Are all brokers legit?

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petomai
36
petomai  
On MT4 are all searchable brokers legitimate and go through any kind of authorization and checks? Or can anyone be a broker? I believe I'm a victim of a broker scam but just want to know if that's possible or if it's just my paranoia. Their brokerage was easily searchable from within the official Android MT4 off Google play store.
Thank you
lippmaje
368
lippmaje  
What happened? You can check if the broker is listed on NFA site. You can also file a complaint there. https://www.nfa.futures.org/basicnet/
BASIC Search
  • www.nfa.futures.org
Get important background information about firms and industry professionals in the derivatives industry. Whether you are an investor thinking about opening an account or an NFA Member contemplating a new business relationship, BASIC can be a valuable resource for you. In BASIC, you will find: Current and historical CFTC registration and NFA...
petomai
36
petomai  
They're not in that website database. The server they have me connect to I believe has falsified/manipulated data. So they send a signal to go long, then they artificially pump the stock chart up and tell exactly when to go flat/sell and make people think wow! I can make a lot of money with these people, but their chart data doesn't match any other charts I've looked at during their "buy/sell" period and there is no falling candle stick once their scam trade ends. The price just begins lower suddenly, taking on the real market values. I'm not sure how to report them, was hoping to find MT4 contacts to have them investigate. It's midnight so I'm going to hit the hay. Thanks for the info and reply
Marco vd Heijden
Moderator
9222
Marco vd Heijden  

Just withdraw and find another borker.

And do some research before signing up.

petomai
36
petomai  
Marco vd Heijden:

Just withdraw and find another borker.

And do some research before signing up.

Thanks, I didn't know these brokers in the MT4 were unregulated. I've reported them to the FBI and will try to find a legit one. 
andrew4789
276
andrew4789  
petomai:
On MT4 are all searchable brokers legitimate and go through any kind of authorization and checks? Or can anyone be a broker? I believe I'm a victim of a broker scam but just want to know if that's possible or if it's just my paranoia. Their brokerage was easily searchable from within the official Android MT4 off Google play store.
Thank you
There's numerous brokers who are approved by various regulatory bodies. In my case it didn't help as the broker went into liquidation and the funds weren't segregated....,);
petomai
36
petomai  
andrew4789:
There's numerous brokers who are approved by various regulatory bodies. In my case it didn't help as the broker went into liquidation and the funds weren't segregated....,);
Sorry to hear that.
The suspected scammer is using a real and approved company as a cover. They wanted to have me sign up via their "application form" through email to send my bank account, ID and bank card info to a yahoo email account. I was able to find the real company website which gave me the NFA ID of the legitimate company, so someone less suspicious than me would look this ID up and find they are approved. It''s a pretty clever scam but has some red flags for me. Fortunately I only went as far as setting up a demo account with them and didn't fall for the "send us your ID and bank card info" I'll do more research and go with a more main stream broker. Thanks for the replies. 
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