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Metaquotes business practice

  • #1
  • First Post: Jan 27, 2015 2:37am Jan 27, 2015 2:37am
Why aren't the regulators putting pressure on metaquote?
There are tons of scam MT4 brokers out there and they are all doing business with metaquotes if they have MT4.


Aithe by being a direct customer or a white label and in bith cases they have to pay a startup fee and a monthly service fee.
If you ask me they are the main reason we have so many scamming MT4 brokers in the industry.

Why aren't they for example demanding that all their Metatrader subscribers to be regulated?
I am surprised nobody has sued metaquotes yet.
  • #2
  • Jan 27, 2015 2:56am Jan 27, 2015 2:56am
Quoting extreme_one
Why aren't the regulators putting pressure on metaquote? There are tons of scam MT4 brokers out there and they are all doing business with metaquotes if they have MT4. Aithe by being a direct customer or a white label and in bith cases they have to pay a startup fee and a monthly service fee. If you ask me they are the main reason we have so many scamming MT4 brokers in the industry. Why aren't they for example demanding that all their Metatrader subscribers to be regulated? I am surprised nobody has sued metaquotes yet.
LOL Many MT4 brokers are scammers because they are just scammers; it's not Metaquotes that's make them scammers. If they had been using other platforms they would still be scammers. LOL Plenty of brokers don't use MT4 and they scam their clients just the same. IC Market's quote on the CHF on cTrader is not any more reasonable either.

Metaquotes is just a company that designs a platform. It's the people who use it that are scammers. WHY would regulators go after a software company when they are regulators of financial institutions. Metaquotes are not even registered with those regulators and don't have to carry on a business. LOL
Make your losses in demo. Earn your profits live.
  • #3
  • Jan 27, 2015 3:17am Jan 27, 2015 3:17am
Quoting Forexia
{quote} LOL Many MT4 brokers are scammers because they are just scammers; it's not Metaquotes that's make them scammers. If they had been using other platforms they would still be scammers. LOL Plenty of brokers don't use MT4 and they scam their clients just the same. IC Market's quote on the CHF on cTrader is not any more reasonable either. Metaquotes is just a company that designs a platform. It's the people who use it that are scammers. WHY would regulators go after a software company when they are regulators of financial institutions. Metaquotes...

These scamming brokers are using a software, an instrument with which they commit crimes from Metaquotes.
It would be in their best interest to only allow regulated brokers to use their software.
It is the largest forex retail software used.

Your "argument" is logical fallacy.

Metaquotes would get massacred if they were based in a respected country with well established financial laws. Now they are based in Cyprus.
  • #4
  • Edited 3:52am Jan 27, 2015 3:24am | Edited 3:52am
Quoting Forexia
{quote} LOL Many MT4 brokers are scammers because they are just scammers; it's not Metaquotes that's make them scammers. If they had been using other platforms they would still be scammers. LOL Plenty of brokers don't use MT4 and they scam their clients just the same. IC Market's quote on the CHF on cTrader is not any more reasonable either. Metaquotes is just a company that designs a platform. It's the people who use it that are scammers. WHY would regulators go after a software company when they are regulators of financial institutions....
You probably never heard of the "Dealer plugin" introduced by meta quotes. There is a good reason why metaquotes forbids the discussion of this plugin on their forum.

http://www.forexfactory.com/showthread.php?t=70582
"Nature's law" is called "Reason". When perfectly understood by human it is
  • #5
  • Jan 27, 2015 3:34am Jan 27, 2015 3:34am
Quoting Caesar95
{quote} you probably never heard of the "Dealer plugin" introduced by meta quotes. There is a good reason why metaquotes forbids the discussion of this plugin on their forum.

I don't respond to comments that are directed towards me personally and don't discuss the subject.
I know it is difficult for some of you but try to be respectful and keep your comments to the subject and not the person.
What I know or don't know is non oe your business or the subject of this discussion.
FYI I am fully aware of your statement.

I see metaquote as the head of the snake here. It needs to be chopped off.
  • #6
  • Jan 27, 2015 10:11am Jan 27, 2015 10:11am
Bit torrent programs arent illegal either but look at what you can "acquire" by using it...

How about just not using metaquotes software in your own trading?
  • #7
  • Jan 27, 2015 10:24am Jan 27, 2015 10:24am
Quoting traderjai_inhi
Bit torrent programs arent illegal either but look at what you can "acquire" by using it... How about just not using metaquotes software in your own trading?

