Tips To Avoid Scammers On 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.

Good luck

logicgate wrote: Tue Jun 07, 2022 8:54 pm Keep the following in mind before buying an EA (Expert Advisor or robot) at the MQL5 community market:

Good advice and post, stickied.

Jimmy wrote: Tue Jun 07, 2022 9:01 pm Good advice and post, stickied.

Thanks. I tried opening a thread on the forum there at the community, it got deleted and they are even threatening me with banning if I keep posting stuff like this. You can´t use the word scammer there when referring to the market.

It really baffles me the lengths they go to protect scammers, it is like they want people to buy the shitty stuff.

logicgate wrote: Tue Jun 07, 2022 8:54 pm Keep the following in mind before buying an EA (Expert Advisor or robot) at the MQL5 community market:

This is solid info especially for new traders. It makes me wonder why you weren't allowed to post this or mention the word "scammer over there

I've heard of a lot of scammy things going on at the MQL5 market in the past but I thought that was cleaned up by now.

Thanks for providing such useful information.
I just started FX last year and didn't understand anything.
Buy "Holy Grail" from Japanese Indicator Merchant for 65,000 yen, 85% win rate
It was only later that I found out that I had been deceived.
There is no way to get a refund.
There are many similar marketing youtuber and LINE groups ,Twitter in Japan

Complementing my OP, I just wanna post 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.

logicgate wrote: Thu Jul 07, 2022 8:32 pm Complementing my OP, I just wanna post 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.

Tips To Avoid Scammers On The MQL5 Market : never buy anything there ... XD specially EAs
(except my stuff of course (^^.)