I believe I used a scam broker to setup my MetaTrader 4 app and invest in. I am trying to figure out if the “trades” I was making are real or if they are all fake. Can anyone shine some light on this? Was I actually day trading or was it all a lie?! TIA (I can supply any screen shots needed).
I will not say it’s not possible, but its also rare that traders come across such scam brokers. Did you research the broker you are using before trading with them?
And can you share some of your screenshot on the trades that look suspicious so that we can make an analysis and figure it out?
I am a new member and exceeded my posting limit so I had to make a second account; sorry for any confusion. I have been told time is of the essence here and I am searching hard for answers. Basically my sister met a “financial analyst” that helped her start trading. He would tell her when to buy in the market and when to leave (always a specific time and usually stayed in around 3-5 min). Once she started seeing her profit he told her he could bring in other people under her if she wanted but the minimum investment was $3k. Long story short there are around 100 members in this “group” and the minimum to get in has increased over the last few months. (this started in February). We all used the same broker which we recently found out is 100% a scam. Needless to say no one in the group had any idea on forex trading or what we were doing so I do not believe the broker was researched properly. Their name is JSLink VIP. I have another post in this forum and other users have confirmed this broker is not good. At this point there are members that have put in over $100k and they have already contacted the FBI and have made reports through the SEC and FTC. Apparently when the group altogether hit $100 million in profits they froze everyone and denied any withdrawal requests. The broker is saying that we all have to pay 5% of our total assets in order for ANYONE to withdraw. No one in the group is going to do that at this point. The man that got us all involved is definitely a con artist as he has other groups that he manages as well. He is the one who tells every single group when to buy in. We are all making 4% return on every single trade we did; we never lost. Which is also a huge red flag for me. At this point I am not betting I will get any of my money back but I do really hope that we are able to take this man down. Since I am a new member it does not let me put multiple screenshots in so I will put my entire trade history in multiple responses. I greatly appreciate any knowledge you can contribute. My main question is were we actually trading in the market or was this broker somehow manipulating our data. Maybe they created us all demo profiles and we were never really trading? The more money you were putting in the more they would increase our ounces and that was giving people the incentive to invest in more for a higher return. Sorry for the long post!! Thank you sir!
Yeah it could have been a demo account and if they are unregulated they can control the mt4 at the back end. So they show you only profits?
Were you placing the trades or was your manager?
They are definitely unregulated, they have no license whatsoever. They even give a different companies AFIS as their own. Everyone in the group was placing a trade at the exact same time. The “financial analyst” gave us a time and whether to buy or sell. We always made a profit and it was a 4% return for every single person. If you check the screen shot the only time I lost was in the beginning when I did my tests to learn what to do and my last two trades. The last two was after we found out it was a scam and I wanted to see what would happen. The screen shot above is the beginning of my trading history. Here is the rest of my trading history:
Wow, this is really a huge loss. I think others should make it a normal thing to ask questions on forums here before investing. Sorry for your loss.
Yes, it is well known. It is very rare for this to be done by a broker regulated by a reputable regulator but outside of this, you may encounter it frequently.
These brokers have control over the trade history which can be manipulated to make it look as though profitable trades have been made. It is nothing more than a computer entry for them. This is the reason why many signals traded at obscure brokers have impossibly great performance until shortly after one starts to follow the signal.
For this reason, it is important to check the credentials of the broker before you trade with them. This can be done by verifying their regulatory standing, it can be done by doing a quick search of the company behind the broker. If they are new to the business and have a balance sheet with a net worth of £2000, this might be a red flag. Search the broker’s name and read reviews about them.
The forex industry has many sharks and scammers continuously waiting to feed off the new and experienced traders alike. It is imperative to conduct due diligence before depositing money into a broker account.
But a broker who does this won’t last long before everyone knows it is scam. They spend so much money getting an mt4 license only to do that? I don’t think they’ll be able to cover cost of operation in a short time. I feel these scammers have found a way to replicate the mt4 program.
Perhaps you don’t appreciate the size of the vast fortunes that can be made operating the forex scam. There are so many scammers in forex because the profits available are so vast. If the license costs say $100K but a scammer can make 1mil to 10mil running a scam, guess what. In fact, the thread writer stated that one investor lost $100K; that alone would no doubt cover the license cost and all the other investors’ money would be pure profit. And this assumes a full license. A white label license can be obtained for as little as $5K. So $5K cost against the $100K scammed from one investor.
Anyway, the point I made in a previous post is actually what occurs. I am not guessing here. I’ve been in this game for over 20 years.
Do you have any idea how complex the server backend of mt4 is? A scammer would never be able to give an authentic experience by attempting to replicate it; and anyway it would make zero sense since a successful scam will produce multiples of income more than the cost of the license for mt4. Scam victims may be new to forex trading but they are usually not stupid.
Thank you so so much for your information! It has brought a lot of insight for the entire group. We have reached out to the SEC, FTC, FBI and some have lawyers. I actually found a YouTube video as well that explains how MT4 can be manipulated on the backend with something called a plugin? We all downloaded MT4 from the App Store so I do believe it is the actual app. It seems as if we were never actually trading in the live market. We know this broker has other very large groups in China that he is scamming. When trying to convince more people to put in money he told us he had other people sell their homes to maximize their profits. Honestly makes me sick to think about it. I also think this is their first group in the US and I don’t think they understand we will not be letting this go easy, especially the people who put in over 100k. Now it’s just a matter of actually being able to track them down. Appreciate your time nonetheless!
Just use reliable brokers and don’t fall for promises of guaranteed returns. With or without fake MT4 account it will probably end in a scam and losses from your side.
I have never come across anything like this, and that is a huge loss. You should have been aware when you knew the broker was unregulated or at least checked reviews on the broker before investing in them.
To avoid such situations, I trade with brokers like FP Markets that is regulated by ASIC or any other FCA regulated broker.