With the growing popularity of MetaTrader 5 (MT5) as the next-generation trading platform, many brokers and developers are encouraging traders to migrate from MetaTrader 4 (MT4). While legitimate upgrades do exist, scammers are now exploiting this shift through the False MT5 Upgrade Scam—a deceptive tactic where traders are misled into installing fake software, transferring funds, or giving access to their accounts under the pretext of “upgrading to MT5.”

This article breaks down how the scam operates, red flags to identify it, and how to protect yourself from being misled into fake platform upgrades.

What Is the False MT5 Upgrade Scam?

The False MT5 Upgrade Scam involves fraudsters impersonating brokers, support agents, or developers to trick traders into:

• Downloading fake versions of MT5
• Transferring funds to a “new MT5 account”
• Providing login credentials for MT5 migration
• Reinvesting or paying upgrade fees to “unlock” platform features

The scam plays on the trust and familiarity many traders have with the MetaTrader brand—despite these actions having no official connection to MetaQuotes, the actual MT5 developer.

How the Scam Works

Step 1: The Setup—Scammer Contacts the Trader

The trader receives a message via:

• Telegram or WhatsApp (posing as broker support)
• A fake email mimicking their broker’s domain
• In-platform pop-ups on cloned trading dashboards

The message reads:

“Dear client, we are migrating all MT4 accounts to MT5. Please follow the instructions to upgrade or risk account suspension.”

Step 2: The Trader Is Asked to Take Action

The trader is told to:

• Download a file claiming to be “MT5 setup” (actually malware or fake platform)
• Submit their MT4 login credentials for “migration”
• Transfer their balance to a “new MT5 wallet” to continue trading
• Pay a fee to access MT5 “premium tools” or continue using their account

Step 3: Funds or Access Are Stolen

Once the trader complies:

• Their credentials are used to hijack the MT4 account
• Funds are transferred or withdrawn from their platform
• Fake MT5 platforms either don’t function or display phantom balances
• The “support agent” disappears or demands further payments

Step 4: No Resolution or Recovery

By the time the trader realises the scam:

• The broker name was a clone or impersonation
• MT5 installation was a fraud
• Their real broker knows nothing about any upgrade

The victim is left with no access, lost capital, and often compromised devices.

Red Flags to Watch For

Unsolicited Messages Offering “Upgrade to MT5”

Neither MetaQuotes nor regulated brokers will message you directly to demand upgrades via chat apps.

“MT5” Downloads from Unverified Links

Only download MT5 from the official MetaQuotes website or your broker’s verified portal. Anything else is likely malware.

Broker Demands Payment to Upgrade Platforms

No legitimate broker charges fees to upgrade from MT4 to MT5. Platform use is free and tied to your broker account, not an extra cost.

Migration Requires Fund Transfers or New Wallets

If you’re told to move money to a new wallet or account to activate MT5, it’s likely a scam.

Login Credentials Requested for Migration

Real brokers will never ask for your platform password. If they do, you’re being phished.

How to Protect Yourself

Verify with Your Broker Directly

Contact your broker via their official website or phone number before taking any upgrade-related action.

Check URLs and Emails Carefully

Fake brokers often use lookalike domains. Always double-check spelling and SSL certificates.

Only Download MT5 from Trusted Sources

Use:

• MetaQuotes official website
• Your regulated broker’s portal Avoid file-sharing links or email attachments.

Don’t Share Login Credentials

Even with “support agents” claiming to represent your broker. No genuine platform ever requires your password to initiate upgrades.

Use Antivirus and Anti-Phishing Tools

If you’ve downloaded a suspicious file, scan your device immediately and change all related passwords.

Conclusion

The False MT5 Upgrade Scam takes advantage of legitimate software evolution to trick unsuspecting traders into giving up control of their accounts or capital. With cloned websites, fake apps, and convincing impersonations, scammers exploit urgency and tech confusion to execute one of the most dangerous forms of platform fraud.

To protect your account and understand the real mechanics of platform migrations, risk control, and broker verification, enrol in professional Trading Courses that cover secure platform usage, phishing defence, and digital safety for traders.