The MetaQuotes Software Corporation created its trading platforms (MT4 & MT5) to support the use of third party programs coded in the platforms’ language for different purposes. With this programmers and other software developers began to develop software for traders. This lead to the creation of the mql5 market.
In the mql5 market, sellers can register and post their products for sale. While buyers can also register and buy products. The market functions just like any other one, asides the fact that only digital products are sold. This peculiarity does not come without its challenges. It is these challenges that the corporation has taken steps to mitigate.
MetaQuotes Software Corporation plays four major roles in the mql5 market, and they are:
- Maintenance of the platform/market
- Verification of product sellers
- Buyer education
- Buyer Protection
- Seller Protection
Maintenance of the platform
After the creation of such a platform, there is need for constant maintenance and further development, to keep the platform updated to the needs of the growing market. As a platform where real money is involved, security issues are also taken care of by the corporation.
To prevent fraud, which can relatively be easily carried out in the sale of digital products, the MetaQuotes Software Corporation verifies every person who applies for the seller status before granting them the ability to sell on the platform. The verification follows standard procedure and involves uploading proof of identity and also filling out residential information. As earlier stated, this is done to curb the perpetration of fraud.
The corporation provides a series of videos and articles to educate the buyer on how to evaluate software to prevent buying trashy ones. This is very good as some people might make false claims concerning their programs. And as the ultimate way to beat ignorance and susceptibility to fraud is through enlightenment, it makes sense that there are resources available to the buyer for education.
In addition to educating the buyers, MetaQuotes Software Corporation goes a step further to protect the buyer by mandating the provision of a trial version for every paid software. With this trial version, the buyers can test the program themselves and determine if it is worth their money. However, the corporation also protects the seller, as these trial versions can only be installed on a single computer, and cannot be installed on a live account. Therefore, they cannot be taken advantage of.
Another rule that protects the seller is the ability to set installation limits. With a minimum of three IPs, sellers can choose on how many computers their software can be installed without having to pay for another license. This works to prevent fraud by simply transferring the program to your friends and so on.
Finally, MetaQuotes Software Corporation forbids the decompilation of programs purchased from the mql5 market. Programs for sale in the mql5 market are in the ex4 or ex5 format for MT4 (mql4) or MT5 (mql5) respectively. The ex4/ex5 formats are the compiled versions. If they are decompiled, the source code can be illegally modified or transferred violating the intellectual property right of the developer. Hence, it is not allowed. Anyone in need of mql4 codes can access the code base from the platform and freely download any that catches their fancy.
From the points above it can be deduced that this platform is a very safe one for buyers and sellers alike. However, all this does not come free, MetaQuotes Software Corporation charges a 20% commission on all sales made on the platform. Therefore, buyers are somewhat “free”. But when considered that the percentage deducted by the corporation can lead to developers increasing prices to compensate, then, all parties are paying. But even with this the corporation still runs the market at a loss. This can be seen in their earnings disclosure. Thus, it can be said that the corporation is definitely not running the market for profit.
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