Some subscribers resell the signal via private chat group - page 3
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There isn't a loophole. These people copy each trade from the signal they have subscribed to another account and they use that as a signal provider. They don't resell straight away from the subscribing account.
Its technically possible but its strictly forbiden by MQL5 signal rules.
Just impose some kind of time delay at the subscriber's terminal to fix the problem. For instance, entry/exit order will be executed instantly as signal arrived but will be only shown 15sec later in the subscriber's terminal. The legit signal subscriber wont be hurt this way but the loophole get fixes.
I will do a bit of translation for one of the reseller's announcement.
Just impose some kind of time delay at the subscriber's terminal to fix the problem. For instance, entry/exit order will be executed instantly as signal arrived but will be only shown 15sec later in the subscriber's terminal.
Please go with all this information to the Service Desk.
Wow! This is serious!!! I suppose one solution is to charge a higher subscription fee to make it unattractive/expensive to the reseller. But this will also limit how many subscribers a provider will attract on mql5.
Higher subscription fee wont stop them from resell the signal because they can increase their price too. In fact, you bring more business to them if you increase your subscription fee.
Higher subscription fee wont stop them from resell the signal because they can increase their price too. In fact, you bring more business to them if you increase your subscription fee.
So what solution is there. Surely there must be something that can be done about it...
You must report this to service desk. Let them see how a "reseller"/thief is able to offer several signals simultaneously. This is indeed very serious.
There isn't a loophole. These people copy each trade from the signal they have subscribed to another account and they use that as a signal provider. They don't resell straight away from the subscribing account.
Its technically possible but its strictly forbiden by MQL5 signal rules.
I have been thinking about this signal "reseller" problem. Since the issue cannot be solved by introducing delays as Eleni pointed out; may be MQ should think about restricting other previleges to a follower. As it stands, an investor account cannot be used to trade since the order button is disabled. I think therefore, if one chooses to follow a signal they should cede all trading previleges including running EAs on a follower account. They need to be viewed strictly as investors because someone else is actually trading on their behalf.
This can be easily enforced by MQ through code by changing the status of the follower terminal to that on an investor when they choose to subscribe to signal. At the same time the Auto Trading button should be disabled during this status. That way, EAs cannot run and copy the trades to a slave terminal for further transmission to the reseller's clients. Control should then only be accessible when the follower decides to pause/suspend following or unscribing to a signal. This would be my suggestion.
What do you guys think? Would this work? Am sure there are better solutions than what am suggesting. So please share away. Like I said, MQ is also losing out on potential income and it would be in their interest to find a solution since simply banning a "reseller" does not seem be working.
Alternatively, for banning to work, then all members of mql5 should be required to offer proof of identity just like providers do. So once they are banned, they would not be able to open a new account. That would also act as a deterrent since they lose out on the opportunity of following a profitable signal provider.
Folks please come up with suggestions which can then be presented to service desk for consideration.