MT4 Brokers' Virtual Dealer Plug-In

I am alarmed by this document posted by qtmspin:


I have brought this up with MetaQuote for comments and they removed it instead.

Their action clearly signifies a big red flag. I already knew that most MT4 brokers are cheats, but I never thought they would implement such dirty ploys as shown above. As is, 90% of traders loose money; and having to play dirty to ensure more loosing percentage, how low can you get?

Though the above document was a plugin for Delay Execution and Slippage, i can imagine they have "Virtual Spikes Plug-In" (50~100 pip spikes to hunt your stops), and "Virtual Withdrawal Plug-In" (you ask for withdrawal and get virtual money instead) up their sleeves.

Burger, how did you stumble upon this?

Good info by the way. thanks for the heads up.

Shit, this is real bad news.

What the hell are Metaquotes playing at???

I've had three different LIVE accounts with retail FX brokers. They all played dirty tricks. Spikes, crazy order types and execution...Please don't limit your investigation to MetaQuotes brokers.

I can see this is Virtual Dealer Version 3.16 meaning this has been in existence for some time. I cant understand why Metaquotes would remove your post (from their forum I suppose); may be they are ashame of themselves. I'm not surprised though; forex has never been played fair.

P.S: I now realise what they mean by NO DEALING DESK EXECUTION. There is no HUMAN INTERVENTION as such but they have software that does the job of the dealer with same parameters, if not even better. A few brokers that claim to be no dealing desk come to mind. umm...

Boy BK:
Glad you found this information out. Not that I am suprised because I think of most brokers as being dishonest. Deep down I always knew their software was designed to siphon your money from your account into theirs but this type of programming is truely foul. Thank you.

Marc

Yes, it was removed from www.metaquotes.net forum...


Burger King said (at Metaquotes Forum):

It appears to me that MT4 server is a Video Game and broker can manipulate settings disadvantageous to traders. I know that this PlugIn is designed to thwart News Traders, but it also prevents normal non-news traders from trading properly!

I always suspected that Execution Delays are "Broker Induced". But I never thought that Delay is the only thing in their arsenal of tools against Traders. Here is the link to the post:
http://www.forexfactory.com/showpost...&postcount=194

When I saw this document, I lost my confidence on MT4 brokers I stopped trading with them and funded my ECN broker instead.

MetaQuote should police Plug-Ins vendors and prevent such products.

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My reply was:

Yup. I use MBTrading.

You must understand that the Dealers are Metaquotes' paying customers, not us (mobile users excepted).

Check this... "Attention: today on our demo-server we testing "Virtual Dealer" plugin. All trades processing with 1-5 sec delay"
* this page has been pulled, now has 404 error as of 23:30 GMT Feb 17

I think you are asking the fox to guard the henhouse. That plugin is Metaquotes software, not third-party.

Boston Technologies is Metaquotes USA Distributor/Sales agent.

http://www.bostontradetech.com/

Here's a little confirnation about who's doing what (it is a couple of years old. Attached in case it gets "lost" too). Slawa is a Metaquotes Developer, FYI...
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Yet further proof that one has to be insane to trade with a dealing desk broker. I sincerely hope the CFTC steps in and shuts them all down (those under its jurisdiction).

ECNs and FX futures, what more do you need?

You guys are just now figuring out that the whole MetaQuotes MetaTrader system is a huge rip off.......

Not me, just finding a little more evidence...

I still enjoy playing with the Client platform.

I have real-time MBTrading quotes imported into mine.

Here is Friday's end of day 1-second bars, Bid(low) Ask(high). The spread
indicator lies a little bit, as it displays the difference between the lowest bid and highest ask for each second, not the spread for each tick. There are multiple ticks per second, and MT4's minimum time display is one second.

The chart covers about an hour and 10 minutes.
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Great find. Looks like a nice scam going on over at MetaQuotes. Changed my mind about opening up an account with IBFX or anyone that uses MT4. However, I'm sure other trading software has an equal rip off feature.

Places like this need shut down.

