MetaQuotes vs Third Party Signal Providers: ZuluTrade Speaks Out
by
Andrew Saks McLeod
ZuluTrade CEO Leon Yohai provides Forex Magnates with his perspective on MetaQuotes' publication of a warning encouraging the avoidance third party copy trade and signal providers. Company looks ahead toward platform independence.
The very same day, Tradency put an end to its seven year commercial relationship with MetaQuotes products as a direct result of the actions of the company. Today’s respondent is ZuluTrade, a company at which MetaQuotes directed the exact same allegation of being a facilitator for hacking in yesterday’s publicly available warning.
ZuluTrade’s CEO Leon Yohai spoke to Forex Magnates in order to provide his position on the situation, which also represents the wider consensus within ZuluTrade.
“In relation to the latest public announcement made by MetaQuotes, we would like to clarify that ZuluTrade does not hack any network protocol, and this has been communicated to MetaQuotes repeatedly. ZuluTrade uses completely legitimate and documented methods to connect with collaborating MT4 brokers and has never violated the terms & conditions of MetaQuotes” explained Mr Yohai.
Mr Yohai is not the first to subscribe to the point of view that MetaQuotes intends to internalize the entire signals sector by creating a difficult modus operandi for the third party landscape. “It seems to us that MetaQuotes has decided to monopolize the signals business, targeting fully legitimate competitive vendors like ZuluTrade, by using inappropriate methods such as secretly deploying mechanisms to broker MT4 servers to block a list of IPs. For ZuluTrade this caused only insignificant downtime (as opposed to other services) and currently all our services operate normally” is Mr Yohai’s take on the increasingly discussed corporate direction of MetaQuotes.
Software security and of course the wellbeing of traders’ accounts is one aspect, and Mr Yohai is aligned with MetaQuotes on this point, supporting the firm's endeavors to protect against unauthorized system entry and abuse: “Even though ZuluTrade is opposed both ethically and professionally to the methods engaged by MetaQuotes, we can still find some sense in their goal to stop protocol hackers", he concurs, “however, instead of blocking IPs, they could, for instance, build their protocol in a way that changes dynamically, without even having to issue a software update. Such a solution would instantly disable protocol hackers, leaving legitimate services such as ZuluTrade, VPS providers and users trading from multiple terminals, completely unaffected.”
The Future: Platform Agnosticism
“Taking into consideration the latest developments, ZuluTrade is looking forward to implementing alternative back-end integrations that would be entirely independent from the MT4 system, in favor of stability, Scalability and overall trading experience” concluded Mr Yohai, confirming the notion that many software and signal providers could look elsewhere for their platform partners in future.
This, combined with a host of new platforms having become available recently, with the support of banks, and an open and customizable environment, could signal a greater move in that direction with MetaQuotes showing its cards being a substantial catalyst.
Forex Magnates will report further viewpoints from within the industry during the course of the day.
The very same day, Tradency put an end to its seven year commercial relationship with MetaQuotes products as a direct result of the actions of the company. Today’s respondent is ZuluTrade, a company at which MetaQuotes directed the exact same allegation of being a facilitator for hacking in yesterday’s publicly available warning.
ZuluTrade’s CEO Leon Yohai spoke to Forex Magnates in order to provide his position on the situation, which also represents the wider consensus within ZuluTrade.
“In relation to the latest public announcement made by MetaQuotes, we would like to clarify that ZuluTrade does not hack any network protocol, and this has been communicated to MetaQuotes repeatedly. ZuluTrade uses completely legitimate and documented methods to connect with collaborating MT4 brokers and has never violated the terms & conditions of MetaQuotes” explained Mr Yohai.
Mr Yohai is not the first to subscribe to the point of view that MetaQuotes intends to internalize the entire signals sector by creating a difficult modus operandi for the third party landscape. “It seems to us that MetaQuotes has decided to monopolize the signals business, targeting fully legitimate competitive vendors like ZuluTrade, by using inappropriate methods such as secretly deploying mechanisms to broker MT4 servers to block a list of IPs. For ZuluTrade this caused only insignificant downtime (as opposed to other services) and currently all our services operate normally” is Mr Yohai’s take on the increasingly discussed corporate direction of MetaQuotes.
Software security and of course the wellbeing of traders’ accounts is one aspect, and Mr Yohai is aligned with MetaQuotes on this point, supporting the firm's endeavors to protect against unauthorized system entry and abuse: “Even though ZuluTrade is opposed both ethically and professionally to the methods engaged by MetaQuotes, we can still find some sense in their goal to stop protocol hackers", he concurs, “however, instead of blocking IPs, they could, for instance, build their protocol in a way that changes dynamically, without even having to issue a software update. Such a solution would instantly disable protocol hackers, leaving legitimate services such as ZuluTrade, VPS providers and users trading from multiple terminals, completely unaffected.”
The Future: Platform Agnosticism
“Taking into consideration the latest developments, ZuluTrade is looking forward to implementing alternative back-end integrations that would be entirely independent from the MT4 system, in favor of stability, Scalability and overall trading experience” concluded Mr Yohai, confirming the notion that many software and signal providers could look elsewhere for their platform partners in future.
This, combined with a host of new platforms having become available recently, with the support of banks, and an open and customizable environment, could signal a greater move in that direction with MetaQuotes showing its cards being a substantial catalyst.
Forex Magnates will report further viewpoints from within the industry during the course of the day.
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Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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