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FinFX Submits to MetaQuotes' Will: Ceases Cooperation with ZuluTrade

Over the past couple of weeks, the entire industry has been paying close attention to the silent war going on between MetaQuotes, creators of the world's most prominent foreign exchange software – MetaTrader 4, and social trading platforms Tradency, Myfxbook, Tradeo and ZuluTrade. The debacle started at the beginning of the month when MetaQuotes released an official statement, urging brokers worldwide to discontinue all business relationships with the above-mentioned companies because of their supposed use of hacked MT4 protocols. There, the fire was lit and has been burning in full force ever since.

Tradency's response to these allegations was quick to follow, showing that the mirror trading service had no intention of tolerating the like treatment. Just the following day, Tradency announced the end of its partnership with the Russian developer, shifting collaborating brokers to other proven and currently available solutions such as Currenex, FXCM or ACT. This, however, did not make MetaQuotes flinch for a second or question whether the move they made against these companies was the right one. Not long after, Myfxbook began experiencing connectivity issues as MetaQuotes blocked its servers, causing the network's auto update option to collapse. With Myfxbook's update from today, though, we are beginning to think that the two sides may have reached some sort of agreement; Myfxbook promises that the feature will be relaunching in the very near future.
As the smallest of the four, Tradeo have decided to keep quit on the matter and although we attempted to reach out to them for a comment, no answer has been received at the time of writing. Which finally brings us to ZuluTrade whose reaction to MetaQuotes tactics of taming protocol hacking was almost as harsh as that of Tradency. Although it did not involve abandoning the use of MT4 altogether, the network nonetheless blamed MetaQuotes of trying to monopolize the business. Whether that's true or not is debatable, just like whether making that sort of statement was the smartest thing to do is debatable.
In any case, it becomes clear today that Finland-based forex and commodities brokerage, FinFX will be terminating its ZuluTrade trading accounts offering, effective immediately. Those who already have accounts registered with ZuluTrade may continue to use them until 1 July, 2013. Following that date, signals from the network will no longer be received.
Clients of the broker are given the choice to address the change in one of two ways – either withdraw their funds or transfer them to another FinFX live account free of charge. Of course, if you insist on using ZuluTrade's services, these hardly represent an option as you're going to have to take your money to another dealer.
No specific reason for this move has been pointed at on FinFX's official website but this is what we got from their customer support: “The MetaTrader 4 platform developer, MetaQuotes, has noted that ZuluTrade trading solution is unlawfully using MetaQuotes' technologies. This unfortunately leads FinFX being forced to have ZuluTrade accounts discontinued.
FinFX have sure pledged their faithful allegiance to MetaQuotes. And little surprise there as MetaTrader 4 is the only platform the broker's currently offering so it would make sense for it to try and keep its sole software provider as happy as possible; spares the company the trouble and costs related to introducing a new trading solution in case MetaQuotes becomes doubtful of its loyalty. But on the other hand, depriving clients of social trading will prompt many to look for the service elsewhere. For FinFX this is a situation of choosing the lesser evil.
In any case, we're yet to see whether the Finnish dealer will remain an isolated case or will simply kickstart an avalanche of brokers' decision to try and ostracize ZuluTrade.
TAGS: zulutrade  forex signals  signal providers  social trading  finfx  metaquotes 
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