MetaQuote is the most famous trading platform provider and has several of the most solid and influential products in the Forex business. However, something is happening in the Forex market with their licenses, and that is what we will determine.
In Smart Broker Solutions, our interest is to clarify this information and offer you a viable alternative. Stay until the end and discover why this setback is happening and how you can get around it.
Why is it said that MetaQuotes White Label will no longer be issued?
It is necessary to establish certain elements; you will know that MT4 has been, through its 15 years of operation, the platform par excellence of CFD and Forex trading.
Its versatility and broad presence in any company, or related, in the Forex industry, has allowed it to gain a place of honor in the market.
For this reason, it would be almost unlikely that MetaQuotes White Label would be completely eradicated. To this is added that the company that owns and creates these platforms continues to sell the MT5 server.
What a dilemma, isn’t it? The truth is that something happens, and those who are inside Forex have noticed it. The changes in the structure to get a White Label has put more than one broker and technology provider on notice, especially new brokers outside of regulated countries.
Stricter requirements to opt for a White Label
It is said in the Forex market that the company MetaQuotes has placed a more rigorous rule for some brokers who want to acquire MetaQuote’s White Label.
Above all, it becomes very complex for new brokers. Companies registered in countries such as Saint Vincent and the Grenadines or Vanuatu, which allow investments in FX, but have little or no regulation, have been presenting problems to work in MT4/MT5.
The changes implemented point to a significant increase in all the documents that brokers must submit to obtain a White Label. Let’s look at some details of these demands:
Certificate of Insertion
You have made the decision, and it is clear that you want to establish your Broker company. The first step you must take is to register this company in your name and compliance with the requirements of the law. Depending on the niche you are in, you have to apply for a brokerage license.
Register of Directors and Shareholders
The documents requested in this step to access a MetaQuotes White Label are standardized and are delivered after the registration of the company; they must be recent and endorsed.
You will need a copy of the company director’s passport and a “selfie” photo showing the passport.
Corporate Account Verification
It is the newest and most challenging requirement that brokers must meet. It indicates that you must provide a bank account certificate, with which you prove that you have this instrument, this is issued by the bank in which you have the account and is very important for obtaining MetaQuotes White Label.
It is necessary to emphasize that if your jurisdiction is not regulated, you will have more difficulty opening certified bank accounts.
Physical and registered address
Within the documents to be submitted, it is essential to include the registered address from where you will operate, which must have proof of the physical address. This certification can be the receipt of a utility such as water, electricity, gas, or fixed telephony.
Likewise, if your company has been operating for more than six months and you want to comply with the requirements to obtain MetaQuotes White Label, you must submit a certificate of good standing.
Viable alternatives? Prop Trading
Looking at this scenario and seeing how complicated it can be to work on MetaTrader 4 or MetaTrader 5 platforms in your beginnings as a Broker, we can offer you an attractive alternative that many are resorting to.
The modality of Prop Trading is defined as the hiring of a trader to invest with your capital after the trader has successfully passed a series of tests, unlike MetaQuotes White Label.
These tests performed with virtual capital provided by your broker. This competition stipulates a series of rules the trader must comply with to trade with this funding account.
Benefits for your Broker
This modality is gaining ground in start-ups and stable companies. By investing in this way, you will get some of these benefits:
- Your client portfolio will grow like foam because funding accounts are quite popular; they are an attractive alternative and hook to retain customers.
- You will get direct profits, first at the time of the contest and then through the work that traders do in a real account, which in the end, are your funds.
- Autonomy at all times to develop your own business, rules, and regulations. These must be respected by investors who want to work with you. When stipulated by you, they allow you to put together a strategy linked to your rhythm and style.
Last but not least, we want you to know that you can work with funding accounts without being a Broker. Yes, as we announced, with Smart Broker Solutions you will have the possibility to work from a funding account quickly and cheaper than through a MetaQuotes White Label.
Contact us and hire your demo. Our goal is, as usual, to present you with the best alternatives and solutions that allow you to grow in Forex.