Overview of MT4Quotes

MT4Quotes is a brokerage firm based in Saint Vincent and the Grenadines, operating without regulatory oversight for the past 2-5 years. The platform offers trading in a variety of financial instruments, including forex, commodities, indices, stocks, ETFs, and cryptocurrencies, through its Mini ECN and Mini ECN Premium account types.

With a relatively low minimum deposit requirement of $100 and high leverage of 1:500, it may attract traders with limited capital. However, the lack of regulation raises significant concerns about the safety and transparency of the platform's operations, potentially exposing traders to greater risks. Additionally, the platform's customer service appears to have faced numerous complaints, which could be an indicator of subpar service or operational issues. Caution is advised when considering MT4Quotes as a trading option.

Is MT4Quotes legit or a scam？

MT4Quotes has been thoroughly verified as a scam forex broker and is no longer in operation. One of the critical aspects contributing to its fraudulent nature is the lack of proper regulation. A reputable forex broker should be licensed and regulated by relevant financial authorities in the jurisdictions they operate. Regulation provides essential oversight and ensures that brokers adhere to strict financial and operational standards, safeguarding the interests of traders. In the case of MT4Quotes, the absence of regulation raises significant concerns about the safety of traders' funds and the transparency of the platform's operations. Unregulated brokers often operate without accountability, leaving traders vulnerable to potential financial risks and fraudulent practices.

Choosing a regulated broker offers several benefits to traders. Regulated brokers are required to maintain segregated client accounts, keeping traders' funds separate from the broker's operating funds. This protects traders' deposits in the event of the broker's insolvency. Additionally, regulated brokers are subject to regular audits and scrutiny by the regulatory authorities, ensuring fair and transparent business practices.

In case of any disputes, traders can seek recourse through the regulatory bodies, providing an added layer of protection. It is crucial for traders to conduct thorough research and only trade with brokers that are properly regulated to mitigate the risks associated with unregulated platforms like MT4Quotes.

Pros and Cons

One of the apparent pros of MT4Quotes is its claim of offering comprehensive financial instruments to traders. The platform purportedly provides access to a wide range of trading options, including Forex, metals, Indexes, Energies, Stocks, ETFs, and Cryptocurrencies.

Despite the supposed comprehensive instruments, the major drawbacks of MT4Quotes significantly outweigh any potential benefits. Firstly, the platform is unregulated, lacking the oversight and safeguards that reputable brokers adhere to.

This absence of proper regulation leaves traders vulnerable to potential financial risks and fraudulent practices, as evidenced by the reports of fraudulent and deceptive practices associated with MT4Quotes. Additionally, the platform's anonymous ownership and lack of transparency raise serious concerns about the legitimacy of its operations. Moreover, feedback from users highlights an unstable trading platform, characterized by technical glitches and system crashes, making it unreliable for effective trading.

Market Instruments

MT4Quotes claimed to provide a wide range of market instruments, covering diverse financial assets for traders. These instruments included Forex pairs, offering opportunities to trade major, minor, and exotic currency pairs. Additionally, traders could access precious metals like gold and silver, various global stock market indexes, and energy commodities such as oil.

Furthermore, MT4Quotes allegedly provided access to individual stocks and ETFs (Exchange-Traded Funds), allowing investors to diversify their portfolios further. Lastly, the platform purportedly offered trading in cryptocurrencies, enabling traders to speculate on digital currencies' price movements.

However, given the platform's fraudulent nature, it is crucial for traders to exercise extreme caution and choose a reputable and regulated broker to access these financial instruments safely and securely.

Account Types

MT4Quotes provides two types of trading accounts for users: Mini ECN and Mini ECN Premium. Both accounts offer the opportunity to trade various financial instruments, including Forex, metals, Indexes, Energies, Stocks, ETFs, and Cryptocurrencies. Upon signing up, users are promised an average bonus of $30 for Mini ECN and $60 for Mini ECN Premium, which may appear enticing to new traders.

However, what raises suspicion is the strikingly similar characteristics between these two account types. Both accounts offer the same leverage options, ranging from 1:1 to 1:500, and claim to have negative balance protection. Despite these claims, there have been numerous reports of users losing money with MT4Quotes, suggesting that the supposed negative balance protection might not be as reliable as advertised.

How to Open an Account？

The website “mt4quotes.com,” is unaccessible, below it the normal steps for how to open an account with a forex broker. But it strongly advised against doing so due to the broker's fraudulent nature.

