MT4 Scam In The Forex Industry
Introduction to MT4 Scams
If you are a forex trader, you must have definitely come across the MT4 (Meta Trader 4) platform. MT4 is the most common and popular platform of the forex trading industry. Thousands of reputed and regulated brokers use the MT4 platform for trading purposes. But, have you ever wondered about the MT4 scams taking place. A large number of forex scammers are engaged in MT4 scams in their fraud schemes.
MT4 scams take place because of their popularity and high trust resources. The platform is widely used in the forex industry and every investor, whether new or experienced are aware of this trading platform. It is simple to set up and offers a quick trading experience that pulls the investor and builds credibility. There are various other facilities offered by MT4 that gain the trust of the traders, making it easy for the scammers to fulfill their motives.
MT4 has made its image as a trustable platform of legit forex brokers. However, it does not always hold true, as many legit forex brokers are also involved in the MT4 scams. The forex broker you are investing with and trusting upon might fool you by building the software themselves and creating hurdles while comparing the true scenario. If you are new in the broking industry or have little knowledge about the trading, the chances are high that you will fall in the MT4 scam.
Using a popular platform, that is trusted by everyone is comparatively easy to scam the investors. The investors, with no doubt, go on investing thinking it is a reliable platform. It may prove difficult to compare because of the competent illegal platforms that may have access to MT4 and allow the investors to use it normally without giving a hint of doubt. Not only just the forex brokers, but this popular platform is also used by signal providers, money managers, and robot developers.
Forex brokers have used the MT4 for scamming in some different ways that are:
- By being a clone broker
- Ultimate sales technique to gain the trader’s trust and make them invest in some unknown brokers or investment products
- Handling the market data
MT4 scam can be avoided with a clear approach. Let us have a look at some of the points that should not be avoided while using the MT4 platform:
- Sales Tactics – If the salesperson is aggressively pushing the products, even though you are not interested. Take this as a red flag that you should not avoid.
- Verification – Research and verifying the thing on your end is very important to be sure about any schemes. Also, check the phone number and email address, if it is listed on the website.
- Third-Party Transaction – If the scammer is asking you to make the transaction in their personal or third-party account instead of the official account, be careful before transferring any funds.
The most trustable resources can prove deceitful if proper research is not done before engaging with them. One should keep a check on every broker and trading platform that you might be going to use before actually investing and trading with them. As it is quite difficult to recognize the fake platforms through MT4 only, always remember to check the regulation status of forex platforms.
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