In a somewhat delayed reaction to last week’s notice posted on MetaQuotes broker support site urging brokers to desist from using third party signal providers, Myfxbook has provided its take on the situation which involved allegations by MetaQuotes that such platforms facilitate hacking of a MetaTrader 4 protocol and therefore violate the terms of the software license.
The message to users cites the reason for the blocking of Myfxbook’s servers by MetaQuotes as being due to the “high load created on their server), and advises that the automatic update has now been removed from Myfxbook’s offering, but apart from this, it has full functionality. This represents a contrast to the response proffered by Tradency, one of the other firms cited, in which the company announced its intention to cease working with MetaQuotes the same day as the allegations were made.
Speaking to Forex Magnates on the subject, Myfxbook Alex Rekun, co-founder and CEO of Myfxbook explained: “The delayed answer is simply because we’ve been trying to reach out to MetaQuotes so they can explain us if and what are we doing wrong. We believe our servers got blocked simply because of the load we’ve been creating on their servers. This issue can be simply solved with a dedicated API from MetaQuotes – we’ve asked this several times for the past few years, always with a negative answer.”
“I would like to make it clear that we have not hacked any protocols, we have not been contacted by MetaQuotes before we got blocked, nor we were able to contact them to get to the bottom of this – that is their decision which we respect and therefore no longer offer auto update option” concluded Mr Rekun.
Myfxbook was one of four third party copy trading platform and signal providers which were cited by MetaQuotes under the notice to brokers last week, the others being Tradency, ZuluTrade and Tradeo.
The full notice to Myfxbook’s clients is as follows:
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Due to recent events of MetaQuotes blocking our servers (which we believe is because of the high load we created on their servers) you might have noticed we’ve stopped offering the auto update option.
We would like to make it clear that no other functions of Myfxbook are affected and everything is working as expected.
If you were using the auto update option, we kindly ask you to change it to the EA method – your account will resume updating normally ( http://www.myfxbook.com/help/connect-metatrader-ea )
As a side note, we’re working on many new features and integration of new trading platforms so stay tuned!
If you have any comments/feedback or issues, as always our support team is here to help (support at myfxbook.com)
The Myfxbook Team.