Are all MetaTrader brokers scam?

  • Thread starter Thread starter Peblo
  • Start date Start date
No, I don't think that all MetaTrader brokers are scammers. I have a couple of years of experience in trading and I have heard stories of scams and fraudulent happening every now and then. I always check Forexpeacearmy for detailed reviews.

Here, I would like to say, choosing a reliable broker in this case matters a lot. Read the user reviews and ratings before trusting a broker to deal with. IG, Turnkey Forex, Oanda, and XTB are the best yet decent brokers available in the forex market, who offer MT4/5 as their trading platform to traders of all experience levels. You can try them too, especially if you are a newbie in town to learn about them in a better way.

Good Luck!
 
I totally contradict what you’re saying. That is so not the case. Metatrader is one of the best trading platforms that ever existed. I have put my money in FxView where I use their customised trading platform ActTrader, and FXCM, where I use MT4. Can’t say one is better than the other, cause with them both I have had more good results than bad. Maybe you could give thinkorswim a shot. I have heard people rave about its advanced features.
 
Peblo said:
I have always wondered - is it even possible to make and pay out significant amount of money using an FX broker that offers MetaTrader? From what I read elsewhere virtually every broker blocks or closes your account when you start making money. So, what is the point of even starting with such brokers, tell me?
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MetaTrader is just a platform, but I think you are asking about the brokerage making it available. I would say no brokerage is going to close your account, because they are not at a loss, they are just facilitating the trade. They are working with liquidity providers and market makers that are taking the loss. Those LQs and MMs at best just look over statements and see they are overall profitable and will just accept your gains as a business expense. I highly doubt they a going to break down all the transactions to seek you out, that's if the initial brokerage even gives them access to that information.
I could be wrong though.
 
The issue here is not if all brokers that use Metatrader is scammers or not. Because they are not. For example Oanda, and many others.

However, Metatrader is offering a white-label service for people that want to start a "brokerage" without having the infrastructure. They can just rent it from Metatrader, and to the world, they will look as a brokerage.

Among this latter group, there are a lot of scammers. Because the barrier to entry is so low, it will attract a lot of crooks. Hence, a large proportion of the ones that are paying for Metatraders platform as a broker, probably have no intention of being a real broker, but just want to make some money.

So yes, you have to be careful with which Metatrader -provider you are using. But not all of them are scammers.
 
Peblo said:
I have always wondered - is it even possible to make and pay out significant amount of money using an FX broker that offers MetaTrader? From what I read elsewhere virtually every broker blocks or closes your account when you start making money. So, what is the point of even starting with such brokers, tell me?
More...

It is absolutely incorrect that every broker will block or close your profitable account. There are tens if not hundreds forex brokers which will pay you out. I regularly withdraw money and have many brokers because I don't want to have all in one basket. In terms of withdrawals and decent service here are some of the great brokers: Global Prime, IC Markets, Pepperstone, AXI Trader, LMAX, Hotforex, Ducascopy, Blueberry Markets, Key To Markets. I always start from reviews on Forex Peace Army. Filter brokers with 4 and 5 stars and you should be ok. Many brokers are actually exceptional.
 
Peblo said:
From what I read elsewhere virtually every broker blocks or closes your account when you start making money
More...
Not true, but there are many who only do B book trading (they keep all trades in-house) and as such they don't want profitable traders.

But only some of them are the obvious crooks you've mentioned.
Broker registration in exotic places should be a red flag.

If you want a true A book forex broker who will also provide trade receipts on request, look up GlobalPrime
https://www.globalprime.com/
 
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