At WRS, we know all too well that making the wrong trading decisions can lead to a loss in finances, but often this is due to investing in the wrong crypto or coin. However, there are many trading platforms where scams and fraudulent activity are rife and one that we’re hearing more about is the VT Markets and, more specifically, metatrader scams which are affecting traders over the world.
VT Markets is one of the newer brokers within the crypto and trading space, launching in 2015. Over time, it has become a go-to broker platform for both new and established traders. As such, the trader base has grown and the platform has expanded with advanced tools.
Is VT Markets Regulated?
VT Markets is an Australian broker with clients in over 160 countries. They claim to offer “easy access to global financial markets” which can include commodities such as Forex and CFDs, amongst other cryptocurrencies. There are many concerns regarding overseas brokers and whether or not they’re legitimate, but it is regulated and required to adhere to strict standards.
As such, this means that this isn’t a scam. Brokers who are overseen by regulators are likely to face serious consequences, like fines or the loss of their licence, should they be found to be non-compliant or operating in fraudulent or scam activities. However, this doesn’t mean that scams and fraudulent practices don’t occur on the platform.
As with a lot of the leading crypto exchanges and platforms, “brokers” and “traders” still attempt to dupe other traders out of their funds. So, whilst VT Markets itself isn’t a scam, there are scams which occur on the platform which a number of our clients have fallen victim to. One of the most common scams on VT Markets revolves around the MetaTrader suite.
VT Markets And MetaTrader
What Is MetaTrader?
MetaTrader is a global trading platform that was developed by MetaQuotes Software Corporation. Its platform gives traders and investors access to stocks and commodities across major markets, including Forex and cryptocurrencies. MetaTrader offers a wide range of functions that makes it easy for traders to use and access.
There are two different versions of MetaTrader - MetaTrader 4 (styled as MT4) and MetaTrader 5 (MT5). MT4 is the more popular version of the platform, as MT5 doesn’t offer as many opportunities for live trading. MetaTrader 4 and 5 have become widely used platforms, giving traders numerous different options. However, the platform does have a dark side, with many scams in circulation and it is one which many scammers are currently using to scam victims or encourage them to make fraudulent trading decisions, leading to the loss of huge sums.
Common MetaTrader Scams
Whilst VT Market led scams are unlikely, MetaTrader scams are common on the platform, so it is important that traders familiarise themselves with the signs so that they can then make more informed trading decisions.
Some of the most common forms of MetaTrader scams include:
- The Rotator Scam
In rotator scams, MetaTrader scammers will advertise a trading system that promises substantial profits, with minimal risks and high returns. This works by enticing traders to part with their money but, once they part with their investment, the scammer will rotate to a different scam scheme, which leaves traders with significant losses as opposed to the promised high returns.
- Automated Trading Bot Scam
Automated trading bot scams involve the use of automated trading robots or highly advanced software with the promise to the trader of making quick and easy gains. With trading bot scams on MetaTrader, investors are tempted based on the idea that they need to do very little in order to make money. But, the software and bots used are highly ineffective and therefore the scheme is unsuccessful.
- Phishing and Malware
A lot of MetaTrader scams use phishing tactics in order to make money from unsuspecting victims. Often favouring emails and software attacks, their main goal is to steal login credentials or other personal information which they can then use to gain access to trading accounts and other finance accounts.
How To Protect Yourself From VT Market Metatrader Scams
As with a lot of trading scams, Metatrader scams on VT Market have some clear signs. It is important to familiarise yourself with these common signs so that you can avoid falling victim to the scam in the future.
Research and Due Diligence
Before you invest in online trading, new traders must conduct thorough research into the market and understand the basics of trading. Look into the basics of trading, especially any specific assets you wish to start trading.
Education
When it comes to scam protection, education is considered to be the best defence you can have. No matter if you are a new or inexperienced trader, it’s always good to educate yourself on the risk profiles of different trading platforms and strategies, as well as any specific tools or features that are promoted.
Contact WRS Today
At WRS, we have successfully recovered funds lost through Metatrader scams, so if you find that you have fallen victim, then all is not lost. We operate on a no win, no fee basis with free consultations, so contact us today to speak to our team of solicitors and get your recovery process started.