MTFE review – This is an illegal broker, stay away!

In this MTFE (Metaverse Foreign Exchange Group) review we explain why you should avoid investing any money with this broker.

What is MTFE

MTFE, also known as Metaverse Foreign Exchange Group, is an online broker that allows its clients to trade OTC derivatives on different assets.

You can trade currencies on Forex, commodities, indices, stocks and cryptocurrencies such as Bitcoin, Ethereum, Liitecoin, Dogecoin, Polkadot, Bitcoin Cash and BNB.

MTFE is a broker based in Ontario, Canada. The company says that it is authorized by Fintrac, and therefore regulated.

Is MTFE a legit broker that you can trust? No, it is not.

MTFE review

Illegal broker

The reason why you should avoid MTFE completely, is that it is an illegal broker that is breaking the laws at least in Canada. In this MTFE review we explain all the details.

Fintrac bluff

The registration that is supposed to give Metaverse Foreign Exchange Group credibility and trustworthiness, is the one with Fintrac in Canada. The problem is that this registration is worth nothing.

You see, Fintrac is not a regulator for brokers. Fintrac’s mandate is to “facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control”.

In other words, Fintrac is not authorizing brokers or other financial companies to run their businesses.

On its website, Fintrac clearly states that it does not endorse or licenses business, see our picture below.

Any Canadian company can register with Fintrac for the purpose of reporting any suspicious activity with money and the Fintrac does not verify the legitimacy of the business of that company.

The registration with Fintrac is very simple, you fill in an online form and that’s it. Scammers like to abuse this registration process to gain a look of legitimacy.

In fact, we have seen several scams registered with Fintrac, like Intelligence Prime Capital for example.

To sum this up, a registration with Fintrac does not give any legitimacy to a broker at all. So what does?


Not authorized how it should

Every country has its own financial regulators that oversee various parts of the financial markets. In Canada, each province has its own financial regulator.

In Ontario, where MTFE is based, it is the Ontario Securities Commission (OSC) that regulates financial markets, including brokers.

If a broker in Ontario wants to even start business, it has to be authorized by the OSC. But Metaverse Foreign Exchange Group is not registered with OSC, which makes it an illegal broker.
Yes, MTFE is an illegal broker, because the laws in Ontario are very strict in this regard, brokers are required to get an authorization from the Ontario Securities Commission.

We strongly encourage you to verify the status of MTFE with the OSC to get a confirmation of what we say in this review.

We are pretty sure that as soon as you make the OSC aware of MTFE, they will start an investigation and publish a warning against Metaverse Foreign Exchange Group.

Similar laws exist in almost every country. It means that MTFE has to be authorized in every country it wants to provide its services in. But it is not authorized in any country. Verify this fact with your own national financial regulator.

Metaverse Foreign Exchange Group

Update: We got a confirmation from the Ontario Securities Commission that MTFE is not authorized in Ontario, see the picture below. The OSC then issued a warning about MTFE because it is not authorized as required by the law.


Not an established broker

Finally, let’s close this MTFE review by having a look at the position of this broker on the market.

On its website, MTFE claims that it is a recognized all over the world. Which is a lie. MTFE is not an established nor well-known broker.

In fact, the company started about 15 months ago, so it is a little over one year old. You can search any professional publication about financial markets and you will see that MTFE has no name in this industry.

MTFE scam

MTFE review – Conclusion

MTFE is a financial broker that does not have the required authorization in its home country, namely in Canada. It is not licensed by the financial regulator in Ontario, therefore it is an illegal broker.

You should stay away from MTFE because it is breaking the laws in Ontario and clients’ funds are not protected in any way.


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90 thoughts on “MTFE review – This is an illegal broker, stay away!”

  1. MTFE is a scam dont invest they ever process withdrawals they take your money and you wait for ever! They can even process $50 scammers!!

    1. MTFE is 100% legal broker. Ontario is for investment securities for investor only.
      Brokers can not register there. Even they could register but MTFE has Australian broker license.

