However, a “Custom Start Date” might be used not necessarily to fool anyone. Today, we will be discussing fake Myfxbook accounts scam. There is also a list of profitable trades made over the period and an equity graph to visually display his gains. A lot of information has been hidden: the balance, equity, lots, profits and so forth. This screenshot was taken from an “investment Foreign Exchange Gain or Loss Accounting Example - Forex 06/11/ · Best ways to check if a myfxbook account is a fake: Check if the screenshot of the myfxbook portfolio is clickable or not; Check if the myfxbook account has not been updated for a long time; Check if the account was updated recently and when did the last trade ended; Check if the track record and trading privileges are verified;Estimated Reading Time: 9 mins
Forex Scam! How to Know if Myfxbook Account is a Fake
For years Forex traders have been relying on Myfxbook to verify trading results of other traders and software sellers. However, there fake forex gaints accounts so many ways to trick the system these days that this verification platform cannot be trusted all the time.
Traders are desperate for trade strategies that will propel them to instant riches. With the emergence of fake experts and malicious brokers out to make easier money from them, traders have no alternative but to seek ways of keeping these con men and women at bay. There are various ways of achieving this. First, they may opt to learn the tricks to the trade, which is gruesome and time-consuming.
Or they may look for experts in the investment field. However, they are hard to come by these days and for one expert broker or consultant, there are more than a hundred fraudsters, fake forex gaints accounts. The third option would be to use trading engines or tools that will prove the viability of trading strategies. One such engine is the Myfxbookwhich is an analytical tool used by forex traders to prove or disprove the feasibility of trading methods.
While myfxbook is an indispensable tool towards eradication of poor trading strategies, there are individuals who have come up with creative and convincing ways of fabricating myfxbook account reports. With reports of ever-rising equity curves and a high percentage of profits, Forex scammers have been successful in selling fabricated strategies to both beginners and experienced traders.
Recommended read: How to Identify Forex Scams in 5 Simple Steps. Scammers know very well that people believe what they see. Therefore, using screenshots of altered myfxbook accounts, they easily win the trust of potential investors.
This article is dedicated to revealing how myfxbook accounts are faked. After careful examination of the information displayed on the website, it became apparent that the site is owned by scammers. It is unfortunate that such websites appear on the first pages of google search results. With so much garbage on the internet, getting a real investment website is like searching for a needle in a haystack.
There is also a list of fake forex gaints accounts trades made over the period and an equity graph to visually display his gains. While it may not be prudent to disqualify the information as false, there are signs that indicate that this information is fabricated.
For instance, the presence of extra text on the image from myfxbook account clearly indicates this. With tools like Photoshop, figures can be easily altered to produce the desired results. It should be noted that genuine websites have images or screenshots that are clickable or have links to the actual myfxbook account where the information can be easily obtained.
Non-clickable screenshots with no links are nothing but fabricated images. Recommended read: How To Know If a Forex Trading Signal Is a Scam. It can be clearly seen that this is a real myfxbook, fake forex gaints accounts, evidenced by the presence of a link in the URL. The domain name should be exactly this way as highlighted by the red box. Subdomain names or slight changes to the domain name indicate fake websites and should be avoided at all cost.
The only place where any potential investor would get valuable insight and verified information is in the real myfxbook account website and nowhere else. The diagram represents a trading account with a fake verified myfxbook account. First of all, the company claims that all its trading results are verified by myfxbook. However, there is no single evidence to support the claim aside from the statement properly placed on top of the page.
Furthermore, there is no fake forex gaints accounts on the website apart from a screenshot and a link at the bottom of the page. The pdf document contains lists of trades allegedly from myfxbook account. However, it fake forex gaints accounts be verified that indeed the list of trades are from myfxbook account.
Even if the list was verified and obtained from myfxbook account, fake forex gaints accounts, the last trades were done in January For nine months, there have been no trades.
Fabricated results are altered to showcase positive results while neglecting undesired outcomes and are, therefore, rarely up-to-date. The diagram represents a trading account that has not been updated for long. Consider the screenshot above. The website has its trading report and its subsequent link to the myfxbook account, which is a good sign.
However, upon clicking on the link it is noted that the trading closed six months ago- around February. But when you look at the history of the trades, they end in April, and the account was last updated on May, a fake forex gaints accounts later after all trades were closed.
Another important issue to note is that all the open trades of the account are private. So, the last trade closed six months ago, the account was last updated four months ago and the open trades are not present for public scrutiny. The only logical explanation is that most of the open trades were losing trades.
Therefore, the trades were intentionally left out during verification process on myfxbook fake forex gaints accounts, so that the trading strategy does not look bad, fake forex gaints accounts.
