MT4 over three years with some minor problems. Recently I have been blocked from their website without any warning of any kind. I am trying to find out why they have done this but they have failed to explain why.
I'm now looking at TC2000 and Ctrader, both appear to be far superior, so will dump MT4 for one or both platforms.
You could say that they have done me a favour now
1 trader has found this review helpful
Mar 2, 2019,
Mql5 is a scam website
Don't get scammed, 99% of the ea's / signals are not worth it, you will buy a worthless ea or invest in a worthless signal and you will lose your money again and again. Mql5 support is indeed terrible. Everything on this site is not worth your money at all, neither it's worth your time / effort. Be smart, don't use this useless website.
Attention. MQL5 - swindlers and fraudsters !!! I completely agree with the previous reviews. And I thought I was doing something wrong. There is a problem in MQL5 scammers. For more than 8 months I copied top trading signals, the result is always the same, the signal providers explode very quickly and lose all the money of subscribers. Trading history on signals does not correspond to trading positions when copying. 4 different trading robots purchased in MQL5 blew up my accounts during the month. It is good that I used a cent account. It's time for traders to open their eyes, that they are losing money through MQL5 through no fault of their own, but because of the fraudulent actions of the MQL5 website. Warn your friends and spread information on these fraudsters on the forums.
1 trader has found this review helpful
Dec 11, 2018,
mql5 support scammer
Mql5 protects the crooks, as long as it brings back money it is protected by MQL5, it's a real mafia, people copy other site's signals and resells a signal on mql5, the lie of the description, the goal is to make a maximum of registration regardless of whether the strategy is good or not.
After paying $ 135 worth of signals, I directly stopped after 3 days as I saw that the strategy was not like the description, and I asked to be refunded.
Here is the answer of MQL5! Hello,
When subscribing you accept risk. Profits are not guaranteed.
I copied and pasted the date 5 times on my own timeline at the MQL5 site and it was considered spam. This is extremely unjust.
Despite the fact that I am not contrary to the site rules, MQL5 support team continue to restrict our activity.
The MQL5 site rule has no meaning at all.
In addition, the support team is arrogant.
As of now no deposit and withdrawal trouble has occurred, but this is natural.
I bought a lot of EA from this website because I thought they were useful by reading the overview. I found that however, the support was generally poor. Either you do not get a response or the answers are so brief that they are virtually useless. So most of the EA ended up in trash. I dd come across a few EA developers with good support and of high quality. I meant just a few. Let alone all the complains we have, can any one suggest alternatives ? So far I find this site is still stocked with the most abundant and richest varieties of EA and indicators. Perhaps more competition will be the key to this.