Mql5.com Reviews

Based on looking at the website, MQL5.com primarily serves as a platform for algorithmic trading, specifically for the MetaTrader 4 and 5 platforms. It offers a marketplace for Expert Advisors EAs, custom indicators, and trading signals, alongside freelance services for MQL5 programming and a community forum. While it provides tools and resources for automated trading, it’s crucial to understand that involvement in conventional financial markets, especially through speculative means like forex and cryptocurrency trading, often involves elements of riba interest and gharar excessive uncertainty/gambling. These are fundamentally discouraged in Islamic finance due to their inherent risks and often predatory mechanisms that can lead to financial hardship and inequitable wealth distribution. Instead of engaging in such high-risk speculative activities, which can quickly deplete one’s resources and create dependency on unpredictable market movements, individuals should seek out opportunities that align with Islamic principles of ethical trade, asset-backed investments, and honest, productive ventures.

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IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

MQL5.com Review: Navigating the Algorithmic Trading Landscape

MQL5.com positions itself as a central hub for algorithmic trading enthusiasts, developers, and traders.

It offers a comprehensive ecosystem that includes a marketplace, signal service, virtual private servers VPS, and a freelance job board.

The platform caters to users seeking to automate their trading strategies or those looking to offer their MQL5 programming skills.

However, as with any platform dealing with speculative finance, a reveals components that warrant careful consideration, particularly from an Islamic perspective, given the prevalent issues of riba and gharar in conventional trading.

MQL5.com Features: A Closer Look at the Offerings

MQL5.com boasts a wide array of features designed to support automated trading. Masutakitchen.com Reviews

These tools, while technically sophisticated, are built for a system that often involves high-risk speculation.

• Marketplace for Expert Advisors EAs and Indicators: This is arguably the most prominent feature, allowing developers to sell their automated trading programs and custom indicators. The website showcases thousands of products, with prices ranging from tens to thousands of dollars. For instance, “Quantum Queen MT5” for GOLD is listed at $1,099.99, and “Quantum Emperor MT5” for GBPUSD at $1,149.99. The allure of “forgetting about unnecessary routine operations of manual trading” is strong, but it also means entrusting one’s wealth to algorithms in volatile markets.
  • Automated Trading Programs EAs: These are essentially robots that execute trades based on predefined rules. The descriptions often highlight “precision,” “confidence,” and “unparalleled trading opportunities,” but the underlying principle remains speculative.
  • Custom Indicators: These tools help analyze market data. While analysis can be helpful, using them for speculative trading still falls under the same ethical concerns.
• Trading Signals Service: Users can subscribe to trading signals from experienced traders, effectively copying their trades. This service emphasizes “growth” percentages, with signals like “Deux ex machina 4” boasting 4,400% growth since 2021 and “NoPain MT5” showing 1,421% growth since 2021. While impressive on paper, these figures are historical and do not guarantee future returns, and the subscription model itself contributes to the commodification of speculative advice. A monthly subscription typically costs around $30.
• Forex VPS for MetaTrader 4/5: The platform offers virtual private servers to ensure continuous operation of EAs and indicators, minimizing latency. Server locations include major financial hubs like London Equinix LD4, New York Equinix NY4, and Frankfurt Interxion FRA3/FRA8. This infrastructure is built to support the high-frequency and continuous nature of automated speculative trading.
• Jobs for Freelancers: MQL5.com provides a platform for freelance developers to offer their programming services. Traders can “order a custom technical indicator, a trading robot or any other app for the MetaTrader platforms from trusted developers.” Payments are guaranteed, with jobs ranging from $30-$150 for a “simple trading robot” to larger projects. This aspect highlights the technical expertise required but also reinforces the ecosystem built around speculative financial instruments.
• Community and Articles: The site hosts forums for discussion on technical analysis, trading systems, and MQL5 programming. There’s also an extensive database of articles on topics like “Building MQL5-Like Trade Classes in Python for MetaTrader 5” and “Neural Networks in Trading.” These resources contribute to the education and development of traders and programmers within the algorithmic trading sphere.

MQL5.com Cons: The Hidden Dangers of Speculative Trading

While MQL5.com presents a seemingly robust ecosystem for algorithmic trading, the inherent nature of the activities it supports raises significant concerns from an Islamic perspective, primarily due to the presence of riba interest and gharar excessive uncertainty/gambling. These are not merely ethical recommendations but fundamental prohibitions that aim to protect individuals from undue financial risk and to foster a just economic system.