The open trades were then subsequently set to private. Unfortunately, most people concentrate on gains and the equity curve and overlook other factors such as equity, which are very crucial in the interpretation of trading reports.
To sum up, after this trading account turned bad the owner manipulated myfxbook account settings to still make it look good. Recommended read: All About Repainting and Non-Repainting Indicators in Forex. Backtests, on the other hand, are created using a history of prices over a period of time. This article will not delve much into how backtests are created — for more information on backtests visit www. Backtests results should never be taken seriously because the process of creating them is rarely in the public knowledge and also because they can be easily fabricated compared to live trading.
The backtest feature on myfxbook, however, is a great feature as it enables users to know if strategies are viable based on past trading history. The figure represents an uploaded backtest results on myfxbook. It should, therefore, fake forex gaints accounts, be noted that any strategy result with its subsequent strategy settings on top of it on myfxbook is an uploaded backtest.
Below the strategy settings, is a forward test link. Many people fail to click this link, which is an important identifier of a fake or a real backtest strategy. There are instances where the backtest results look awesome. But upon clicking on the forward test link, we see the strategy fails to work or it had been stopped several months back. It is also paramount to properly check if track record and trading privileges of the strategy are verified.
If the account is personal and only used to check trading strategies at a personalized level, then the strategies do not need verification. However, if the strategies are to be made public or used for commercial and consultative reasons, then they ought to be verified. The figure illustrates a trading strategy with unverified fake forex gaints accounts privileges. In this example, a trading strategy is uploaded to myfxbook account from FxOpen demo trading account.
The account is purposeful set as a real account, even though it is a demo account. Myfxbook allows you to choose whether the strategy is from a real MT4 or demo MT4 account. It also allows you to verify both trading privileges and track record once you fake forex gaints accounts in investor password, fake forex gaints accounts.
After verification myfxbook is able to detect whether the uploaded strategy is from a real MT4 account or a demo MT4 account and then sets it to the proper account type. So, the account was falsely set as a real account on purpose by myself to illustrate the problem. However, after verification of the track record and trading privileges, the account does not change to a demo but remains a real account as shown above, fake forex gaints accounts.
This is quite a big problem. It means that anyone can be easily fooled that an account is real when actually it is not. This is how the uploaded strategy looks on myfxbook account. The trading privileges are verified and the account status is real which is wrong :. Myfxbook shows demo account as a real account after a full verification process. However, when the settings window of the same account is opened, it becomes clear that the account is a demo.
It is connected to the FxOpen demo server. It cannot be changed anymore. It is fixed and the option to change it is disabled. Of course, fake forex gaints accounts, this is not visible to the public so it will look like a real account on Myfxbook.
The figure represents settings window of a trading account. It should, therefore, be noted that an account does not become real just because it has a real account status and its trading privileges are verified. A couple of days later Myfxbook fixes this problem and continues to show the account as DEMO to the public.
But even when it was fixed the question remains how many other demo MT4 accounts on Myfxbook are displayed as real accounts? Can we trust Myfxbook after this? Another crucial thing to consider is if the information is private or accessible to the public. Myfxbook accounts with private non-accessible information should be avoided at all cost. The only information that can be set to private is that of open orders. This is because open orders may be pending orders that are yet to fake forex gaints accounts triggered.
And since they are designed in a way that they can be triggered after several hours or even days, chances of being copied is very high if they are left open for public viewing. However, when other information such as open tradeshistory, and commissions are hidden, then there are serious fake forex gaints accounts issues with the strategy.
Myfxbook account shows impossible gain with most of the stats set to private and hidden. A lot of information has been hidden: the balance, equity, lots, profits and so forth. This is beyond the apex of absurdity and only a crazy person would fall for that. Even if a tiny detail is hidden while everything else is present, precaution should always be adhered to.
The diagram represents a strategy that uses martingale trading style.
How to Spot a FAKE Forex Trader / Stock Trader? ��
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Foreign Exchange Gain or Loss Accounting Example - Forex However, a “Custom Start Date” might be used not necessarily to fool anyone. Today, we will be discussing fake Myfxbook accounts scam. There is also a list of profitable trades made over the period and an equity graph to visually display his gains. A lot of information has been hidden: the balance, equity, lots, profits and so forth. This screenshot was taken from an “investment If “Gain” and “Absolute Gain” do not match, this may indicate fake results or a lucky shot in a $10 or $50 account. Ask the seller why “Gain” and “Absolute Gain” do not match. If you see an account that uses a “Custom Start Date,” this may indicate that the results are fake
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