Metaexness – Can You Trust Them??
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Metaexness - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://metaexness.com
Founded: 2022
Regulations: Unregulated
Languages: English
Deposit Methods: Bitcoin
Minimum Deposit: $5
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Foreign Currencies, Crypto Currencies, Shares, Indices, Commodities
Trading Accounts and Conditions
Metaexness offers its clients three types of trading accounts: the Micro, Standard and ECN. The minimum deposit you are asked to make to open the Micro account is $10, while the ECN account requires a $250 minimum deposit to open. The broker hasn’t mentioned the spreads they offer, but the leverage is extremely high at 1:1000.
Metaexness – Advantages
There are no advantages to trading with Metaexness. In fact, it would be inadvisable to trade with this broker since they are a scam.
Metaexness – Disadvantages
Given below are all the disadvantages we found about Metaexness:
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Unregulated Broker
Metaexness claims to be owned and operated by GRAND INVESTING LIMITED, which is registered and regulated in the Marshall Islands. This is an issue for us for the following reasons.
The standards of regulations are so weak in the Marshall Islands that anyone with an internet connection can register a company there – from anywhere in the world; they don’t need a physical address to be registered in this jurisdiction. Furthermore, this country does not have any regulations in place to oversee forex and crypto brokers. And neither are there any regulations in place to protect traders from being scammed.
Thus, a broker supposedly registered in the Marshall Islands doesn’t mean anything – they could be located anywhere in the world. Which is why this location is so popular with scammers. Even if a legitimate broker is based in the Marshall Islands, they would need to have proper authorization from another regulatory body to operate in other jurisdictions. Unfortunately, Metaexness does not have any other license to speak of, so we can safely say that this broker is not regulated at all. Which also means that this broker is operating illegally and is a scam.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Functional Trading Software
Metaexness attempts to attract more customers by claiming to offer the MetaTrader 4 software as its trading platform. The MT4 platform is one of the best in the world, with a massive range of functionalities that make it not only user-friendly but also accessible to all types of traders, from novices to pros.
Unfortunately, when we clicked on the MT4 download link on Metaexness’s website, we were directed to their registration page. So, we registered for an account, hoping to gain access to their trading platform. When we did register, we entered the client area and found out that there was no functional trading software at all! We saw a single chart that tracked markets. That’s it. There was no sign of a trading software. Which is the second red flag that tells us that this broker is a scam.
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Extremely High Leverage
Metaexness offers its clients a maximum leverage of 1:1000. While offshore brokers are allowed to offer such high leverage ratios, stricter jurisdictions are much more restrictive about the amount of leverage that clients can use.
While a higher leverage gives traders the chance to rake in higher profits, the chance of losing it all is actually much higher. This is because of the extremely volatile nature of the forex and crypto markets, where losing money is more commonplace than making money. Thus, most of the top regulators place a cap on the amount of leverage their brokers can offer customers. In the UK, Europe and Australia, brokers are allowed to offer a maximum leverage of 1:30. In the US and Canada, that amount is 1:50, and in Hong Kong and Japan, the leverage ratio is not allowed to go above 1:20.
Thus, the issue we have with this broker is that since it also targets customers in the UK and the EU (among other places), this kind of leverage it is offering is actually illegal and a sure sign of a scam.
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Bitcoin Only Payment Option
Once again, we see tall claims on Metaexness’s website. This time, it is with regard to payment options. On their website, the broker claims to offer a wide range of payment options – Visa, Wire Transfers, UnionPay, Neteller, Skrill and Bitcoin.
When we checked their payment area, we found out that these claims were all lies. The only way to make payments was via Bitcoin. Brokers that offer only crypto payment options are confirmed scammers. This is because crypto payments are anonymous and permanent; there is no way to figure out where you money went and there also no way to reverse the transaction. Therefore, if you have made a payment using cryptocurrencies, that will be the last time you see your money. And this is why scammers love using only crypto payments.
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Non-Withdrawable Bonuses Offered
Another clear sign of the Metaexness scam is the fact that this broker offers non-withdrawable bonuses. Once again, the broker makes big promises – you will not have any trouble withdrawing your profits, and that your own deposits will be separate from the bonus amounts. However, the reality is much different.
There are no clear terms mentioned around these bonuses, which is a red flag to watch out for. All such bonuses come with terms and conditions, so the fact that these terms are missing is highly suspicious. Once you accept the bonuses, then the broker imposes previously unknown terms of withdrawal which have trading targets that are so impossible to reach that you will never be able to make a withdrawal.
Conclusion
Metaexness is a scammer; it is unregulated and it has lied about almost everything that a broker is supposed to offer their clients. There is not trading platform, the trading conditions are skewed, there are no clear terms and conditions, the only way you can carry out financial transactions is via Bitcoin and you are offered bonuses. All of these are clear indicators of a scam.
Metaexness
Pros
- None
Cons
- Unregulated Broker
- No Functional Trading Software
- Extremely High Leverage
- Bitcoin Only Payment Option
- Non-Withdrawable Bonuses Offered
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more