History of the MetaQuotes License and what it costed to Prop Firms:
MetaQuotes was founded in Russia in by Renat Fatkhullin as an online charting tool and analytical package for online FX brokerage platforms and financial traders.
MetaQuotes is the developer of MetaTrader, the famous trading software used by the majority of traditional brokerage firms and prop firms alike!
MetaQuotes charges a $5,000 flat fee upfront and an additional $1,750 monthly for support for each White Label – MT4 and MT5. This fee covers both mobile and desktop versions of the software.
All in all, MetaQuotes is a reputed supplier of the most reliable modern software solutions for financial markets. Having achieved outstanding success and delivering a stream of innovative products, the company has grabbed the retail Forex software market leadership.
But in 2022-2023, MetaQuotes white label license was banned in USA’s apple store for alleged use by fraudsters targeting the USA and its residents. Since then all prop firms were revoked its MT4 and MT5 offerings, and had to scram to find new platforms like DXTrade, Match Trader and Trade Locker.
How did the MT4 and MT5 problem get out of hand for prop firms:
When MetaQuotes licenses for prop firms were revoked, some prop firms globally were not quick enough to rise up to the challenge of finding a new platform. Hence, traders could not execute their trades and withdraw payouts on their funded account, and prop firms took months to stabilise their trading environment with trading platforms and lost months of revenue in the process. Prop Firm Traders were not inclined to purchase accounts from these prop firms and this lead to the decreasing revenue of these prop firms to pay out their forex funded traders. This cascading butterfly effect got out of hand quickly: prop firms were revoked their MetaQuotes licence, prop firms denied payouts while transitioning to new platforms, prop firms then took months to fix the situation while some temporarily shutting down operations, and finally customers were tired of trusting prop firms with their fallible decision making! The main reason for prop firms failed due to this conundrum was not proactively dealing with the crises of losing their MetaQuotes License. Moreover, when a few major prop firm players fall, it gives rise to many more smaller prop firms! Since then, there has been rise and fall of several prop firms both large and small in size, we’ll go over this in another article about how to stay away from scam prop firms out to get you. To know more on this topic refer to the following links: MT4 and MT5 is Permanently Back with The Talented Trader
TTT is one of the only best prop firms to have its MT4 and MT5 licenses returned back to them! The MetaQuotes Board has improved their due diligence on approving firms with only the highest level of reputation and standard of operations! Only the best firms deserve to have the best platforms, and TTT has stood out of the flock! Here is another great article on why you shouldn’t wait and take advantage of the best live conditions for prop trading with TTT with its renewed MetaQuotes Licence:
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