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VIDEO #5: Fake Myfxbook accounts

Discussion in '5 Forex Scams Used in EAs, Indicators and Signals' started by Ea-Coder, Dec 19, 2016.

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  1. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    SCAM #4: Fake Myfxbook accounts

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    Signs of a Fake Myfxbook Account:
    1) Non-clickable screenshot of Myfxbook portfolio
    2) Account has not been updated for a long time
    3) Account has been updated recently, but trading ended months ago
    4) “Track Record” and “Trading Privileges” are not verified
    5) Says it’s a real account when “Trading Privileges” are not verified
    6) Private information (balance, equity, profit, lots, open trades, history, etc.)
    7) If “Gain” and “Absolute Gain” do not match it could be fake results
    8) If “Custom start date” is enabled it could be fake results

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    - Rimantas Petrauskas
    The secret behind successful Algotrading is
    managing a portfolio of many automated strategies.
    Rimantas Petrauskas >>



    5 Forex Scams Used by Providers of EA, Indicators and Trading Signals video series created by Rimantas Petrauskas - algorithmic Forex trader, programmer and creator of many MT4 Apps.
     
    #1 Ea-Coder, Dec 19, 2016
    somebody with gun, marcesimas1972, terrate and 4 others like this.
  2. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    I'm going to take this opportunity to brag about the FPA's Performance Testing program...

    1. Demos were phased out years ago. The FPA checks to make certain all submitted accounts are real. If a broker offers cent accounts, the FPA checks to verify the exact amount of money deposited.

    2. The only things which can be hidden are the name on the account, the account number, pending trades, and open trades. To prevent hidden open trades from being used to leave trades open forever, the FPA always displays floating profit/loss. Lot size, deposit size, whether stop losses are used, and more are all displayed and can never be hidden.

    3. If an account doesn't trade for an extended period, the FPA contacts the company to ask what's going on. If the account continues to not trade, the test is stopped.

    4. There is no option for a custom start date. The start date is when the account is opened.

    5. If a company has other tests which are in major drawdown or which failed, the minimum balance for submitting new tests goes up. This applies whether those tests are active or stopped.

    6. Because some companies were trying to manipulate results with carefully calculated deposits and withdrawals, the FPA uses a time-weighted system to minimize the impact of deposits and withdrawals on trading statistics.

    7. Tests cannot later be "made private" once they are listed.
     
    #2 AsstModerator, Dec 19, 2016
    marcesimas1972, GeorgeS, richard56 and 2 others like this.
  3. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    Thanks for this information. I really need to find some time and upload my strategies on FPA testing system too.
    I really love no. 2. It's good to know you protect traders by hiding their pending orders/open positions and at the same time protect investors by showing them floating Profit/Loss. I think that's the way to go!
     
    #3 Ea-Coder, Dec 19, 2016
    marcesimas1972 and GeorgeS like this.
  4. Pharaoh

    Pharaoh Colonel

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    So those "verified" live accounts on MyFxBook can really be demos. So much for their verification process. :(
     
    #4 Pharaoh, Dec 19, 2016
    GeorgeS and Ea-Coder like this.
  5. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    I have tried to repeat this again with another account and it did not work. So it could be Myfxbook fixed this already. But still we do not know how many accounts there can be actually demo accounts even if they appear as real accounts.
     
    #5 Ea-Coder, Dec 20, 2016
    GeorgeS likes this.
  6. Pharaoh

    Pharaoh Colonel

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    So some demo accounts may be incorrectly labelled as live and some may not. That doesn't provoke a warm and fuzzy feeling of confidence in MyFxBook.
     
    #6 Pharaoh, Dec 20, 2016
    Ea-Coder likes this.
  7. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    My thoughts exactly. The fact that they have changed that account to DEMO later kind of tells they are working on such things.
    But still uncertainty does not go anywhere and we cannot be sure 100% anymore whether real accounts on Myfxbook are really real accounts.
     
    #7 Ea-Coder, Dec 20, 2016
    marcesimas1972 likes this.
  8. J7nL2Mxb

    J7nL2Mxb Recruit

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    Thanks a lot for this video series! You point out possible issues which are easily overlooked without special training :)
     
    #8 J7nL2Mxb, Dec 22, 2016
    Ea-Coder likes this.
  9. Ea-Coder

    Ea-Coder EA-Coder.com Representative

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    Thank you for your comment. I am glad you like my work ;-)
     
    #9 Ea-Coder, Dec 22, 2016
  10. Dougdave

    Dougdave Recruit

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    Thank you, Rimantas, for sharing this important info. Have a Merry Christmas, when you celebrate. Dave.
     
    #10 Dougdave, Dec 24, 2016
    somebody with gun and Ea-Coder like this.
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