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-   -   Report issues with MetaQuotes (mql5.com) (https://www.forexfactory.com/showthread.php?t=940397)

Fx-Gamer Aug 13, 2019 6:51am | Post# 1

Report issues with MetaQuotes (mql5.com)
 
Dear fellow Traders,

I am trading since some years and during this period I encountered some problems, when it comes to

a) buying a product or
b) hiring someone for freelance

at mql5.com

I have searched for a thread that is dealing with these issues, and where users of mql5.com can exchange views and problems that occured to them, without being scared of mql5 to ban them.

I think this is the right place.

Please report problems and issues here, you had or have with MetaQuotes (mql5.com).
- If possible, include screenshots of the problem you are describing -

Note: This is not to bash a particular website or attack it - it is about exchanging real problems, as I discovered that mql5.com admins are not properly reacting on some issues users have, such as: Fake reviews, fake signals, problems with coders at freelance aso.

Goal must be, that mql5.com reacts on this particular issues, and makes its services more convenient.
A quality enhancement would be, to only let coders sell an EA, that is already running live for a decent period.

In all you see that there is not one single product, that stays in the top 50 (or top 20) for a constant time.
Products always change and new ones appear, while old ones - that actually have a history - are no longer represented on the first pages of the marketplace.
This is very telling in my eyes...

Fx-Gamer Aug 13, 2019 7:03am | Post# 2

I will start with some of my experience:

1) Once I bought an EA on mql5 marketplace.
It had good reviews - about 8 - and a corresponding signal (which had +4% in 2 weeks).

After I began to use it, the product suddenly disappeared from the marketplace.

What I found out later: Users began to change their reviews from 5 stars to 1 star, as the EA did not perform as the signal!

So he just removed it, so other users could not see the bad reviews.

2 weeks ago, he released another EA, which he claimed to be "new" - but which was actually the old one, just with some input changes.
[Old signal was also diabled, therefore created also a new signal].

Buyers again began to buy the EA, and the same b*#ls#*t occured again.

I informed mql5 about that, without anyting to happen. Then I started a thread, where I complained about that - and his product.

One of the admins deleted link in the thread, as, how surprising, it is not allowed for users to talk about products from the marketplace in the forum...
[Why?! - You know why...]

This guy just continued with his bs,... I did not take notice any more, but I think he must have resold 5 versions of his (single) EA a dozen of times each.

2) Signal: Style of profitable trader.

There once was a signal provider on mql5 signals, that had 13.000% {https://www.mql5.com/en/signals/321707}

Many people subscribed to it. I think it were more than 100, with 35$ a month.

However, after some weeks the performance began to decline, causing losses.

The broker of this trader was GrandCapital.net, a russian based broker.

As it seemed, the trader must have had faked statistics, which he could present on the mql5 network. Maybe the broker helped him with that.
(Provider told about himself to be working at a 'bank'; so maybe he worked at that particular broker).

You can read more about it here: https://www.forexpeacearmy.com/forex...andcapital.net

Fx-Gamer Aug 14, 2019 4:26am | Post# 3

Another story is the limited activation, you get when purchasing a product.

Did you know that this limitation is binned to your hardware?!

That means, people activating their products on a vps server, can actually invite others to make use of that particular product too, without that those have to pay the product.

There is a bunch of vps providers, that offer this and make their business from that.
Like: subscribe with us, and you get Indis and eas from mql5 for free (all you need is the file, but it's easy to copy and paste it into forums, just look at soehoe.id for example and how many files you will find there).

The dumb ones are the sellers, that trusted mql5 their product and that it will be protected.

When you contact mql5 about that, they just answer that there is no such a problem... Wtf. I myself subscribed once to such a service and were able to run EAs for free, that actually cost 500-2000 dollars on the market place.

There was once a thread on mql5, that has been deleted after a few days again, because mql5 fears that no one will publish his products any more.

Fx-Gamer Aug 15, 2019 8:07am | Post# 4

Then there is that other guy, that sells his indi on mql5 and already sold about 1.5k copies of it.

Ipfinite rend ro ...

Promising his Customers an additional tool, when they give him a 5 star rating... laughable.

And it's all allowed by mql5, because this is how they earn their money.
They will never forbid anything, that delivers them so much reward.

There is a thread here on ff about this product; doesn't look that good though.

Fx-Gamer Aug 20, 2019 4:06am | Post# 5

I can't believe it.
Now there was that EA, called Limerence, by coder Mafuta Landou, for 7500 $ ... for 2 weeks Nr 1 EA!