• Riba Interest: The very foundation of forex and many cryptocurrency trading platforms often involves borrowing and lending with interest, either explicitly through margin trading or implicitly through swap fees rollover interest on overnight positions. Even if a user avoids direct interest-bearing accounts, the underlying financial system they are participating in is heavily reliant on riba. This makes the entire endeavor problematic. For example, leverage, a common tool in forex, allows traders to control large positions with a small amount of capital, effectively borrowing the rest. The associated costs and mechanisms often contain elements of interest.
• Gharar Excessive Uncertainty/Gambling: The primary objective of trading on platforms like MQL5.com is speculative gain based on price movements. This involves significant uncertainty regarding future outcomes, resembling gambling. While some might argue that analysis reduces uncertainty, the unpredictable nature of market fluctuations means that success is often a matter of chance rather than direct productive effort. The focus on short-term price fluctuations of currencies and cryptocurrencies, without any underlying tangible asset or real economic activity, falls squarely into the category of gharar.
  • High Risk of Capital Loss: The website itself implies high risk through the constant talk of “profit” and “growth” without adequately highlighting the prevalence of losses. Statistics often show that a significant majority of retail forex traders lose money. For instance, reports from financial regulators like the Financial Conduct Authority FCA in the UK and the Commodity Futures Trading Commission CFTC in the US consistently indicate that 70-80% of retail CFD and forex traders lose money. This is a stark reality often downplayed by the allure of algorithmic profits.
  • Addictive Nature: The rapid-fire nature of trading, especially automated trading where one constantly checks performance, can become addictive. The pursuit of quick gains can lead to neglecting real-world responsibilities and a distorted perception of wealth creation.
• Lack of Tangible Assets: Trading in forex or cryptocurrencies on such platforms typically involves speculating on currency pairs or digital assets without the exchange of any real, tangible goods or services. Islamic finance emphasizes transactions involving real economic activity and tangible assets, fostering a stable and equitable economy.
• Deceptive Marketing and Hype: The language used on MQL5.com, especially in the descriptions of EAs and signals, often leans towards promising significant returns and effortless wealth. Phrases like “redefines what’s possible,” “unparalleled trading opportunities,” and “crushes the markets” can create unrealistic expectations, leading individuals to invest more than they can afford to lose. The high prices of some EAs, such as those exceeding $1,000, further contribute to the perception of exclusivity and guaranteed success, which is rarely the case in speculative markets.
• Reliance on Unseen Algorithms: Users are often purchasing and relying on complex algorithms whose internal workings they may not fully understand. While backtesting results are provided, these are historical and do not guarantee future performance. The “black box” nature of some EAs adds another layer of uncertainty and risk.

MQL5.com Alternatives: Ethical Paths to Financial Growth

These alternatives focus on real economic activity, asset-backed investments, and shared risk and reward.

• Halal Investing in Tangible Assets:
  • Real Estate: Investing in physical properties, whether residential or commercial, for rent or sale, is a stable and tangible asset class. The income generated from rent or the appreciation of property value is permissible and contributes to the real economy. For example, investing in a rental property in a growing city can provide steady passive income and long-term capital appreciation, with national median home prices increasing by 4.2% year-over-year as of Q1 2024 National Association of Realtors.
  • Ethical Businesses/Startups: Investing in small businesses or startups that produce goods or offer services is a direct way to participate in real economic growth. This could involve direct equity investment Mudarabah or Musharakah principles, where profit and loss are shared based on agreed-upon ratios. This fosters entrepreneurship and innovation.
  • Commodities Physical, Not Speculative: Purchasing and holding physical commodities e.g., agricultural products, precious metals like gold or silver with the intention of beneficial use or resale, rather than purely speculative trading on price fluctuations, can be permissible. The key is actual possession and not merely contracts for difference.
• Halal Equity Markets:
  • Shariah-Compliant Stocks: Investing in stocks of companies that adhere to Shariah principles e.g., not involved in alcohol, gambling, riba, conventional finance, or entertainment industries deemed impermissible. There are specific indices and funds that filter stocks for Shariah compliance, making it easier for investors. The Dow Jones Islamic Market Index, for instance, tracks Shariah-compliant equities globally, offering a way to participate in the stock market ethically. Many financial institutions now offer Shariah-compliant mutual funds or ETFs, such as those from Amanah Funds or Wahed Invest.
  • Ethical Funds: Beyond Shariah compliance, investing in funds that focus on environmental, social, and governance ESG criteria can align with broader ethical considerations.
• Halal Financing and Banking:
  • Islamic Banks and Financial Institutions: Utilizing Islamic banks for savings, investments, and financing e.g., Murabaha for asset purchase, Ijarah for leasing, Musharakah for joint ventures ensures that transactions are free from interest and comply with Shariah. These institutions operate on profit-and-loss sharing principles. For example, in the US, institutions like Amanah Finance offer Shariah-compliant home financing. Globally, the Islamic finance industry was estimated to be worth over $3.6 trillion in 2022, demonstrating its growing viability and accessibility.
• Skill Development and Entrepreneurship:
  • Invest in Yourself: Instead of speculative ventures, invest in acquiring new skills, vocational training, or higher education that can lead to increased earning potential through honest work. For example, a certificate in digital marketing or coding can lead to tangible income opportunities.
  • Starting a Business: Entrepreneurship, where one creates value through goods or services, is highly encouraged. This involves direct effort, shared risk, and contributes positively to society. Whether it’s a small e-commerce venture, a consulting service, or a local business, the focus is on productive activity.
• Saving and Responsible Spending:
  • Prudent Savings: Cultivating a habit of saving from legitimate earnings for future needs, emergencies, or large purchases is a fundamental aspect of financial stability.
  • Charitable Giving Zakat and Sadaqah: Fulfilling religious obligations like Zakat obligatory charity and engaging in Sadaqah voluntary charity not only purify wealth but also distribute it to those in need, fostering a just and compassionate society. The economic impact of Zakat alone is significant, with global Zakat collections estimated to be in the tens of billions of dollars annually.

