MetaFXTrade

MetaFXTrade is a forex broker that claims to offer online trading services through its website metafxtrade.com. The company is registered in Vanuatu and was founded on 9 February 2022. According to our records, it holds a single licence from the Vanuatu Financial Services Commission (VFSC) under the category 'Forex Trading License (EP)', with licence number 17901. However, the status of this licence is not published in our records.

Our records indicate that MetaFXTrade is an unreliable investment company that pretends to be a legitimate forex broker. In fact, it does not appear to hold any valid licence at all, despite making claims to the contrary. Furthermore, it does not seem to conduct any actual trading activities, only pretending to do so. This raises serious concerns about the legitimacy of the broker.

MetaFXTrade is registered in Vanuatu, a jurisdiction known for light regulatory oversight. The VFSC is the regulatory body in Vanuatu, but its oversight is often considered less stringent compared to major financial regulators such as the FCA or ASIC. Our records list one licence for MetaFXTrade: a 'Forex Trading License (EP)' with licence number 17901, but the status is marked as '—', meaning it is not confirmed. This lack of clarity is a significant red flag.

We cross-checked the licence against the public register, but the information available is insufficient to confirm its validity. The company description in our records explicitly states that MetaFXTrade does not have any licence at all, and that it blatantly lies about it. This is a serious allegation that traders should take into account when considering this broker.

MetaFXTrade offers five account types, each with different minimum deposits and trading conditions. The Basic account requires a minimum deposit of 250 USD, while the Standard account requires 500 USD. The Gold account requires 2,500 USD, the Platinum account requires 5,000 USD, and the VIP account requires a substantial 20,000 USD. All accounts offer a maximum leverage of 1:500, which is high and carries significant risk.

Spreads vary by account type: the Basic and Standard accounts have a minimum spread from 1.6 pips, while the Gold and Platinum accounts have a minimum spread from 0.6 pips. The VIP account offers the tightest spread, from 0.5 pips. Commissions are charged on the Gold (6 USD per lot) and Platinum (3 USD per lot) accounts, while the Basic, Standard, and VIP accounts have no commission. These details are based on our records, but the actual trading conditions may differ if the broker is not operating legitimately.

Our records do not specify the trading instruments offered by MetaFXTrade, nor do they list the trading platforms available. Typically, forex brokers offer a range of currency pairs, commodities, indices, and sometimes cryptocurrencies, but we cannot confirm this for MetaFXTrade. The absence of this information in our records adds to the uncertainty surrounding the broker.

Similarly, we have no information on the trading platforms, such as MetaTrader 4 or 5, that MetaFXTrade might offer. Without verifiable details on instruments and platforms, traders cannot assess whether the broker meets their trading needs. This lack of transparency is a common characteristic of unreliable brokers.

Our records do not list any deposit or withdrawal methods for MetaFXTrade. This is a major omission, as reliable brokers typically provide multiple funding options, such as bank transfers, credit cards, and e-wallets. The absence of this information makes it impossible for traders to know how they can fund their accounts or withdraw profits.

Moreover, the risk flags in our records indicate that withdrawal complaints appear in approximately 100% of recent reviews. This suggests that clients have had significant difficulties getting their money out, which is a critical warning sign. Traders should be extremely cautious if they consider depositing funds with MetaFXTrade.

FXCanary's Scam Risk Score for MetaFXTrade is 49 out of 100, which is categorised as 'Guarded'. This score reflects several risk flags, including the broker's registration in Vanuatu, which is an offshore jurisdiction with light oversight. Additionally, there are withdrawal complaints in nearly all recent reviews, and there is no verifiable website or social-media presence. These factors contribute to a high level of risk.

In FXCanary's assessment, MetaFXTrade appears to be an unreliable entity that may not hold a valid licence and may not conduct actual trading activities. The combination of these factors makes it a high-risk choice for traders. We strongly advise traders to exercise extreme caution and consider alternative, well-regulated brokers.