How to Check the Authenticity of a Monitoring Account on MyfxBook?

Hello everyone. I think you have more than once seen account monitoring through the service MyfxBook on our site and on the forex forum. By and large, monitored accounts are a good indicator of the performance of one or another Forex advisor, but there are exceptions. Greedy system sellers quite often use various tricks: for example, they put a scalper on a demo or try to pass off a demo account as a real one. Today we will talk about how deception on MyfxBook can be recognized, what points are worth paying attention to before praying to another trading "holy grail."

It is worth starting with the fact that the service Myfxbook.com is not only an opportunity to keep statistics for your own account and share results with other traders, but also a place for finding investors, buyers of trading systems, and signal subscribers.

Unlike other similar sites, Myfxbook took care to become a kind of disinterested third party. An intermediary that can be trusted. And that trust is provided by special checks that the service offers traders so that the buyer of an advisor / investor has no doubts about the truthfulness of the monitoring results.

If in the Russian internet scam artists like  ratesniper.ru rather easily find simpletons ready to fork over their hard-earned money for pretty product descriptions, then in the foreign internet such a tactic will not bring big sales. In the foreign segment of the internet people are more educated, and selling them an advisor without monitoring on real accounts is difficult. But even monitoring should not be trusted 100%; more precisely, you should pay attention to the nuances we will talk about today.

Let me give an example. Below you can see the monitoring of the advisor Million Dollar Pips:

At first glance, the results are mind-blowing, just put the advisor on a real account and live happily ever after...

But if we go to the monitoring page, we will see that this account is a DEMO, not a real one.

And the MDP working model is such that, because of the peculiarities of order execution, the robot will not bring profit on real accounts. Thus, for scalpers, demo monitoring has no value.

But if the account is indicated as real, then it is worth taking a closer look: whether the trading history is confirmed, as well as the trading privileges. Let us dwell on these MyfxBook monitoring authenticity verification tools in more detail.

On the page of each monitoring account on MyfxBook there is a line like this: "Track record verified" or "Track record not verified."

What does this mean? It means that the owner of the monitoring account provided the investor password to the Myfxbook system and also specified the broker and trading server on which the account works. MyfxBook automatically cross-checked the information in the monitoring account: account type, order logs, etc., and confirmed that the account is genuine.

Such verification helps protect against dishonest advisor sellers who may, for example, claim that the ATS is running on a real account when in fact a demo is being monitored.

How to perform such verification for your own monitoring account is described here.

Another monitoring verification method that MyfxBook offers is confirmation of trading privileges.

Very rarely, but there are situations when a scammer somehow gets the investor login and password of someone else's profitable account. And that very huckster creates monitoring of someone else's account and, passing it off as his own, engages in sales of an advisor or strategy supposedly running on that account. It is precisely against such swindlers that the trading-privileges check is meant to protect. That is, the service requests confirmation that the owner of the account is exactly the owner of the monitoring account, and no one else.

How to confirm the trading privileges of your monitoring account is described here.

So, you have decided on the utmost foolishness (from my point of view), namely to buy some advisor, strategy, or paid course. Remember: beautiful words on a sales page are just advertising. Any schoolboy will draw you strategy tester reports in Photoshop for 100 rubles. Therefore, if you suddenly, which I strongly do not advise doing, want to buy a paid forex product / take paid training, demand from the seller a monitoring account of a real account on MyfxBook.

If the seller starts inventing excuses, boldly send him as far away as possible.

If, however, the monitoring account is offered to the attention of potential buyers, then you should pay attention to its truthfulness, namely:

Of course, besides the authenticity of the monitoring account, it is worth looking at the trade history, evaluating various statistics of the trading strategy, etc., but we will talk about that some other time. Therefore, subscribe to site updates so as not to miss new materials.

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Respectfully, Pavel
Forex Trader Portal