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MT4 platform specially designed to lose

Discussion in 'Scam Alerts' started by MT4Bones, Jan 11, 2011.

  1. MT4Bones

    MT4Bones Recruit

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    I use MT4 for 2 years and I had trouble only with reqote at NFP and other small problems.
    What worries me is something much worse:

    Suppose you have a great year and win 80 percent of transactions.
    In this situation, if your broker does not want to give your money will delete your transactions history.
    Not for the first time U hear that.
    Let say that's not a problem because you think someone has to regulate that broker.

    Wrong.

    The platform does not have an encryption key between you, the retail trader and broker.
    Everything you do in your MT4 broker can not be proved against your broker to anyone.

    So, all MT4 brokers are Scam from my point of view.

    Looking for solutions
     
  2. seth blackstone

    seth blackstone Recruit

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    Sheesh .. I hope ....

    that this isn't true.
     
  3. PipBiker

    PipBiker Private, 1st Class

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    I copy off my transaction history for brokers weekly for backup. Most brokers are not scamming you, but there are those....
     
  4. fxfrench

    fxfrench FXOpen AU Representative

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    I don't think you are being fair to the brokers who are operating in a legitimate way.

    Requotes and removed trades are symptoms of trading on a market maker. These "tricks" are designed to protect the dealing desk and the broker's hedged netting position on the market. Trading techniques such as arbitrage or lag trading scripts will usually result in trades being removed since they are designed to defeat the Market Maker's dealing desk and will usually be covered legally in the trader/broker agreement documents.

    If you want to trade on MT4 with honesty and transparency, you can choose to open an ECN account where spread is variable, set by the interbank market, requotes are impossible, and no dealing desk to have problems with.

    In a nutshell, not all MT4 brokers are acting in unprofessional ways. Some of us are doing our best to run the company with the highest levels of honesty and integrity. :)
     
  5. MT4Bones

    MT4Bones Recruit

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    How do I prove that I had winning position if history is intentionally deleted and the broker send the mail with no transactions, or with transactions but with no profitable trades?
    For this you need an encryption key that MT4 does not have.
    I'm not saying that all brokers are SCAM, the MT4 platform only give them the solution to not pay.
    Who says this is not true I want to come up with evidence that I am wrong!
     
  6. f-man

    f-man 4Xangels Representative

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    I am sure that there are brokers out there that would do it. That's why we have FPA. Don't go for a small broker which a rating of 1 star and many complains!

    I feel safe trading with MT4. Furthermore,

    1. My broker sends me an email EVERY day with the daily transactions. It comes from them, they can not deny it.

    2. I would never leave the profits of 1 year with ANY broker!
     
  7. Pharaoh

    Pharaoh Colonel

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    If your broker doesn't send you daily trading statements, get screenshots of your MT4 trading logs. Take one before you start trading each day and take another one when you are done.

    If you break the rules that you and the broker agreed to, then the broker can erase or nullify trades. The broker should notify you if this is done. Mysterious disappearances of transactions and profits would be an instant sign of scam in my book.

    For NFA regulated brokers, canceling trades due to price feed errors must be done VERY quickly. The broker can't go back and wipe out old trades later because of claims of incorrect pricing.
     
  8. fxfrench

    fxfrench FXOpen AU Representative

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    Well, you could do all that, or just simplify the solution greatly buy just opening an ECN account in the first place. ECN positions cannot be erased since they are matched with another market participant.

    Market Maker positions can be removed however because for the most part, they stay totally in house and if they damage the dealer's netting position, are able to be wiped since they only exist virtually.

    Just open an ECN and stop worrying about it :)
     

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