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Avoid trading with MetaFXTrade as it’s a scam. Investors have lost funds while trying to withdraw funds from the platform. Learn more in our clear metafxtrade.com review.
Another unregulated platform, MetaFXTrade (metafxtrade.com), takes members for a ride. You don’t even get to enjoy the profits of your labor. And this is the pain investors are going through after investing with Meta FX Trade. We need to end the platform’s wicked ways by exposing the red flags. Follow us on our journey to reveal all the errors found on the platform. Learn more in our vivid METAFXTRADE REVIEW.
When investing in the forex markets, experts recommend using authentic trading tools. These include reliable forex trading robots backed by experts and the trading community. It would be best to get a head start by using dependable bots proven to work for years.
MetaFXTrade claims to be an international brokerage house on the about us page. We have seen such claims before only to target naïve investors. The platform claims to combine STP and NDD to help clients trade effectively.
We have to give credit to the platform for creating an engaging website. Not many investors will spot the errors or red flags found on the platform. It’s clear to see that the people behind metafxtrade.com have some financial background.
You don’t get to see the issues members face while trading with the platform. Instead, the platform will promise heaven and deliver hell. That’s what you should expect with the platform. Hundreds of investors have lost funds with the platform since its inception.
With the platform being anonymous, it’s hard to get back your funds. Hiring recovery agents won’t help you make any leeway. We believe that these agents are part and parcel of the giant scam.
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Before investing in any platform, we recommend that you do some research. First, try and find out what makes a platform tick. And this will lead you to find out the experience of other users on the platform.
Acceptable funding methods
There are several funding methods available on the platform. The people behind this platform want investors to have no issue depositing funds. These depository options include bank and wire transfers.
After depositing funds with the platform, your balance will reflect within 24 hours. After that, the platform will send an email confirming receiving payment. You can then start trading on the platform and see your balance grow.
The platform will give you the impression that everything is working. Midway through your trading sessions, you might get a call asking you to deposit more funds. The platform will insist on first withdrawal after 48 hours.
When the time comes to withdraw, that’s when all hell breaks loose. The platform will suddenly change tactics and avoid any interaction with you. That’s how you know that the platform is possibly going against trading regulations.
Account types MetaFXTrade
MetaFXTrade offers five account types. Each of these accounts comes with a different set of features. The five include basic, standard, gold, platinum, and VIP. Here’s a closer look at each of these accounts;
It’s the most basic account which targets beginners or newbies. You have to make a minimum acceptable deposit of $250. The account comes with a fixed spread of 1.6. In addition, members get access to community trading and referral rebate.
Members have to deposit $500 to get started with the account. The account comes with floating spreads of 1.6 pips. As a result, you get maximum leverage of 1:500 on all accounts and trading assets. The account also offers a lot rewards and trader rebates.
There’s a minimum acceptable deposit of $2,500 with the gold account. The account comes with floating spreads of 1.6 pips. Members get a $6 commission per lot with community trading available with this account.
You have to deposit $5,000 to get started with this account. Spread type is floating with members having 0.6 pips. Community trading and trader rebate are not available on this account. However, the account offers a lot reward and referral rebates.
The account targets institutional investors with the minimum deposit set at $20,000. Members enjoy floating spreads of 0.5 pips. There are no commissions per lot with this account. Members enjoy a lot reward instead.
There’s an issue with the maximum leverage available on this platform. Industry regulators have moved in to protect investors from high leverage. But unfortunately, the platform puts your trading position at risk with high leverage.
Regulators have put a lid on maximum leverage depending on the jurisdiction. In Europe, regulators allow for maximum leverage of 1:100. The United States sets maximum leverage at 1:50 for retail traders.
Account opening process
We also set our eyes on the unacceptable account opening process. The platform will wait until you hit the withdrawal tab to verify your profile. As a result, you have to send valuable documents to verify your account.
There’s no reason for it as there are other ways of verifying accounts. For example, you can verify an account using a two-factor authentication process. There’s no telling what the platform does with your documents.
Affiliate and introducing broker programs
The platform enlists an affiliate program to get as many members as possible. Before you become a partner, you need to understand the consequences. The platform is only looking to take advantage of your connections.
The platform will destroy your credibility and reputation. Those clients you send to sign up will end up ruing the decision. You end up being the platform’s scapegoat as the platform fails to respond to queries.
Available trading instruments
You only get to trade forex pairs with this platform. However, the platform avails all classes of trading pairs. These include exotic, major, and minor currency pairs. There are over 60 currency pairs available on the platform.
You also get to trade significant metals such as gold and silver against leading currencies. The platform pairs these assets with EUR, GBP, or USD. There’s the possibility of enjoying leverage of 1:100 on demand.
Theirs is little information to suggest the real owner of the platform. And this makes MetaFXTrade an anonymous investment platform. You need to stay away from anonymous platforms or risk losing everything.
The homepage doesn’t have any business registry documents to suggest compliance. From what we can see from the disclaimer, it’s an offshore platform. The location suggests the British Virgin Islands and Vanuatu.
Contact and customer support
Despite claiming to offer live chat support, that’s not the case. The platform fails to provide any real help to investors. Even the phone number listed doesn’t go through most of the time. That’s how we know the platform is irresponsible.
Deposit safety MetaFXTrade
You won’t get to enjoy any safety net with the platform. For example, the platform fails to segregate accounts dictated by trading regulations. We also have a platform that fails to offer insurance cover on deposits made by clients.
License and Regulation MetaFXTrade
MetaFXTrade is an anonymous and unregulated forex investment platform. These two features make the platform a high-risk investment option. You need to avoid such platforms or end up becoming their victim.
You need to invest in platforms regulated by official regulators. These regulators include ASIC, BaFIN, CFTC, CNMV, CONSOB, CySEC, and the FCA. Others include FINMA, NFA, and the SEC.
After exposing all the red flags, we recommend that you stay away from metafxtrade.com.
PS: Make the best investment decision by using approved forex trading robots. It’s the best way to invest in the forex market.
If you have any queries, feel free to drop a comment or email us.