White Label Severs MT4 SCAM (real accounts)

[exchangeviews]

Dear Karim S,

Unfortunately the scammers are spreading alongside with the technology growth. I hope these information help you in finding the right answer.​

• There is no such as a "scammer server"! But, there are owners/directors/shareholders with scamming policies, because they are too dumb to make their way up in the market.​
• Unfortunately, Licensing and/regulation cannot stop a broker from fraudulence.​
• A trading platform with its server requires to be bought from a platform provider such as MetaQuote or Spotware. The process is %100 legal.​
• When you submit a request to create a live or a demo account, the broker receives and they do accordingly. When your account is open, the broker decides to A Book or B Book based on their internal hedge or risk policy.​

The elaboration above may confuse readers, I will try my best to shed more lights in my future posts.

Thanks for your input SOLID ECN LLC
To your point :

• Unfortunately, Licensing and/regulation cannot stop a broker from fraudulence.

I would say yes i agree it cannot stop fraud however I'm sure you'd agree that it certainly provides for much better accountability on behalf of the broker and their directors/shareholders to Government Laws and Enforcement of these. There are far more protections for the rights of defrauded people like me if a broker is legally licensed and regulated. In my case the broker represented themselves as being regulated in order to trick me into investing my funds with them. They shouldn't need to do this if what you say in your point that it doesn't really matter in the case of fraud. This is fraud in itself and companies like MetaQuotes who sell their software platform to criminals like this and allow them to operate and market themselves under their Company Brand so they can steal innocent people's money, indeed they do bear responsibilty as an accessory for this fraud being allowed to occur. This is certainly beyond dispute legally.

 

[SOLID ECN LLC]

Thanks for your input SOLID ECN LLC
To your point :

• Unfortunately, Licensing and/regulation cannot stop a broker from fraudulence.

I would say yes i agree it cannot stop fraud however I'm sure you'd agree that it certainly provides for much better accountability on behalf of the broker and their directors/shareholders to Government Laws and Enforcement of these. There are far more protections for the rights of defrauded people like me if a broker is legally licensed and regulated. In my case the broker represented themselves as being regulated in order to trick me into investing my funds with them. They shouldn't need to do this if what you say in your point that it doesn't really matter in the case of fraud. This is fraud in itself and companies like MetaQuotes who sell their software platform to criminals like this and allow them to operate and market themselves under their Company Brand so they can steal innocent people's money, indeed they do bear responsibilty as an accessory for this fraud being allowed to occur. This is certainly beyond dispute legally.

Dear @exchangeviews,

Thank you for your valuable comment.

I am %100 agree with you, but the thing is the regulated companies are A) registered under a nominee director, B) The ultimate owner is hidden, C) Maintaining expenses are significant, and one way or another it leads the broker to either A) Sell its products more expensive or B) Charge its clients with hidden commission such as widening spread overnights and deliberate slippage.

As an example:

The FCA Umbrella regulatory body has a $25,000 monthly fee (and that is the cheapest in the market), and MetaQuote minimums fee is $5,000. If we add server fees, office rent, and hired staff, a regulated broker must come up with $35,000 to $40,000 a month just to survive. How are they supposed to make that money? and they are A Book obliged!

Truth to be told, most white label companies belong to prime brokers.

There are startup companies who try to make a decent living by providing good services, and unfortunately scammers is ruining it for all.​

 

[SOLID ECN LLC]

How to differentiate an honest broker from a scammer?
And
Did you know there are fraud traders?​

A) Withdrawal policy
B) Refund policy
C) Promotion materials
D) AML CTF and KYC compliance policy
E) Trading environment
F) Trade execution policies

I will try my best to go through these items one by one in the following posts. Hopefully it assist fellow traders to avoid scammers.

 

[bianca32101]

Hi. I also in the same situation. today is my last day to pay, i was looking for information about MT4 tax law, but almost nothing. how about you, did you pay tax what they where asking?

I stronly suggest you dont pay the taxes.. money is long gone.. yours mine and hundreds of other innocent people... i lost with them 41000. they are evil people destroying others life..