Beware! MetaFinanceTrade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
MetaFinanceTrade attempts to convey a legitimate online trading service, but fails in the execution. The issues started appearing almost immediately, with the first one being that here are no real trading conditions. Read onto find out all there is to know.
METAFINANCETRADE REGULATION AND SAFETY OF FUNDS
The website on multiple occasions claims that the broker is registered in Luxembourg, and also regulated there by the local overseer the Commission de Surveillance du Secteur Financier as an Investment Firm. This license issuer has a very informative website that offers the common list of regulated entities, where it turns out that there are a surprising amount of regulated brokers. Nevertheless, in that big catalogue of firms we found no trace of MetaFinanceTrade. Since the website has no other regulatory information, concerning a different country or regulator, we are left with no choice but to deem this one UNLICENSED, and a risk to all traders!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
METAFINANCETRADE TRADING SOFTWARE
There is a very obvious reason for the missing trading conditions, as we previously stated. The simple truth is that there is no real trading software available at MetaFinanceTrade.
Once we registered, we were redirected to a user area, where the only semblance of a terminal is a third party “borrowed” chart, that is there for the sole purpose of tricking users into thinking that somehow they are to trade assets with its help.
The lack of the trading platform is the biggest no! Now there is nothing for you here.
METAFINANCETRADE DEPOSIT/WITHDRAWAL METHODS AND FEES
It was upon our visit to the depositing section for the first time that we got a taste of what MetaFinanceTrade is trying to push. Here users are introduced to the ever popular plans; i.e deposit and expect completely unrealistic profits. An example, taken straight from there, would be the Trial plan, where a user deposits the minimum requirement of $50 and expects a 137% return! Of course this never happens.
Users can deposit via a range of crypto options; the perfect payment method for illicit brokers, because it is untraceable.
Withdrawals are done by the same methods used for depositing. The first withdrawal for the month is free; all others are charged some unclear fee. Last but not least, withdrawals are said to be processed within 1 day.
We strongly advice traders to only deposit the minimum deposit, or better yet – not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.