Couple of people bought it.

Now the EA mt4 version disappeared.

I have contact with one of the buyers and he says the EA does not perform that well, now he feels just scammed.

theunkown Aug 20, 2019 4:09am | Post# 6

Most of them sign up IE same persons or friends they buy it (return the money) and leave brilliant reviews! there was a video about it.

Fx-Gamer Aug 20, 2019 5:43am | Post# 7

Most of them sign up IE same persons or friends they buy it (return the money) and leave brilliant reviews! there was a video about it.
Yes, you are totally right.
I know for sure that mql5 does not look after (compare) the IP address, although they save it.
That way a seller can register himself with a bunch of different accounts, buy his own product and leave nice reviews.
Then withdraw that money again from his account...

Especially when you see buyers of high priced products, that only have very low account points (from 100-400), or are just newer to the site, this is an alarm signal.

TraderTero Aug 20, 2019 6:24am | Post# 8

The scam situation on MQL5 has been getting worse lately. If you look at the most popular and new EA's, most of them are outrageously over priced. The prices have gone up during the past 2-3 months and very few EA's are being sold under $1000. Most of the expensive EA's are garbage, simple martingale's etc. The sellers know that if you sell a poor reasonably priced EA, the poor performance will be revealed soon as many people have bought it and will post poor reviews but if you manage to scam one person for $5000, that's all you need. If you are lucky you will be able to sell a couple of them before the word gets out.

Last year I started a website with the purpose of testing and reviewing each new EA published on MQL5. After a couple of months I had to stop because I
noticed that 99% of the EA's were garbage. Metaquotes also banned me for 10 years for posting a link to one of my live forward tests.

I'm still testing a lot of the new EA's and would like to post some warnings here about certain EA's if people are interested.

theunkown Aug 20, 2019 6:44am | Post# 9

{quote} Yes, you are totally right. I know for sure that mql5 does not look after (compare) the IP address, although they save it. That way a seller can register himself with a bunch of different accounts, buy his own product and leave nice reviews. Then withdraw that money again from his account... Especially when you see buyers of high priced products, that only have very low account points (from 100-400), or are just newer to the site, this is an alarm signal.

Thing is with EA's Now is that people will code a load of rubbish just to try and get people to buy its like the instagram traders whom are very much scam artists. I think personally FCA in the UK should clamp down on this. And EA'S should be (banned) to an extent that if it is not profitable on a 3 year timescale it should not be avalaible to buy! Anyone can test these just buy downloading a simulator and testing.

Its like indicators coders charge $50 - $300 for a indicator but if you want a trendline indicator its free just search google most are better or just look on here as people are regraded better and trustworthy on here more than anywhere else.

Many thanks

netsrac Aug 20, 2019 6:59am | Post# 10

I think the problem is also because there is so much greed among the customers. Once a nice equity curve is shown, many turn off their brains. Nobody wants to work for his success, everyone wants to get rich without effort. If someone then offers a "Holy Grail" EA, the big run starts. If you offer tools on the platform that do not trade automatically (or only do so on an optional basis), you get a lot of trouble with people ranting about why the EA does not get 20% a day on automatic trading.
So you can see the problem from two sides, one customer and one provider view.

Fx-Gamer Aug 20, 2019 7:15am | Post# 11

The scam situation on MQL5 has been getting worse lately. If you look at the most popular and new EA's, most of them are outrageously over priced. The prices have gone up during the past 2-3 months and very few EA's are being sold under $1000. Most of the expensive EA's are garbage, simple martingale's etc. The sellers know that if you sell a poor reasonably priced EA, the poor performance will be revealed soon as many people have bought it and will post poor reviews but if you manage to scam one person for $5000, that's all you need. If you are...
Wow, this sounds really rude of mql5 to ban you!

Yes, of course, we are always interested to get some real feedbacks of EAs, before ever considering to buy them or not.
Many users on mql5 are not capable of how to test and check EAs in a professional manner. Let it be financial issues or because they are just newbies.
However, welcome on board!

TraderTero Aug 20, 2019 8:31am | Post# 12

{quote} Wow, this sounds really rude of mql5 to ban you! Yes, of course, we are always interested to get some real feedbacks of EAs, before ever considering to buy them or not. Many users on mql5 are not capable of how to test and check EAs in a professional manner. Let it be financial issues or because they are just newbies. However, welcome on board!
Thanks. One of the main issues with MQL5 is that you cannot live test most of the EA's before buying. Neither can you post any comments or questions on the comments section before buying the EA. I'm sure that this is a well thought plan from Metaquotes in order to increase sales and scam people. It is also a well known fact that you cannot get any refunds from Metaquotes unless they are forced to do it. I have seen this happen only once when big number of clients got scammed and together demanded refunds. A refund is their last resort.

