What is MetaTrader 5?

MetaTrader 5 (MT5) is a multi-asset trading platform used by many traders worldwide for their clients to trade on. It was developed by MetaQuotes Software and provides advanced charting tools, diverse technical indicators, and order execution for trading forex, stocks, commodities, and more. The predecessor to this tool was MetaTrader 4

Is MetaTrader 5 a licensed broker?

No, MetaTrader 5 is not a broker. It's the software platform that connects users to a broker of their choice. It's crucial to understand that brokers are the financial institutions that facilitate their client’s trades, and they require licenses from regulatory bodies to operate legally.

Is MetaTrader 5 a Scam or Legit?

The MetaTrader 5 platform itself is a legitimate and widely used trading tool. However, potential scams arise from the choice of broker you use. Unregulated brokers operating outside the supervision of reputable authorities can use platforms like MT5 to manipulate prices, hinder withdrawals, or utilize fraudulent trading schemes.

Since this platform is open to all, it’s become a breeding ground for various types of scammers and many people have lost money putting their faith in a scam broker on MetaTrader 5. So while the platform itself is legit, there are many scammers on it.

Biggest Complaints Against MetaTrader 5

The biggest complaints connected to MT5 typically stem from disreputable brokers using the platform. Here are some of the most common issues:

• Price Manipulation. Unregulated brokers have been known to distort price feeds to mislead traders about how successful a trade could be or is.
• Withdrawal Obstruction. If you’re dealing with a scam broker on MetaTrader 5, they’ll do everything they can to prevent you from withdrawing funds. Funds become inaccessible and withdrawal requests are delayed and blocked. It’s also not uncommon at all for the broker to disappear entirely.
• Fake Trading Robots & EAs. Scammers often sell "miracle" Expert Advisors (EAs) or automated trading systems with the promise of high earnings and unrealistic returns. However, these systems are often designed to lose your money.
• Creating fake records. Some scammers manage to falsify their track records and engage in pump-and-dump scams to manipulate markets to their advantage.

Can You Get Your Funds Back After a MetaTrader 5 Scam?

Sadly, recovering your funds after being scammed on the MT5 platform is incredibly difficult. Unregulated brokers often operate in jurisdictions where you have little legal recourse. If you were trading with a regulated broker, you might be able to file a complaint with the regulatory body, but this doesn't guarantee your money will be retrieved.

The best course of action would be to get in touch with a trustworthy and reputable payment recovery agency such as FairPath Legal Services.

How Does the Chargeback Process Work?

If you’ve fallen victim to a scam on the MetaTrader5 platform, the best thing to do is to contact a chargeback company. From there, the experts will review your case and get back to you with the information on how likely it is to get your money back.

From there, they will gather all the necessary evidence and documentation needed to present your case. Armed with everything they need, they will confront all the entities and organizations that had anything to do with the scam and do everything in their power to get your money back.

The chargeback company will keep you informed every step of the way and thanks to their expertise in the field, there is a very high chance you’ll get your money back.