Broker asking for changed MT4 password to intervene | Forex Factory

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Broker asking for changed MT4 password to intervene

  • #1
  • First Post: Feb 18, 2014 2:31pm Feb 18, 2014 2:31pm
Hi guys,

I had a situation where a broker asked me for my changed MT4 password in order to intervene in my trading.

What does everyone think of this? Asking for a changed password is just crazy!
  • #2
  • Feb 18, 2014 11:27pm Feb 18, 2014 11:27pm
What was the situation, why did u need a broker to intervene, why cant you do it yourself? What broker was it?

You should never give password to anyone
  • #3
  • Feb 19, 2014 12:49am Feb 19, 2014 12:49am
check that request twice, it may not be from the brokerage. As far as I am concerned, the only intervention needed from the broker is executing a margin call, and that doesn't require your password
  • #4
  • Feb 19, 2014 1:35am Feb 19, 2014 1:35am
This is the first time I head that a broker ask client change password to intervene his trading... That's scam for sure! Since broker manages the database, if there is a reason that they cannot know your password, they can still edit ur trades or trading history. Every broker can do it.
  • #5
  • Feb 19, 2014 3:15am Feb 19, 2014 3:15am
Quoting EdgarNg
What was the situation, why did u need a broker to intervene, why cant you do it yourself? What broker was it? You should never give password to anyone
I didnt need them to intervene, they wanted to intervene themselves due to my apparent 'exposure', I didn't want to close my current exposure in the market but they have done every single thing to make it happen, they even asked me for my password so that they could close me out themselves.
  • #6
  • Feb 19, 2014 3:16am Feb 19, 2014 3:16am
Quoting Danny Maina
check that request twice, it may not be from the brokerage. As far as I am concerned, the only intervention needed from the broker is executing a margin call, and that doesn't require your password
It is definitely from the brokerage, and yes definitely the only intervention needed is during a margin call, this is ridiculous.
  • #7
  • Feb 19, 2014 3:18am Feb 19, 2014 3:18am
Quoting undergroundz
This is the first time I head that a broker ask client change password to intervene his trading... That's scam for sure! Since broker manages the database, if there is a reason that they cannot know your password, they can still edit ur trades or trading history. Every broker can do it.
Crazy, absolutely useless, intervene in my trading in either changing the leverage on an existing and OPENED and already EXECUTED position in order to close me out and even kept asking for my MT4 password so that they could close, guys seriously a password is for me to protect myself, not for them to ask for. Like seriously what the hell is this? It's my money and it's the risk I am willing to take, I don't see why it is their business.
  • #8
  • Feb 19, 2014 3:49am Feb 19, 2014 3:49am
Quoting plotinus82
{quote} It is definitely from the brokerage, and yes definitely the only intervention needed is during a margin call, this is ridiculous.
first time am hearing of that.....quiz them more and check the fine print in the account opening documents. There may be something about this there....but surely this is an interesting one
  • #9
  • Feb 19, 2014 5:19pm Feb 19, 2014 5:19pm
Quoting Danny Maina
{quote} first time am hearing of that.....quiz them more and check the fine print in the account opening documents. There may be something about this there....but surely this is an interesting one
My belief is that this broker is some bucketing shop, scared of big exposures so they'll lost money from me, hence forcing me to close it. Account opening documents do not permit them to ask for account or force closure.
  • #10
  • Feb 20, 2014 2:11am Feb 20, 2014 2:11am
If you think so, just withdraw all money and stay away from them, find a true STP/ECN NDD broker to deal with. That would be better for sure.
  • #11
  • Feb 20, 2014 2:22am Feb 20, 2014 2:22am
Why the big secret? Name the broker.
  • #12
  • Feb 23, 2014 3:36am Feb 23, 2014 3:36am
Quoting plotinus82
{quote} I didnt need them to intervene, they wanted to intervene themselves due to my apparent 'exposure', I didn't want to close my current exposure in the market but they have done every single thing to make it happen, they even asked me for my password so that they could close me out themselves.
Are you perhaps going through an IB? It's unprofessional for a broker to ask you for your password. That should never happen. If they really need to stop you out, they can use standard dealing functions in the metaquotes software. Asking for your password tells me the person wanting it doesn't have authorised access to dealing functions anyway.

You are right not to give out your password to anybody and you should contact the financial ombudsman or equivalent service in the broker's jurisdiction to complain.
  • #13
  • Feb 23, 2014 7:53am Feb 23, 2014 7:53am
Quoting plotinus82
{quote} My belief is that this broker is some bucketing shop, scared of big exposures so they'll lost money from me, hence forcing me to close it. Account opening documents do not permit them to ask for account or force closure.
If that's the case, why did you sign up as a customer? I mean, there are so many good Brokers around, why sign up with the worst?
Forex is a losers game.
  • #14
  • Feb 23, 2014 8:44pm Feb 23, 2014 8:44pm
Quoting FXOjafar
{quote} Are you perhaps going through an IB? It's unprofessional for a broker to ask you for your password. That should never happen. If they really need to stop you out, they can use standard dealing functions in the metaquotes software. Asking for your password tells me the person wanting it doesn't have authorised access to dealing functions anyway. You are right not to give out your password to anybody and you should contact the financial ombudsman or equivalent service in the broker's jurisdiction to complain.
Hi FXOjafar,

I am not going through an IB. Besides i had sufficient margin, capital requirements to sustain my position and it had a stop on. There is no such thing as -ve balance protection from this broker so my losses are not their business at all. It does seem like that hte person wanting it does not have authorised access to the dealing function. Indeed I did not give out the password to anybody, I will take bold action in the broker's jurisdiction to complain.
  • #15
  • Feb 23, 2014 8:45pm Feb 23, 2014 8:45pm
Quoting FXOjafar
{quote} Are you perhaps going through an IB? It's unprofessional for a broker to ask you for your password. That should never happen. If they really need to stop you out, they can use standard dealing functions in the metaquotes software. Asking for your password tells me the person wanting it doesn't have authorised access to dealing functions anyway. You are right not to give out your password to anybody and you should contact the financial ombudsman or equivalent service in the broker's jurisdiction to complain.
Have also sent you a message, do check please.
  • #16
  • Feb 23, 2014 8:47pm Feb 23, 2014 8:47pm
Quoting trader121
{quote} If that's the case, why did you sign up as a customer? I mean, there are so many good Brokers around, why sign up with the worst?
Obviously that's the case learnt after trading with them, from every moment within the first two weeks of trading with them they were fine, execution was fast, staff were friendly, then i started making a big ROI then a lot of bullcrap started happening which is just poor. Of course I didnt sign up with them suspecting they are bucket shops, they claim to have the biggest banks as LP. Which is just a lie.
  • #17
  • Feb 24, 2014 3:35am Feb 24, 2014 3:35am
You need to name and shame them on here, so we can all avoid this broker in the future.
  • #18
  • Last Post: Apr 5, 2014 3:56am Apr 5, 2014 3:56am
No broker would ever ask for your MT4 password. MT4 is just software used to interface with them to basically request chart data, send orders, and receive status updates on your fills. If they wanted to close positions, THEY WOULD. They don't need your software to do that.

More likely than not you are a victim of a targeted phishing scam. Reformat/Reinstall Windows, get a new email address and change all important passwords. You sir, most likely have been pwned. No more shoddy EA downloads off the google machine mmmmkay?
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