Suggestion Tips To Avoid Scammers At The MQL5 Market

Keep the following in mind before buying an EA (Expert Advisor or robot) at the MQL5 community market:

1 - Never buy an EA that has a version for MT4 only. The reason being that the scammers found a special way of coding that makes the EA perform really well on the MT4 backtester. It seems MT4 interpolates the close data even if you use real ticks from dukascopy exported from a software like tickstory. This flaw is exploited by the scammers to produce those results that look like a holy grail. There is even some threads there talking about this thing, look for "Tester Grails". As soon as you put the EA on a live chart, the performance is completely different. That is why they don´t offer a MT5 version, because if they did, the EA would perform real badly when you tested in MT5 with the "every tick based on real ticks" option.

2 - If the sellers offers the EA only for MT4 and refuses to provide you a demo for forward testing, probably scammer. He knows that the EA will fall apart on the live chart.

3 - Avoid the sellers that sells tons of EAs, specially if most of the EAs area all for the same market. Those are the copy and paste shop runners. They sell the same EA under a different name and just with a few parameters change as if it were a new product.

Now, if the EA has version for both MT4 and MT5 and the performance on MT5 is good, high chance that the EA is solid and will do well. You can even test in MT4 too if you want, the results should be similar.

If you follow the above you gonna avoid headaches over there, because that site is a scammers heaven. If you end up buying something, there is no refund, your money is gone and even if you report those guys to service desk, they won´t do anything.


Here are two examples of scammer profiles here so you can avoid those types and know what too look for:

https://www.mql5.com/en/users/nguyenhanghaiha

https://www.mql5.com/en/users/lykakuruhl (this one here even has two 1 star reviews with people saying they got scammed)


Check those profiles here and the products. Lots of red flags, the main ones being:

-Tons of EAs
-MT4 Version Only
-All of them showing holy grail test results

If you inspect closely you will see they are basically running a copy and paste shop. I bet the farm that if you download their EAs and run on the tester you will see they doing the exact same thing. Even the EA settings should have the exact same inputs (or minus or plus one) with a slightly different value adjustment.

Another great tell is the release date of the EA, you can see that they were all released very recently and with a short interval between them. do you know why? Because they keep deleting the pages of the products that start to get bad reviews exposing them. They delete the page, just change the name of the EA file and reupload as a new product.

Do you think the service desk is not aware of them? I am sure they must receive tons of complaints from people who got scammed, they just don´t do anything because they earn money too per sale.

The only money those scammers make with their EAs is with sales.

Good Luck

 

Great thread brother .....

Thank you ....

 

I am on a vacation right now on the Maldives and I read this thread while setting at the beach so didn't have the chance to comment more .....

1 - Never buy an EA that has a version for MT4 only. The reason being that the scammers found a special way of coding that makes the EA perform really well on the MT4 backtester. It seems MT4 interpolates the close data even if you use real ticks from dukascopy exported from a software like tickstory. This flaw is exploited by the scammers to produce those results that look like a holy grail. There is even some threads there talking about this thing, look for "Tester Grails". As soon as you put the EA on a live chart, the performance is completely different. That is why they don´t offer a MT5 version, because if they did, the EA would perform real badly when you tested in MT5 with the "every tick based on real ticks" option.

This an extremely valuable information that frankly speaking I wasn't aware of .....

2 - If the sellers offers the EA only for MT4 and refuses to provide you a demo for forward testing, probably scammer. He knows that the EA will fall apart on the live chart.

You nailed it with this one .....
Before I create my own EA, tens of people offered me their super profitable private robots refusing to provide a demo version. My product is well known among my customers.
What customers are you talking about and where is your forward testing results ?
A common scam approach is to show you forged statement reports which shines with their falseness from miles ahead .....

3 - Avoid the sellers that sells tons of EAs, specially if most of the EAs area all for the same market. Those are the copy and paste shop runners. They sell the same EA under a different name and just with a few parameters change as if it were a new product.

Example :
Advanced Gold Trading, Advanced Gold Trend , etcetera etcetera .....

This thread should be pinned on the top of this section of the forum and people reporting scammers so that people avoid being scammed and ripped off of their honest earned money ....

Thanks brother and God bless .....

 

Whale

You are welcome.

I will say, even if you get a demo version for forward testing, you have to test it in a real account, not demo.

I already tested bots comparing the performance on a live Vs demo account, both accounts with same balance and EA with exact same settings. The trades were completely different, and on the demo account was showing profit whereas on the live account it was slowly bleeding. So don´t fool yourself thinking that because you forward tested on a demo account it means that it will perform the same on the real account.

 

I know that but what if the EA performs exactly the same both on demo and real account ?

And I mean 1:1 performance ....

 

It doesn´t really matter how it performs on demo if it performs good on the real account, does it?

The bottom line is: you are only gonna find out if a bot works if testing on a real account.

Bear in mind I am talking about MT4 here.

In MT5 there isn´t this concern when you are testing with "every ticks based on real ticks". If this option is chosen then the backtester will reproduce exactly what happenend in that broker, tick by tick.

You can verify that yourself. Replay the latest month on the strategy tester to present day, then compare the results with the trade history of the live account. They will all match, they should match. This is how I keep track of the performance of my EAs.

 

need to know too.
there are those who actually go from "0", they have nothing but coding skills. choose to sell to collect.
offline jobs are very difficult to find due to many factors, including background and so on.

I hope all readers and market participants continue to hold on to good humanity.

 

Thank you for useful tips, this is very important for robot hunters
the content really helpful as guidence.

 

I am an EA programmer, when I create an EA with the same algorithm on MQL4 and MQL5 it can indeed produce different performance. Although the algorithm used for both EAs is exactly the same.
It seems that the thing that affects the performance the most is the buffering facility for indicators.

 

Opinion in point (3) I do not agree. There are dozens of indicators available in the trading application, so it is possible for a programmer to create many EAs using different indicators and with different methods of opening and exiting, according to the indicators used.
So it is possible for an EA programmer to create many products, with different ways of working for each EA.

 

Yes in this sense you are right but scammers abuse this conception to profit more .....

I myself have two versions of my Gold trading EA which are different in the sense that every version trades certain algorithm which is vastly different from the other .....
Not just some different parameters here and there in the settings to fool people .....

Anyways, you have to look under the hood to make your conclusion .....
The other option is to observe the trading behavior of the different versions to draw a conclusion .....

 

This is my review for this thread:
Helpful tips!

 

This is my review for this thread:
this is true

 

Through your explanation finally, I will never be deceived again and I already have got the best one.

 

Thanks for sharing

 

I think it is better to buy an EA that have at least 6 months of real trading result like what north east way does.

 

True ....

 

EA Thomas I assume

 

You already have the best one? Can you share the best one. Thanks.

 

Yeah right, Whale you can really read my mind.