  2. hi sir

    few of my friends are doing trading on MTFE with their AI technology what they offer? as per them they are able to withdraw their money? is it a trap? pls explain. thanks

    1. MTFE is an illegal broker. An illegal broker can still process withdrawals. The problem is that if it stops processing withdrawals, people won’t be able to do anything about it. It is very risky to trade with illegal brokers.

  3. sumith priyadarshana

    Hi sir, my friends Investment on HTFE (sri lanka), That is True or Scam, Please Explain Sir

    1. There are plenty of regulated brokers, however, none of them offers a passive income. If that’s what you’re looking for.

  4. Thank you Sir for saving me from the trap of investing in MTFE.

    How about AAS ( Afrique arbitrage ) and Utrading bot, pls help us review them.

  5. Mtfe is solidly regulated broker
    All have to study it. it is regulated by ASIC
    Uneducated person can say it that it is not regulated.

    1. I don’t think that the MTFE registered in Australia has anything to do with this MTFE broker that says on its website that it is based in Canada.
      In any case, we shall see, I contacted ASIC to get a confirmation.

      What does not change is that MTFE is an illegal broker, because it says it is headquartered in Ontario, but it has no license from the Ontario Securities Commission, see here:

          1. Still waiting. That’s one of the reasons we do these reviews, regulators are slow to react to what’s happening online.

    2. Can’t remember seeing anything like that in ASIC.. it ain’t regulated, invest what u can afford to lose.

    1. If you are looking for a legit investment platform that would generate returns like MTFE is promising, there is none.

  6. Ok sir looking at mTFE platform right now it’s already running it’s activities here in Nigeria for months and it was been established since 2015,it was first been established in canada,but i have never heard any complain from ppl who are using this platform to make they daily incomes.can we said that is that a trap or a way of getting ppl money or to catch the heart of ppl which is later on runaway with they money,and how long do you think it can take from now on before it stop running it’s activities.

    1. I don’t know how long it can last, it can be anywhere from days to years.

      Concerning complaints about MTFE, there is at least one in this comment section.

  7. I knew it was a scam when I saw they give bonuses on referrer, they do give them commission, and then i saw people makes more money on commission than normal AI trading. Then I knew it was a scamming strategy of visibility

    1. Please take note they don’t give bonuses on direct referral deposits but rather they give commissions on “Service Charge” for any single trade you execute yourself using any of their trading modes.
      You can deposit 1000 times but there’ll be no bonus and no profit until you trade in a day. No trade, No Profit or Loss and No Commissions.

  8. Registering a company doesn’t in any country, it doesn’t mean you can’t lose your money in that company no. or you can get back your money no.. Even the banks they all a scammers.. Governments there all Scammers Period.👌 Just focus on changing your life in any business you choose.. But for me I make alot of money with MTFE APP.. ✅ Now is a full year in business 💪

  9. Mr james pinion….may i know who you are please.Why are you criticizing MTFE? How come they allow some countries to invest in MTFE if this is not really legal?Isn’t there a law in Canada to stop these scammers? I am nalani sri lankan nationality living in cyprus .please Give me an answer because it is very important to me

  10. Sir please what do you have to say about FINTOCH, is it also a scam?
    Following the lunching of FTC coin, can we say it legit.

  11. Mohammed Adamu

    Bro I’m a Nigerian, now that MTFE is licensed with ASIC what are your takes on that?
    I myself confirmed the Lic. No. in ASIC website and guess what, I find it active and Current.
    So now what are your comments on it?

    Below are the details to help you ease your nerves.

    Representative Summary:
    AFS Representative Number: 001302569
    Status: Current
    Commenced: 30/03/2023

    Representative Details
    AFS Representative Number: 001302569
    Commenced: 30/03/2023
    Classes: Provide financial product advice
    Deal in a financial product/Apply for, acquire, vary or dispose of financial products on behalf of
    Provide a custodial or depository service/Custodial or depository service that is not an IDPS
    Deal in a financial product/Issue, apply for, acquire, vary or dispose of a financial product
    Principal Business Address: 301 2A Elsie St Burwood NSW 2134

    1. That is not the same company, the ASIC licensed is from Australia, while the MTFE in this review is from Ontario, Canada.

