de | cn | ru

Meta5Trader Review - is it scam or safe?

Meta5Trader review - Is secure.meta5trader.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Meta5Trader
Meta5Trader is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Meta5Trader is presented as an award winning platform offering a selection of forex pairs and CFDs on various assets including stocks and crypto coins like Bitcoin, Bitcoin Cash, Litecoin, Dash, Ethereum and Ripple, with a choice of three account types, trading bonuses and automated weekly payouts.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Starter Account $500

n/a

n/a
Premium Account $10 000 n/a n/a
Executive Account $50 000 n/a n/a

 

And although this may sound as an attractive offer there are a number of things that are not right about this broker, starting with the fact that their website is completely anonymous – we are not sure where the company that operates the broker is based and there is no physical address. 

 

Also Meta5Trader says to be regulated both in the U.S. and the UK, but that also proved out not to be true, so if you are considering whether to deposit your funds with them better read the following review.

 

Meta5Trader Advantages:

 

We usually do our best to come up with any possible benefits a broker might offer its clients, but here we are simply compelled to leave this section empty.

 

Meta5Trader Disadvantages:

 

Falsely claims to be regulated by FCA and SEC, anonymous website

 

As far as we understand from the scarce information that we are given in the presentation – Meta5Trader is owned by Investplus24 Inc. - a company we know absolutely nothing about, not even where it is incorporated. And they claim to be licensed and regulated both by the Financial Conduct Authority (FCA) in the UK and the U.S. Securities and Exchange Commission.

 

 

So we diligently checked the FCA registers and the registers of the National Futures Association (NFA) – the self-regulatory organization for the U.S. derivatives industry - where all forex brokers operating on U.S. soil should registered, and guess what – neither Investplus24 Inc. nor Meta5Trader were to be found there.

 

Actually this was not a big surprise – the fiscal regulations for US operating brokers are rather steep – they are required to hold operational capital of no less than 20 000 000 USD – the same amount as required by the financial authorities in Switzerland for the Swiss banks. 

 

That is also the reason why only a handful of big brokers are licensed in the U.S., while the majority of the legit brokers are licensed either by the FCA in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) –  by far the three most popular regulatory destinations in the industry.

 

And because with a FCA broker your funds will even be protected by a client compensation fund, covering up to 85 000 GBP of your trading account, here you may check as well our list of brokers, regulated in the UK:

 

>>FCA Regulated Forex Brokers<<

 

No actual trading platform

 

We would expect a broker called Meta5Trader to offer MetaTrader5, but  that was not the case. When we completed with our registration we were transferred to some sort of a dashboard with a simple chart and no option to place a trade. You can see it here:

 

 

Otherwise MetaTrader5 is a reliable trading platform with lots of features, including the numerous integrated market indicators and trading robots, known as Expert Advisors, with the help of which one can easily run automated trading sessions. And because MetaTrader5 comes with an excellent set of advanced searching tools as well, here you may also check our list of brokers, which actually support the platform:

 

>>MT5 Brokers<<

 

Payments accepted only with bitcoins

 

Despite the fact that the Meta5Trader website is filled with the logos of various e-wallets like Skrill, and major cards like VISA and MasterCard, when we proceeded with our registration it turned out the only payment option are bitcoins.

 

 

Bear in mind that a bitcoin payment is more or less anonymous and even worse – it is totally irreversible unlike payments made with VISA and MasterCard, where you can always file for a charge back in case you realize you have been scammed.

 

And the absence of Skrill is also notable, because of the new anti scam policy of the money transfer company. According it Skrill partners only with properly regulated brokers, but as we already discussed Meta5Trader does not have a license whatsoever. Besides, here you can also check our list of brokers accepting Skrill:

 

>>Brokers accepting Skrill<<

 

No demo account 

 

As we already noted, we were not able to open a demo account and that is why we can not comment on the Meta5Trader trading conditions. In any case, you can always take a look at our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No Terms and Conditions

 

When you register a trading account you will have to agree with the Terms and Conditions of your broker.  And with Meta5Trader things are not different except for the fact that they do not bother to tell us what those conditions are. The legal file is simply missing, so if you open a trading account with them you will have to agree with something you have not read.

 

High minimum deposit requirement

 

The 500 USD Meta5Trader asks for а trading account are about twice the usual amount most brokers ask you to deposit. What is more, with some big and well respected brokers like FBS and IG you will be able to start trading with just 5 USD or even less.

 

Conclusion:

 

Meta5Trader deliberately tries to mislead its customers that they are a properly regulated broker. And as we already noted the website is virtually anonymous and there is not even a functional trading platform. So make sure to avoid unregulated websites like Meta5Trader at all cost and deal only with legit brokers, like the once regulated by the FCA in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC). 

Latest news about Meta5Trader
No news about Meta5Trader. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Meta5Trader

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru