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.
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.
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.
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 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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