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With a name like MetaProTrader the ambiguity is strong… Is this broker worth it? Or does this company aim for a more scammer approach? Read the review to find out.
The entire interface of this broker looks like a dashboard for registered clients, and as such is very limited in its delivery. For example, and most importantly, there is no info on a regulation, which is evident in the very short legal documents. Needless to say, MetaProTrader is obviously UNLICENSED, making it a risk to all investors.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
It was no hard thing to register an account. However, when we accessed the client area (which looked treacly like the main home page) we were not able to get any real trading conditions. More on that later. For now, readers should now that this so called broker has no spreads, no real assets, and no leverage.
The whole ordeal smells like a common scheme, involving fraudulent phone calls. We have covered this type of scheme before. The just of it is as follows.
Users that have provided real contact details via phishing adds, or similar methods of retaining contact info will be called by the broker’s representative whose one and only goal is to push you to make an initial deposit by providing you with fake trading conditions and terminal. After a first deposit is done the first stage of the scam is complete- the pitchers have won themselves a hefty commission. After the pitchers are done with you, the retainers, or so called “personal account managers” will charm and manipulate you into funding your account with much larger sums of money ($10 000…), because, as they will claim, that is the only for you to profit in the tens of thousands. From there you money will be forever lost.
According to this scam, users are handpicked by MetaProTrader based on their susceptibility.
The only language at MetaProTrader is English.
The entire site and dashboard is riddles with 3rd party charts, and no trading platforms whatsoever. As we mentioned, we think that the trading conditions and the terminal is revealed only to the handpicked users.
Unfortunately, there is nothing we can talk about.
There is no payment details anywhere on the website. Even after we logged in, the client dashboard had no deposit or withdrawal option, further confirming our suspicions that the broker initiates the aforementioned fraudulent scheme.
Even if one is able to deposit we are totally against doing so. Due to the broker’s lack of an authoritative regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The only way to recover is by filling for a charge back, and hoping it’s not too late.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
MetaProTrader is a lackluster broker, that is very illegitimate and very unsafe for any investment. Do not deposit here!
MetaProTrader compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines