MetaQuotes (MT4/MT5) Complicit in White Label Scams
Overview of How MetaQuotes Works
To use MetaQuotes software, a real broker signs a license agreement
The real broker pays a monthly fee to MetaQuotes for the license
They also pay monthly support and maintenance fees to MetaQuotes
The real label license holder can then sell white label licenses to anyone, including scam companies
Scam companies can buy a white label license from the real label license holder
The amount of due diligence for a white label license does not really exist
The white label license allows scam companies to use the full extent of MetaQuotes under the real label license
The white label also pays monthly license, maintenance, and support fees to MetaQuotes
This means MetaQuotes has revenue coming in from both real labels and white labels
When victims complain to MetaQuotes, they won't do anything unless you have a court order, police involvement, or a legal threat letter from a lawyer
Even if you have one of the above, all MetaQuotes does is put the victim in touch with the white label license holder (the scam company)
White label license holders use a software called Virtual Dealer plug-in
Virtual Dealer allows a broker/scammer to delay and manipulate market prices shown on a chart, and show fake account balances
MetaQuotes is aware of all of the above and choose to do nothing to protect innocent investors and users
Learn more about MetaQuotes on ForexPeaceArmy: https://www.forexpeacearmy.com/community/threads/metaquotes-meta-trader-complacent-in-white-label-scams.70170/
Each MT4/MT5 software licensee must fulfill registration requirements, whether it is a main label or white label. In other words, if they have a license to use the MT4/MT5 software, they must be properly registered companies. As the main label has a direct, contractual, financial relationship with MetaQuotes, a higher threshold should be imposed, which should include valid company registration and proof of meeting regulatory requirements – if MetaQuotes does not impose such thresholds, they would be liable for Tort claims due to breaching duty of care. For adding each white label company, the main label company has to fill and sign “Application Form, Due Diligence, and KYC documents, as well as the filled in White Label form provided in the order ticket at the Support Website."
Details of each company using MetaQuotes software can be found on the “Help-About” tab on the PC version of MT4, as follows:
One thing is certain, all these companies using MetaQuotes software are registered businesses, created solely for the purpose of getting access to the software in order to operate Shazhupan scams.
Law enforcements need to start investigating these companies, their directors and associated secretary companies. The complete file to be obtained from MetaQuotes Ltd, including all white-label forms and registration information would be greatly valuable.
All the following Jinlong-associated scam companies are using MetaQuotes VPS (Virtual Platform Hosting Service). MetaQuotes has a way to roughly locate their servers. This information is publicly available on their mql5.com website.
Below are screenshots of servers’ information of our scammer and other Jinlong clusters companies: