Broker List Check

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Hi,

Is there any way to check the brokers is it legal or a scam under MT5 platform?

Thank you.

 

No, it is impossible to check against MT5 platform.
It is possible to check according to your country's law and regulations, and according to the law and regulations of the country of the brokers' registration.

Example,

  • one broker is legit in your country
  • but this broker is not legit in my country.

And the governments (my government and your government) are deciding it.
And if you opened the account with the broker which is not approved by your governent so - you are not legit.

So, the question (which should be asked first) is the following:
Are you legit? If you opened the trading account with the broker which is not accepted/approved by your government so you are not legit.

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So, you opened the trading account with the broker?
And this broker is not accepted/approved by your government?
You are not legit in this case.

And non-legit people do not have any rights on this mql5 forum.

That is why I will delete your non-legit thread.

 
kastey aw #:
Actually I did checked under hong kong government website, the company is registered. Status is LIVE. As you said if the company not legit, it totally not approved by MT5 platform right? 
 
I'm planning to change broker company, so wanna check out see got anyway can check out is the broker legal or not legal :) 
 
kastey aw #:
Actually I did checked under hong kong government website, the company is registered. Status is LIVE. As you said if the company not legit, it totally not approved by MT5 platform right? 

It is nothing to do with MT5 platform.
Because this platform is just a software (same as Windows, Android, and more).
It is something related to the governments:

  • some brokers are licensed by one government;
  • other brokers are licensed by the other government,
  • several brokers are licensed by offshore government,
  • there are brokers which are not licensed at all (no any government licensed them).
----------------
  1. And there is prohibitive order of admission of clients to this financial institution/broker,
  2. and there is permissive order of admission of clients to this financial institution/broker.

And those orders are regulated by the governments.

Example, there is prohibitive order of admission of clients to financial institutions/brokers for US citizens,
but there is permissive order of admission of clients to this financial institutions/brokers in my country (Russia).

- What is "prohibitive  .."?
Did you read the thread on the forum related to the following: "do you know the brokers which accept US clients?"

- What is " permissive   .."?
It is something related to the following - the government (your government) can tell you: "you can do anything and we/government do not care anymore"

----------------

 
So, always check the governments (your government or other government in case your government does not care about it).

By the way, the forex trading is legit in your country (are you legit)?
 
Sergey Golubev #:
So, always check the governments (your government or other government in case your government does not care about it).

By the way, the forex trading is legit in your country (are you legit)?
I'm from Malaysia. Yes. 
 

If you feel bad related to your choice of the broker (if you do not know about your broker anything and worry for your money with your broker) so -
contact the regulating authority of your broker and find a lawyer(because it is always the legal issues and legal situations related to the broker you selected, licensed or not in your country, which agreement you signed with them, and more).

Forum on trading, automated trading systems and testing trading strategies

...

William Roeder, 2021.11.19 01:27

  1. MT5 is the terminal, a program. There is no account there.
  2. MetaQuotes is the maker of MTx and this web site (MQL5.com). If you mean your account here, only the service desk can help you. Contacts and requests at the bottom of every page.
  3. If you mean your broker's account, only your broker can do anything. Contact your broker's regulating body.

 
kastey aw #:
I'm from Malaysia. Yes. 
Recommendation about the brokers is prohibited on this forum.
So, do not expect any direct answere on your questions here related to particular broker or case.
 
Sergey Golubev #:
Recommendation about the brokers is prohibited on this forum.
So, do not expect any direct answere on your questions here related to particular broker or case.
Thank you so much


 
Sergey Golubev #:

It is nothing to do with MT5 platform.
Because this platform is just a software (same as Windows, Android, and more).
It is something related to the governments:

  • some brokers are licensed by one government;
  • other brokers are licensed by the other government,
  • several brokers are licensed by offshore government,
  • there are brokers which are not licensed at all (no any government licensed them).
----------------
  1. And there is prohibitive order of admission of clients to this financial institution/broker,
  2. and there is permissive order of admission of clients to this financial institution/broker.

And those orders are regulated by the governments.

Example, there is prohibitive order of admission of clients to financial institutions/brokers for US citizens,
but there is permissive order of admission of clients to this financial institutions/brokers in my country (Russia).

- What is "prohibitive  .."?
Did you read the thread on the forum related to the following: "do you know the brokers which accept US clients?"

- What is " permissive   .."?
It is something related to the following - the government (your government) can tell you: "you can do anything and we/government do not care anymore"

----------------

My example.

I am trying to select the broker which was licensed in my country with the governmental regulated body (by my government).
There are many of them (many brokers).
And I will select the broker which is having the office in walking distance from my home, which is having good datafeed, good/neutral reviews in 'forexpeacearmy' and more.

If I like to select some other broker which is not accepted/licensed by my government so I am looking for the following:
was this broker accept by American government for example?
Because if the broker is hacing the license so the license issued in the U.S.may be more valuable than the license issued in offshore Belize for example.
Because there is "prohibitive ..." in the U.S.

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