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meta transfer 5 scam
meta transfer 5 scam

MetaTrader 5 Scams

meta transfer 5 scam

Today we are thriving amidst technology, and most of our daily activity depends on technology. As a car has made our traveling easier, quicker, and more comfortable than riding a horse, the Metatrader 5 or MT5 has made our trading more accessible.

Metatrader 5 is an upgrade of Metatrader 4, which was very popular and highly appreciated by investors and traders across the globe. But along with technological developments like these, there also rise potential threats like Metatrader 5 scams.

Metatrader is a trading software popular amongst brokers and brokerage firms globally. Its origin can be traced to a Russian-based company called MetaQuotes, which has been in the market for a long time.

In the 90s, when the internet started its boom, Forex and CFD trading was also available for retail investors. Besides the stock market, retail investors had two more options to make a substantial profit, and with the internet, these investors were at the helm of their trading. They were free to make decisions instead of their brokers carrying out trades.

Since its inception, it has continuously undergone multiple upgrades, enhancing traders’ experience further. The software can now be downloaded and is compatible with an Android or an ISO mobile. It has all the graphs and charts that can help investors or traders. An investor or a trader can solely rely on this platform to outline an entry-exit strategy.

Forex, equities, indices, commodities, and even cryptocurrencies can all be traded using more instruments thanks to the Metatrader trading platform.

It remains one of the most widely used Forex and CFD trading platforms. In addition, the software is designed in such a way that it can be customized. This feature makes it popular among brokers and brokerage firms. This is one of the most critical factors you must remember as we delve further into the topic.

What are Metatrader 5 Scams?

As was already explained, the Metatrader 5 software can be customized to the broker or brokerage firm. The brokers or brokerage firms make money by leaving transaction fees every time the investor or the trader trades. These transaction fees are often called brokerage fees.

At times the brokers or the brokerage firm gets greedy, so they will tweak the software so that the house will always win. It would help if you remembered that it is not the software’s fault. The software is designed in such a way that it will help the client’s broker or the brokerage firm to trade effortlessly.

Scammers are always there to rip you off, and they find elaborate ways to entice you, win over your trust and then run away with your money. Scammers commit Metatrader 5 frauds, and victims blame the software.

Common Metatrader 5 scams

Metatrader 5 or MT5 investment scam is committed by scammers impersonating a legit broker or a brokerage firm. It is software facilitating complicated trades carried out in the financial markets. However, scammers will pose as well-wishers, long-lost classmates or neighbors, or a long-awaited crush who suddenly caught your attention on social networking sites like Twitter, Facebook, Instagram, WhatsApp, Tinder, and so forth, or perhaps a broker or brokerage firm.

Romance Scam

As the saying goes, “to be a sacrificial goat,” now the term is changed to “butchering of a pig” or “catfishing.” Dating applications like tinder are frequent targets for scammers. Posing as an attractive person, these scammers will lure in their victims with their profile picture; once some gullible person gets hooked, they will entice their victim with their charm.

Now comes the “fun” part; these scammers will get in touch with their victims regularly. They ensure that the victims cannot see them in person. From romance, the topic changes to finance, and from then on, these scammers provide financial tips by suggesting they enroll with one of the brokers or a brokerage firm that is hand and glove with the scammer.

After a few successful trades and gaining the confidence of their victims, these scammers, as a part of the final meal to fatten the pig, suggest the victim make a considerable investment. Once the scammer receives the investment, they disappear as they appear in their victims’ lives.

Impersonating a broker or a brokerage firm

Scammers will send adverts on online social media platforms and other online portals. They lure in their victims by advertising “once-in-a-lifetime” or “get-rich-quick” gimmicks. Most of the victims to this Metatrader 5 scam are complete novices regarding the stock market and its working. They may be seniors or young blood trying to increase their income with the help of alternate sources.

As per the reports, many fell for such scams during the pandemic when earning became challenging as governments were compelled to impose lockdowns, thereby becoming jobless.

These Metatrader 5 fraudsters will wait for their victims to contact them, and then they will assure “good returns” with “less risk” involved. Initially, the victims earn a sizable profit when they start trading; these “too-good-to-be-true” brokers will provide “tips” to their victims, thereby gaining trust. However, once sufficient money is made, these “brokers” will ask them to invest “huge” as the returns will be “unbelievable.” Indeed these returns are “unbelievable” as this would be the victim’s last trade before they are thrown out of the account and scammers enjoy their “loot.”

While it may seem that these “too-good-to-be-true” brokers are giving them considerable returns, the fact is that these platforms are rigged. As a result, the chances of you finding the recommended financial asset, for example, stock, may not even exist.

Some employ a different strategy; they maintain a “straight face” and encourage their victims to trade as frequently as possible. These traders follow the recommendations of these “brokers” because they are ignorant and trade as much as they can; these brokers make money on the brokerage; thus, these poor victims are at the receiving end.

Automated Trading Bots

Automated trading bots are real; they are roughly 80% more successful than a seasoned trader. These bots can be programmed, and they will do trading on your behalf. However, you need to monitor them since they may keep on trading, and there are chances that you might end up paying more in the form of commissions.

These trading bots work by analyzing the best strategy based on historical data. Therefore, bots from reputed, regulated, and registered brokers or brokerage firms should be considered, as they have invested much in researching the bot to give the best possible outcomes.

If a trading bot is being offered at a competitive price, think again as it might be one of the MT5 scams. Such bots would ensure you lose money on bad trades, and the broker or the brokerage firm gets to keep your money.

These fake trading bots are restricted to trading stocks and can also be used in other traditional and non-traditional financial assets.

