Be aware of MetaTrader scams: Most common frauds
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Many traders face MetaTrader scams every year and thus experience a loss of millions of pounds. However, over time, the MetaTrader 4 trading platform has enhanced its security functions compared to decades ago. Still, some corrupt firms scam people and try to rob traders on MetaTrader 4.
Investment scams can have different forms. Some scams have got their name after their developers, like the Ponzi scheme, named after the ill-famed Charles Ponzi. Most of the time, beginner and uneducated traders are the main target of scams.
Let’s know about the MetaTrader scams and explore some methods to avoid them. Further, you will get to know more information related to the scams.
Here is a list of the top MetaTrader brokers that actively work on keeping their platforms scam-free:
(Risk warning: Your capital can be at risk)
What are MetaTrader scams?
There are many scams when it comes to MetaTrader scams. People often wish to make money without much effort and patience. In simple words, they look for easy ways to make money online. But, the internet is only sometimes the safe option for making money.
Dishonest companies claim to provide you with the out of this world investment opportunities. So, traders must get ready to rely on them with their funds and investments. To have a safe trading experience, you must differentiate between fraud brokers and trustworthy ones.
Good to know!
You must have the right trading education before moving to the markets to avoid scams. Proper education about a trading account and an awareness of risk management practices can help you deal with any fraud that might happen to you.
Traders who use the platform also have to deal with these dishonest brokers. The unregulated scammy brokers make their fake trading platforms and offer people fake trading services. Also, they trick people into depositing money on their platforms. MetaTrader 4 scam brokers use false websites and social networks to deceive traders.
MT4 & MT5 broker scams and blacklist:
Nowadays, scams are quite common in the area of binary options.. MetaTrader 4 scams can come up to you in many forms.
Good to know!
You can face MetaTrader 4 scams in the form of rigged robots, unscrupulous brokers and reviews, or any other auto trading courtesies. Thus, saving yourself from scams in the industry takes a lot of work.
You can try a few methods to help you deal with these issues. We will discuss what you can look up to save you from fraud brokers. Here is a list of all known MetaTrader 4 frauds and dishonest techniques. It will help you stay away from them and save your funds. Take a look at these MetaTrader 4 scammers and try to steer clear of them.
These brokers are liable to cause much criticism instantly and on the forum. However, the arguments differ from upselling and promising traders to overtrade and non-payment of price manipulation and withdrawals. It is a little alternative to raise a conflict with unobstructed brokers.
Look for a trusted MT4 broker
Look for a trusted MetaTrader 4 broker. And the best thing would be to look for the one who is regulated in your own country. “Scam” is also for those who offer you a lousy service. Many of them have done nothing unfair or illegal but drawn more elevated than normal complaints.
Some brokers are doubtful, so you should look up to trade somewhere else. There are a bunch of honest brokers out there. Hence, you should watch out for genuine brokers.
- Banc de Binary
- Beeoptions
- Binaryinternational.com
- Brokeragecapital.com
- Bull Option
- OptionRally
- Option-World
- Safe24Option
- TraderXP
- Vault Options
- NYStockOptions.com
- CryptoTradefx360
Robot and signal fraud
Below mentioned are the names of a few signal providers or robot services that indulge in MetaTrader 4 scams. We recommend you refrain from indulging in them for your trading business. They are either scams or not advised for other important reasons.
- 650 System
- Faunus Analytics
- FB Wealth Group
- Michael Freeman’s Autotrader
- ATARAXIA 7
- Binary-Option-Robot
- Blackrockbotr.com
- Paul Applegarth’s One-click Autotrader
- Profit Binary
- John Anthony
- Lone Wolf Signals
- Signal Index
- TheBinarySignals.com
- The Green Room
- The GCAD Indicator From ITM Financial
- ZuluTrade
Blacklist
- American Commodities Group Scam
- 365BinaryConsultant Scam
- Cheating The Odds 4.0 Scam
- iFollow Signals, Will You?
- BinaryOptionBot 2.0, The Second Wave
- FreeBinaryOptionsystem.com Scam
- Legal Insider Bot
- The Secret Millionaires Society Binary Options Scam
- The Real Inspection Of Ataraxia7 Binary Options Software
- AutoBinarySignals.com Review
- A Zero-Risk Binary Strategy From An Authorized Source
- ActionBinary.com
- Even Good SSPs Aren’t Worth Your Time
- A Sheep In Wolf’s Clothing: BinaryOptionsMillionaire.com
- SignalsBinary.com
- BinaryOptionsUltimatum.com
- BinaryOptionBox.com
- Binary options-live-signals.com Review
- Profits In 60 Seconds
- Brokersignals.com
- The GCAD Indicator From ITM Financial
- Safe24Option.com
- The Auto Binary Bot Scam
- Watch Wholesale Price Manipulation Live
How to defend against a MetaTrader scammers?
The best a trader can do is give your full time searching for a reliable broker. Take your time with any broker before arriving at a decision.
Dig up all the information about the platform you need in a liable broker.
Know the pros and cons and then see if they fit your requirements. Apart from these, there are a few more factors that you must pay attention to. Take a quick look at these MetaTrader 4 scams avoiding techniques and aspects.
1. Research
Research the website and look for customer reviews online. If you find the MetaTrader broker fake or feel unsatisfied with them, turn a blind eye to that service provider. It will avoid the possibility of getting in contact with any scam broker.
In addition, you can look through the broker reviews and find out if they are a legal and reliable broker. Also, remember to examine the factors to check whether the MetaTrader 4 brokers are involved in any illegal activity. Or look out if there are any notable legal actions against the broker.
