Download MetaTrader 5

Time to require a live account for all EA being sold on mql5 market?

To add comments, please log in or register
Does your signal already have a lot of of subscribers? It's time to think about the paid subscription!
gdhami
145
gdhami 2016.06.07 04:36 

Hi all,

 

Everyone knows that many EAs currently sold on mql5 market are either scams or only works on demo accounts.

 

May be it's time that MetaQuotes requires for each EA (being sold on the market) a live verifiable account, before publishing it on the mql5 market.

 

I'm not even sure if this is even technically feasible, but I know that if implemented correctly, this would lead to:

 

1. Most scam EA would disappear from mql5.com market (well, at least until scammers find a way to counter this)

2. (At least initially) EA Sales will probably drop

3.  mql5 market reputation will receive a *huge* boost. On the long term, this can only be beneficial to MetaQuotes

4. This would force EA developers to up their standards. Positive results on a live account (on a reputable broker!) is the ultimate proof that EA works

 

Any thought on this? (disclaimer, it's 3:33 AM in the morning!)

Jeremy Roach
2457
Jeremy Roach 2016.06.07 10:03  
gdhami:

Hi all,

 

Everyone knows that many EAs currently sold on mql5 market are either scams or only works on demo accounts.

 

May be it's time that MetaQuotes requires for each EA (being sold on the market) a live verifiable account, before publishing it on the mql5 market.

 

I'm not even sure if this is even technically feasible, but I know that if implemented correctly, this would lead to:

 

1. Most scam EA would disappear from mql5.com market (well, at least until scammers find a way to counter this)

2. (At least initially) EA Sales will probably drop

3.  mql5 market reputation will receive a *huge* boost. On the long term, this can only be beneficial to MetaQuotes

4. This would force EA developers to up their standards. Positive results on a live account (on a reputable broker!) is the ultimate proof that EA works

 

Any thought on this? (disclaimer, it's 3:33 AM in the morning!)

Great idea! 

Daniel Stein
24904
Daniel Stein 2016.06.07 10:11  

This is a great idea and would be a huge benefit.

But it will NEVER be realized because of Point 2.

2. (At least initially) EA Sales will probably drop

 And this costs Metaquotes a lot of money because they earn 20% on each sale.

 

Just an example:

With a bit investigation you'll find out that the TOP seller (indicators) uses a huge network of fake account profiles to review and cross promote his products.

Report it to Metaquotes AND... nothing happens...

There is absolutely no interest to prevent this fraudster from unfair behavior because every sale counts and brings cash. 

 

So it's up to every customer/ MQL5 user to do his own intense research.

Stanislav Korotky
17924
Stanislav Korotky 2016.06.07 10:13  

This question has been already discussed many times. Here is one of the forum threads on the subject.

To add comments, please log in or register