MetaFinanceTrade – Can You Trust Them?

| Publish date: 06/05/2020 (Last updated: June 05, 2020 05:35 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

MetaFinanceTrade - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Deposit
X

udated 2020

MetaFinanceTrade has shared literally next to nothing about the trading accounts they offer, or even the trading conditions the broker has.

All we know is that the minimum deposit is $50, so we assume that this broker has only one type of trading account.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Plus500CY Ltdauthorized & regulated by CySEC

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://metafinancetrade.com

Founded: 2019

Regulations: Unlicensed

Languages: English

Deposit Methods: Cryptocurrencies

Minimum Deposit: $50

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Indices, Shares, Commodities, Cryptocurrencies

Trading Accounts and Conditions

MetaFinanceTrade has shared literally next to nothing about the trading accounts they offer, or even the trading conditions the broker has.

All we know is that the minimum deposit is $50, so we assume that this broker has only one type of trading account.

MetaFinanceTrade – Advantages

Considering the complete lack of information on this broker’s website, there are absolutely no advantages to trading with MetaFinanceTrade.

MetaFinanceTrade – Disadvantages

Here are all the reasons why you should never do business with this broker:

  • Lies About Regulation

MetaFinanceTrade claims that they are regulated by the Luxemburg financial regulator, the Commission de Surveillance de Secteur Financier (CSSF), as well as the Cypriot regulator, the Cyprus Securities and Exchange Commission (CySEC). The broker also presents a CIF (Cypriot Investment Firm) number to prove that they are regulated by the Cyprus financial watchdog.

However, when we checked the online registers of both the financial regulatory authorities, we did not find this broker’s name listed anywhere. Which means that MetaFinanceTrade has lied about their regulatory status.

Plus500
$100
Minimum Deposit

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.

 

AvaTrade
$100
Minimum Deposit

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.

 

  • Clone Firm

This broker has lied about their regulatory status, and when we checked the CIF number that they presented, we found out that it doesn’t even belong to them. This CIF number actually belongs to a broker by the name of Skilling, which is legitimately regulated by the CySEC.

So, the fact that MetaFinanceTrade has stolen another entity’s information and passed it off as their own means that this broker is a clone firm.

Clone firms use the information of a regulated company on their websites in a bid to dupe customers into believing they are legitimate. This is a common tactic for scam brokers.

Therefore, if you invest your money with this broker, you will lose all your funds.

  • No Information About Trading Conditions and Accounts

MetaFinanceTrade has not given any information on their website about the trading conditions or even the types of trading accounts they offer. This is key information that allows traders to decide whether they wish to do business with a broker.

Here, we do not know what the spreads are, what the leverage ratios are, or whether there are commissions or other fees imposed on trades carried out. We also do not know if this broker has only a single trading account or multiple types of trading accounts.

This lack of transparency only further highlights how little this broker is to be trusted, and also the fact that doing business with this broker is very dangerous for traders.

  • No Real Trading Software

MetaFinanceTrade claims to offer their clients a web-based trading software. However, since this broker does not have a demo account, we could not test this software for ourselves.

We tried opening a live account to get access to the platform, however, when we registered, we got redirected to a user dashboard, which displayed charts borrowed from third-party market data providers.

Thus, we can conclude that this broker does not even have a real trading software.

Most legitimate brokers offer their clients the MetaTrader 4 trading platform, which is easy to use and has a range of features for advanced traders. These features include charting tools, technical analytics tools and even automatic trading robots that are called Expert Advisers.

  • Plans Offering Unrealistic Profits

This broker promises massive profits when you deposit money with them. For example, if you use their Trial Plan, then on a minimum deposit of just $50, you can expect a 137% return!

Such a promise is a lie since most traders actually lose money on the market. In fact, some traders can end up losing their entire deposits. And legitimate brokers are law-bound to reveal the percentage of their customers that lose money while trading with them. This figure ranges on average from 75% to 85%. This means that 75% to 85% of trader lose money rather than make money while trading.

So, for MetaFinanceTrade to promise such mega returns is just ridiculous. Yet another scam tactic being used by this broker to snare unsuspecting traders.

  • Payments only Through Cryptocurrencies

When you go to this broker’s homepage, you can see the logos of payment providers such as Visa, MasterCard, Trustly, Skrill, Neteller and Sofort. However, when you actually try to carry out a transaction, you will find out that the only way to make deposits is via cryptocurrencies.

Cryptocurrencies are a perfect payment vehicle for scammers for two key reasons. First, such transactions are completely untraceable. You don’t know who has your money or where it has gone. And second, because cryptocurrency payments are irreversible. So, once you have made the payment, there is no way you will ever be able to get your money back.

Credit and Bank Wire payments, on the other have are reversible. If you believe you have been scammed, you can ask for a chargeback. And since scammers want to keep your money, it is obvious why they would prefer to use crypto-payments as their remittance option.

Conclusion 

MEtaFinanceTrade is a scam operation where these people are out to get your money. They have lied about their regulation status and they have stolen the license number of a legitimate company and presented it as their own. Furthermore, even the most basic information that a broker needs to provide is missing. We do not know what the trading conditions are, we do not know what types of accounts are offered, and there doesn’t seem to be any real trading software. The only thing you can actually do is make deposits.

We strongly advise all traders to stay as far away as possible from this broker.

MetaFinanceTrade

2.4

User Experience

3.2/10

Payment Options

2.4/10

Security

2.2/10

Support

2.3/10

Reputation

2.1/10

Pros

  • None

Cons

  • Lies About Regulation
  • Clone Firm
  • No Information About Trading Conditions and Accounts
  • No Real Trading Software
  • Payments Only Through Cryptocurrencies

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

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.

 

AvaTrade
$100
Minimum Deposit

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.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.

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