Almost sure the broker is a scam, but I do not understand this!?

Trading Systems Expert Advisors and Automated Trading
1

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?

Many thanks

2

Brokers name is??

3

Is it allowed to name a broker? In another forum, I was told that it was not allowed.

Also for now, I am only trying to understand what’s going on, ı am pretty sure that the broker is shady.

What I dont understand are the numbers displayed on my MT5 app.

4

I trade on MT5. Send me a full page screen shot of a chart, which shows all the details above and below, if possible. That’s allowable, because it’s not defaming the broker.

Personally, I would never trade through a phone app, unless I also have an account opened on my laptop. IC Markets has this set up.They’re a ‘safe’ regulated broker.

You could also try opening a laptop account. Or even Google the broker reviews.

5

The client needs to have faith in the broker, the broker needs to be regulated by a regulator that the client can also have faith in.

No matter what is offered, do not trade with an unregulated or even a weakly regulated broker.

6

Thanks, as I said I am sure the broker is shady, and I am only in to prove my friends that they will be scammed.
Here are the screenshots of the app.

Screenshot_20210718-111230_MetaTrader 5
Screenshot_20210718-111230_MetaTrader 51073×2300 227 KB

There were only 2 days of trading, with $75 profit only, which to me, must be complete bs.
As I am not familiar with the platform, I do not know if these can actually be faked, because from what I see MT5 seems to be one of the most popular trading apps out there.

7

I completely agree, I am just in to prove my friends they are in trouble. I already have proofs that the broker is not who they say they are, but there could be many reasons for that.
What I do not understand, and what is more difficult to prove, is that they seem to make abnormal profits through an EA, which doesnt make sense.
And it’ll only make sense if the numbers on the MT5 app are actually fabricated, and this is a ponzi scheme, because my friends already withdrew money from the brokers, and I cannot convince them that this cannot be true.

8

This screenshot means nothing and is very much the same as a previous scam posted on this site. Certainly not a MT5 screen.

IMO, it’s certainly not genuine if that is the only detail. Do you have any other details on your app? Like the name of the broker, the MT5 platform and your account number, and whether it is a live or demo account?

If not, try and withdraw your capital - if that’s possible. Otherwise, you’ve lost it.

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Thanks for getting back.

I have downloaded MT5 from Playstore, it had over 10 million downloads, so I am pretty sure the app is correct.
I have added the broker from the “find broker” search bar when you hit the “+” button on manage accounts section. So they are registered as brokers on MT5.
When I check my accounts section I can see The broker, My account name, My account number.
As a new user on this forum, I am restricted from adding multiple screenshots that’s why I couldn’t add more screenshots. However everything looks legit, except for the broker, and the profits.
As mentioned before I do not really want to provide the broker name for now, but they are definitely shady and not regulated, not even incorporated.
Does anyone know if the data displayed on MT5 comes actually from MT5 servers, does does the broker have the ability to display their own data? As I do not know how the broker end of this app works, all I can think of is that the data I am seeing is fabricated.

Screenshot_20210719-084127_MetaTrader 5
Screenshot_20210719-084127_MetaTrader 51080×2400 181 KB

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May be brokers can create their own demo server, and that’s what I am actually seeing. A demo account of the broker, but I am being told it’s a live account. How would I know?
Here is the screenshot of the accounts section.

Screenshot_20210719-084737_MetaTrader 5
Screenshot_20210719-084737_MetaTrader 51080×2400 153 KB

11

From the screen shot, it looks like you’re trading a MT5 demo account, not a live account. As such you won’t be able to withdraw any funds. As I said Google the broker details and see if they have been accused of a scam, previously. Try and withdraw your initial deposit and see what happens.

Here is the possible scenario. The broker is using a demo account, taking your money and setting up your account on this demo account with the same amount of your deposit and their bonus. Then falsifying trades to show profits to keep you onside.

And yes they can set up both live and demo accounts on any platform they choose. The one above IS A DEMO ACCOUNT.

1 Like
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The Demo one, is suggested by MT5, but my account is the once above that, where it says 774.81 USD balance. It doesn’t say demo anywhere on this one.
When I hit the :information_source: button is see username, broker name and “Hedge access point: Access Server2”
However I have gone through older posts on the forum, and I came across the scam you have mentioned, and everything seems very similar. On there they have mentioned some plugins that could be used to alter the data on MT5. And I am pretty convinced this is the case with our situation.
A group friends, very high profits, word of mouth, fast expansion, and they let you withdraw initial deposits.
That’s exactly what’s going on here.
We have not even been trading, this is all a sophisticated scam, with fake websites, fake referrals, fake MT5 data and a ponzi scheme, as they distribute the profits initially.
I am from Turkey, the brokers are Turkish, and nothing comes up yet when searched on google, because it is yet an ongoing ponzi scheme, and everyone is happy for now.
Thanks a lot for your help, and as I am interested in Forex I will probably be doing a lot of reading on this forum, to sort of learn it enough so that I can start investing.

1 Like
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Your friends who recommended you this broker, have they actually withdrawn their money?? I wonder how long these scams play out.

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Well, yes. They have been working with them for 5-6 months, and they are all already in profit, and been withdrawing their profits once a week. They keep some $ in their account, but they have already withdrew more than their initial deposit, now what’s left in their accounts are just the profits.
I was told I could withdraw my profits next week, as it’s bank holiday until Monday.
According to MT5 data on my phone, I have already doubled my money in one week, which is of course completely ridiculous. This is for sure a Ponzi scheme


15

Hmm that’s interesting. So I wonder if they could technically quit at this point since they’re already in the green??

16

Well most of them have already withdrew more than they have initially deposited.
But that’s what happens with ponzi schemes. The early birds makes good profit, drawing more people to the scheme.
As an I update, I requested to withdraw $100, and I received the payment pretty fast.
I will try to withdraw more next week, and so on until I have withdrawn all my initial deposit.

1 Like
17

Or you can try to withdraw big. If you try to do that, then, if it’s a normal broker, you will have to go through AML check or something like that. Or they will just give you your funds.

Or some bs will come up, like “please pay a fee to withraw funds”

18

I already know they are not a proper broker, not even a company, i just got in to check what type of scam this is, and save my friends from potentially loosing big. luckily I convinced them not to invest any more, and only me another guy has not withdrew their initial deposits yet. I don’t want to try to withdraw everything at once, so that they dont understand I am onto them.

19

Good luck I hope you get it all back + more!