These alternatives offer pathways to financial prosperity that are both ethical and sustainable, providing true peace of mind and contributing to a more balanced economic system.

MQL5.com Pricing: The Cost of Algorithmic Speculation

The pricing structure on MQL5.com primarily revolves around the purchase of Expert Advisors EAs, custom indicators, and subscriptions to trading signals. Makerscabinet.com Reviews

These costs can vary significantly, ranging from relatively inexpensive utilities to premium EAs costing thousands of dollars.

It’s essential to understand what these prices entail and the underlying value proposition within the context of speculative trading.

• Expert Advisors EAs and Indicators:
  • One-time Purchase: Most EAs and indicators are sold as a one-time purchase. Prices can vary wildly based on the perceived sophistication, historical performance often backtested, not live, and developer reputation.
  • Entry-Level Utilities: Some basic utilities, like “Trade Assistant MT5” which helps with risk calculation and order management, are priced around $100. These are tools to facilitate trading, not trading systems themselves.
  • Mid-Range EAs: Many EAs fall into the $400-$800 range. For instance, “Synthara MT5 EA” for GOLD is listed at $599, and “King Sniper EA” is $499. These often claim to employ advanced algorithms or strategies.
  • Premium and High-Performance EAs: The top-tier EAs can command prices well over $1,000. “Quantum Queen MT5” and “Quantum Emperor MT5” are priced at $1,099.99 and $1,149.99 respectively. “Beatrix Inventor MT5” is $1,499, and “AiQ” is $1,837.97. Developers often raise prices as sales increase, creating a sense of urgency, as seen with “Swing Master EA” stating “0 copies left at $699 I will raise the price in 6 hours Next price $799.”
  • Limited Copies/Sales: Some developers implement scarcity pricing, limiting the number of copies sold at a particular price point to create demand and urgency. This tactic, while common in sales, can pressure buyers into quick decisions without adequate due diligence.
• Trading Signals:
  • Monthly Subscriptions: Trading signals are typically offered on a monthly subscription basis. The standard price appears to be around $30 per month for many providers, such as “Deux ex machina 4” and “NoPain MT5.”
  • Value Proposition: Subscribers are paying for access to another trader’s strategy, hoping to replicate their historical performance. However, past performance is no guarantee of future results, and these services primarily benefit the signal provider through recurring revenue, regardless of the subscriber’s actual trading outcomes.
• Forex VPS:
  • Monthly Hosting Fees: While not explicitly detailed on the homepage, VPS services for MetaTrader usually involve monthly hosting fees, ranging from $10 to $50+ depending on specifications and provider. This is an operational cost for those running EAs 24/7.
• Freelance Services:
  • Project-Based Fees: The freelance section operates on a project-based pricing model, where developers bid on or quote for custom programming jobs. As mentioned, a “simple trading robot” might cost $30-$150, while more complex projects would be significantly higher.

The collective cost of engaging with MQL5.com’s offerings can quickly add up.

