MTFE Forex Broker
Basic Information
Canada
Scam Brokers 2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Pros
MTFE claims to offer a variety of trading options, including forex, commodities, indices, and cryptocurrencies, catering to a wide range of traders.
The platform is designed to be user-friendly, making it accessible for both novice and experienced traders.
MTFE promotes the use of AI-driven trading tools, which may appeal to those looking for automated trading solutions.
Cons
MTFE is unregulated and lacks legitimate oversight from recognized financial authorities, raising concerns about the safety of investors' funds.
There are numerous reports from users about difficulties withdrawing funds, which is a common red flag associated with scam brokers.
The lack of transparency regarding account types, fees, and the overall operational process makes it challenging for potential users to trust the platform.
MTFE Forex Broker - Comprehensive Information Guide
1. Broker Overview
Metaverse Foreign Exchange Group Inc. (MTFE) was established in 2022 and is headquartered in Markham, Ontario, Canada. The company operates as a private entity and positions itself as an online trading platform catering to retail clients. MTFE primarily serves markets in Asia, Africa, and parts of North America, targeting both novice and experienced traders interested in forex, commodities, indices, stocks, and cryptocurrencies.
Since its inception, MTFE has aimed to leverage advanced technologies to enhance trading experiences. However, the broker has faced significant scrutiny regarding its operational legitimacy. The company's development has been marked by claims of regulatory compliance, but these claims have been met with skepticism by various financial authorities.
MTFE operates under a business model that promotes online trading services, including forex trading, contract for differences (CFDs), and cryptocurrency trading. The company's marketing emphasizes the use of artificial intelligence (AI) for trading, which has attracted a considerable user base seeking automated trading solutions. However, the authenticity of these claims remains questionable.
2. Regulatory and Compliance Information
MTFE claims to be regulated under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), with a registration number of MSB No. M22076570. However, it is crucial to note that FINTRAC is not a regulatory body for forex brokers; it primarily focuses on preventing money laundering and terrorist financing. The true regulatory authority for forex trading in Canada is the Investment Industry Regulatory Organization of Canada (IIROC), and MTFE is not listed under this organization.
The Ontario Securities Commission (OSC) issued a warning against MTFE on June 30, 2023, confirming that the broker is not registered to offer trading services in Ontario. This lack of proper licensing raises serious concerns about the safety of customer funds and the overall legitimacy of MTFE's operations.
MTFE does not provide clear information regarding its customer fund segregation policies or participation in any investor compensation schemes. The absence of a structured Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance framework further exacerbates the risks associated with investing through this broker.
3. Trading Products and Services
MTFE offers a variety of trading products, including:
- Forex Trading: The broker claims to provide access to over 50 currency pairs, including major, minor, and exotic currencies.
- CFD Products: MTFE allows trading in various categories, such as:
- Indices: Major global stock indices.
- Commodities: Includes trading in gold, silver, oil, and natural gas.
- Stocks: Access to various publicly traded companies.
- Cryptocurrencies: Trading options for popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
The broker promotes its services as user-friendly, targeting both retail and institutional clients. However, the claims regarding the frequency of product updates and the introduction of new trading instruments lack transparency.
4. Trading Platform and Technology
MTFE does not support industry-standard platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5). Instead, it offers a proprietary trading platform accessible via mobile applications on iOS and Android. The broker's platform is designed for basic trading functionalities, which may not meet the expectations of experienced traders.
The trading environment claims to utilize AI for automated trading, but investigations suggest that the trading functionalities may not operate as advertised. The execution model is not clearly defined, leaving potential users uncertain about the nature of trade executions (whether ECN, STP, or Market Making).
5. Account Types and Trading Conditions
MTFE offers limited account types, which include:
- Standard Accounts: Minimum deposit requirements and trading conditions are not clearly specified on their website.
- Advanced Account Types: Information regarding VIP or professional accounts is not available.
- Special Accounts: There is no mention of Islamic or corporate accounts.
