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Meta Trader4 is one of the famous online electronic trading platforms. It is also known as MT4 which is very popular among forex traders. A million traders trade with MT4 and achieve a big amount of profit. Each forex trader wants to know can MT4 trades be faked. Don’t be confused. I have a short and relevant answer.
Yes, MT4 trades can be faked by the broker along with you start trading. Many reasons are acting behind it. The main reason is that they want to fraud untrained new traders. Any recognized firm does not authorize such accounts.
These brokers offer attractive services to persuade their clients and tarp them in greed for rewards and profit. To save yourself from these brokers’ fraud, you must be active. Try to withdraw your funds as you earned them so that you may not lose your money and protect your investment from any scam. In this post, we have collected all the basic info that you want. Let’s read them!
What Is Meta Trade4
Before discussing the main topic, it’s essential to know about MT4 in detail. Otherwise, you can’t understand what we want to say. Let’s read what MT4 is.
Generally, MT4 is one of the most online trading platforms. It is becoming famous day by day and a large number of traders like to invest here. It helps forex traders to trade by using all their skills.
You can trade with technical analysis, expert advisors, and flexible trading systems. It also provides mobile applications for traders. Many other services allow you to copy the trades of other traders to make your trades perfect.
Despite all its benefits, there are some drawbacks about which you have the proper knowledge. Some brokers manipulate you by creating fake accounts.
Let’s go ahead to learn more!
How To Detect Fake Meta Trade4 Account
Now it’s time to make yourself fully activated. It would be best if you collected all basic info after proper research. Don’t trust any broker blindly. Investigate yourself and then take the decision. So, knowing how you detect the MT4 account is fake is important. It’s not as hard as you think.
First, check carefully the irregularities in the account that appear many times. You must have to look at the history of that account. Sometimes, brokers try to persuade you by offering different attractive services. Don’t show your interest until you make yourself satisfied.
For example, if you notice an unfamiliar rise and fall in any account activity, it means there is something suspicious. A broker has a fake account if you see exploitation in trade history.
What Could A Broker Get From a Fake MT4 Account
Any authorized company does not regulate many brokers who create fake MT4 accounts. They have no trading license, so trading with these brokers is risky. Here comes a question. Why do traders make such accounts and what can they get from it?
The main reasons to create fake MT4 accounts are listed below:
- They do it to make their own trading activities expand.
- By creating fake accounts, they increase their commissions and fees.
- It may utilize security prices.
- It may create hindrances in the trading activities of others’ accounts.
Can Fund Managers Fake Their Trading Activities
Many fund managers show their fake performance on their account history. They do so to attract new traders and persuade them to invest money in their accounts. In this way, they can get a high commission or fees. Fake performance is shown by using back-testing data and lives trading data.
It is a very serious problem in the online trading world. New traders just read the broker-provided services and start trusting them blindly. Many investors lose money because of their ignorance and lack of knowledge. Before investing your capital with a signal provider, you must do your research work properly and then take your decision.
So, you can avoid any scams and save your money.
Top 7 Best MT4 Brokers
Finding a real and trustworthy broker for an MT4 account is difficult. The online trading market is full of different brokers. How could you choose the right one? To make it easy for you we have made a list of the 7 best brokers.
These are listed below:
- FP Markets
- Deriv
- IC Markets
- Pepperstone
- Vantage
- CMC Markets
- Admiral Markets
Is Fake MT4 Account Illegal?
Now the most important and frequently asked question is that it is illegal to create fake MT4 accounts or not. A fake MT4 account is illegal. That’s why it is crucial to check all the laws and regulations that a broker shows you related to the account.
However, brokers are discouraged due to fake accounts because they have to face many serious problems in this case. In the beginning, fake MT4 accounts create misconceptions and problems among traders.
As soon as the trader learns that his account balance doesn’t match his expectations, he realizes he is using a fake account. The truth is that his broker is trying to mislead him by manipulating his account.
As a result, the trader becomes confused and take the wrong decision of withdrawing his investment. A fake MT4 account also creates issues with the trading data of an account that is not good for trading activities.
Summary
Many traders want to trade with the MT4 trading account. If you are one of them, this post is especially for you. To start trading with a new broker, a beginner must complete his research work.
Firstly, check the complete profile and previous trading data of that broker. Also, observe keenly the reviews given by other traders.
These are very helpful for you to take the right decision. Why you should be so careful? The reason is that several brokers create fake MT4 accounts for their own profit. So, try to withdraw your fund as soon as possible.
I hope you are now fully aware of the MT4 fake accounts and avoid trading with these accounts.
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