However, there are some vendors who offer free limited versions of their EA's allowing you to actually run a live forward test. This also shows that they are serious about their products. I would recommend looking into those before buying any EA from the site, unless you are absolutely sure about what you are doing.

Fx-Gamer Aug 20, 2019 8:47am | Post# 13

{quote} Thanks. One of the main issues with MQL5 is that you cannot live test most of the EA's before buying. Neither can you post any comments or questions on the comments section before buying the EA. I'm sure that this is a well thought plan from Metaquotes in order to increase sales and scam people. It is also a well known fact that you cannot get any refunds from Metaquotes unless they are forced to do it. I have seen this happen only once when big number of clients got scammed and together demanded refunds. A refund is their last resort. However,...
Could you tell some vendors, that are actually offering that...
Or is there a group (thread) for it?!
Have not come across until now...

aed71 Aug 21, 2019 2:19pm | Post# 14

You should ask for demo before buying product from MQL5.

But at the end of the day, all of the experts will fail after sometime because they depend on some parameters (most of them many paramaters) and those parameters will be obsolote after time since all markets change after some time, may be tomorrow or one month later.

If the expert you are willing to buy depend on those parameters (% 99.99 is like this) it will fail some how. If coder puts some fixed parameters inside the code after some optimisation process it will also fail. You cannot trust any expert on the market that claims sustainable profits. No one would put such an expert on MQL5 to get rental fee or sales fee. Your expectation should be getting some profit in a couple of months or less (still very risky).

This is not limited to MQL5 market place, any market place, web site that sells or rents experts will have the same problem.

Everyone should develop his/her system to get some gains from market, either manual or via expert. Don't trust anyone in this business.

Fx-Gamer Aug 22, 2019 6:08am | Post# 15

You should ask for demo before buying product from MQL5. But at the end of the day, all of the experts will fail after sometime because they depend on some parameters (most of them many paramaters) and those parameters will be obsolote after time since all markets change after some time, may be tomorrow or one month later. If the expert you are willing to buy depend on those parameters (% 99.99 is like this) it will fail some how. If coder puts some fixed parameters inside the code after some optimisation process it will also fail. You cannot trust...
Yes, of course any EA will have problems at some point.
What counts is, whether the author offers extensive support, in guiding it's buyers threw these times, and if he is constantly upgrading his EA.

I once had a grid ea running, that was not that bad, but in the end the deposit was just too low.
From that day I know, that one should at least have a three times bigger account, and you still can lose it.

But otherwise, I haven't met good stable EAs at all.

You also see it in the flow of changing products on mql5s market page.

There are always different EAs there. If one would perform constantly good, this may wouldn't happen.

aed71 Aug 22, 2019 4:05pm | Post# 16

I recommend to keep away from any grid or martingale-like experts. The basic logic behind them is that the market will turn back soon or later. Suppose that you open a sell trade at any parity and it never come back and skyrocketed. Where will be your stop? You would loose all your money.

These systems are similar opening a position with 5 pip TP and 100 pips stoploss. Your win rate would be %90 but your absolute profit could be negative. ( 5pips x 9 = 45 pips profit, 1 x 100 pips loss, total 55pips loss with %90 win rate)

If the expert coder would not how to maintain his/her code with sustainable profits, he would not sell or rent it in the market place.

Fx-Gamer Aug 23, 2019 5:28am | Post# 17

Prices on mql5 have become insane.
I know, a year ago or so, the most hyped EA there costed around 500$ (grid hero).

Today, the 'SSA fixed it' EA is offered for 9500$!

Crazy...

Fx-Gamer Aug 24, 2019 11:30am | Post# 18

SSA fixed it today 29,999 $ !
Beautiful Beast around 7,5k.
Now this Max Brown must do some serious money.

There's now that other EA, called virtuoso, offered for 17,500 $.
With just one review, no live signal, and just 90 percent backtest for one year.
Ridiculous...

mntiwana Aug 24, 2019 9:14pm | Post# 19

Sounds interesting,especially to newbies but astonished how and why peoples trust and pay for things that they do not know the logic and or strategy behind

Fx-Gamer Aug 25, 2019 3:53am | Post# 20

There's also a problem mql5 now has with the withdrawal of money, check this
https://www.mql5.com/en/forum/320471/page4


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