According to mtfe.ca, MTFE is a world-leading online trading provider, offering access to over 80 trading products, including forex, commodities, indices, stocks, and cryptocurrencies.
They provide free, real-time quotes on global assets, financial market analysis, professional trading strategies, and 24-hour customer support.
The trading platform is user-friendly, intuitive, and available for iOS, Android, and web.
MTFE provides a one-stop investment service for millions of investors to trade financial products worry-free.
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They offer a free training account to help investors grasp investment opportunities and share trading skills with other investors.
MTFE is recognized globally, and their multilingual professional online support is available 24×7.
However, they do not provide any information about their company and who is behind it, such as a registered address, names, social media such as LinkedIn profiles, etc.
A LinkedIn search reveals they do have a page and 12 employees on LinkedIn from Bangladesh, Sri Lanka, and UAE.
MTFE Review
The domain mtfe.ca was registered on December 12, 2021 for 6 years through the registrar CENTRALNIC CANADA INC.
It is hosted by Netsec Limited.
SimilarWeb gives them a global rank of 579,692 and 9,676 in Sri Lanka. In February 2023, they received almost 100K visits mainly from Sri Lanka, Bangladesh, and India.
Their Semrush Authority score is 9%. So they’re slightly popular, but not enough to pass our scam screening, unfortunately.
They have 519 backlinks from 94 referring domains, including Apple.com.
Which brings us to their mobile app.
It is sold in the App Store by METAVERSE FOREIGN EXCHANGE GROUP INC. where it is ranked 4.1 stars.
On Google Play Store it is ranked 4.3 stars based on 3.13K reviews. Users are reporting various issues with the MTFE trading app, including problems with registration and verification codes, difficulty making deposits, and issues with password resets.
Some users are also reporting problems with the app’s user interface, including lagging and the lack of features like limit orders. Additionally, some users are reporting concerns about the app’s transparency and the possibility of it being a scam. There are also complaints about the app freezing accounts and making it difficult to withdraw money.
On TrustPilot they have 3.2/5 stars (Average) based on 44 reviews. Many of the reviews are 1-star ratings, with customers accusing the company of being a scam site that takes people’s money without any accountability.
There are allegations that the company’s agents lure investors into investing more money, and once the money is invested, it is gone with no one to answer queries. Furthermore, customers have raised concerns about the company accepting only cryptocurrency as a mode of payment, which is a significant red flag. Overall, there is a lot of suspicion surrounding the company, with several people labeling it a Ponzi scheme.
In their MTFE review, WikiFX discusses MTFE’s background, legitimacy, trading instruments, and trading platform. While MTFE is found to be legitimate, WikiFX recommends clients choose brokers that have been established for at least five years or more, given MTFE’s lack of a track record. The article also highlights potential risks associated with MTFE’s proprietary trading platform and a lack of important information on its website. In conclusion, WikiFX advises clients to select a broker with at least a WikiFX Score of 7.0 and avoid MTFE.
Another review provides reasons to avoid the site and highlights its questionable services, lack of regulation, and transparency. The article also cautions that the company could disappear without notice, putting clients’ funds in danger. Additionally, it warns about fraudulent practices such as identity theft, high fees and commissions, poor communication, pushy behavior, and not allowing users to withdraw money from their account. The article recommends avoiding Mtfe as it is a suspected scam.
Bottom Line
MTFE, or Metaverse Foreign Exchange Group, is an offshore forex broker that is not licensed and therefore a risk to investors. The broker claims to be located in Canada and being regulated by FINTRAC, but FINTRAC is not the regulator in Canada.
The broker claims to be incorporated in Australia, but there is no proof that it is regulated by ASIC.
The broker’s trading software is confusing, and there is no way to actually access the user area. The broker does not offer any coherent way to open an account. The available assets to trade with are forex currency pairs, commodities, indices, and stocks.
The available payment gateways are e-wallet, credit cards, debit cards, and bank transfer, and there are withdrawal fees. The broker is considered a scam website and investors should not invest in it.
If you have any experience with MTFE, share your experience by leaving a comment below this review.
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