de | cn | ru

Metropol Trading Review - is it scam or safe?

Metropol Trading Review - Is metropoltrading.com scam or good forex broker?

RATING: 1.7 / 1 REVIEWS ForexBrokerz Metropol Trading
Metropol Trading is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Metropol Trading is Montenegro based forex and CFD broker, offering several account types, including a swap-free, Islamic account on the MetaTrader4 platform. If you are about to open an account with them better read this review first.

 

Account type Min. deposit Min. deposit Spreads
Standard Account n/a 1:200 1,2 pips, floating
True ECN Account n/a 1:200 n/a

 

Metropol Trading Advantages:

 

Various trading instruments, including futures

 

Metropol Trading offers 37 forex pairs, including some exotic currencies like Singapore Dollar, Danish Krone, Swedish Krone, Norwegian Krone, Turkish Lira, Mexican Peso, Polish Zloti, Czech Krona and South African Rand. The broker also offers CFDs on indices, oil, natural gas, gold, silver, platinum and palladium, as well as futures. However they do not offer crypto currencies. Here you can check our list of brokers, offering CFD on Bitcoin:

 

>>Bitcoin Forex Brokers<<

 

Competitive spreads

 

As advertised on the broker's website spreads start form 1 pip with the Standard Account and form zero pips with the True ECN Account. 

 

Metropol Trading do not mention anything about a commission, but with the True ECN Account, if spreads are as low as they are said to be, there definitely should be some fee. The average commission for such accounts is in the range of 6 to 10 USD per traded lot of 100 000 base currency units, which corresponds to 0,6 - 1 pip in addition to the raw spread. 

 

The spreads with the Islamic account are also advertised to start at zero pips, but as no interest is accrued on positions left overnight, an additional fee is surely applied. 

 

When tested with a Demo account the EURUSD spread reached 1,2 – 1,3 pips, which is basically in line with what investors usually expect with a Standard Account. Besides, no commission for the trade was taken. Still here you may check our list of brokers, offering even tighter spreads:

 

>> Lowest spread forex brokers<<

 

Generous leverage

 

The maximum leverage offered with a Standard and a True ECN accounts is 1:200. On its web page however the broker says the maximum leverage is 1:400 and we are not sure if that is a mistake or just an option a trader can negotiate with them. Leverage of 1:200 is enough to fit most trader strategies, but if you are thinking it is too conservative, you can always check our list of brokers, offering leverage of 1:500 and above:

 

>> Brokers offering at least 1:500 in leverage <<

 

Several account types advertised as ECN

 

Metropol Trading is offering a Standard Account, a True ECN Account and an Islamic Account, all of which advertised as ECN accounts. The minimum trading size as tested with the Demo Account is 0,01 lot or just 1000 basic currency units. Here you may check our list of brokers also offering ECN accounts:

 

>>Brokers offering ECN accounts<<

 

Mobile and PC versions of MetaTrader4 available

 

MetaTrader4 is the most popular trading platform for the past 10 years. It is preferred by both professionals and beginners and is most suitable for trading high liquidity instruments such as currencies, gold and indices. 

 

The platform has user friendly charting tools, as well as more than 50 in-build market indicators. The most prominent feature of MT4 however is the automated trading option, where with the help of a specially designed editor you can compile your own indicators and trading bots. Here you can check our list of brokers, also offering the MT4 platform:

 

>>Find other MT4 brokers here<<

 

Metropol Trading Disdvantages:

 

Misleading information on the regulatory status of the broker

 

Metropol Trading Podgorica LLC is a Montenegro based forex and CFD broker that says it is regulated by the International Finance Commission (IFCOMM).

 

So far so good, except that IFCOMM is basically nothing more then a website with a contact address in Belize. And more importantly IFCOMM should not be confused with the International Financial Services Commission Belize (IFSC), which is the official regulator of the Latin American country. The fact that IFCOMM is based in Belize and almost copies the name of the official regulator speaks for it self. 

 

That is the reason why for the purpose of this review we will treat Metropol Trading as an unregulated broker.

 

As a rule of thumb with unregulated brokers traders can expect anything but security. On the other hand brokers, licensed by well respected financial authorities, such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) do offer protection to investors. 

 

In addition to the requirement for a minimum capital adequacy ratio, regulated by the above mentioned authorities brokers should keep all traders' money in a segregated, protected form creditors, trust account.

 

FCA and CySEC brokers are also required to join client compensation schemes, ensuring traders can receive part of their capital back in case a broker goes insolvent. With FCA brokers the insured amount is up to 50 000 GBP, while with CySEC brokers the compensation can reach 20 000 EUR. Here you can check our list of FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

No information about the minimum deposit requirement to open an account

 

There is no information on the Metropol Trading website about the minimum deposit requirement to open an account. With most brokers you can open a standard account with just 100 USD and there are some big players such as XM and FXTM, with which you may open an account with just 5 USD.

 

No e-wallets accepted as a payment method

 

With Metropol Trading you can deposit or withdraw funds via Visa, MasterCard, American Express and bank wire. However no e-wallets such as Skrill, PayPal and Neteller are accepted and that is another setback as many customers prefer those payment methods. Here you can check our list of brokers, where you can pay with PayPal:

 

>>PayPal Forex Brokers<<

 

Conclusion:

 

Although the trading conditions offered by Metropol Trading are not that bad, the fact that the broker is not licensed and supervised by any respected financial authority is a major setback, which can not be ignored.

Latest news about Metropol Trading
No news about Metropol Trading. 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
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Metropol Trading

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