While claiming to create a transparent facility to make the trading process easier, MetaFMI offers an unregulated platform and potential issues. Since we know better than trusting what the web page says, we did thorough research, and this review shows our findings.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | metafmi.com |
| Blacklisted as a Scam by: | N/A |
| Owned by: | N/A |
| Headquarters Country: | UK (allegedly) |
| Foundation year: | N/A |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | 250 EUR |
| Cryptocurrencies: | Available |
| Types of Assets: | FX, commodities, indices, shares, cryptocurrencies |
| Maximum Leverage: | 1:300 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
What About MetaFMI Regulation?
MetaFMI never disclosed an owner, and the alleged headquarters is in the UK. Why alleged? Many brokers claim to be UK-based but never opt for an FCA license. Since it’s mandatory for any company providing trading services from the UK, it means only two things. Either the firm is not really in this country, or it operates illegally. Either way, your funds are at risk.
Why Must A Broker Have a License?
Regulators like FCA, ASIC, and BaFin obligate Forex firms to form compensation funds and follow specific rules to reduce risks. Therefore, investing with a legitimate firm gives you a money-back guarantee and ensures that you’ll be in a safe trading environment.
Being involved with brokers like MetaFMI is only a hassle.
Also, we recommend you not to invest in the fraudulent brokers Wizard Capitals, Ortegazak and GlobalPairs.
Traders Reviews of MetaFMI
MetaFMI is an online trading broker with negative reviews. The majority of clients expressed their dissatisfaction with the company and explained how they had been scammed. The firm forces clients to download AnyDesk, access their online banking, and take the funds. Once it’s done, clients’ trading accounts are suspended, and the broker is unavailable.
What Platforms Does MetaFMI Offer? – Available Trade Software
As expected, MetaFMI offers only WebTrader. This platform has fewer charts and indicators than MT4 or MT5 and is far less reliable. Fake financial platforms usually provide this basic solution since it’s cheaper, and they’re not interested in long-term prospects anyways. Their goal is to extort the funds and disappear.
WebTrader for IOS and Android
The broker doesn’t have a dedicated mobile app. All trading goes via mobile web browsers.
All About MetaFMI Accounts
There are 3 MetaFMI account types:
Accounts differ in spread, leverage, the number of trading assets, and bonuses.
Does MetaFMI Have A Demo Account?
The firm doesn’t offer a Demo account, so clients must deposit the money first.
MetaMFI Broker – Countries Of Service
According to our review, MetaFMI mainly provides its services to residents of:
- Canada
- UK
- Italy
MetaFMI Range of Trading Instruments & Markets
The broker offers to trade on the following markets:
- 90+ currency pairs
- 30+ cryptocurrencies
- 20+ commodities
- 700+ stocks
- 45+ indices
Also remember the names of theCitadelex,Fin VentureandFNPMarketstrading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Scam Bonus Policy
The company gives a 15% bonus for first-time deposits and 10% for those who bring other traders or switch from another company to MetaFMI. However, you cannot submit a withdrawal request before reaching 30 times the deposit plus the bonus amount in a rollover. And that’s another way to lure you into investing more funds and entering the so-called bonus cycle.
About MetaFMI Trading Conditions
The company gives pretty tight spread, from 0.5 to 0.7 pips for EUR/USD pair. Commissions depend on the account type. For the Starter account, there are no commissions, while Standard and Advanced have a fee of $17.5 per million or $50 per million, respectively. These fees are pretty high compared to other brokers requiring you to pay as low as $3 per lot.
High Leverage MetaFMI
Besides bad trading conditions, this firm gives unregulated leverage of up to 1:300. All this is a reason more to avoid trading with MetaFMI broker.
MetaFMI Deposit, Withdrawal Methods, and Fees
Clients can deposit and withdraw their funds using debit/credit cards and wire transfers. The company charges a levy fee of 10% each month for accounts dormant over 6 months. Furthermore, there is a withdrawal fee of 50 units for wire transfers and 25 units for credit card withdrawals. All in all, this broker charges you hefty, so ensure to avoid it.
Scammed by MetaFMI Broker? – Let Us Hear Your Story
If you were scammed by a MetaFMI broker, let us know. Our chargeback specialists may be able to assist and help you recover your funds.
But What Is A Chargeback?
This is a way for your bank to retrieve the money from the merchant if you can prove that you have been a scam victim. Contact us via online chat to book a free consultation, and let’s get your money back before it’s too late.