Myfxbook tells MT4 copy trading clients to switch to ‘EA mode’ from ‘auto update’ mode.
The different FX social network and copy trading platforms targeted by MetaQuotes for elimination from unauthorized access to MT4 servers have taken different approaches to the situation. On the one hand is Tradency, which announced that it will “cease operation with MetaQuotes systems, shifting Mirror Trader brokers to [other] various currently available proven solutions.”
However most of the other copy trading companies are basically ignoring MetaQuotes warning, realizing that the MT4 brokers want and need the volumes provided by copy traders, and are finding IT solutions to circumvent the ban.
Myfxbook has announced that it is business-as-usual for its MT4 clients. Myfxbook did point out that MetaQuotes is blocking Myfxbook from automatically accessing MT4 servers (which Myfxbook believes is because of the high load they created on their servers), and as such Myfxbook stopped offering the auto update option for its trading clients. Instead, Myfxbook asked clients to simply switch from the auto update option to the EA method instead.
Myfxbook made clear that no other functions of Myfxbook are affected and that everything is working as expected.
As a side note, Myfxbook did say that they’re working on integration with new trading platforms. As we said when this story broke, we believe that the big winners in all this will be the leading independent FX platform providers, such as Leverate and X Financial Solutions. They all have the MT4 copy trading firms (ZuluTrade, Myfxbook, Tradency, Tradeo…) knocking on their doors, scrambling to have an alternative to MT4 out there.
Stay tuned to LeapRate, this story will be interesting to follow — and may reshape the entire retail trading industry.