2. Regulatory authority
One more thing is that these MetaTrader 4 scam brokers will never register with any regulatory authority. Trustworthy brokers always provide proof of their legality. If you think the broker is lying about their regulatory status, reach out to the regulatory authority to check if the company is regulated.
3. Easy Money
Many scammers claim to help you get your hands on real money. Don’t get into these kinds of MetaTrader 4 scams conversations. And do not rely on those brokerage firms who tell you it’s easy to make money. Trading requires a lot of patience, screening time, education, and quick wits to become advantageous.
Good to know!
Traders need to devote time to learning trading strategies and activities. Then you, they get only money easily. But if you dedicate your time and patience to the platform, you might gain an extra source of income.
4. Deposit fewer funds
When you start live trading, opt for a small volume for a short period initially, then try to opt for the withdrawal. If the process is smooth, you can deposit more funds. Also, if the broker offers you a demo account, it is a factor that makes you identify a good or bad broker.
Why demo accounts are important
If they want you to invest in a demo account, you can understand that they are fake and not considerable. A reliable MetaTrader 4 broker who does not indulge in MetaTrader 4 scams will always allow you to try the demo account if you wish to. That’s how a trader can clearly see the broker’s credibility when choosing a secure MetaTrader broker.
(Risk warning: Your capital can be at risk)
Factors to consider when choosing a secure broker
To expand your trading business and make the most out of it, traders need to sign up with a reliable broker. Here are a few things you must consider while looking for a broker. It can help you identify a loyal broker.
Regulation
Regulation is the first thing a trader needs to consider. If you choose a regulated broker, your money will stay separate from their working capital in segregated bank accounts. Plus, traders don’t have to stress out in case of a conflict, as there is fair arbitration.
Industry awards
Awards play an important role in honor of a brokerage firm. It improves the reliability of a broker. Also, an industry award helps to speak volumes about their general trading favors compared to other companies. They cater as an acknowledgment of the best service for traders and investors.
Safety
Safety is one of the major concerns when looking for a broker. You must look for a broker who guarantees your funds and confidential information. Ensure they operate the latest security formalities and encryption technologies to safeguard your funds and personal data.
Trading conditions
You will assume your financial assets in the forex market within trading necessities. Good trading conditions will elevate your possibilities to expand your business in the market. But if traders have to deal with bad trading conditions, it will expose them to market risks.
Customer care
Make certain that the MetaTrader 4 broker you consider has responding and efficient customer service. That’s how you won’t have to worry about deposit/withdrawal concerns, technical issues, or other factors interrupting your trading activities.
Look out for broker customer service, which is professional, available 24/7, friendly, and highly responsive. It will make your forex trading experience more pleasant without any doubt.
(Risk warning: Your capital can be at risk)
MetaTrader brokers that work on keeping their platforms scam-free
Here is a list of the top MetaTrader brokers available:
Regulators’ warnings
Trading assets are highly risky and speculative according to the European Supervisory Authorities (EBA, ESMA, and EIOPA – the ESAs). They want to assure the consumer that they must watch out for their steps in this trading industry as they are prone to scams.
Consumers are growing rapidly, and people are showing interest in crypto-assets. In addition, the promotion of those assets and related products is growing at a rapid pace. You can see a lot of promotions for the MetaTrader 4 brokers on social media.
ESA has announced a warning for the users. They have highlighted that these assets are only beneficial for some retail customers. Whether they take it as an investment or a means of payment or exchange, clients have a real chance of missing out on all their sponsored money if they purchase these assets.
Besides, traders should alert themselves to the risks of deceptive advertisements, comprising influencers and social media. In addition, they should be extremely careful of pledged fast or elevated returns, in particular, those that look top of the range.
Conclusion – Avoid MetaTrader scams at all costs
Traders must look out for the best and most reliable brokers. You must avoid indulging with those MetaTrader 4 brokers who don’t seem promising. Or if the services they offer sound fake, back out. Traders can use this as a great way to avoid the MetaTrader 4 scams.
Scammed brokers claim to have top-notch services. But, you will face a great loss if you get into these traps. Therefore, take your time with any broker. Research a lot and choose the best and most trustworthy MetaTrader 4 broker.
(Risk warning: Your capital can be at risk)
Frequently asked questions about MetaTrader scams:
Are there any chances for MetaTrader to be hacked?
Not really, but yes, as there are many hackers out there. There are possibilities that you can get tricked for your investments and funds by them. Even if the account gets hacked, they won’t be able to remove funds from it. But there is a possibility that they could ruin it with bad trades. And make you suffer a great loss with your trading business.
Can I trust MetaTrader with a lot of MetaTrader scams happening every day?
Yes, you can trust the MetaTrader platform even when there are a lot of MetaTrader scams happening every day. The WebTrader trading platform is legal. Also, it has a simple interface that allows people to use the platform easily. Any usage is prohibited. In addition, it is uncomplicated to download to your computer. Or, if you wish to use the mobile phone application, you can also get access to that. The mobile application allows you to trade from wherever you are.
Is the MetaTrader scam real?
Yes, a MetaTrader scam can be real. However, MetaTrader is not a scam. The platform is highly trustworthy, and you can completely rely on your investments. Furthermore, they dragged software products from its store as unethical brokers allegedly scammed many traders. Moreover, they used the platform and fraud huge sums of money from some customers.
Should a trader worry about MetaTrader 4 scams?
No, a trader need not worry about a MetaTrader 4 scam if he takes action to prevent such scams.
Last Updated on January 25, 2023 by Andre Witzel
