MetaProTrader – Are They Safe?

Website URL: https://metaprotrader.com

Founded: 2019

Regulations: No Regulation

Languages: English

Deposit Methods: Unknown

Minimum Deposit: Unknown

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Options Trading in Metals, Energy, Agricultural Commodities, Forex, Indices, Shares, Cryptocurrencies

Trading Accounts and Conditions

MetaProTrader has not given any information on the types of accounts they offer or even what their trading conditions are. We do not know the leverage ratios, the spreads, or any other trading costs. We do not even know what the minimum deposit requirement to trade on this broker’s account is.

MetaProTrader – Advantages

There are no advantages that we could find about trading with this broker, so we have kept this part of our review empty.

MetaProTrader – Disadvantages

Here are all the negatives we found about MetaProTrader:

• Anonymous, Unregulated Broker

The only piece of corporate information given by this broker is that they are owned and operated by a company called Meta Pro Trader Inc. However, there is no information about where this company is based, incorporate or registered. There are a few phone numbers listed, but today, such numbers mean nothing since they can easily be picked off the internet.

MetaProTrader is an anonymous broker, and because of this we can also conclude that they are unregulated by any financial authority.

Plus500

$100

Minimum Deposit

Start Trading

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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

Start Trading

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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.

• Blacklisted by Financial Regulators

While we were searching for MetaProTrader’s regulatory standing, we came across some very startling information. This broker has been flagged off by two different financial regulators for being a scammer! Financial authorities in British Columbia in Canada (the BCSC) and Italy (CONSOB) have blacklisted this broker for operating without a license.

If you don’t want to get scammed, then it is best not to deal with brokers such as MetaProTrader. Such brokers operate outside the law, which means that they are not bound by the laws that make regulated brokers safe and protect your funds.

Regulated brokers are required to abide by strict codes and have to be completely transparent in the way they conduct their business. And some authorities – such as the Financial Conduct Authority of the UK – require brokers to participate in a compensation scheme, where they need to cover their clients’ trading accounts for as much as £85,000 in case of broker insolvency.

• Broker Offers Managed Accounts

MetaProTrader offers to manage their clients’ accounts, which is a clear-cut conflict of interest. Brokers are what you call market makers, which means that they benefit from your losses in the market. So, when a broker offers to manage your trading account, it is in direct conflict with their own interests and they can help you lose money so that they can profit.

Brokers that offer managed accounts are deemed scammers as no legitimate broker would make such an offer.

• No Account Details or Trading Conditions

MetaProTrader has not given any details about the kinds of accounts they offer. The broker has also not given any information about its trading conditions. So, if you decide to do business with this broker, you will be doing so on trust, since you will not have any information about key parameters.

However, as a reference point, the market average for the minimum deposit is between $100 and $250, while leverage rations are about 1:30 in most jurisdictions. Professional accounts can have much higher leverage ratios, but not individual accounts. Spreads are usually at 1 pip to 1.5 pips.

• No Demo Account

This broker does not offer their clients a demo account, which is another red flag we would like to highlight. A demo account allows you to check the trading conditions and the quality of the trading platform on offer.

• No Real Trading Platform

MetaProTrader claims to offer a proprietary web-based trading platform. However, when we registered for a live account (since there is not demo account available), we found that there wasn’t any platform. All we got was a strange dashboard which had no trading option. There was also no facility to download a platform. Furthermore, all the charts displayed on this dashboard we lifted directly from TradingView, a third-party market data provider.

Most legitimate brokers provide their clients with a solid trading platform such as the MetaTrader 4 or the MetaTrader 5 platform, both of which come loaded with extra features that make trading much easier. Analytics tools and trading bots and a really simple interface make them extremely popular with both brokers and traders.

• No Information on Payment Methods

MetaProTrader does not even provide information on the payment methods they offer. Most brokers offer the standard payment methods such as debit and credit cards and bank transfers. A large number of them also offer e-wallets such as Skrill and Neteller, and many also offer cryptocurrency payment options.

With this broker, on the other hand, once again there is a complete lack of information. So, until you register for a live account, you will not know by which method you will be able to make a payment.

• Bonuses Offered

This broker also offers their clients bonuses, which is another delta against them.

Such promotional offers come with really unfair conditions for withdrawal of funds. You will be required to meet a certain trading volume target before you will be allowed to withdraw your money. And if you are unable to meet that target, then the broker simply cancels your withdrawal request. The catch here is that that trading volume target is so high that few traders ever meet it.

Conclusion 

MetaProTrader is a scammer. They are operating anonymously, they have been flagged off by two very reputed financial authorities, and there is literally no information that they have provided about themselves or the operations they are running.

We would recommend that you not do business with this broker if you wish to keep your funds safe.

MetaProTrader

2.3

User Experience

3.2/10

Payment Options

2.1/10

Security

2.0/10

Support

2.2/10

Reputation

2.2/10

Pros

• None

Cons

• Anonymous, Unregulated Broker
• Blacklisted by Financial Regulators
• Broker Offers Managed Accounts
• No Account Details or Trading Conditions
• No Demo Account