Although numerous investors trust forex brokers that use MT4, this is wrong in the forex market because many illegal platforms can also adopt MT4. As such, MT4-related scams are introduced herein.
The quality of MT4 on the market is mixed as illegal platforms may use the software built by themselves, setting obstacles in the way of distinguishing true from false for traders who know little about MT4.
Investors can download MT4 from regulated channels and log in. Forex platforms chosen by them can prove to be no problem if they can log into the MT4 of their forex brokers with their accounts.
It is worth noticing that competent illegal platforms may also have access to the MT4 port and allow traders to use it normally. Trading software as it is, MT4 cannot guarantee that all forex platforms on it are regulated.
Hence, it is insufficient to identify illegal platforms via MT4 only. To improve your discernment, you have to check the regulation status of forex platforms. As a reminder, WikiFX is ready to help you search platforms when you cannot distinguish them. (bit.ly/wikifxIN)