* I subscribed to this thread to see if it gets deleted. lol I also have a saved image of this thread.
** MT4 brokers will hopefully see a huge loss of retailer traders because of this crappy business practice (software).

All credits for finding this Plugin document should go to: qtmspin.

Good thing phy managed to capture the thread I posted at metaquote (as evidence of their guilt) before they deleted it.

I will be writing CFTC (not NFA) about this. I appreciate if others would do the same as well. It is our moral obligation to protect hapless/clueless retail victims from these cheating brokers.

We do we even bother to trade with MT4 platforms? Simply because they allow "mini-accounts"? BS! MBT allows 0.1 Lots and you can start an account with $500! No charting though, but you can always get FREE DEMO accounts from any MT4 brokers for charts like most do.

It's a shame as MT4 is a pleasant enough platform to use, this unfortunately adds weight to the evidence that the whole thing has been written from the ground up as a big ripoff machine. I guess people will (hopefully) vote with their accounts, there is no need to put up with this BS anymore with the likes of EFX etc.

Here's the link to file a complaint with the CFTC
http://www.cftc.gov/customerprotecti...form/index.htm

Here's the link to file a complaint with the NFA
http://www.nfa.futures.org/BasicNet/Complaint.aspx

You can read more about filing a complaint with the CFTC here
http://www.cftc.gov/customerprotecti...ions/index.htm


Whether or not it helps, that's another story.

Technically, a broker is only an agent who executes orders on behalf of clients, whereas a dealer acts as a principal and trades for his or her own account.

I think everyone should be more careful when they use the term "broker".

thanx burgerking for open thread about Virtual Dealer Plug-In

i think everybody should write a complain.

If only a 5 second delay, then should it affect people who use 1hr charts much or not?

I think metaquotes should offer a free version which has limitations and one which people have to pay, if they really want the money, they don't have to go this low, I'm sure users are willing to pay a monthly subscription.

Phil

interesting use of offline charts, phy. Did you make this yourself using the MBT API? do the charts update in realtime, or are you just using CSVs?

I'm starting to think that it would be a good idea to write a dll that uses MBT's API to place trades on MBT from MT4.. I'll look into it.

Sorry for threadjacking, we now return you to the well deserved metaquotes bashing.

People think that Trading on Higher time frame such as H1 to D1 makes them immune to the cheats.

The 5 Second Delay is just part of the cheat. You should also consider the "slippage" and "false spikes" induced to hunt your stops and kill you for 50~100 pips extra loss more than what you set in your SL!

Higher time frame trading only filters the "small price fluctuations" - this I agree. I have simulated trading strategies using small time frames to high time frames and the only difference is in the Stops and Limits used. Example:
If I use M15 and lower, I would have SL and TP from 10~20 pips.
But if I use H1 and up, my SL and TP had to increase as well to 100~200 pips! I trade long timeframe, I lose 200 pips; I trade scalp, I lose 20 pips. So how is higher timeframe any "safer" than lower time frame? I was once in a trade, It was making profits +50 pips; but since it was a long term trade, it went down for a loss instead; if it was a scalp trade, I would have made my 20 pips and run!

Scalping has been discouraged by brokers claiming that BANKS dont like it, claiming BANKS dont have time to hedge it etc.. OMG! SO ECN brokers are not using BANKS?

The only reason I could think of why brokers dont like Scalping as a strategy is because, scalping has HIGHER WIN CHANCE. And by inducing execution delays, the trader would be ignored of the better price fill (entering or closing). Example: trader clicked BUY GBPJPY @ 210.60; broker has 5 seconds to CHOOSE a higher price to fill the client; and if price kept going down instead, broker can still fill the trader @ 210.60. Or maybe something like your position is losing 5 pips and decided to throw the towel; when you clicked close, price kept going against you and kept getting requote until you are -30 pips loss after 3 times requoted.

If you think that you are immune to all the cheats in this Virtual Dealer Plug-in, then by all means, trade with them.

http://www.forexfactory.com/showthread.php?t=70461

is pure 10 pip scalping and NO broker will allow me to do it.

fxopen regularly has spikes which are later artificially removed they do admit removing the spikes