How to add License Key to your MT4 EA

If you’re a trader and you’ve built your own Expert Advisor (EA) for the MetaTrader 4 trading platform, then you know how much of a hassle it can be to keep a track of who is using it and to monitor their trading success. A great way to protect your EA from being used by unauthorized users, while also allowing traders to securely access it, is by adding a license key. This license key will not only verify their identity, but allow them access to the EA so that they can execute profitable trades. In this blog post, we’ll discuss why you should consider adding a license key to your MT4 EA and how it works and we will show you why you should not base your licensing system on an automatic mql4 license code generator.

Pros and cons of using a license key

If you’re looking to add an extra layer of security to your MT4 EA, one option is to use a license key. A license key is a unique code that allows only the owner of the key to access and use the software. This can be helpful in preventing unauthorized use or copying of your EA. However, there are also some drawbacks to using a license key.

For one, if you lose your license key, you’ll no longer be able to use your EA. Additionally, if someone gains access to your license key, they’ll be able to use your EA as well. As such, it’s important to keep your license key safe and secure. Overall, whether or not you should use a license key for your MT4 EA depends on your own security needs and preferences.

Why you should protect your EAs and indicators?

If you’re like most people, you probably think that your EAs and indicators are safe as long as you keep them on your computer. But the truth is, they’re actually quite vulnerable. Here are a few reasons why you should protect your EAs and indicators:

1. EA could be stolen.

Just like any other piece of software, your EAs and indicators could be stolen if someone gets access to your computer. And once they’re out in the wild, there’s no telling where they’ll end up or who will use them.

2. EA could be reverse engineered.

If someone really wanted to, they could reverse engineer your EAs and indicators to figure out how they work. This could lead to them being used in ways that you never intended or authorized.

3. EA could be pirated.

Pirated software is a big problem on the internet, and your EAs and indicators are no exception. If someone cracks your code, they could distribute it for free or even sell it themselves without giving you a dime.

4. EA could be used to harm other people’s computers.

If someone were to maliciously modify your EAs or indicators, they could cause serious damage to other people’s computers. For example, they could add a virus that would delete all the files on someone’s hard drive. Or they could add code that would allow them to remotely control someone’s computer without their knowledge or

Should you use an automatic mql4 license code generator?

There are several reasons why using an automatic MQL4 license code generator may NOT be the best approach to protecting your software and licensing it for use. Here are some of the key reasons:

1. Security Risks: Risks associated with automatic license code generators: They may use simple algorithms to generate license keys that can be easily guessed or cracked by hackers, making your software vulnerable to piracy and unauthorized use.
2. Limited Customization: You may not be able to customize your license keys according to your specific needs with automatic license code generators. Depending on the type of license you offer (such as trial, single-user, multi-user, etc.), you might have to set different activation limits and expiration dates. You may not be able to create such customized licenses with an automatic license code generator.
3. Poor User Experience: Your customers may experience poor customer service if you use an automatic license code generator. Customers may have to enter long and complex license keys, which can be frustrating and time-consuming. Customer support requests can result from this, which can be costly and time-consuming.
4. Legal Issues: You may be exposed to legal risks if you use an automatic license code generator that is not properly licensed or is violating the terms of use of third-party components. If this happens, your business could suffer from lawsuits, fines, and reputational damage.
5. Lack of Support: Lack of Support: Automatic license code generators may not offer adequate documentation or support to help you use their software effectively. As a result, your software may experience a steep learning curve and suffer from errors and mistakes that may affect its security and reliability.

 

Automatic license code generators may appear to be a convenient way to license your software, yet they may fall short in its security, customization, user experience, legal compliance and support services. Therefore, it may be beneficial to use a specialist licensing solution like coensio’s licensing solution, which boasts robust security safeguards, various customizing options, great user experience, compliant with the law and sustained customer service. Read below.

How to properly add a license key to your MT4 EA or Indicator?

Coensio’s EA licensing solution

So what is the best way to protect your EA or Indicator using license key? The answer is simple: use a remote, web server based licensing mechanism, see the figure below:

In this configuration the EA/Indicator first connects with the remote web server and sends encrypted information (including the license key). The web server analyzes the data and responds by giving the EA permission to start or by disabling it within its initialization stage. This setup is universal for MT4 and MT5 EAs and Indicators.

Using a remote web server based EA protection mechanism the licensing can be very flexible, for example EA creator can limit or control many different parameters such as:

1. Possibility to time limit EA/Indicator by adding/changing Expiration date in remote database
2. Possibility to collect user data such as account number, account type (live/demo) or trading results
3. Possibility to enable or disable backtesting option
4. Possibility to notice users about a new version of EA/Indicator
5. Possibility to enable and disable live trading
6. Even a possibility to remotely update EA/Indicator parameters
7. Many many more….

Where to find a coder that can implement a license key into your EA?

There are a few ways that you can find a coder to help you with your license key project. First, take a look at the resources section of this blog article. There, you will find a list of websites that offer coding services. Next, try posting your project on freelancer websites like Upwork or Fiverr. Finally, reach out to your personal network of coders and see if anyone is interested in taking on your project, or use my proven ready to go solution that can be customized :

Order here:

Conclusion

Adding a license key to your MT4 EA is an important step in protecting and securing the code you have developed. The process of creating and managing a license key can seem daunting at first, but with the right tools and knowledge it is fairly simple to do. With this guide as your reference, you should now be able to add a new license key for any Expert Advisor that you create on the MetaTrader 4 platform. If there are any additional questions or difficulties related to adding a license key, please reach out for assistance from qualified professionals who specialize in this area.