MetaQuotes Warns Brokers About Working with Tradency, Tradeo, Myfxbook & ZuluTrade

In a story we have been following closely, MetaQuotes has published on its broker support site that it is urging brokers to cease operation with third party developers that they believe to have ‘hacked’ their MT4 Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term and are violating the firm’s license agreements. Mentioned in the letter to brokers are copy trading provider ZuluTrade, Tradency, Tradeo and Myfxbook. A similar announcement led to the banning of a popular third party user interface plugin from MT4i. According to sources, MetaQuotes is presently in the process of trying to ban IPs being used by these four service providers.

The current warning shouldn’t come as much as a surprise as it occurs after several of these firms had mentioned to Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates that they were experiencing connection issues to MT4 brokers following a recent platform update that was initiated by MetaQuotes. In a story on the topic last Tuesday, titled ‘Is MetaQuotes Blocking Myfxbook?, the technology provider admitted to Forex Magnates that they were in fact banning Myfxbook’s IPs as a result of them violating MetaTrader licenses. The following day, at the iFXEXPO, MetaQuotes referenced the existence of problematic third party providers. While they welcomed their innovation, MetaQuotes stated to the audience that the third party products often led to software conflicts. As a result, MetaQuotes announced the launch of a third-party marketplace for providers to develop ‘verified’ products for the platform.

Following the announcement of the upcoming MT4 developer marketplace, which is expected to be live in Q4 of this year, Forex Magnates spoke to several attendees about the project. The overriding opinion is that while there are in fact cases where plugins are detrimental, conference goers believed the marketplace was a ploy by MetaQuotes to increase revenues on the back of their platform.

In addition, several brokers and providers that offer MT4 services for brokers stated that a big concern they have is a lack of consistent support being provided by MetaQuotes. Firms complained of having no one to speak to when things don’t work and hours upon hours of waiting for a MetaQuotes representative to answer ‘chat’ requests. As one provider mentioned “we are in business because of MetaQuotes’ lack of support”. On this, a broker added “we use (unnamed MT4 provider) to pick up the phone and scream at when things go down.”

On this point of support, it is worth noting that bridge and MT4 service providers continue to be on ‘positive ground’ with MetaQuotes. However, many of them have no idea what will occur in the future.

Below is the entire message from MetaQuotes to brokers. Forex Magnates is currently reaching out to brokers and third party developers for their opinions and will be updating this story as we receive more information. (Updated: response from Tradency & ZuluTrade's CEO)

Unfortunately, some third-party developers have hacked MetaTrader 4 trading platform's network protocols violating end user license agreements and terms of contracts with brokerage companies. As a part of our active efforts to improve MetaTrader 4 system, we are starting to upgrade the network protocols and block all services based on the hacked versions. We urge you to cease any cooperation with ZuluTrade, Tradency, Tradeo, Myfxbook and other companies that use the hacked protocols violating our rights.