MT5 Trading Scams – False Brokers Make Scams Not Platform | Forex Education (2024)

There are many scams out there when it comes to MT5 trading. People are constantly looking for ways to make money online, and the internet is not safe for anyone. It is essential to protect yourself from potential scams by researching before trading.

What are the most common MT5 trading scams?

MT5 trading scams are frauds made by individuals or unregulated scammy brokers using free Mt5 platform promotion to trick people into depositing money, offering fake trading services. Scammers use social networks and false websites to trick people.

There are various trading scams. For example, we wrote many articles related to pyramidal scheme trading scams.

Forex trading is legitimate, like any CFD or stock trading business. Forex business is not a scam. However, because of high leverage, people can risk more money in a single trade, so more than 85% of traders lose money in this business. Scammers know that most people will lose money either in actual brokerage companies or fake, so they like to do Metatrader scams.

Professionally, successfully, forex traders risk less than 1% of the equity in current positions and confirm the success if they annually make 20% revenue. However, beginner traders think they can double monthly money, so they risk too much and lose money quickly.

Fake MT5 trading reviews

To avoid an MT5 trading scam, you should be able to tell the difference between real and fake broker reviews and testimonials. It is probably fake if a review is positive and the broker is unknown and unregulated. However, if it’s negative, that does not mean it’s real; many scammers will create fake negative reviews to lure traders into scams. If there is no way of verifying whether or not a review or testimony is accurate (for example, if they are posted on an unregulated site), they should be considered false until proven otherwise.

1. Overly Positive Review:

   “I started using BrokerXYZ last week, and I’ve already doubled my investment! It’s incredible. No other platform comes close. Their customer service is the best, and I’ve never faced any issues. Everyone should try them out!”

   Red Flags:

   • Too good to be true.
   • Generic praise without specific details.
   • No evidence or screenshots to back up the claims.
2. Fake Negative Review to Promote Another Broker:

   “BrokerXYZ is terrible! I lost all my money in just one trade. But then I found BrokerABC and made all my money back in a day! Everyone should switch to BrokerABC now.”

   Red Flags:

   • The focus shifts quickly from the negative to promoting another broker.
   • The story seems scripted and unrealistic.
   • Again, no evidence or screenshots were provided.
3. Generic 5-Star Reviews:

   Multiple reviews like: “Amazing platform!”, “Best broker ever!”, “I recommend this to everyone!”

   Red Flags:

   • It’s very generic and vague.
   • It doesn’t mention any specifics about why the platform is good.
   • Often posted in quick succession, suggesting they might be from the same source.
4. Inconsistent Stories:

   “I’ve been using BrokerXYZ for five years, and it’s fantastic.”

   Another review from the same user:

   “Just started with BrokerXYZ a month ago, and it’s the best decision I’ve made.”

   Red Flags:

   • Inconsistent timelines.
   • The same user gives multiple testimonials with conflicting information.
5. Testimonials with no Trading Context:

   “BrokerXYZ has changed my life! I live in a penthouse, drive my dream car, and vacation in exotic locations every month!”

   Red Flags:

   • While it talks about a lavish lifestyle, it doesn’t specifically mention trading or how the platform played a role in their success.
   • Sounds more like a dreamy advertisem*nt than a genuine review.

In general, if someone makes a suitable remark about an MT5 trading software provider without evidence to back it up (such as screenshots of trades won/lost), such statements can be rejected outright as inaccurate without further inquiry into the firm itself.

Fake MetaTrader 5 testimonials

Several traders have reportedly made large sums using MT5, claiming to have netted hundreds of thousands in just a few months. While these traders may be genuine, their success stories often accompany fake testimonials and testimonies. It would help if you treated these testimonials with caution as they could be designed to distract you from the real dangers of trading on MT5, or someone could make them up with an agenda against MetaQuotes Software Corp., the company behind MT5. The fact is that most people will lose money when they start trading—it’s just part of the learning curve.

1. Instant Success Story:

   “I’m Jane Doe, a stay-at-home mom. I started using MT5 just two weeks ago with no prior trading experience. And guess what? I made $100,000 in my first week! MT5 is a miracle. Anyone can become rich with this!”

   Stock Image: Picture a happy woman with shopping bags or standing beside a luxury car.