I know it's hard but try to stick to the subject at hand and not commit argumentum ad antiquitatem every time.
Suit yourself doesn't make it here. Its not the wild west. There are laws and regulations that companies must abide by.
  • #8
  • Jan 27, 2015 10:58am Jan 27, 2015 10:58am
Quoting extreme_one
{quote} I know it's hard but try to stick to the subject at hand and not commit argumentum ad antiquitatem every time. Suit yourself doesn't make it here. Its not the wild west. There are laws and regulations that companies must abide by.
LOL!

So which countries laws and regulations exactly would you like to go with, Sweden's?

You do have a choice in which broker you choose to do business with dont you? Why not pick one that is regulated the way you like, in a country with the rules and laws you trust, and has the programs you like to trade with. Why not work with more regulated instruments like futures?
  • #9
  • Jan 27, 2015 11:09am Jan 27, 2015 11:09am
Quoting traderjai_inhi
{quote} LOL! So which countries laws and regulations exactly would you like to go with, Sweden's? You do have a choice in which broker you choose to do business with dont you? Why not pick one that is regulated the way you like, in a country with the rules and laws you trust, and has the programs you like to trade with. Why not work with more regulated instruments like futures?

Again I know it's hard for you but I posted the thread and would I have wanted to gossip about my personal life I would have said so.
So try to stick to the thread subject and dont discuss me.

The subject is "Metaquotes business practise" and nothing else.
You force me to file a cleanup for being offtopic if you continue.
  • #10
  • Jan 27, 2015 11:30am Jan 27, 2015 11:30am
As previously stated, brokers will be scammers whether they use MT or not. However it does seem to me that MT is built to facilitate such brokers. MT is a terrible platform for an active trader (IMO). Outside of just clicking buy or sell on super long term trades or charting, I wouldn't touch MT.
  • #11
  • Jan 27, 2015 11:37am Jan 27, 2015 11:37am
Quoting 2+2=4ex
As previously stated, brokers will be scammers whether they use MT or not. However it does seem to me that MT is built to facilitate such brokers. MT is a terrible platform for an active trader (IMO). Outside of just clicking buy or sell on super long term trades or charting, I wouldn't touch MT.

As previously stated would metaquotes have been based in US they have have been forced to defend their responsibility of criminals using their software in court.
There is a reason many MT4 brokers are afraid of US clients(besides the extra paperwork). In US they take these things very serious. In socialist Europe everybody think fuck them they got money if they lost it and nobody cares about financial crimes.

Thats why you see banks from Switzerland get hanged by their neck in US courts but European customers don't get a penny for their losses.

Just look at the attitude in this thread. Everybody is "oh you have to suit yourself and you can't stop the criminals" attitude.
If the retail traders here can't even accept that they are the victims and things can be changed, the criminal brokers will continue to thrive.
Fuck in US they rip these kind of companies that profit from criminal activities into pieces. They level their companies to the ground.
  • #12
  • Jan 27, 2015 11:53am Jan 27, 2015 11:53am
Quoting extreme_one
{quote} As previously stated would metaquotes have been based in US they have have been forced to defend their responsibility of criminals using their software in court. There is a reason many MT4 brokers are afraid of US clients(besides the extra paperwork). In US they take these things very serious. In socialist Europe everybody think fuck them they got money if they lost it and nobody cares about financial crimes. Thats why you see banks from Switzerland get hanged by their neck in US courts but European customers don't get a penny for their...
I kinda get what you mean, but by laws if a broker offers the software in the US shouldnt you be able to put a lawsuit with the broker / software / sales rep?

MT software has several tools to "protect" the broker that go against the customer or trader, as many said the broker is not a scammer because it uses MT4 but it opens the door for pretty crappy practices.

Easiest way of dealing with it is to just use a broker without MT4 or a trustable broker with MT4.

Many things of what people say a broker is scaming is not 100% scam, some are market things that they dont understand.
  • #13
  • Jan 27, 2015 12:04pm Jan 27, 2015 12:04pm
Quoting MetroFX
{quote} I kinda get what you mean, but by laws if a broker offers the software in the US shouldnt you be able to put a lawsuit with the broker / software / sales rep? MT software has several tools to "protect" the broker that go against the customer or trader, as many said the broker is not a scammer because it uses MT4 but it opens the door for pretty crappy practices. Easiest way of dealing with it is to just use a broker without MT4 or a trustable broker with MT4. Many things of what people say a broker is scaming is not 100% scam, some are market...

Sure you can demand legal responsibility in court in US. It's not the wold west here. Consumer have protective status.
It's not like B2B lawsuits.

Also consumers can demand responsibility without laws. This is the way many environmental practises work for example. Consumer power.