The broker does not provide details on leverage ratios or minimum trade sizes, which are critical factors for traders. Additionally, the policies regarding overnight fees and other trading conditions are not transparently communicated.
6. Fund Management
MTFE supports various deposit methods, including:
- Bank Transfers
- Credit and Debit Cards
- E-Wallets
The minimum deposit requirements vary, but specific amounts are not disclosed. The processing time for deposits is reportedly immediate for e-wallets, while bank transfers may take longer.
Withdrawal methods are also available, but users have reported significant difficulties in accessing their funds. The withdrawal processing time can be lengthy, and users have encountered arbitrary fees that complicate the withdrawal process. Such practices are common red flags in fraudulent operations.
7. Customer Support and Educational Resources
MTFE provides limited customer support channels, including:
- Phone Support
However, many users have reported unresponsive customer service, particularly when attempting to withdraw funds. The broker does not have a robust online presence or active social media channels for customer engagement.
Educational resources are minimal, lacking comprehensive training materials, webinars, or market analysis services. This absence of educational content raises concerns about the broker's commitment to helping traders improve their skills.
8. Regional Coverage and Restrictions
MTFE primarily targets clients in Asia, Africa, and North America. However, it does not provide specific information about regional offices or support centers. The broker is not authorized to operate in several jurisdictions, raising concerns about its legal standing in various markets.
In conclusion, the MTFE broker presents significant risks to potential investors due to its lack of regulatory oversight, questionable business practices, and numerous complaints from users. It is essential for traders to exercise caution and conduct thorough research before engaging with unregulated platforms like MTFE.
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Latest Reviews
ﾉﾚﾚ乇Ǥﾑﾚ0ﾚv
Algeria
Mu name is sofian Alzghoul, I've been an Investor in MTFE for two months account ID (1557908) Today on November 29th 14:40GMT I opened up a position in the application and due to the application bugging I lost all of the Trading margin that I opened up the deal with along with what I had in my net account value that I didn't enter the position with. I'm sad to report that after all the work and the profits and losses I had this was the worst since it was a SEVERE SLIPPAGE although I tried to close the deal before that happend more than two times (proofs in attachments) but due to the application bugging for about 3 minutes with the position open ,even the chart wasn't showing for me nor was there anychanges in the position as I was trying to close out on (700usd in loss). This bug didn't happen to ME ONLY ,I have 3 freinds that I know of who lost all investment over this bug too. The application has a stop lose mechanism that that didn't work too in a message with the support the said at 70% loss it should stop lose automatically although I had it at 30% manually , but instead the closing method for me was a BLOW OUT ,it even took what I had in my net account value with that one deal. Trading margin for this deal was 3163, and the rest of the fund was I started my investment journey with 3000USD had it up to about 4500USD and now my account is -10k which isn't logical and shouldn't happen if the stop loss had happened (proofs attached). I hope you mitigate this issue since the support team blamed this on market and investments risks and neglect the fact that the stop loss function didn't work and the application freezing in the middle of a transaction. I hereby appeal to a compensation since my loss was due to the application bugging in the middle of an opened position and even the automatic stop lose or the manual stop lose I had installed didn't work and lost the funds I used for the deal plus the funds I didn't use (had them in net account value).
Exposure
2022-11-30
salbad
Jordan
this month was hard for most of my members to withdrawal and when they talk with costumer service they said be patient they rejected 9 from 10 and allowed for 1 person to withdrawal then last week more then 80 people from my members withdrawal in Tuesday last week until today no one get and yesterday send a signal for us and took all our money ...so please this app will close soon so be careful
Exposure
2022-11-30
danch_996
Tanzania
Best Ever Trading Tool I have ever seen 💵😇
Positive
2023-07-11
FX9615844052
India
in India too may persons are using its robo trading facility
37130
2023-07-07
sudesh
Sri Lanka
My two positions were blown up and when I contacted the coustomer service they never responded. I could save my money suerly.
Exposure
2023-03-14
Anu85
Sri Lanka
several days i tried to login to my account. at that time error massage come incorrect account or password. company not support to change the paasword.
Exposure
2022-11-14