All news to most here no doubt!!.. This was all big news about 2014-15. Since then MetaTrader have done everything in their power to shut this information down… As stated in the article linked, YouTube had most demonstrations of the VirtualDealer Plugin removed under the threat of legal action… Many websites that released details of how the plugin worked went dark about 2 years ago… probably for the same reason…
I was made aware of it’s existence when a US Trader I develop software with, setup a Brokage (got sick of paying commission!) and was offered the MT4 package along with the VirtualDealer Plugin for $11k at the time. He couldn’t believe what he was being shown and wrote an article on the deal.
I use Ctrader as well (Straya Based) as both IC Markets and Pepperstone offer it. Spotware have a “backend” for Ctrader as well, just no where near as pervasive as MT4’s solution.
I’m confident that a large percentage of fraudulent activity across regulated and especially non-regulated Brokerages will be linked to the MT4 Platform…
I cringe when posters here spruik Metatrader’s MT4 product as the industry standard, they possibly don’t have a clue what goes on behind the curtain in this game.
Interesting.
What I don’t understand though is if MT4 is so easy to manipulate the backend, then why are MT5 and Ctrader not allowed in the US and others.
@TraderEvolved, It will be something to do with CFD’s and the way the platforms operate, possibly outside of the Dodd Frank Act regulation, under some strange accounting regulation even hedging is banned in the US!
Giving a helping hand to Wall Street, the Financial Institutions effectively draft most of the regulations (including retail CFD’s) by ensuring ex Goldman or JP Morgan executives are selected by the Government to oversee The Treasury, Federal Reserve and have a large presence in Congress…
Where do you think their long term loyalties would lie?? What could possibly go wrong!!
Aussie adage… “Always back a Horse named Self-Interest… You can be sure it’s the only one really trying”
Sorry, a lot of reading in these posts that, unfortunately very, very few will bother to read…
That sounds dodgy right off the back to be honest. Should have done your research before joining it, if something sounds too good to be true, it probably is.
Useful information is - if it sounds too good to be true then it probably is. Lots of snakes in the FX world, simply don’t let other people trade your money. Lesson learnt.
Learn trading for yourself, and you won’t get stung again. Sorry if it sounds blunt, but it’s true.
MT4 is a technology that allows brokers to choose their liquidity providers, so a bad broker can certainly connect traders to a related company and scam people. This happened with regulated firms…why MT4 allows unregulated brokers and why the SEC and other regulators don’t stop it is beyond comprehension.
Hindsight is a wonderful thing. She obviously knows it wasn’t her best decision, but being open about it here online will hopefully help others so cut her some slack…
I’m really sorry that’s happened to you, and as others have said, definitely don’t send anymore money. I don’t think you’d be able to recover anything, however you could call a fraud helpline for advice, I imagine they would often get calls like this.
This is the very reason people are told stay away from unregulated brokers as much as possible. They are big manipulators and can’t be held responsible for anything.
This is fishy. Have you asked the broker that why they are not letting you withdraw the full money? Have you asked your broker that why they are asking for 5% of the asset as fees now? May be you will find out what and who is wrong in this whole situation. So, I will suggest to contact them first.
I’m a victim of the same broker, but I was scammed alone, so he tried to create a group with me and my friends, but I didn’t involve my family and friends in the investments… otherwise, there would be even more victims. So I felt for a romance and investment scammer and lost 30000€. Last Wednesday, I tried to withdraw my money but every single attempt failed, as they wanted me to pay 10% personal tax. Now they even threat me to close my account if I don’t send them 5000€ until monday. What can we do against these scammers?
Well, I’ve informed the Swiss police (I’m living in Zürich), I’ve taken a lawyer (specialist for investment scams) and I informed the police and bank in Shanghai (as they put the money there…). In addition, I informed the Swiss ambassadors in Shanghai, as well as the China Regulatory Commission and the FAC.
My advice: ask JS Link Global for a direct remittance, because then they’ll give you all the bank details and you’ll know where your money will be transferred. You don’t need to send any money of course… just try to get the details and let’s check, whether they give us all the same bank information (Chinese bank in Shanghai Hongkong). Be smart and try to get the information without showing your intention. We should get connected and fight for justice and our money… this fake broker and it’s scammers shouldn’t get away with this! It’s such a big emotional and financial deception… I’m still shocked that this has happened … but I don’t want you give up; and you shouldn’t give up, too
Let’s get in touch! I assume that the broker is going to disappear soon… we need to take action now! I’ve already done everything I could by myself, but although I went to the police and a very good lawyer, we should raise attention and out pressure on the authorities in order to support and maintain the investigations… !
Hi @rosek1@Schneewittchen Rosek can you please email me. It won’t let me put links. It’s asap. [Removed for Forums violation] You’re sister and I were frauded by the same guy and it looks like around the same time. He had me bring my friends into it to. I don’t want to put too much on here about it but I need your help to take action.
Hi Trends thanks for the info. I actually have someone that has agreed to help us out who specializes in tracking fraud and cold cases. My group and I were not anywhere near the size of @rosek1. For it to be escalated to the level that he wants to do I need to add them to our case since it sounds like they invested a whole lot.
