(updated with response from MetaQuotes)
Is MetaQuotes Blocking Myfxbook? Myfxbook seems to think so. The forex community portal, myfxbook, which provides analytical trading tools as well as signal trading services and broker comparison tools, has been suffering from disconnections of its product with some brokers. The troubles were initially reported in the site’s forums with traders complaining that auto-connect features that connect their account performance and trades with myfxbook has been disconnected. In their forums, myfxbook put the blame on brokers, whose servers were blocking myfxbook servers after they had undergone a product update from MetaQuotes.
The issue has intensified with myfxbook sending a letter to clients yesterday stating:
You might have noticed our topic regarding an issue with MT4 auto update, posted a week ago: http://www.myfxbook.com/community/general/important-auto-update-issue/556831,1.
We’ve been trying to fix it for the past 2 weeks however with no success. After talking with several brokers, we’ve confirmed this is an update released by MetaQuotes. No broker has yet offered/found a possible fix – this issue hasn’t affected only us but many traders using vps services and other similar services (as we’re the largest publication service we experience the most disconnections) – our servers are being completely blocked which is why we can’t update your account data.
The FBS CopyTrade Team Introduces New ‘Risk-free Investments’ FeatureGo to article >>
We know that the auto update option is very important for you so we suggest talking with your broker about this.
At this time, if you’re using the auto update option, you’ll have to revert back to the EA/publisher method by going to the account’s settings and clicking the “use the EA to update my account” link.
In response to the accusations from myfxbook that MetaQuotes has released an update to its servers that is banning brokers from connecting to IPs of third party services, Forex Magnates reached out to MetaQuotes earlier today to get their side of the story. As of publishing time the platform provider has yet to formerly respond to our inquiries. However a representative from the firm stated below in the comment section that “they just used hacked network protocols.” We’ll take that to mean that they are actively banning myfxbook’s IPs as they believe them to be in breach of MetaTrader licenses.
In regards to other providers that are suffering connection issues which myfxbook alluded to in their letter, Forex Magnates has received word that this is correct, but certain firms may have resolved initial difficulties. Such a scenario would be similar to connection issues that were reported earlier this year from ZuluTrade after a MetaTrader update, but were resolved shortly afterwards.
In terms of MetaQuotes, the technology provider has been involved with broadening its offerings beyond just its MetaTrader platform. This has led to the launch of a MT4 to MT4 liquidity gateway, mobile platform, and signal trading. At the time of the signal trading launch, and accompanying trader community, Forex Magnates wrote that this posed a direct competition to existing auto trade offerings. The opinion though was derided by more than one 3rd party firm as they believed their product and offering to be vastly superior. However, to their advantage, MetaQuotes signal offering was an integrated solution with its MT4 platform which immediately offered them presence among a massive base of traders. While not offered by all brokers, having reviewed the product using a MetaTrader platform from a broker that offers the product, it is a fully integrated offering. Specifically for smaller brokers, the new MetaQuotes add-ons can be appealing as they provide all in one services without a firm needing to work with multiple partied.
As we learn more about this subject, we will be providing updates.