There’s a lot of MT5 (MetaTrader 5) scams lately, I’ve recently scammed 30k sgd out of me, therefore I like to share my experience as an awareness to the public hoping to save someone from being scam out there.

Part 1 of the scam is to gather information from you and gaining your trust. How they do this is by adding an attractive face into their profile and start chatting with you, at the same time faking to build a long trusting relationship with you.

Part 2 of the scam is they will let you know about their relative who works in the bank and obtain inside news, they will also hint you about the profit they are making to get you curious, they will be very patient in this until you got totally interested and wanted to start making some pocket money with them.

Part 3 of the scam is to get you to download MT5 on your phone and open an account with their fake broker.

Part 4 of the scam. They will give you their inside news when to buy or sell at a specific time of the day, their purpose is to show you how much money you can make within few mins so that you give in to your own greed.

Part 5 of the scam. They will try to convince you that this news is hard to come by and so to treasure this news best is to deposit bigger so that one trade will be around 10% of your account value then that where you will fall into your own greed and deposit more hoping to earn more profit quickly.

Part 6 of the scam. During this stage the broker will release a few dollars for your withdraw however when you wanted to withdraw a big amount that where they will put a stop and inform you that you need to pay a fee of 20% of your profit as part of the investment taxes.

Part 7 of the scam. Most people during this stage have already know that they have fallen into the scam but if you really pay for their 20% fee their next scam would freeze your account due to illegal arbitrage because your account is constantly making profits and they demand a sum of money from you to unlock it or else your account will be deleted forever losing every money in it however if you pay for it they will just keep ignoring you from now on.

Moral of the story here is the scammers are a team working together. The inside news that they send you is just simply mirrored and altering of MetaTrader platform data to show you fake results so that you trust what you are looking at and fallen into your own greed.

Rule of thumb, if it’s too good to be true it’s probably going to be a scam.