Ways to recognize fake and real accounts on Myfxbook

Discussion in 'Trading Systems and Strategies' started by QTH108, Jan 25, 2019.

  1. QTH108

    QTH108 Trader

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    1. Check if Track Record is verified

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    A green tick saying “Track record verified” must appear at the top of account, which shows that the information provided on Myfxbook matches broker’s information. This means that all trades, deposits and withdrawals displayed here are confirmed by the broker. It also tells you if the account is real or just a demo.

    2. Verify Trading Privileges

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    A green tick displaying “Trading privileges verified” is also another identifier at the top of account. This means that the account holder providing these results is actual person and has the rights to use the account for trading. It is a way to prevent others from using someone else’s account after having somehow obtained its’ password.

    3. Check the broker

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    At the beginning, Myfxbook started out with a short list of supported brokers. However, with the time the list continued to expand and now almost every broker is can be found. Each trade executed is verified through MQL4 server.

    Myfxbook keeps track of each of them, by assigning servers to particular brokers. However, it is possible to set up a “fake” server that acts like an MQL4 one to provide trading results. In such cases, Myfxbook will mark these servers as “Other (MT4)” with no actual broker and no green tick.

    4. Check Gain and Absolute gain

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    “Gain” here means the gain from the initial deposit. “Absolute gain” is the actual return on investment (ROI). The “Gain” part can easily be biased if you put a small amount as initial deposit, for example $1. Then, you can add next deposit of $100 and more each time. Absolute gain will be a bit under 100%, but the Gain could be as much as 100 000%. Pretty impressive, isn’t it?

    5. Make sure there’s no Custom start date

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    This should go without saying. Being able to choose a start date to display your results means you can just pick the best moments to create a nice performance graph with nobody knowing about your failures. Make sure that this system message doesn’t appear at the top.

    6. Account's age

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    7. Backtest instead of live trading

    Now, all strategies on myfxbook are either uploaded backtests or live trading strategies. Live trading can be done on a real account or a demo account. Backtests, on the other hand, are created using price history over a time period.

    Backtests results should not 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.

    Here is an example of an uploaded backtest on myfxbook:

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    On top is the strategy settings of the backtest, while below is the strategy report/results.

    It should, therefore, be noted that any strategy result with its subsequent strategy settings on top of it on myfxbook is an uploaded backtest.

    Source: [URL deleted] GogoJungle
     
    Last edited by a moderator: Jan 25, 2019
    Ulacan and 37riched like this.
  2. 37riched

    37riched Trader

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    It is very important to recognize whether a trading account is real or fake. myfxbook is one of the ways that traders can be alert and avoid getting scammed. An account with a verified track record, verified priviledges, and the account's age are important when verifying an trading account. Ensure you don't get duped by false broker details
     
  3. Ulacan

    Ulacan Trader

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    Myfxbook is a very legit way of determining whether an account is fake or real. Thanks for sharing these very informative points. Actually, I'm more interested in identifying the legitimacy of a broker. Some accounts use fake brokers and myfxbook is an easy way of finding out. If the broker's server is indicated as "Other MT4", think twice
     

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