1. Research and Choose a Reputable Broker: Start by researching and identifying a reputable forex broker. Look for well-established brokers with a good track record, proper regulation, and positive reviews from other traders.

2. Contact Customer Support: In the absence of an accessible website, try to reach out to the broker's customer support through alternative means, such as email or phone. Inquire about the account opening process and ask for any required documentation.

3. Submit Necessary Documentation: Provide the broker with the necessary documentation to verify your identity and comply with regulatory requirements. This typically includes a government-issued ID, proof of address, and any additional documents the broker may request.

4. Choose an Account Type: Discuss with the broker the available account types and select the one that best suits your trading needs. Different account types may offer various features, benefits, and minimum deposit requirements.

5. Fund Your Account: Once your identity is verified, proceed to fund your trading account. The broker should provide you with various deposit options, such as bank transfers, credit/debit cards, or online payment systems. Choose your preferred method and deposit the desired amount to start trading.

Leverage

MT4Quotes offers a maximum leverage of 1:500. This means that traders can control positions that are up to 500 times larger than their initial investment. However, it is important to note that high leverage also increases the risk of significant losses, especially in volatile markets. Traders should exercise caution and use leverage responsibly to avoid potential risks.

Trading Platform

MT4Quotes purportedly utilized the widely known MT4 trading platform, which is popular among traders for its robust features and user-friendly interface. However, feedback from online sources exposed a concerning issue – the platform's instability. Users reported experiencing frequent technical glitches, system crashes, and slow execution times, hindering their ability to trade effectively.

Moreover, there were alarming allegations that the platform might be vulnerable to cyberattacks, making it a potential breeding ground for hackers to access sensitive personal data and credit card information. Such vulnerabilities raise serious security and privacy concerns, leaving traders at risk of potential financial loss and identity theft. As a result, it is imperative for traders to exercise extreme caution and consider alternative, more secure trading platforms to safeguard their financial assets and personal information.

Risk warning

Given the lack of an accessible official website and reports stating that MT4Quotes has ceased operations, coupled with the absence of any positive feedback online, it is crucial to issue a severe risk warning to potential investors. The absence of a functional website and the inability to find any positive user experiences indicate significant red flags and suggest that MT4Quotes may have been involved in fraudulent activities. Under such circumstances, engaging with this platform poses an exceptionally high risk.

It is strongly advised to refrain from any dealings with MT4Quotes and to avoid sharing personal or financial information with them. Instead, potential investors should seek out reputable, regulated brokers with a transparent track record to ensure the safety of their investments and protect themselves from potential financial losses and scams.

Customer Support

As the specific information regarding MT4Quotes' customer support is limited, it is crucial to highlight the importance of customer support for any reputable trading firm. Generally, legitimate brokers prioritize providing easily accessible and transparent customer support services. They aim to address traders' inquiries promptly and professionally, offering various channels such as live chat, email, and telephone support.

However, based on the available information, it appears that MT4Quotes' customer support might be questionable.The feedback online revealed that the chat support team was unresponsive and likely a hoax, further adding to the suspicion of MT4Quotes being a scam.

Conclusion

MT4Quotes is a forex broker that has been exposed as a scam in the trading world. The platform claimed to offer traders a trading experience without requotes and slippage, along with being a reputable liquidity provider with segregated funding. Additionally, they promised IB commissions of up to $5 per lot. However, upon investigation, it was discovered that MT4Quotes was a fraudulent platform, making false claims and promises to deceive unsuspecting investors.

The platform lacked transparency, with anonymous ownership and no valid licenses or regulations. There were reports of an unstable trading platform, potentially vulnerable to cyberattacks, which could compromise users' personal data and credit card information. The two account types offered, Mini ECN and Mini ECN Premium, appeared suspiciously similar, raising doubts about their legitimacy.

FAQs

Q1: Is MT4Quotes a reputable forex broker？

A1: No, it has been exposed as a scam.

Q2: What account types does MT4Quotes offer？

A2: Mini ECN and Mini ECN Premium accounts.

Q3: What is the maximum leverage offered by MT4Quotes？

A3: 1:500.

Q4: Are there positive feedbacks for MT4Quotes？

A4: No, online feedback is scarce and negative.

Q5: How can I fund my MT4Quotes account？

A5: Through various deposit methods like bank transfers or cards.