A trader might purchase a premium EA for over a thousand dollars, subscribe to multiple signals at $30/month each, and pay for a VPS, all without any guarantee of profitability.

This financial outlay, coupled with the inherent risks of speculative trading, makes the entire proposition highly precarious. Lincspubs.co.uk Reviews

From an Islamic finance perspective, paying significant sums for tools that facilitate activities tainted by riba and gharar is an imprudent allocation of resources.

MQL5.com vs. Alternatives: A Question of Permissibility

When comparing MQL5.com with alternative financial platforms, the primary distinction from an Islamic perspective lies not in technical capabilities but in the underlying permissibility of the activities they facilitate.

MQL5.com, being a hub for forex and crypto algorithmic trading, operates within a framework that often involves riba interest and gharar excessive uncertainty.

• MQL5.com Speculative Trading Focus:
  • Focus: Automated trading of forex, cryptocurrencies, and other Contracts for Difference CFDs via Expert Advisors and signals.
  • Key Issues:
    • Riba: Implicit in margin trading, swap fees, and the overall interest-based financial system.
    • Gharar: High uncertainty and risk due to speculation on price movements without underlying tangible assets or productive economic activity. The majority of retail traders lose money.
    • High Costs: Expensive EAs $100-$1,800+, monthly signal subscriptions $30/month+, and VPS fees. These are costs for engaging in a potentially impermissible and high-risk activity.
    • No Real Economic Contribution: The activity is purely financial speculation, not contributing to the production of goods or services.
• Islamic Investment Platforms Ethical Alternatives:
  • Focus: Shariah-compliant investments in real assets, ethical businesses, and interest-free financial products.
  • Examples:
    • Wahed Invest: A global halal robo-advisor that invests in Shariah-compliant ETFs, sukuk Islamic bonds, and real estate. It screens investments to exclude companies involved in alcohol, gambling, riba, and other impermissible activities. Wahed’s portfolio performance varies by risk level, but their core value is adherence to ethical principles, with fees typically around 0.25%-0.99% annually of assets under management.
    • Amanah Funds: Offers Shariah-compliant mutual funds focusing on equity, global real estate, and fixed income sukuk. Their growth mutual fund AMANA GROWTH FUND – AMAGX had an average annual return of 10.64% over 10 years as of Q1 2024, demonstrating that ethical investing can yield competitive returns.
    • Islamic Microfinance Institutions: Support small businesses and entrepreneurs through interest-free loans Qard Hasan or profit-sharing arrangements, fostering community development and real economic growth.
  • Key Benefits:
    • No Riba: All transactions are structured to avoid interest.
    • No Gharar: Investments are typically in tangible assets or productive enterprises, reducing excessive uncertainty. Risk is shared and tied to real economic outcomes.
    • Ethical Alignment: Investments align with moral and religious values, providing peace of mind.
    • Real Economic Contribution: Supports businesses, job creation, and asset development.
    • Long-Term Growth: Focus is generally on sustainable, long-term wealth accumulation rather than short-term speculative gains.

In essence, the comparison is not about which platform is “better” in terms of technical trading efficiency, but rather which one enables financial activities that are permissible and beneficial.

MQL5.com, by facilitating algorithmic forex and crypto trading, unfortunately, leads individuals down a path fraught with impermissible elements and significant financial peril. Vitalmods.pro Reviews

The alternatives offer a robust, ethical, and sustainable route to financial well-being.

Frequently Asked Questions

What is MQL5.com?

Based on checking the website, MQL5.com is a platform for algorithmic trading, offering a marketplace for Expert Advisors EAs and custom indicators for MetaTrader 4/5, a trading signals service, a freelance job board for MQL5 programmers, and a community forum.

Is MQL5.com legit?

Yes, MQL5.com appears to be a legitimate platform in terms of its operation and the services it provides.

It is operated by MetaQuotes Ltd., the developer of the MetaTrader platforms, which are widely used in the financial trading industry.

However, the legitimacy of the financial activities it facilitates forex and cryptocurrency trading from an Islamic perspective is highly questionable due to elements of riba and gharar. Homecoenergy.co.uk Reviews

Can you make money using MQL5.com EAs?

Based on looking at the website, some users may generate profits using MQL5.com Expert Advisors, as highlighted by developers promoting their products with impressive historical performance.

However, these are speculative tools in volatile markets, and historical performance does not guarantee future results.

The vast majority of retail traders, whether using EAs or manual methods, reportedly lose money in forex and CFD trading.

What are Expert Advisors EAs on MQL5.com?

