Metaverse Broker Review

Metaverses World and MTFE: A Cautionary Review of Potential Scams

Executive Summary

In the digital trading landscape, many brokers offer enticing promises of high returns and easy trading. However, amid the legitimate players, Metaverses World and MTFE have come under scrutiny for their dubious practices. Both brokers operate in irregular jurisdictions and lack the necessary regulatory oversight, leading to significant concerns regarding their legitimacy.

Metaverses World, launched in December 2021 and operated by Pristine Group LLC from Saint Vincent and the Grenadines, has garnered multiple warnings from financial authorities such as the Austrian FMA and the Spanish CNMV for its fraudulent schemes. Users have reported consistent issues with fund withdrawals, with claims of hidden fees and misleading marketing practices. Similarly, MTFE, which claims to operate under the auspices of FINTRAC in Canada, lacks credible authorization from the Ontario Securities Commission (OSC) and has been labeled as an illegal broker.

Both platforms attract novice traders with promises of high leverage and a wide array of asset classes, but the risk of financial loss is profound. Our review provides a detailed analysis of the operational risks associated with these brokers, advocating for caution and thorough verification before considering any investments.

⚠️ Important Risk Advisory & Verification Steps

Investing with unregulated brokers can result in substantial financial harm. To safeguard your investments, consider the following essential risk advisory points:

• Lack of Regulation: Unregulated brokers operate without oversight, increasing the risk of fraud.
• Withdrawal Issues: Reports indicate that users frequently face difficulties in withdrawing their funds.
• Negative Reviews: Consistent negative feedback from users suggests that these platforms employ deceitful practices.

Self-Verification Steps:

• Check Licensing: Visit official regulatory bodies' websites (e.g., FCA, ASIC, NFA).
• Research Company History: Investigate the broker's founding date and operational history.
• Verify User Reviews: Look for independent reviews and feedback on platforms such as Trustpilot or ForexPeaceArmy.
• Analyze Fee Structures: Ensure all potential fees are transparent and communicated before you deposit funds.
• Contact Customer Support: Assess the responsiveness and quality of the customer support team before committing funds.

Rating Framework

Dimension	Rating (out of 5)	Justification
Trustworthiness	1	Both brokers have no credible licenses and numerous user complaints highlight their sketchy nature.
Trading Costs	2	Initial low minimum deposit, but hidden fees lead to significant costs.
Platforms & Tools	2	Basic platforms with poor trading execution and lacking features.
User Experience	1	Users report numerous issues, especially concerning customer support and fund withdrawals.
Customer Support	1	Unresponsive support channels leave users in the dark regarding their inquiries and complaints.
Account Conditions	2	High minimum deposits with unfavorable withdrawal terms and conditions.

Broker Overview

Company Background and Positioning

Metaverses World, established on December 16, 2021, is run by Pristine Group LLC and operates from Saint Vincent and the Grenadines (SVG). This offshore location is notorious for lax regulatory environments, prompting serious concerns regarding investor protection. As a brokerage, Metaverses World has been flagged by top financial watchdogs for its illicit practices, particularly targeting traders in Germany, Austria, Switzerland, Spain, and the Czech Republic.

Conversely, MTFE (Metaverse Foreign Exchange Group) presents itself as a broker based in Ontario, Canada, claiming to adhere to FINTRAC regulations. However, it operates without proper authorization from the OSC, leading to its classification as an illegal broker. Instead of establishing a trustworthy image, MTFE has been implicated in various complaints regarding fund access and high-pressure sales tactics.

Core Business Overview

Both brokers engage in promoting themselves as reputable trading platforms but offer a plethora of risks.

• Metaverses World offers trading in forex, indices, shares, and commodities via their basic web trader platform, claiming maximum leverage of 1:200, which is notably high compared to regulated standards. Unfortunately, the absence of reliable trading tools diminishes their platform's credibility.

• MTFE, while claiming to offer a wide range of OTC derivatives including forex, commodities, and cryptocurrencies, falls short of legality in its operations across multiple jurisdictions. The maintenance of a robust trading system is compromised due to the lack of regulatory authority backing its claims.

Quick-Look Details Table

Feature	Metaverses World	MTFE
Regulation	Unlicensed	Illegal in Canada
Minimum Deposit	$250	N/A
Leverage	Up to 1:200	N/A
Major Fees	Hidden withdrawal fees	Reported fees on withdrawals
Accepted Payment Methods	Credit/Debit cards	Credit/Debit cards, crypto
Demo Account	No	No

In-depth Analysis of Each Dimension

Trustworthiness Analysis

The trustworthiness of a broker is paramount for any investor. Both Metaverses World and MTFE lack credible regulatory oversight, causing significant doubts about their legitimacy.

