Learn · Stage 3: Choose a broker safely · guide 4 of 5
Trading and broker scams: warning signs and what to do
Trading scams are common all over the world, and regulators in many countries describe the same warning signs.
Warning signs:
- someone contacts you first — by phone, social media, a dating app or a group chat — and moves the conversation to a private messaging app;
- guaranteed or very high returns, "no risk", or "you make money even when markets fall";
- pressure to act fast, or being told you were "specially chosen";
- a "mentor", "account manager" or "signal group" who pushes you to deposit more, install software, or share your passwords or screen;
- a trading app that looks like MetaTrader but does not come from a regulated broker — the company that makes MetaTrader, MetaQuotes, is a software company, not a broker;
- you cannot withdraw, or you are told to pay a "tax" or "fee" first;
- the company is not on an official register, or its contact details differ from the register (a possible clone firm).
Recovery scams: after a loss, people are often contacted by someone offering to "recover" the money for a fee. This is very often a second scam.
Check your MetaTrader: in MT4 or MT5, open Help → About to see which broker supplied the platform, then confirm that broker on the regulator's register. See the MetaQuotes fraud notice (opens in a new tab).
If you think you are being targeted:
- stop sending money, and never share passwords, one-time codes or screen access;
- keep records: messages, website addresses and payment receipts;
- contact your bank or payment provider straight away;
- report it to your country's financial regulator and to the police or your national scam-reporting service.
Our rule: Holy Trading Science will never ask for your trading password, access to your trading account, or a payment through a private message.
These warning signs come from regulators' own guidance, for example the FCA (opens in a new tab), the CFTC (opens in a new tab) and ASIC Moneysmart (opens in a new tab).
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Trading involves significant risk of loss. Practise on a demo account first. Holy Trading Science provides education, not financial advice.