      1. Mohammed Adamu

        So we have two MTFE?
        One in Ontario, Canada and the other in Australia?
        C’mon man we gon need some serious clarification.

        1. All the evidence points to this conclusion. An ASIC regulated company is required to provide all the regulatory information on its website, so this reviewed MTFE clearly is not the one that is registered in Australia.

          I contacted the ASIC, but they are notoriously slow to respond.

          1. Mohammed Adamu

            Well I gathered all this regulations information on ASIC website.
            And by the way, what’s your evidence that this reviewed MTFE is not registered with ASIC after all the evidence I presented to you above?

          2. Show me one place on the website where it says the company is regulated by ASIC or that it has any business in Australia. There is nothing.

   says MTFE is based in Ontario, Canada. In the review I provide a confirmation from the financial regulator in Ontario, the OSC, that MTFE is not authorized in Ontario. Which makes it an illegal broker.

    2. Am talking from experience , go and do your research on QZ asset management with all the registered evidence they brought to us in Africa in May it crashed, this people are highly intelligent they are gurus in IT,
      Even the people in USA are victims of it ,
      I don’t want to say more, be guided invest what you can let go , fintoch Skymedia and many more all gone with our money.

  12. People will refuse warnings all the time especially those who choose to perish by all means.

    Remember Titanic, Titan, Sodom and Gomorrah, Heaven and Hell, Jesus Christ and Satan even now.
    Those who decide not to listen will not listen. The point is, it might take long, appearing like forever, but when you are comfortable and not expecting, that’s when all the thieves have a good laugh at you including Satan.

    But at least you won’t say no one told you.

  13. Kwadwo Koduah

    Everyone can verify from the address below on MTFE’s not registered in the abbreviation but in full spell out METAVERSE FOREIGN EXCHANGE GROUP INC.

    1. From Fintrac’s website: “Registration with FINTRAC does not indicate that FINTRAC endorses or licenses the business.”

      Anybody can register with Fintrac, it is just a matter of filling in an online form, that’s all.

      Fintrac is not an investment regulator. In Ontario, the regulator for investment businesses is the Ontario Securities Commission (OSC). In our review we show a confirmation from the OSC that MTFE is not licensed, it’s an unauthorized broker.

      Also, the OSC just issued a warning against MTFE:

  14. Kwadwo Koduah

    This is the current status with the MSB
    with the current refresh from October 2022
    Registration status of MSB:
    Legal names of MSB:

    MSB registration number:
    Initial date of registration:
    Expiry date of registration:
    Main office or location of MSB:
    500-7030 WOODBINE AVE
    Telephone number:
    (236) 596-5010
    Incorporation number:
    Date of incorporation:
    Jurisdiction of incorporation:
    Federal (Canada)
    MSB activities:

    Foreign exchange dealing
    Money transferring
    Dealing in virtual currencies

    1. From Fintrac’s website: “Registration with FINTRAC does not indicate that FINTRAC endorses or licenses the business.”

      Anybody can register with Fintrac, it is just a matter of filling in an online form, that’s all.

      Fintrac is not an investment regulator. In Ontario, the regulator for investment businesses is the Ontario Securities Commission (OSC). In our review we show a confirmation from the OSC that MTFE is not licensed, it’s an unauthorized broker.

      Also, the OSC just issued a warning against MTFE:

      1. hi James,
        In OSC warning letter they have mentioned web site as
        Is it typo or something else?

  15. You said a lot, that MTFE scan company. And saying. But this company is still running
    How can you slander a company like that. Since you have not visited the office of this company address. You have not spoken to them anywhere.

  16. Md Ashraful Islam

    Is MTFE going to shut soon ?
    Since 6 Aug 2023 MTFE investors are unable to withdraw USDT from their account and replying from customer service that system is in the process of upgrading.

  17. At last James Pinion stands out as a true alarm to the online scammers and ponzi schemes out there. Keep alerting us Sir. Mtfe is finally gone

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