Are all MetaTrader brokers scam?

Discussion in 'Forex' started by Peblo, Jul 18, 2020.

  1. Peblo

    Peblo Guest

    I have always wondered - is it even possible to make and pay out significant amount of money using an FX broker that offers MetaTrader? From what I read elsewhere virtually every broker blocks or closes your account when you start making money. So, what is the point of even starting with such brokers, tell me?
     
  2. ZBZB

    ZBZB

    Are you in the USA?
     
  3. Peblo

    Peblo Guest

    No, I am not. Why does this matter? It does not change the fact that MetaTrader brokers are scam
     
  4. ZBZB

    ZBZB

    Use www.interactivebrokers.com then. They offer margin and charge $2.50 per trade to access an ecn of prices from 18 banks.
     
  5. They are not all that way. There are many well regulated brokers out there.

    If you're outside of the USA, consider https://pepperstone.com, and use their cTrader platform if you're just paranoid about MetaTrader.

    I've known them since 2010 and have had zero issues taking out net profit over the years.
     
  6. The MetaTrader third party ecosystem is sketchy/scammy (e.g. endless useless indicators and expert advisors for sale) but whether a broker or CFD provider is serious has little to do with their support for MetaTrader. I do say little and not nothing though (there is probably a positive correlation given the aim of MT towards retail).
     
    Last edited: Jul 18, 2020
    Opcodes and HobbyTrading like this.
  7. AMP which is a us broker gives access to MT5.
    IG which is world leader in cfd gives access to MT4 ....
    all depends on the broker.
    But the shady side at metaquote is that it offers brokers a technology that allows them to do the dealing desk (a prohibited technique).
    that's why scam brokers opt for MT
     
    Opcodes likes this.
  8. Why do you mix up the scruples of a brokerage firm with the software tool they provide?
    You may want to look for an FX broker based in a country with stronger regulations.
     
  9. heispark

    heispark

    Any serious traders wouldn't use Metatrader crap... That's free toy for small retailers.
     
  10. carrer

    carrer

    Go with Oanda. I have been profitable for years and my account is relatively large (OPM). So far no issue with them.
    They use to call me from time to time.
     
    #10     Jul 19, 2020
    MarkBrown and Snuskpelle like this.