MetisEtrade Review - Is it scam or safe?

MetisEtrade Review - Is metisetrade.com a scam or safe forex broker?
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 Trading Accounts & Conditions

 

Trading Platform  Minimum deposit Minimum trade size Maximum leverage Average Spreads
MT4 / MT5 $250 0.01 1:300 1.8 pips 

 

MetisEtrade offers its clients a single account type, available on two trading platforms –– MetaTrader 4 & MetaTrader 5.  Trading with this broker is commission-free and micro lots are available for trade to those unwilling to put much at stake.

 

Unfortunately, swap-free (Islamic) accounts, as well as PAMM services, are not available with MetisEtrade.

 

In fact, the variable spreads offered by this broker are above average - typical ones amounting to 1.8 pips on EUR/USD. For further information and comparison, you may look up the real-time spreads of 15 leading brokers here.

 

As regards leverage, MetisEtrade offers levels up to 1:300, which is average for the forex market. If you need higher leverage, you may check out a list of brokers offering leverage of 1:500 of higher. Bear in mind, however, that using higher leverage levels involves greater risk of losses.

 

In addition, we would like to point out that this broker offers daily market analysis on its website, as well as rich educational section with articles on forex trading as well as trading courses for investors of all levels of knowledge and experience.

 

The Company. Security of Funds

 

MetisEtrade offers trading in more than 30 currency pairs and CFDs on indices & precious metals on Metaquotes’ MT4 and MT5 platforms.

 

There are several companies behind the MetisEtrade brand: MetisEtrade, Inc (Philippines), MetisEtrade HK Limited, based in Hong Kong, and Metis Etrade LLC, headquartered in Dallas, Texas, USA. The thing is, none of this companies is licensed to provide financial services. What is more, in 2015 the Philippines Securities and Exchange Commission (SEC) has issued a cease and desist order against the broker, allegedly selling foreign currency trading contracts to the public illegally. 

 

To cut things short, this broker is pretty shady and could be a scam. Hence, if you intend to invest a large amount of money, we would advise you to select a forex broker licensed in UK, Cyprus, or Australia for instance, where traders have certain level of protection and financial watchdogs apply certain requirements to financial providers and exercise supervision.

 

Trading Platforms

 

MetisEtrade offers its clients the leading MetaTrader 4 and MetaTrader 5, desktop and mobile versions available.

 

MetaTrader 4 (MT4) is preferred choice of most traders (and brokerages), as it is easy to use and offers a number of technical analysis indicators, extensive back-testing options, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to automate their trades. Besides, MetaTrader 4 has the MultiTerminal feature which lets you access multiple accounts in a single terminal.

 

MT4’s successor, MetaTrader 5 (MT5) is the latest trading platform, developed by Russian company MetaQuotes. It enables traders to execute trades on different financial markets (including stock markets) through a single account. In addition, MetaTrader 5's execution is faster than MetaTrader 4.

 

 MetisEtrade's MT5 platform. Click to enlarge.

 

Signals trading available on both platforms through an account at MQL5.com.

 

Methods of Payment

 

MetisEtrade offers its clients the following payment modes: credit/debit card (Visa, MasterCard), and bank wire transfer. Popular and e-wallets Skrill & Neteller are not available with this broker.

 

Conclusion

 

MetisEtrade provides online trading services in forex and CFDs on two trading platforms, however we find its spreads too high. What is worse, none of the companies behind the brand is regulated, so we would not recommend opening an account with this broker. Here are, in a nutshell, the pros and cons of MetisEtrade:

 

Pros          Cons
Both MT4 & MT5 available   Not regulated
Commission-free trading High spreads
Daily market analysis & rich educational section No PAMM and Islamic accounts

 

                                   

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