tl,dr can somehow a broker fabricate the data displayed to their clients?
Hey everyone, so complete noob here. Really need your help to figure this out.
So I was contacted through close friends referrals by these brokers, claiming to get me ridiculous returns through automated trades (robots), so the classic too good to be true situation.
My referrals were ecstatic, and were extremely happy with the service, saying they have cashed out, and they are already in profits.
So instantly I thought this is a ponzi, and I am pretty sure it definitely is. But in order to prove this to my friends, I decided to hop in with a small amount that I don’t care losing, in order to show them what this is.
I have already caught a lot of lies from the brokers, stuff like saying they are regulated etc. So I have zero trust in them.
So they have opened me this account on MT5, and I have logged in through the credentials they provided on the mobile app.
They provided a ridiculous 40% bonus on my account. And soon after the trades have started.
Now this is where I cannot get my head around.
This robot appears to be doing trades, and within 2 days my account is already almost 15% in profit.
From what I have read so far, people seem to say the data in MT5 cannot be faked by brokers.
I personally believe, that all of the data I see on the mobile app is completely made up.
So my question is if this is possible? Can a broker fake the transactions, balance etc of their clients?
Or could this actually be a demo account opened by the brokers, and they are fabricating these results.
Basically how can I tell if the account they opened for me on MT5 is legit, if it’s a demo?
When I tap on my account’s info button, I see an account number, the name of the brokers, and the it says “Hedge access point: Meta Trader 5 Access Server”
It doesn’t say demo anywhere.
The app I downloaded, is definitely MT5 with over 10 million downloads on Play Store.
Could someone please clarify what could possibly be going on here.
Can brokers play with the data displayed to their clients?