But as long as the retail trader is "things are just the way they are and we cant do anything about it" nothing will change.
  • #14
  • Edited 5:35pm Jan 27, 2015 4:14pm | Edited 5:35pm
Quoting Caesar95
{quote} You probably never heard of the "Dealer plugin" introduced by meta quotes. There is a good reason why metaquotes forbids the discussion of this plugin on their forum. http://www.forexfactory.com/showthread.php?t=70582
No I have not until today. Thanks for forwarding this link. WOW What an eye-opener!! All those complaints about those bucket shops are all TRUE!! Can't believe the unscrupulous cheating that goes on among those forex brokers. I guess it's too good to expect all those brokers to sit idly by while watch us making profits in our forex trading IF we do have a profitable strategy. And of course, the software company has to be able to sell the software so since we traders are not the buyers so obviously they have to sweeten the deal to entice those bucket shops to buy it.

Two things that I wonder from this:

1) This Virtual Dealer-plug in seems to be used by brokers that operate in market maker model which takes the other side of your trade so a logical conclusion is obviously an ECN broker would have less incentive to implement this Virtual Dealer Plug-In even if they also happen to use MT4. BUT even with ECN brokers, we still end up with market makers, the ultimate bucket shops, the so called "liquidity providers" to whom our ECN brokers pass our trades to and f***ed us up big time during the the SNB event. (See below). So my question is do those "liquidity providers" implement this Virtual Dealer plug-in on their end of their MT4 platform? Do they use MT4?

In an extreme example (that affected at least two brokers), Barclays had filled EUR/CHF sell orders at 0.065 (no extra zero) while at the same time EBS was quoting its session low of 0.85. Technology providers that Forex Magnates spoke to corroborated with similar examples of their clients. Firms did state that Barclays and other banks ultimately did provide some price improvement, but often to levels below that of EBS’s low of the day.

http://forexmagnates.com/banks-bucke...nc-volatility/

2) Do other trading platforms implement this kind of "plug-in" that automatically delay your execution and provide last-look requotes according to how the price is and cause slippages? I know for cTrader, when creating a market order, you must specify the maximum slippage allowed otherwise your market order would be treated as a limit order (see screenshot below) which is kinda similiar to the virtual dealer plug-in's feature that allows requoting. Because really if ALL quotes on the platform are supposed to be immediately tradable, then WHY can't my market orders be filled instantly and has to turn into a limit order? What's the difference between a market order and a limit order? So what about those liquidity "providers"' platform? Do they have similiar features? From the article below, they requote just the same to their institutional clients just like the MM brokers requote to retail clients.

In effect, what has appeared to have taken place is a massive ‘requote’ in the market. Mostly known for taking place between retail brokers and their customers, the table has been turned with brokers receiving word from banks that some of their trades with them have been cancelled. A letter to clients from one of the largest primary bank reviewed by Forex Magnates, stated that “significant issues” took place during the price drop and actual executions may not match that which was reported by their electronic systems. The result is that brokers who had filled customers, may still be on the hook for those trades with their counterparties after seeing trades with banks repriced due to initial rates ‘being out of the market’.

http://forexmagnates.com/breaking-ig...tility-in-chf/

So if Metaquotes is not the only company that's designing platforms that allow unfair dealing then it's hardly fair just to clamp down on Metaquotes alone because even if Metaquotes are gone or stopped this plug-in, there would still be others. As long as there are demands for softwares from brokers and/or liquidity "providers" to allow these kind of unscrupulous practices, there would always be software makers who would be willing to make them. If we are going to clamp down on this practice, then we should clamp down on ALL of the parties guilty of stealing money from us retail traders, the bottom feeders, starting from the top which is the "prime banks".

Hence my previous thread. http://www.forexfactory.com/showthread.php?t=522071

The final question is: Do we have what it takes to take on or regulate those "prime banks" like Deutsche Bank who reported in 2013 of total assets of $1.869 TRILLION DOLLARS? LOL
Attached Image (click to enlarge)
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  • #15
  • Last Post: Jan 27, 2015 5:30pm Jan 27, 2015 5:30pm
And here is a video showing the MT4 Virtual Dealer plug-in in action! According to the video, apparently this plug-in is used by the MM & ECN brokers who I thought would have less incentive to use them. WOW!! Another eye opener!! My eyes have been opened very very WIDE today!! The blood vessels in my eyes are going to burst soon! LOL So tempted to contact my broker to find out if they use this plug-in. They offer ECN & MM accounts both via MT4.

Inserted Video
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