EAs in Market - page 9
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This will be my last msg on this thread. If you want to discuss it further, then, lets do it via pm -- so long as you remain respectful in your responses, i will be also.
But how do you define a "software company"? lots of companys create and sell "financial software" for "financial gain". How about all of the accounting softwares, all of them have broker status(s) in Australia -- and are regulated by ASIC.
Regarding your point: simply creating or selling financial software does not mean a company must be regulated as a financial entity. That only applies if the company offers regulated financial services, such as managing funds, providing investment advice, or executing trades.
You mentioned accounting software companies being regulated by ASIC and having broker status, but that’s not accurate. Companies like Xero or MYOB are not brokers. They may be registered with ASIC as businesses (which is standard in Australia), but they do not hold financial licenses unless they explicitly offer financial services beyond software.
MetaQuotes, for example, is a software provider. It doesn’t handle client funds, provide execution, or offer financial advice. That’s why it doesn’t fall under the scope of financial regulation like CySEC or ASIC.
If you know of a specific example of a software-only company being regulated as a broker, I’d genuinely be interested to see it, but as far as I know, that’s not how regulation works.
Thanks for the clarification, Victor.
I actually agree with you on the core concern: bad actors can and do take advantage of the open nature of the platform, and that’s something that should be addressed. More transparency, stronger validation mechanisms, and better filtering of low-quality or misleading products would help everyone.
That said, the existence of dishonest developers doesn’t imply that MetaQuotes should be regulated as a financial institution, just as the existence of scam apps on Google Play doesn’t mean Google should fall under banking regulation. The solution lies in better platform governance, not applying the wrong type of oversight.
Appreciate your balanced tone and the constructive perspective.
Fair point, and yes, I get the irony.
It’s true that the current model might be profitable as is, but that doesn’t mean it’s the best long-term strategy. Stronger governance, clearer standards, and better product curation would raise the overall quality of the ecosystem. That benefits everyone, including MetaQuotes.
That said, if you genuinely believe there’s a better way, then build it. Create your own platform, design your own language, sustain the infrastructure, and stay at the top for over 25 years in one of the most demanding industries out there. If you feel capable, go ahead. No one is stopping you.
But don’t try to reshape someone else’s model to fit your personal expectations. MetaQuotes doesn’t do things arbitrarily. There’s always a reason, even if it’s not immediately visible. One thing I’m sure of: there’s no ill intent behind their decisions. You can’t just show up in 2023 and expect perfection. Many of us have been here for two decades. Telling those who’ve built this space how it should be done, without that history or perspective, is simply disrespectful.
Criticism is welcome. But once it’s voiced, that should be enough. Let’s not drag this into a circular debate that serves no one.
Thanks.
unfortunately if we place ourselves in their shoes the options would be :
unfortunately if we place ourselves in their shoes the options would be :
In the U.S., anyone giving advice regarding derivatives trading or investment must have a Series 3 (Commodity Trading Advisor) License (Understanding Commodity Trading Advisors (CTA): Registration, Exemptions, Requirements and Strategies - FinanceFacts101). Don't be fooled by its nomenclature into thinking that forex advice is exempt. Since the Enactment of the Dodd-Frank Act in 2010, it is well settled that the Commodity Futures Trading Commission (CFTC) has jurisdiction over forex trading. In fact, the CFTC is largely responsible for driving "prop firms" out of the forex industry by way of aggressive court action. There are minor exceptions to the CTA licensing requirement such as advising less than 15 people (subject to other limitations).
The simple "fix" for an unlicensed retail trader providing trading signals or auto trading software is to include on a website a disclaimer stating that nothing on this website may be construed to be trading nor investment advice, and that any and all signals and/or software is for educational purposes only and that any and all information is merely hypothetical in nature.
MQ did a good job of this in its Market Terms of Use Agreement:
"MetaQuotes Ltd IS NOT A REGISTERED INVESTMENT ADVISOR, BROKER/DEALER, FINANCIAL ANALYST, FINANCIAL BANK, SECURITIES BROKER OR FINANCIAL PLANNER. MetaQuotes Ltd IS A TECHNOLOGY PROVIDER WHICH AMONG OTHER THINGS FACILITATES THE SHARING OF TRADE INFORMATION VIA THE INTERNET. USERS OF THE SERVICE MAY USE THE TRADE INFORMATION TO FORMULATE THEIR OWN INVESTMENT DECISIONS WHICH COULD BE TO COPY THE TRADES OF OTHERS. ALL INFORMATION ON THE MQL5.COM IS PROVIDED FOR INFORMATION PURPOSES ONLY. THE INFORMATION IS NOT INTENDED TO BE AND DOES NOT CONSTITUTE FINANCIAL ADVICE OR ANY OTHER ADVICE, IS GENERAL IN NATURE AND NOT SPECIFIC TO YOU. BEFORE USING THE COMPANY’S INFORMATION TO MAKE AN INVESTMENT DECISION, YOU SHOULD SEEK THE ADVICE OF A QUALIFIED AND REGISTERED SECURITIES PROFESSIONAL AND UNDERTAKE YOUR OWN DUE DILIGENCE. NONE OF THE INFORMATION ON OUR SITE IS INTENDED AS INVESTMENT ADVICE, AS AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL, OR AS A RECOMMENDATION, ENDORSEMENT, OR SPONSORSHIP OF ANY SECURITY, COMPANY, OR FUND. THE COMPANY IS NOT RESPONSIBLE FOR ANY INVESTMENT DECISION MADE BY YOU. YOU ARE RESPONSIBLE FOR YOUR OWN INVESTMENT RESEARCH AND INVESTMENT DECISIONS."
Legal Disclaimer for this post: Nothing in this post may be construed to be legal advice. Any and all information posted herein is for educational purposes only and merely hypothetical in nature.
Somewhat ironically, many signals and EA's really do turn out to be hypothetical in nature.😒
In the U.S., anyone giving advice regarding derivatives trading or investment must have a Series 3 (Commodity Trading Advisor) License (Understanding Commodity Trading Advisors (CTA): Registration, Exemptions, Requirements and Strategies - FinanceFacts101). Don't be fooled by its nomenclature into thinking that forex advice is exempt. Since the Enactment of the Dodd-Frank Act in 2010, it is well settled that the Commodity Futures Trading Commission (CFTC) has jurisdiction over forex trading. In fact, the CFTC is largely responsible for driving "prop firms" out of the forex industry by way of aggressive court action. There are minor exceptions such as advising less than 15 people (subject to other limitations).
The simple "fix" for an unlicensed retail trader providing trading signals or auto trading software is to include on a website a disclaimer stating that any and all signals and/or software is for educational purposes only and that any and all information is merely hypothetical in nature.
Somewhat ironically, many signals and EA's really do turn out to be hypothetical in nature.😒
Legal Disclaimer: Nothing in this post may be construed to be legal advice. Any and all information posted herein is for educational purposes only and merely hypothetical in nature.
Stop spitting facts , you'll upset people who live in a bubble of everything is gonna be ok .
Oh yeah. How dare I post actual facts. I should have known that the anti-facts crowd would get upset.😂