Brokers blaming MetaQuotes - page 2

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laplacianlab:
My "broker" says that yesterday there was an error in MT5, from 10:00 until 10:45 in the morning, approximately. In those 45 minutes I couldn't close or modify any open position. What do you think about this? How can MT5 fail in such this way? Can we traders report situations like these here?

For such issue not here, you have to write to ServiceDesk. It's possible they have an error with their MT5 server between 10:00 and 10:45. Is it on a real account ?

Anyway, it's the broker who provides you the service. It's their responsabilty to assume the error, even if it's MT5 who have an error. A company can always said than one its provider fails. As a customer, if you are open-minded you can accept that, but that change nothing to the "contract" between you the customer and this company.

 
laplacianlab:
My "broker" says that yesterday there was an error in MT5, from 10:00 until 10:45 in the morning, approximately. In those 45 minutes I couldn't close or modify any open position. What do you think about this? How can MT5 fail in such this way? Can we traders report situations like these here?
What exactly did your Broker say ?  from what you have written perhaps they meant that their MT5 servers had an issue . . .  meaning the issue was at their end and and nothing to do with MetaQuotes, while their MT4 systems were OK.
 
RaptorUK:
What exactly did your Broker say ?  from what you have written perhaps they meant that their MT5 servers had an issue . . .  meaning the issue was at their end and and nothing to do with MetaQuotes, while their MT4 systems were OK.

According to what they say, the error is caused by MetaQuotes. I translate from Spanish to English: "Unfortunately yesterday morning for about 40 minutes, the MT5 platform stopped working properly and did not allow our customers close or modify orders. We contact MetaQuotes (the company that designed and manages the platform) to inform us as soon as possible on the reason for the failure and to take measures to prevent recurrence".

From their response they mean MT5 platform stopped working and they have contacted MetaQuotes to solve this issue. If it helps, I can send a copy of this message to Service Desk. 

The point is that because of the way this broker deals with this issue I have the feeling that this company is not serious, however it is regulated..


 
laplacianlab:


The point is that because of the way this broker deals with this issue I have the feeling that this company is not serious, however it is regulated..


Unfortunately I have similar poor support experiences with Brokers.
 
RaptorUK:
Unfortunately I have similar poor support experiences with Brokers.
In legal terms, do you know who is responsible for those system failures, both actual and hypothetical or, why not say, invented by the broker to get rid from complaints? I think it's a crime or scam that Brokers invent these things to get rid from problems, don't you think? By this rule of thumb they will always win. Where do these things come from? Are legal provisions like those established by regulators such as FSA, etc.?
 
laplacianlab:
In legal terms, do you know who is responsible for those system failures, both actual and hypothetical or, why not say, invented by the broker to get rid from complaints? I think it's a crime or scam that Brokers invent these things to get rid from problems, don't you think? By this rule of thumb they will always win. Where do these things come from? Are legal provisions like those established by regulators such as FSA, etc.?
You sign away any(and practically all)  rights in the contract. It will say something like this "There are also risks associated with utilizing an Internet-based trade execution software application including, but not limited to, the failure of hardware and software." If you had a lawyer and a financial advisor in a room with you, they would not let you out until you promised not to sign the contract. That's how ridiculously unfair it is; it wont matter where they are regulated, the regulation is usually only to give you piece of mind about the safety of your deposits, in case the brokers bank(s) or counterparties fail. All the legal stuff is assumed to be in order, there is practically an industry template; If you wanted to set up a broker, all you would have to do is copy the legal from another broker, because they are all the same. If you want a good broker, i would pick a large one...usually they are more concerned with image and PR. 
 
Aaronsebaronse:
You sign away any(and practically all)  rights in the contract. It will say something like this "There are also risks associated with utilizing an Internet-based trade execution software application including, but not limited to, the failure of hardware and software." If you had a lawyer and a financial advisor in a room with you, they would not let you out until you promised not to sign the contract. That's how ridiculously unfair it is; it wont matter where they are regulated, the regulation is usually only to give you piece of mind about the safety of your deposits, in case the brokers bank(s) or counterparties fail. All the legal stuff is assumed to be in order, there is practically an industry template; If you wanted to set up a broker, all you would have to do is copy the legal from another broker, because they are all the same. If you want a good broker, i would pick a large one...usually they are more concerned with image and PR. 

I understand... So we particular investors are immersed in a game of negative mathematical expectation. I can't believe it, that's the business! I'll keep on writing articles, programming robots or maybe giving some FX courses in the future, who knows, to make FX for a living. It's a pity, I personally entered the world of private personal investment thinking I had a chance, but I see no. Maybe I'll be back in 100 years when there will be a truly capitalist system..

 
laplacianlab:

I understand... So we particular investors are immersed in a game of negative mathematical expectation. I can't believe it, that's the business! I'll keep on writing articles, programming robots or maybe giving some FX courses in the future, who knows, to make FX for a living. It's a pity, I personally entered the world of private personal investment thinking I had a chance, but I see no. Maybe I'll be back in 100 years when there will be a truly capitalist system..

This is a truly capitalist system, now !
 
laplacianlab:

I understand... So we particular investors are immersed in a game of negative mathematical expectation. I can't believe it, that's the business! I'll keep on writing articles, programming robots or maybe giving some FX courses in the future, who knows, to make FX for a living. It's a pity, I personally entered the world of private personal investment thinking I had a chance, but I see no. Maybe I'll be back in 100 years when there will be a truly capitalist system..

" I personally entered the world of private personal investment thinking I had a chance,".(There aren't many people who enter it thinking that they have no chance) You do have a chance, its just an incredibly pathetic one and probably not worth the effort unless you have the stones to play with serious money, but 99% of the time your chance of success has very little to do with a broker(other than the cost of spreads), unless they are positively bent that is. Most of those rules are to protect the broker, and by extension your account and deposits(but mostly the broker!) , but that's not say that a degenerate cant use them against you, many do. As i said, use a broker with a good rep if you are going to prolong your trading, because they will want to hang on to that rep...you'll still have a pathetic chance of success though. Put your efforts into something productive mate, the lessons taught in trading aren't nice ones, and are mostly useless. You could end up very bitter. If you want to get one up on the brokers, the best thing you can do is to walk away, as of this minute. Don't double down on your misery.
 
angevoyageur:
This is a truly capitalist system, now !
My sentiments entirely, i think he meant socialism. 
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