X Metaverse Pro has emerged as a notable player in the forex and cryptocurrency trading landscape since its inception in 2022. This review synthesizes various perspectives on the broker, highlighting both its strengths and weaknesses as reported by users and experts alike. Key features include a diverse array of tradable assets and a focus on social trading, but concerns regarding regulation and overall trustworthiness persist.
Note: It is essential to recognize that the regulatory status of X Metaverse Pro varies across regions, with different entities operating under potentially conflicting regulations. This review aims to provide a balanced overview based on multiple sources to ensure fairness and accuracy.
Ratings Overview
How We Rate Brokers: Our ratings are derived from comprehensive analyses of user feedback, expert opinions, and factual data regarding broker operations.
Broker Overview
Founded in 2022, X Metaverse Pro is registered in the United States and primarily focuses on forex and cryptocurrency trading. The broker offers a unique social trading platform that allows users to copy the trades of experienced investors. However, it lacks a robust regulatory framework, which raises concerns about its trustworthiness. The platform does not support popular trading software like MT4 or MT5, which may deter some traders. X Metaverse Pro provides access to a variety of asset classes, including cryptocurrencies, forex, commodities, and indices.
Detailed Breakdown
Regulatory Regions:
X Metaverse Pro operates without substantial regulatory oversight, raising red flags for potential investors. While it claims to be registered with entities like the Financial Crimes Enforcement Network (FinCEN) and the National Futures Association (NFA), its regulatory status remains ambiguous, with many sources labeling it as unregulated. According to WikiFX, the broker has a low regulatory score, indicating potential risks for traders.
Deposit/Withdrawal Currencies:
The platform supports a range of cryptocurrencies for deposits and withdrawals, although specific details on fiat currency support are limited. The minimum deposit requirement is not explicitly stated, which could be a barrier for new traders looking to enter the market.
Bonuses/Promotions:
Currently, X Metaverse Pro does not offer any bonuses or promotional incentives, which is a common strategy among many newer brokers in the market. This lack of promotional offers may limit its appeal to potential customers seeking immediate benefits.
Tradable Asset Classes:
X Metaverse Pro provides a diverse selection of tradable assets, including cryptocurrencies, precious metals, ETFs, forex, indices, and commodities. However, it does not offer stocks or options, which may limit the trading strategies available to users.
Costs (Spreads, Fees, Commissions):
Information regarding spreads and fees is limited, with several reviews indicating that the costs may not be competitive compared to other brokers. Users are advised to consider these costs before committing to trading on the platform.
Leverage:
The platform offers leverage options, but specific details on the maximum leverage available are not provided. Traders should exercise caution when using leverage, as it can amplify both gains and losses.
Allowed Trading Platforms:
X Metaverse Pro does not support popular trading platforms like MT4 or MT5, which may deter experienced traders accustomed to these environments. Instead, it operates its proprietary trading platform, which may lack some advanced features found in established platforms.
Restricted Regions:
While X Metaverse Pro is primarily focused on the U.S. market, it is essential for potential users to verify whether their specific region allows trading on this platform, as regulations can vary significantly.
Available Customer Support Languages:
Customer support is available in English, with options for live chat and email communication. However, some users have reported longer response times, which could impact the overall user experience.
Final Ratings Overview
Detailed Breakdown of Ratings
-
Account Conditions:
The account conditions at X Metaverse Pro are rated low due to the lack of transparency regarding minimum deposits and withdrawal limits. Users have expressed concerns about the absence of clear information, making it difficult to assess the overall value of trading with this broker.
Tools and Resources:
The platform offers some trading tools, but they are not as comprehensive as those found in more established brokers. Users looking for advanced trading resources may find X Metaverse Pro lacking in this area.
Customer Service and Support:
Customer service received a moderate rating, with users reporting acceptable experiences but noting that response times could be improved. The availability of live chat is a positive aspect, but the overall support could be enhanced.
Trading Experience:
The trading experience on X Metaverse Pro is average, with the proprietary platform lacking some features that experienced traders may expect. The absence of MT4 or MT5 could be a significant drawback for many.
Trustworthiness:
Trustworthiness is a major concern, primarily due to the lack of robust regulation. Many users and reviews indicate a wariness about the platform's legitimacy, which is reflected in its low rating.
User Experience:
User experience is hindered by the platform's limited information regarding account conditions and costs. While the social trading feature is appealing, the overall user interface and experience could be more intuitive.
In conclusion, X Metaverse Pro presents a mixed bag for potential traders, offering unique social trading features but facing significant challenges regarding regulation and user trust. As always, potential users are encouraged to conduct their own due diligence before engaging with any broker, particularly one with a complicated regulatory landscape like X Metaverse Pro.
