Recently, there have been many rumors regarding the MT4 scam. This is a painful problem confusing the trading community around the world. So what is the truth of this story, is MT4 scamming users? If you are interested in this issue, please join Learn Forex Trading to find the most accurate answer through the article below.
Learn what MT4 software is.
MT4 software is a trading platform developed by the MetaQuotes team. First launched in the trading community in 2005. Up to now, MT4 has become an effective tool for all traders. Not only used in the Forex market, Metatrader 4 is also applied to many other markets. These include Cryptocurrencies, stocks, indices, commodities… To support Forex traders to trade products on the financial market. After 20 years of operation, MT4 has become the best-rated trading platform today
With an intuitive, simple platform interface, many utilities, and ease of use, the MetaTrader 4 application has received the attention of traders. At the same time, it is also popular for its discreet security and flexible customization capabilities. This is an advantage that helps traders perform automatLearn Forex Trading using algorithms more easily. Currently, MetaTrader 4 supports most devices, including PC phones, Macbooks… Even though the tool is completely free, traders do not have to pay any fees to access and use the platform.
See more: Let MT4 help you solve all your trading difficulties
Is trading with Metatrader 4 safe?
Traders who have never used the MT4 application, will certainly always wonder if trading with Metatrader 4 is safe. The answer to the safety of MT4 is “Yes”. You don’t have to worry about the MT4 scam because this is a reputable and legal operating platform. Here are some examples to help traders have a more objective view of this platform:
- The founder and developer of the MT4 application is MetaQuotes. It is one of the leading software development companies in the global foreign exchange market.
- MT4 is the integrated software of trading platforms. This means MT4 does not interfere with the investor’s trading process. Most of the top reputable trading exchanges today… integrate MT4 to serve traders.
- The number of Metatrader 4 users is increasing, although there are now many other supporting software such as MT5, cTrader… This proves the reputation and quality that MT4 brings.
- MetaTrader system has a team of enthusiastic and professional working and consulting experts.
That trading on Metatrader 4 is truly safe is not only shown through the above evidence. It is also proven by prestigious awards given by prestigious organizations, magazines, etc. in the industry. Some of them include: “Best Trading Platform”, “Best Retail Forex Platform”, Best Automated Trading Platform”…
What is the truth about the MT4 scam?
As a trader, you probably know that Forex is a market that is often caught up in fraud suspicions. Although this field has been operating for a long time and is legally recognized by some countries. Therefore, when MT4 was born and integrated into trading platforms, it faced rumors about the MT4 scam. However, these are just baseless word of mouth, leading users in a negative direction.
Why is there information about the MT4 scam?
So what is the reason why the MT4 scam is constantly being dug up on the forum? As mentioned above, the MetaTrader 4 application is currently leading the race for the most popular trading platforms. Therefore, this is a platform that receives the trust of many reputable exchanges such as Exness ICMarkets … That’s why the number of customers trusting it is increasing day by day. This means that the platform is susceptible to problems of quantity overload. At this time, the system will not be able to respond and will stop working for a short time. That unintentionally makes users doubt its reputation and think that MT4 is operating to defraud customers.
Reviews of experts and traders about the Metatrader 4 application
Ignoring false rumors about MT4 being a scam, this platform is highly appreciated by experts and the trading community. Most users have not encountered any scams directly related to MT4. Over the past 20 years, MT4 has always been on the top list of the most popular trading platforms. According to statistics, MT4 has integrated with 750 brokers as well as hundreds of banks around the world to serve the needs of millions of traders. Specifically, the reviews that appear a lot include a stable and safe platform, diverse indicator MT4, and good support… However, there are still some overloads that are being overcome by the MT4 team. Promising to bring an increasingly perfect trading platform for traders.
Warning about tricks that take advantage of MT4 to scam users
So do you understand the tricks of some illegal individuals/organizations to take advantage of the MetaTrader 4 scam? If not, read the following information to warn yourself and other investors:
- Some brokers arbitrarily copy fake MT4 platforms to fool inexperienced newbies. These versions are simulated in an extremely sophisticated and difficult-to-recognize way. They will call to attract investment, then swallow all the traders’ money.
- Taking advantage of the MT4 brand to scam traders through attractive promotions. Signs for you to recognize through online chats, “seduction” with the nickname “MetaTrader 4” to invite you to open an account as well as suggest trading.
- Some illegal brokers have exaggerated automated trading profits with EAs. This is intended to attract the interest of Forex investors. From there, creating a fraudulent tactic causes the trader’s account to quickly burn out in minutes.
Besides the tricks mentioned above, there are more and more criminals with the reputation of Metatrader 4. Therefore, you need to be alert and research carefully before deciding to participate in any attractive transaction. any.
See more: Registering XM broker account on the phone
How to prevent Metatrader 4 scams
To protect yourself from scammers, you can use some of the following measures:
- Only conduct transactions with legitimate brokers. For example, the broker has been operating for a long time and is managed by reputable Forex financial agencies.
- It is necessary to learn and clearly understand the policies and terms of the trading platform.
- Evaluate and consider carefully before MT4 downloads or using any platform. In particular, do not download using impersonated links that affect personal information.
- Choose to trade with brokers that support official deposit/withdrawal methods, ensuring transparency: Visa, e-wallet, Mastercard…
summary
In short, the MT4 scam is completely untrue. In the above article, Learn Forex Trading has helped readers clearly understand what MT4 is. At the same time, provide evidence with solid information and data and confirm the safety when trading using the MT4 application. Hopefully, this will help traders be more alert when investing and help your trading on MT4 become the safest and most effective. If readers have any unresolved questions, please leave a comment and follow the website to receive the earliest answer.
FAQs
Is MT4 a reliable trading platform?
MT4 is a reliable platform trusted by traders with nearly 20 years of operation.
Are MT4 scam rumors true?
Rumors of the MT4 scam are completely false. The above incident has been refuted by the Metatrader system and given specific evidence.
How to avoid scams and trade safely on the MT4 application?
To avoid scams on MT4, you need to be alert and research carefully before making a decision.