Bogus Metatrader 5 testimonials

These Metatrader 5 scams keep getting better and better. It is a human tendency to exaggerate one’s achievements. Although many genuine traders may give their reviews regarding their experience on the trading platform, they hide the fact that they exaggerate their success.

Such fake testimonials are misleading for potential victims who blindly trust what is being said about the platform.

How to Identify a MetaTrader5 scam?

It is best to remember that in this world, everything comes with a price tag; there are no free lunches or meals. Same with an investment or a potential money-back guarantee scheme on the internet.

Everyone on this planet wishes to be rich with fewer pains or headaches. Unfortunately, scammers, too, believe in this philosophy and weave a complicated web to trap their victims. We have laid down a few pointers for you to look for a Metatrader 5 scam when you are either contacted or contacted with a business proposal that promises good returns.

  • These Mt5 trading scams might also use words like “once-in-a-lifetime,” “amazing offer,” and other fancy, attractive-sounding words. They will use coercive tactics to lure you in if you fail to fall into their trap.
  • If you are on a dating app and someone contacts you, ensure that the person is not flying away to a distant country. The profile picture may be attractive, loaded with cash, expensive cars, gold, and glitter, and their bios might make you think that they indulge in philanthropic activities.
  • If the person of your interest that you met online through social media or a dating app, the conversation shifts from romance to purely knowing about your background and how much you earn.
  • MT5 scams WhatsApp are committed by enticing the victim through other social media platforms and bringing them on to WhatsApp. They will have their disappearing message feature on.
  • If the victim is enticed in an MT5 tinder scam, they will bring their victim to another platform or continue on the same social platform.
  • After some time, the topic purely involves making money rather than meeting in person to decide the relationship’s future or avoiding telephonic conversations or voicemails.
  • Offering a trading bot at a competitive price.
  • Brokers or brokerage firms asking you to trade recklessly
  • You are asked to download a specific version of the Metatrader 5 app on your mobile, not your PC or laptop. If you request that you wish to download it on a PC or laptop, you will receive silly excuses.

How to avoid Metatrader 5 scams?

If you are wondering “Is Metatrader 5 legit or not?” Then You need to understand that the Metatrader 5 application is made with the sole intention of making life easier for the clients while trading. Therefore, there is no hidden agenda for the trading platform. Since it is user-friendly and displays many features, it is an ideal trading platform making it popular amongst several genuine stock brokers and brokerage firms.

As the saying goes, “why reinvent the wheel?” This is definitely the case when it comes to trading platforms. They can integrate Metatrader 5 and customize it per their needs and requirements. These brokers or brokerage firms would have to invest a good amount of money to create their trading platform. So they can either spend more money on a product and keep updating for security reasons or something that already exists in the market and keeps updating, is easy to maintain, and avail for its license at a lower price.

While selecting a car, you do not rely on your friend or family member’s words but would rather experience yourself firsthand; you then go through all the available brochures and reviews on social media and then make up your mind.

Similarly, regarding your financial security and future, you should invest a reasonable amount of time selecting the broker or the brokerage firm. Choosing a good, reliable, trusted, and reputed broker or brokerage firm ensures you select the trading platform that will prevent future headaches and heartburns. Since scammers control several fraudulent trading platforms to rip you off, the responsibility falls on your shoulders. It would be best if you did research before jumping.

How to protect yourself from a Metatrader 5 scam?

  • Ensure that you do not entertain unsolicited calls regarding investment proposals. They may paint a rosy picture of good returns.
  • Do not click on any links without verifying the source.
  • Avoid downloading softwares and applications from unsecure links.
  • Don’t make any payments under pressure.
  • Never share your banking or personal details with anyone.
  • Report any strange activities you notice, either with your bank account or otherwise.

Metatrader 5 Scams- What Action Can You Take?

Metatrader 5 is not the culprit; it’s a trading platform that allows any reputed, genuine broker or brokerage firm to customize as per their needs. But, unfortunately, the scammers are really smart enough to make a replica of Metatrader 5 and ensure that the same rigged or bogus software is used to entice their victims.

The best way to avoid following such traps is to search for a reputed, regulated, and registered online broker or brokerage firm. Never give in to a broker or a brokerage firm that offers “best deals” at a competitive price.

When you settle for a broker or a brokerage firm, get all the terms and conditions in writing, and if you find it challenging to understand the legal language, then approach a lawyer and clarify those doubts or queries. Only sign documents that you understand.

What to do if you have been Scammed by Metatrader 5 Scams?

It would help if you had the know-how, human resources, legal assets, and advanced technology of a firm dedicated to securing its clients’ lost assets. We are humans; we are wired to make and learn from mistakes. Although when it comes to money which is a precious commodity that ensures your livelihood requires years and patience to build a sizable fortune, it can be lost pretty quickly through bad decisions and choices.

Suppose you are a victim of such a Mt5 fraud. In that case, you can call us on Financial Fund Recovery, where we assure our clients to recover their funds lost to a scammer.

How to Recover Your Money Back From Metatrader 5 Scam?

Firstly, make sure to report the person reaching out to you if you suspect that it is a scam. Once you’ve reported the incident, notify your bank and change login/password details that you may have shared with the person.

If you have already lost your money to a Metatrader 5 scam, do not panic. Instead, practice patience so you can take the right measures to retrieve your money. Consult an expert in financial scam recovery like Financial Fund Recovery and they’ll trace all the leads to your case, verify all the information, and recover money with the help of a sound legal procedure.

Let’s retrieve your money lost to a Metatrader 5 scam. Consult us to get started!


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