MTFE Review – Is Metaverse Foreign Exchange Group a SCAM?

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 the web.

MTFE provides a one-stop investment service for millions of investors to trade financial products worry-free.

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 a page and 12 employees from Bangladesh, Sri Lanka, and UAE on LinkedIn.

MTFE Review

The domain mtfe.ca was registered on December 12, 2021, for 6 years through the registrar CENTRALNIC CANADA INC.

Netsec Limited hosts it.

Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.

    SimilarWeb gives them a global rank of 579,692 and 9,676 in Sri Lanka. In February 2023, they received almost 100K visits 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.

    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 report various issues with the MTFE trading app, including problems with registration and verification codes, difficulty making deposits, and issues with password resetting.

    Some users also report app interface problems, including lagging and lacking features like limit orders. Additionally, some users report concerns about the app’s transparency and the possibility of being a scam. There are also complaints about the app freezing accounts and making it difficult to withdraw money.

    Trustpilot

    On Trustpilot, they have 3.2/5 stars (Average) based on 44 reviews. Many reviews are 1-star ratings, with customers accusing the company of being a scam site that takes people’s money without any accountability.

    ZenGo Wallet Banner

    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.

    WikiFX

    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 the potential risks of MTFE’s proprietary trading platform and its website’s lack of important information. 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 accounts. The article recommends avoiding Mtfe as it is a suspected scam.

    MTFE Scam Review - Screenshot of www.mtfe.ca

    MTFE Reviews

    On June 29, 2023, we received the following complaint:

    I invested in a digital energy mining company, but unfortunately, the company closed down after just 100 days. Fortunately, I didn’t lose my money, but many people who joined in the last few days have lost money. As a result of this issue, my two bank accounts were frozen.

    On August 11, 2023, we received the following complaint:

    I deposited 2,000 USDT into the MTFE platform and cannot withdraw funds from the wallet.

    On August 12, 2023, we received the following complaint:

    I have a withdrawal issue with MTFE (Metaverse Foreign Exchange Group). I’m worried about being scammed.

    On August 15, 2023, we received two additional complaints:

    I cannot make withdrawals, and I want to withdraw my money. My account balance is about $800, but I cannot access it.

    The MTFE withdrawal process requires you to transfer funds from your asset account to your wallet. The moment you initiate this transfer, the money leaves the asset account and takes an extended period to reflect in your wallet. Your money is effectively trapped. I have lost $150 to this platform, which is a significant amount in my country.

    On August 18, 2023, we were flooded with complaints.

    Several users have reported negative experiences with the MTFE app. People from an investment WhatsApp group who deposited in MTFE had their withdrawals blocked due to a server error. Later, their funds shifted to a negative balance, and they were asked to deposit more to counteract this.

    Multiple accounts have shifted to negative balances, with amounts ranging from approximately -$100 to over -$900.

    Users have been unable to withdraw funds from the platform, with some citing that their assets read negative even after investing significant amounts.

    Concerns arose, especially in August, with several users mentioning that MTFE stopped allowing withdrawals around the 6th to 8th of the month.

    Several users believe the platform has scammed them. One user claimed the loss to be around $1800 and emphasized the financial difficulties faced by many in Bangladesh due to such scams.

    A detailed account from a user who joined in June 2023 shared that in the initial days, they consistently received profits. Trusting the platform, they introduced family members and made collective investments. However, their withdrawal was stuck in August, with customer support citing server upgrades. Subsequently, forced AI transactions resulted in huge losses, with their assets showing negative values, culminating in a total loss of around $16000.

    Multiple users feel scammed by the MTFE platform due to unauthorized AI trades, inability to withdraw funds, and lack of official customer support.

    On August 23, 2023, we received two additional complaints regarding MTFE with total lost amount of almost $10K.

    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 is 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 ASIC regulates it.

    The broker’s trading software is confusing, and there is no way to 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-wallets, credit cards, debit cards, and bank transfers, and there are withdrawal fees. The broker is considered a scam website, and investors should not invest in it.

    If you have fallen victim to online scams, please comment below. If you have suffered a substantial financial loss, do not despair. We are here to assist you in recovering your funds!

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    10 thoughts on “MTFE Review – Is Metaverse Foreign Exchange Group a SCAM?”

      1. We’re really sorry to hear about your situation, and we understand how distressing this must be for you. Given that this appears to be a scam, the options for recovering your funds may, unfortunately, be limited, especially since the payment was made via cryptocurrency. Here are a few considerations:

        1. Keeping a detailed record of all your communications and transactions with the company is important. This information could potentially be useful if there is ever a legal case against the scammers in the future.

        2. Report the scam to your local police and relevant financial authorities. Your report could contribute to a larger investigation.

        3. In situations like this, it’s common for scammers to target victims again by posing as “recovery services.” They will promise to recover your lost funds for a fee, but they are just trying to defraud you further. Please be extremely cautious and avoid engaging with such services.

        4. Use this experience as a lesson for future investments. Always research thoroughly before investing money, especially in online platforms. Look for clear signs of legitimacy, such as proper licensing and positive, verifiable customer reviews.

        We understand that this is a challenging situation and that none of these steps may bring immediate relief, but we hope they provide some guidance during this difficult time.

    1. I have been trading for last 1 year and it has been an amazing boon for me . Risks of forex trade are there . Deposit amounts that don’t burn your finger .

    2. Mtfe Uzbekistan

      MTFE azosiman 4oydan beri foydalanaman bu platforma faol indeks orqali bor savdo qiladi ko’proq scam havfi kam deb bilaman

      oldin kuzatgan platformalarim metago tron2016 kabi o’z o’zidan asossiz foyda berishardi bular berkildi

      Translation from Uzbek: I am a member of MTFE. I have been using this platform for four months. It operates through an active index. I am aware that there’s a lower risk of fraud.

      The platforms I examined previously, such as Metago and Tron2016, offered unrealistic profits, and they have since shut down.

    3. Need to know is it legal in India?or not-Ponzi???? Who is the regulator in India?? To monitor these -innocent people shouldnot b trapped by this!!

      1. In India, trading platforms are regulated by the Securities and Exchange Board of India (SEBI). However, it’s important to note that SEBI’s jurisdiction applies only to registered and recognized entities operating within India. It might not have control over foreign platforms like MTFE, especially if they are not registered or regulated by SEBI.

        In terms of legality, Ponzi schemes are illegal in India under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

        Always verify the registration and regulation status of the platform with the appropriate authorities (like SEBI in India) and read reviews and experiences of other users to make an informed decision.

    4. Abdul quadir.

      As member of MTFE I could say as my own experience untill today this moment there is no any problem of withdrawing your funds, even just few minutes ago I received my profit using AI bot system…of course there are some minor issues which is updating regularly by the technical team…risk is always there when it comes to online businesses, if anyone investing money please think twice the investment which you are risking is can tolerate by your self…otherwise just enjoy your money in some other business….

    5. krishna kumar

      I have been with mtfe since nov 2022 and I didnt find any issue in trade or withdrawal. As mentioned some occasions registration process is a bit slow

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