   Red Flags:

   • Unrealistic and rapid success.
   • It is a generic story without specific trading details.
   • The image doesn’t look genuine; a reverse search might show it’s a stock image.
2. Overly Enthusiastic Trader:

   “My name is John Smith. MT5 has changed my life forever! I was on the verge of bankruptcy, and now I’m buying a new house and planning a trip to Europe. All thanks to MT5. It’s a dream come true.”

   Stock Image: Picture a man raising a champagne glass or standing in front of a new house.

   Red Flags:

   See Also

   Crypto vs forex trading: which is right for you?
   • Sounds too much like an advertisem*nt.
   • There are no specifics about trading strategies or experiences, just outcomes.
3. The “Expert” Trader:

   “I’m Robert, a trading guru with 20 years of experience. I’ve tried every platform, and nothing comes close to MT5. Trust me, this is the golden goose of trading!”

   Stock Image: A man in a suit, looking confident with crossed arms.

   Red Flags:

   • He claims to be an expert but only gives vague praises.
   • The tone sounds overly promotional.
4. The “Thankful” Beginner:

   “I’m Lisa, a college student. I had no clue about trading, but MT5 made it so easy. With their user-friendly interface and amazing tools, I’m already making profits beyond my wildest dreams!”

   Stock Image: Picture of a young woman with books or a laptop.

   Red Flags:

   • Glosses over the complexities of trading.
   • Overemphasis on the platform rather than trading skills or strategies.
5. The “Retired and Rich”:

   “I’m Mike, a 65-year-old retiree. I thought my golden years would be quiet, but MT5 spiced it up. Now I’m earning more than I ever did during my job! Retirement is fun with MT5.”

   Stock Image: Picture of an older man on a yacht or beach.

   Red Flags:

   • Paints an overly rosy picture of post-retirement earnings without touching upon risks.
   • It seems tailored to lure in retirees looking for additional income.

Testimonials are somewhat fake (we’re not saying all, but most). They’re made-up names and stock images, and they’re used to trick you into signing up. We do not recommend signing up for these trading platforms because someone else said it was great.

Do your research before deciding which platform will suit your needs best!

The fixed results scam

Like the others, this scam has been around for a long time. Scammers will make up fake results from their trading software and try to sell you on the idea that they can guarantee profits. You can’t predict what the market will do, and there’s no way to ensure a fixed return on investment. If someone ever offers you a fixed return on investment or guarantees profits, they’re likely trying to sell you something that doesn’t exist.

If you’re unsure how MT5 trading works, or if you’re starting in the Forex market, some brokers offer a free MT5 trading demo to show how it works. They do this so that as soon as you deposit money with them (usually $250), they can open an account with that amount and let you test their platform and service.

The broker will always make money off our deposit through commissions or spreads on trades made during the “demo period” (i.e., when using their platform). So always be cautious with whatever you do on the internet because scammers can easily fool you, which is the last thing you want, especially since you’re looking forward to trading.

Forex and CFD bonus scams

You may be lured in by a bonus offer that requires you to meet a high turnover requirement. In other words, the broker will expect you to trade a large number of contracts over some time. For example, they might ask you to trade 100 million contracts within 60 days or 30 million contracts within 30 days.

If this seems like something that’s too good to be accurate and sounds more like an online gambling website than an online trading platform, then it probably is! Brokers who offer these offers are trying to scam their clients by luring them into making trades on the platform without guarantee they will make money. These brokers also use fake accounts and software robots to generate “fake volume” and get unsuspecting traders hooked into believing everything is fine when it isn’t! It’s just one big scam designed by people who want everyone else’s money without doing actual work themselves.

Conclusion

Don’t be influenced by fake reviews. The best way to avoid scams is to research before investing your money in a platform, so take the time to review all options and make sure you’re choosing the right one. You should also pay attention to those “reviews” or testimonials on trading platforms’ websites—many are fake, meaning they don’t accurately reflect how well (or poorly) a platform has performed over time. This is especially important if you’re looking at MT5 trading scams because numerous companies claim their MT5 software can help traders make money consistently without the risk involved. These claims are almost always false—there’s no magic bullet when making trades—but many people fall for them anyway because they’re desperate for an easy fix for their financial problems.

Be aware of the results! Many ads promise results like doubling your investment in 24 hours or gaining 1,000% returns over several weeks; these claims should raise suspicions immediately.

MT5 trading scams are actual, and they can be a severe issue for traders. Knowing how these scams work and what to do if you believe you have been scammed is essential.

Please contact your local police department or consumer protection agency immediately if you have been scammed.