• Analysis of Regulatory Information Conflicts: Metaverses World's claims of being a regulated entity are misleading, as it operates without any proper licensing from recognized authorities. Additionally, MTFE falsely advertises its regulatory status with FINTRAC while evading OSC registration.

• User Self-Verification Guide:

• Visit Regulatory Websites: Check the status of the broker through platforms like the NFA’s BASIC database.
• Search for Warnings: Look for any warnings issued by financial authorities regarding the broker.
• Read Independent Reviews: Analyze user experiences on forums and review websites to gather comprehensive insights.
• Check for Licensing in Operating Countries: Confirm if the broker claims regulations are valid in its operating country.
• Industry Reputation and Summary: User experiences with Metaverses World are overwhelmingly negative. One Trustpilot user reflected,

"Avoid these guys. It screams scam. Unregulated...Promise the earth. Do not give them your money."

Trading Costs Analysis

While enticing commission structures initially draw traders in, hidden costs can turn profits into losses.

• Advantages in Commissions: Metaverses World lures in new traders with a minimal deposit requirement of $250 and a resultingly beneficial trading cost structure.

• The "Traps" of Non-Trading Fees: However, numerous reports indicate that hidden withdrawal fees exist, as described by an unhappy user who noted,

"They charged $30 for withdrawals despite stating no fees would apply."

• Cost Structure Summary: Both brokers may seem appealing due to low initial costs, but the potential for hidden fees can result in net losses rather than gains.

Platforms & Tools Analysis

A broker's platform quality can significantly impact user experience, especially for novice traders.

• Platform Diversity: Metaverses World utilizes a simple web-based trading platform, a basic tool unsuitable for serious traders. MTFE's claims of offering a trading platform are equally unsubstantiated, as significant features commonly found in MT4 or MT5 are lacking.

• Quality of Tools and Resources: While both brokers promise accessibility, the actual tools available fall short of industry standards.

• Platform Experience Summary: User feedback highlights the inadequacies of both platforms. Experience indicated that Metaverses Worlds web trader is devoid of critical functionalities. As one user commented:

"The website looks like it was put up in a hurry."

User Experience Analysis

Understanding user experiences can illuminate the tangible realities of a trading platform.

• Customer Reviews Overview: User sentiment is overwhelmingly negative, with complaints regarding accessibility and responses to inquiries becoming a recurrent theme.

• Common Complaints and Praise: Specific issues reported by users include slow response times and unfulfilled requests for withdrawals.

• Overall User Experience Summary: Overall, both Metaverses World and MTFE fail to provide satisfactory user experiences, with many users expressing frustration over operational shortcomings.

Customer Support Analysis

Accessibility to customer support can often make or break a trader's experience.

• Support Channels: Both platforms use limited customer service avenues, primarily focusing on email and sparse chat functionality, ill-prepared to address user needs effectively.

• Response Times and Quality: User complaints reveal a common dissatisfaction with support efficiency, with delays and lack of engagement frequently highlighted.

• Customer Support Summary: Overall, the inadequacies of the customer service departments pose additional risks for traders seeking assistance.

Account Conditions Analysis

The structures surrounding accounts offered by brokers are crucial for ensuring a user-friendly experience.

• Account Types and Features: Metaverses World offers only a few accounts differentiated by minimum deposits but lacks the necessary flexibility for investors.

• Minimum Deposit and Withdrawal Policies: The minimum deposit requirement of $250 raises concerns, especially coupled with withdrawal policies that inhibit liquidity.

• Account Conditions Summary: Both brokers present restrictive account conditions, resulting in potential difficulties for clients attempting withdrawals and managing funds effectively.

Conclusion

In summary, both Metaverses World and MTFE pose substantial risks for potential traders. Their lack of regulatory oversight, combined with numerous user complaints and negative feedback, establishes them as brokers to avoid. New traders must prioritize selecting regulated brokers with proven reputations, focusing on the importance of conducting thorough research to mitigate the risk of falling prey to scams. Engaging with unregulated brokers can lead to significant financial losses, underscoring the necessity of vigilance in the online trading environment.

By adhering to the recommendations and performing due diligence, investors can significantly improve their chances of safeguarding their investments and avoiding the pitfalls associated with these fraudulent brokers.