Expert Advisors EAs on MQL5.com are automated trading programs trading robots designed for the MetaTrader 4 and 5 platforms.

They execute trades automatically based on predefined algorithms and technical analysis rules, without requiring constant manual intervention. Amazonselfpublish.com Reviews

How much do EAs cost on MQL5.com?

Based on checking the website, the cost of Expert Advisors on MQL5.com varies significantly, ranging from around $100 for basic utilities to over $1,800 for premium, high-performance EAs.

Many popular EAs are priced between $400 and $1,200.

What are trading signals on MQL5.com?

Trading signals on MQL5.com are subscriptions that allow users to automatically copy the trades of experienced traders onto their own MetaTrader accounts.

Providers share their trading strategies and historical performance data, and subscribers pay a monthly fee to replicate their trades.

How much do trading signals cost on MQL5.com?

Based on checking the website, trading signals on MQL5.com typically cost around $30 per month per subscription. Sherpa-online.com Reviews

Is forex trading permissible in Islam?

No, conventional forex trading, as facilitated by platforms like MQL5.com, is generally not considered permissible in Islam.

It often involves elements of riba interest through swap fees and margin trading, and gharar excessive uncertainty or gambling due to its purely speculative nature without the exchange of tangible assets.

Is cryptocurrency trading permissible in Islam?

The permissibility of cryptocurrency trading is a complex and debated topic among Islamic scholars.

However, when traded speculatively on platforms like MQL5.com, similar concerns regarding riba and gharar often apply, particularly if leverage or futures contracts are involved, making it largely impermissible.

What are the risks of using MQL5.com for trading?

The primary risks of using MQL5.com for trading include significant financial loss due to market volatility, the inherent speculative nature of forex and cryptocurrency trading gharar, and potential involvement in interest-based transactions riba. There’s no guarantee that purchased EAs or subscribed signals will be profitable, and historical results do not guarantee future performance. Zed.run Reviews

Are there free EAs or indicators on MQL5.com?

While the homepage predominantly showcases paid products, MQL5.com does have sections for free EAs and indicators, often available for demonstration or community sharing.

However, the most promoted and seemingly “powerful” tools usually come with a significant price tag.

Can I sell my own EAs on MQL5.com?

Yes, MQL5.com allows developers to sell their algorithmic trading programs and custom indicators through its marketplace.

This is a key feature for MQL5 programmers looking to monetize their skills.

What is the MQL5 Freelance section?

The MQL5 Freelance section is a job board where traders can post requests for custom MQL5 programming work e.g., developing a specific EA or indicator, and MQL5 programmers can offer their services to fulfill these orders, with guaranteed payment. Northernrailway.co.uk Reviews

Does MQL5.com offer VPS hosting?

Yes, MQL5.com provides Forex VPS Virtual Private Server services specifically optimized for MetaTrader 4/5. This allows Expert Advisors to run continuously with low latency, regardless of the user’s local internet connection.

How reliable are the statistics on MQL5.com for signals and EAs?

The statistics for signals and EAs on MQL5.com, while detailed, represent historical performance, often including backtesting results.

While they provide data, they do not guarantee future profitability.

Market conditions can change rapidly, and past performance is not indicative of future success.

What is the MQL5 community forum?

The MQL5 community forum is a platform where traders and MQL5 programmers can ask questions, discuss trading strategies, share experiences, and seek help with programming challenges related to MetaTrader. Rainbowsystem.com Reviews

How do I learn MQL5 programming?

MQL5.com offers a comprehensive database of articles, tutorials, and documentation referred to as “Financial Trading Articles” that teach users how to create their own technical indicators and trading robots using the MQL5 programming language.

What are ethical alternatives to speculative trading for financial growth?

Ethical alternatives for financial growth that align with Islamic principles include investing in tangible assets like real estate, Shariah-compliant stocks and ethical funds, utilizing Islamic banks for financing and savings, and engaging in legitimate entrepreneurial ventures that contribute to real economic activity.

Can I cancel an MQL5.com subscription?

While not explicitly detailed on the homepage, MQL5.com typically allows users to manage and cancel their subscriptions e.g., for trading signals through their account settings or market purchases section.

Specific cancellation procedures would be found within the platform’s user interface.

Is there a free trial for MQL5.com products?

Based on looking at the website, many Expert Advisors and indicators on the MQL5.com Market offer a “Trial version of the application for a demo account,” allowing users to test the product before committing to a purchase. This is a common practice for software products. Rangeme.com Reviews