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MT4 Brokers

Broker
Status
Vote Rating
Year
Reviews
Reliability Rating
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90%
10%
2021
-
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83%
17%
1996
-
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80%
20%
2005
-
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60%
40%
2021
-
icon
60%
40%
2015
-
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60%
40%
2010
-
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60%
40%
1982
-
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41%
59%
2015
-
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20%
80%
2022
-
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21%
79%
2001
-
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2009
-

Latest Reviews

Stas

I really didn’t like the quality of service, some rude guy called and blatantly demanded to open an account because I’m such a poor ford that I need to be saved immediately. The first time I sent him, but he called again with the same result, he was replaced by an even more rude person who told me that I didn’t understand something and that they were giving me a one in a million chance to escape poverty. But all they got from me was that I checked their website, it turned out to be complete bullshit. Therefore, the next conversation was more substantive; I told the nonsense that without a license they can trade with each other, and there is no need for me to sell my scam.

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Sergey

This is not a real broker, he doesn’t have a single document, the trading conditions are only in the terminal which is WebTrader. And this is that demonic pontoon trash. Normal brokers do not contact him and dealers do the same. Stay away from dumps of this kind as far as possible, maybe you won’t end up with all the money like me.

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Stas

I repeat once again, a reliable broker with several tens of thousands of clients around the world cannot have a one-page website. Such hackwork is found only among scammers who don’t even want to spend money on a normal legend to scam crowds of young people. These are the greediest of all swindlers, I warn you, they will call for weeks and extort money until they realize that nothing will happen to them. They should be immediately thrown into emergency situations.

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Den

There are stacks of such scams on the Internet and you should not trust them under any circumstances, because they were created for one purpose - to scam people for a deposit. They won't let you make money. This can be seen from the trading conditions, false registration, and cryptocurrency pairs. In short, there is proof that scammers are full of pants, not even non-believers.

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Stas

The scam is obvious at first glance: registration in an offshore is always very bad; an unclear description of services; incomplete specifications are even worse. Such scammers manage to work only because there are still thousands of gullible people on the Internet who are ready to believe the fairy tale about simple trading without any effort. But everyone who says this is a swindler and you need to stay as far away from them as possible.

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Alice

Very negative experience with this particular intermediary. Here you can’t earn prices out of the blue, which is why strategies don’t work. I drained everything in 3 days, so they started calling me and offering to top up again, it’s good that I didn’t fall for it this time.

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All reviews

Forex Brokers with MT4 Platform: Allies or a Path to Deposit Drain

The MetaTrader 4 (MT4) platform emerged in 2005, revolutionizing the field of forex trading. Even in 2022, it is still considered the most widely used trading platform.

The 4th version of MetaTrader was specifically designed for dealing operations. In other words, trades were not initially routed anywhere else. They were handled using the dealer’s internal reserves, including their capital and opposing orders from clients.

Over time, the software underwent upgrades, introducing the possibility of using Straight Through Processing (STP). However, additional configuration is required, which can negatively impact the platform’s performance.

MT4 Brokers 10 Years Ago and in 2023

In the last decade, the MetaTrader 4 platform was at the peak of its popularity. However, the situation changed significantly in 2023. Most brokers transitioned to new, modern trading platforms.

In 2022, 10% of MT4 brokers are smaller firms that did not route trades to the interbank market even a decade ago, and they have no intention of changing this approach.

90% of modern forex brokers offering MT4 are market makers. Then why is this platform still used? Most often, it is used by scammers. Their numbers far exceed those of legitimate brokers.

Characteristics of MT4 Forex Brokers

It’s worth noting that the majority of brokers using the MT4 platform are market makers. This is indicated by their:

    • License

    • Leverage

    • Supported payment systems

License of an MT4 Broker

Usually, the license is either offshore or non-existent. In either case, regulatory bodies might not provide protection against fraud.

Many brokers offering real accounts on the MT4 platform are registered in St. Vincent and the Grenadines or utilize local licenses. Only the SVG FSA openly states that it does not oversee brokers in the forex or binary options markets. In case of broker fraud, the regulator won’t help recover funds.

Trustworthy MT4 brokers are very few in number. The practice demonstrates that the majority of them are located in Cyprus, dating back to a time when CySEC (the Cyprus regulator) was issuing licenses liberally, even to scammers.

Leverage of an MT4 Broker

Typically, MT4 dealers offer leverage ranging from 1:100 to 1:1000, and sometimes even higher. It’s important to note that positions with such high leverage do not reach the interbank market. This is a sign of a market maker that can imitate any trading volume. Such brokers do not risk their own capital when providing high leverage.

Payment Systems of an MT4 Broker

A reliable broker accepts funds via bank accounts, cards, and payment systems with strict verification procedures. Fraudsters who use MT4 may accept transfers from payment systems where anonymous accounts can be created. This practice contradicts KYC and AML policies.

Binary Options Brokers with MT4

Globally, there are only two or, at most, three genuine brokers offering binary options, all of them from the US. The rest are scammers peddling bets on quote differences. Essentially, they are bookmakers. Due to numerous scandals, these fraudulent practices are being widely banned.

Can Fake Binary Options Brokers Offer the MT4 Platform?

Yes, if they present themselves as forex dealers. For those who merely accept bets, there’s no need for a trading terminal.

Can MT4 Brokers Be Trusted?

If a broker suggests opening a MetaTrader 4 account, they are likely scammers. Moreover, this is outdated software that doesn’t meet modern market requirements. Even the developer of MetaTrader 4 encourages transitioning to MT5, which offers the possibility to route trades to the interbank market and even trade on real exchanges.