MetaQuotes, the company behind the popular trading software MetaTrader 4, has warned brokers not to work with Zulutrade, Myfxbook, Tradency and Tradeo. These third party providers are accused by MetaQuotes of hacking the MT4 platform.
Forex Magnates revealed this and is following up on this evolving drama that affects many traders.
Tradency has already responded by announcing that they have ceased their relationship with MetaQuotes
ZuluTrade CEO Leon Yohai has responded and said that his company never hacked any network protocol and that it has told MetaQuotes this repeatedly.
On the comments section, there is a response from someone identifying as MetaQuotes. He denies the existence of any relationship between Tradency and MetaQuotes and also says that ZuluTrade CEO is lying, alleging that “Hacked MT4 protocols is a core of his business“.
As comments are moderated on Forex Magnates, and the site maintains an excellent reputation, we can assume that the comment is authentic.
It will be interesting to hear the response of Myfxbook. The successful company was the first to note issues with connecting to MetaQuotes. As MetaTrader (especially version 4) is extremely popular, this could result in a significant shakeup for all the companies involved.
According to Alexa, the popularity of Myfxbook is sliding. however, Alexa is by no means a 100% reliable web measurement site. It is useful for seeing the big picture of leading global sites, but not much more.
The most recent article on the topic by Forex Magnates brings some interesting opinions from various people in the industry. The move by MetaQuotes is considered by some to be a move to fight competition to a signals service.
Are you using any of these services? Does this have any impact on you?
I would like to take the opportunity to salute Forex Magnates for its extensive and comprehensive coverage of the forex industry.