MetaFinanceTrade Review

Is MetaFinanceTrade Scam or Legit Broker?

MetaFinanceTrade is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority (See our reviews on Top Regulated Forex Brokers). The broker is suspected of being a fraud company since it was not checked for compliance before establishment, never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is MetaFinanceTrade?

MetaFinanceTrade offers to trade up to 80 major, minor, and exotic currency pairs with competitive spreads and 0 commission. You can trade as little as 1 share on all share CFDs with no commission. They offer more than 300 popular stocks from the US and the EU. The company also offers a web-based platform with easily customizable watchlists, trading charts, and its own MetaFinanceTrade Trade Assistant.

•  MetaFinanceTrade Ltd claims to be a Luxembourg Investment Firm registered with the Commission de Surveillance du Secteur Financier and under CIF authorization number 357/18. The Company's registered office is at 51 Boulevard Grande-Duchesse Charlotte, 1330 Luxembourg.
• The broker also claims to have offices in the US and Luxembourg. However, this broker is not mentioned in the online registers of the Commission de Surveillance du Secteur Financier (CSSF) and the Cyprus Securities and Exchange Commission (CySEC). The broker is not regulated and has been misleading its clients with false regulatory information.
• In simple words, MetaFinanceTrade is a perfect example of a clone firm. Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them. Fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold-called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorized firm or other details. Such companies should be avoided at all costs.

• Moreover, the Cyprus Securities and Exchange Commission has included MetaFinanceTrade in its warning list:

  “The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following websites do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities.”

• The pages and official sources of the international regulators' list alert are shared with the authority directly or by other countries' supervisory bodies or transmitted centrally. Those tools and general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities and more. As MetaFinanceTrade got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by numerous EU authorities.

MetaFinanceTrade in India

MetaFinanceTrade allows Indian traders to open accounts and trade. However, MetaFinanceTrade has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

MetaFinanceTrade in the USA

The United States is one of the countries that is not accepted by MetaFinanceTrade. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for MetaFinanceTrade, you are only permitted to trade with the U.S regulated platforms.

Deposits and Withdrawals

The minimum deposit for all methods of deposits in a trading account with MetaFinanceTrade is Euro 50.

• Deposits by Debit card or Credit card take approximately 3 business days, often less to process into your trading account. As much as MetaFinanceTrade shall ensure immediate action to process and clear deposits by bank wires, these may take approximately up to one 1 business day to receive and process into your trading account.
• MetaFinanceTrade has funding methods for multiple currencies. If you deposit funds in a currency other than the denomination of your trading account, they will automatically convert it to the denominated currency at an exchange rate applicable on the date and time of the transaction. MetaFinanceTrade does not charge any administrative fees for depositing funds.
• The minimum withdrawal amount is EUR 50.00 for all payment methods.

Apps

MetaFinanceTrade provides its traders with a Trade Assistant. It is a unique educational tool designed to help you place your trades. It has been developed with beginners in mind(Best Forex Trading Platforms for Beginners) but can be used by anyone who wants to understand core trading concepts - such as CFDs, leverage, margin, exposure - through short and easy-to-understand explanations, contextual examples, and built-in dynamic calculators.

MetaFinanceTrade Review Conclusion

We advise all investors and traders to avoid MetaFinanceTrade and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and XM.

MetaFinanceTrade Update

Recently the MetaFinanceTrade website remains inactive, meaning the broker has muted its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals.