Social trading-is MQL5 legit?

I'm thinking of being a signal provider on MQL5 but a quick google shows a lot of bad reviews of MQL5. We have plenty of bad reviews at Trustpilot and more at FPA.

I'm wondering if there are any FF-ers who have successfully managed to do any withdrawals? From the reviews above, it seems like no one has managed to extract a single cent from MQL5.

Also, I see the signals community as kinda fishy. For instance, some of the signal providers have inflated ROIs, done via subsequent deposits. I'm not sure why MQL5, supposedly an elite coding community, still have not rectify this basic mathematics?

I'm also quite sure they might have faked some of these providers. It doesn't make any sense that people are returning over 1000% over a period of 5 years (great ROI with long trading history) but only selling their signals for USD 30 a month and still not getting subscribers.

Is it even possible to get a following on MQL5 and derive some real income out of it?

Alternatively, do we have alternatives to this? I know there's Zulutrade, eToro and Darwinex but they either do not support Pepperstone or they require a completely new sign-up/opening of account (Darwinex).

MQL5 is only a site from Metaquotes. I think 97% of all traders around the world have never made any Cent profit. This is not a problem of a single website.

Hi Roland. I'm sorry but I don't quite understand what your post is moving towards.

Like what I've mentioned, there seems to be plenty of profitable signal providers who have a long trading history. Interestingly, they are only selling their copy-trading for a miserable USD 30 a month and even worse, they seem to be struggling to get subscribers. What's up with that?

Also, are there anyone who have actually managed to withdraw anything from that site? I understand they earn 20% commission off any sales, but what I'm curious is if anyone actually managed to withdraw any money from there after making a sale.

The minimum fee is 30 Dollar - this is based on requirements from mql5

MQL5 is a legit firm, they are the owner of MT4 and MT5.

Yes, I understand the minimum fee is USD 30. However, if you have a stellar trading track record, why would you be charging just USD 30 a month?

Also, like what I said, it's weird that no one is even signing up?!

I dont mean to discourage you. Many things have surely changed; some for the worst, some for the better I hope... There are surely more options now than when I was offering services.

Years ago, got a lot of experience offering signals with zulutrade, my own live chat, my own web app, zipsignals, collective2... It was very good money for practically just doing what I was already doing for a long time. It was great till it wasnt.

Unfortunately, too many dont use the carefully developed money management adapted specifically for the given strat, so you can imagine the disastrous effect that has had, on so many accounts, and more often than not.

As I worked hard offering an exemplary service, my account grew as usual and theirs would crumble. I received death threats from one, a bottle of wine from another.... It was hell after a while. Money just wasnt worth the stress, on the long term.

So the only responsible thing for them, for me and my health, was to stick with managing accounts.

I hope you find a good way.

P.S overall, my best experience was my own website. Because of the human contact I believe. Many were more inclined to take the rules seriously, and there were less rogue traders ignoring mm, picking and choosing my signals, and blaming me for blowing up their account.

If any of my experience can help you, great. Sorry if this post was unwanted.

Bad memories, wont elaborate any more. Good luck, sincerely.