Bona Fide and Legal MT4 and MT5 Brokers

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How can I find out whether the brokers I have been recommended on MT4 and MT5 are legit and not scam and fraudulent brokers.
 

Look for reviews online.

Of course they can be fabricated so it's important to check multiple sources.

 
Do MetaQuotes Software keep a list of the brokers they have licensed?
 
jkhaira:
How can I find out whether the brokers I have been recommended on MT4 and MT5 are legit and not scam and fraudulent brokers.

There is no any list of the brokers.
Besides, the discussion about the brokers (especially the recomendations) is prohibited on the forum.

You should go to some external forums which are specializing on the discussion about the brokers.

 
jkhaira:
Do MetaQuotes Software keep a list of the brokers they have licensed?

What good a huge list of hundreds of brokers would do?

 
Eleni Anna Branou:

What good a huge list of hundreds of brokers would do?

Any reputable software supplier will know who they have granted licences to use their software. It’s one qualification item to know whether a broker is legally licensed to use the software platform especially when there are so many fraudsters out there. 
 
jkhaira:
Any reputable software supplier will know who they have granted licences to use their software. It’s one qualification item to know whether a broker is legally licensed to use the software platform especially when there are so many fraudsters out there. 

The brokers (some of them ... or all of them) are licenced by the governments (not by software suppliers).
And there are many criterias to select the broker, and the selecting good broker is the risk, and it is your risk in your case.
It is same as selecting good EA, good indicator, good coder to code and more - it is your risk, your money and your choise.

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Any recommendation about the broker to use (EA or trading system to use, signal to subscribe, and so on) are prohibited on the forum.

Forum on trading, automated trading systems and testing trading strategies

How to Choose the Best Brokerage

Sergey Golubev, 2020.08.26 14:16

Discussion about the brokers and any recommendations about the brokers to use are prohibited on the forum.
Anyway, please find some general information which will help you to select the broker by yourself -

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Brokers


The forum

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Sergey Golubev:

The brokers are licenced by the governments (not by software suppliers).
There are many criterias to select the broker, and the selecting good broker is the risk, and it is your risk in your case.
It is same as selecting good EA, good indicator, good coder to code and more - it is your risk, your money and your choise.

Dear sir you are wrong. MetaQuotes Software has an end user licence agreement which any user (broker) will have to sign. You do not need to work yourself about this. Mine is a very simple question.
 

Of course they have a list but that is of no use to you.

Your initial question was about scam and fraudulent brokers and this forum is not the right place for that discussion and that is why i advised you to do your own research.

Usually, when there is something wrong with a company, it's not very hard to find out if you invest some time to look for it.

 
jkhaira:
Any reputable software supplier will know who they have granted licences to use their software. It’s one qualification item to know whether a broker is legally licensed to use the software platform especially when there are so many fraudsters out there. 

The fact that a broker has licenced the software from Metaquotes does not make it safe or trustworthy, you need to search for any regulating authorities for that.

 
jkhaira:
Dear sir you are wrong. MetaQuotes Software has an end user licence agreement which any user (broker) will have to sign. You do not need to work yourself about this. Mine is a very simple question.


In my country (and in many other countries) the company needs to be approved by the government (approved/licensed by Central Bank of my country) to be a broker and to collect money from the people/citizens on the way as deposits (yes, by Central Bank of the country). Of course, it is different from one country to an other one (different rules, different regulations/laws and so on from one country to an other one).

But I want to repeat: it is not an easy to select good broker and it is always risk. And if you are going to share your risk and your responsibility to all of us (or to some of us, or to MetaQuotes as the software development company) so - no way.

You can go to the other (external) forums which are specializing on the discussion about the brokers, and you can ask them for any list, any recommendation and more.

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Discussion about the brokers is prohibited on the forum, so - no any list, no any recommendation (nothing here).

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