Metaverxia review – 5 things you should know about metaverxia.com

Beware! Metaverxia is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Metaverxia presents itself as a well-established broker that will facilitate the entry of novice investors into the world of financial markets. But the reality is different – this is yet another online scam targeting people without enough experience and knowledge of financial trading. Let’s take a detailed look at why you shouldn’t trust Metaverxia.

Metaverxia Regulation and safety of funds

The first thing to look for in a forex broker’s website is which legal entity runs it, where it is based and what regulatory oversight it is subject to. Licensed companies are also required to provide a comprehensive set of legal documentation.

Metaverxia requires agreement to Terms and Conditions, but the link to the document is blank. According to the home page, the website is run by Metaverxia, which is allegedly regulated by the Vanuatu Financial Services Commission (VFSC)

This is misleading in two ways. First, this company is not listed among those registered in this jurisdiction. Second, there are no substantive regulations for brokers in this offshore jurisdiction. Furthermore, Metaverxia provides a contact address in a different offshore jurisdiction, Saint Vincent and the Grenadines (SVG). There are no regulations for forex brokers there at all.

Therefore, we do not know exactly who we are dealing with, nor what terms we are agreeing to when we register an account. The fraudulent nature of this website has been confirmed by the Spanish financial regulator.

If you have decided to invest in financial instruments, and especially if you are a novice trader, you should use the services of a licensed broker based in a jurisdiction with strong regulations.

Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.  In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

Metaverxia Trading software

After registering an account, we get access to a pretty basic web trading platform that doesn’t feature extensive customization options or advanced functionality. We’ve seen the exact same platform being used by multiple fake brokers we’ve encountered. Scammers are using rigged trading software to fool their victims into believing that their money is really being invested and even turning a profit.

While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Metaverxia Trading instruments

Genuine forex brokers provide detailed information about the trading conditions. Legitimate companies also offer different account types to suit clients with different experience, capital and investment intentions. The descriptions of account types on the Metaverxia website do not include any specific information other than a minimum deposit.

Metaverxia Spreads and cost of trading

In the trading platform we see a very low spread of 0.2-0.3 pips. But we don’t know if Metaverxia charges additional commissions, and more importantly, we have no reason to believe this trade is real and not fictitious.

Metaverxia Maximum leverage

In the trading platform we see a very high leverage of 1:400. his is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders.

Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

Metaverxia Deposit and withdrawal methods

Metaverxia claims to allow deposit by credit card and wire transfer. But the deposit menu actually redirects to a suspicious website for buying cryptocurrencies.

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

Metaverxia Minimum deposit

Metaverxia requires a minimum deposit of 250 USD. For the same amount or often much less, you can become a client of some of the leading brands in the industry.

Metaverxia Withdrawal requirements

Since Metaverxia does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.