If you are a forex trader considering joining a forex broker, you may be wondering about the scams that can plague the industry. You can do some things to help ensure you are not the victim of one.
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Monitor your trading activity
If you are new to forex trading and want to use an expert advisor, it is essential to monitor your trading activity to avoid getting into a scam. You can easily be cheated by forex brokers who are out to make easy money from traders. Here are some ways to identify fraudulent accounts.
First, look for the company’s website. A simple website has a link that leads to a real myfxbook account. Clicking on the link will take you to a pdf document containing lists of trades that supposedly came from the account.
In addition to the website, investors should check for comments from previous traders. Finding an account with a history of several months is advisable. This will help you determine if the trader is reliable.
Another way to find out if an account is real is to check if there is a green tick on the account. The green tick shows that an account holder is an actual person. However, it does not guarantee that the person is trustworthy.
Detect whether the strategy is from an accurate MT4 or demo MT4 account
When testing a system, it’s essential to know whether you’re trying it on a real MT4 account or a demo one. While it’s not always easy to tell, there are several ways to check.
One way is to look at your history data. You can get this information by opening the Terminal window and selecting the Account History tab. This will provide options for the past three months and a chance to save a detailed report.
Another way is to right-click on the chart. You can load and save your work as a template in this window. Of course, the same applies to your Expert Advisors.
If you’re still unsure, you can use the ‘Properties’ window to change the color of trade levels. For example, you can turn a green dotted line for the stop-loss level to a red one for the limit level.
You can also click the Chart Window to open the Market Watch window. Here, you can access and share CFD prices and news. Similarly, you can open an options window by clicking on ‘Tools’ at the platform’s top.
Verify that the charts look like the ones in the growth tab
One of the best ways to gauge the health of your trading echelons is to look for a free and clear. The free echelons of the forex fraternity are a lot better off than the slackers and thugs. For the fans, it’s all about identifying and weeding out the unwelcome. Regardless of your trade style or echelon, if the shady types are a dime a dozen, your chances of a successful trade are slim to none. Luckily, there’s a slew of forex trading tools on tap to save the day. Besides, if you want to learn the ins and outs of the trading game, you’ll need a bit of free time.
Track fake accounts
Myfxbook is an excellent social trading platform with a large community of active traders. Myfxbook provides various tools and indicators to help you analyze and track your trading. It also has a variety of graphs and charts in different categories.
Aside from that, Myfxbook has been partnering with a few trusted providers to offer a wide variety of tools to help you get better at forex analysis. The website also offers a complete Help and FAQ section to give you more insight into the application.
There are a few things you can look for to identify fake myfxbook accounts. First, a fake account will show no active trading. This means the report has not been traded in a while.
Another indicator of a fake myfxbook account is when the website’s domain name is altered. This is an easy way for scammers to create a phony website that looks real.
When looking for a Myfxbook account, you should find an address with a natural trading history. It will be the only place you can check to see whether the information you are getting is authentic.