Is MTFE Real or Fake?

When discussing the Forex broker MTFE, there is another keyword that people can't get away from - scam. Discussions about this financial service provider have been very heated, with all sorts of claims being mixed up in a way that makes it difficult to see the truth. Many traders have gone through a lot of information about MTFE and still can't find the answer to their biggest curiosity - is MTFE real or not?

MTFE is a scam.

General Information

MTFE belongs to METAVERSE FOREIGN EXCHANGE GROUP INC., which claims to be a financial services provider. As a financial intermediary, it provides traders with various financial instruments.

According to the information available through the search engines, MTFE, which describes itself as a financial services provider, operates several websites, some of which are no longer active and are currently inaccessible.

The two remaining websites do not contain much information. BrokersView reviewed the information that seems to be legitimate but found it unreliable.

The company describes the various financial instruments it offers on both sites, including forex, commodities, indices, stocks, and cryptocurrencies. Other trading advantages claimed include "eal-time quotation", "professional trading strategies of third party institutions", "financial market analysis" and "24-hour customer support" among others. In addition, MTFE boasts of being a professional trading platform, suggesting that it has millions of registered users.

Regulatory Compliance

The broker's sketchy website makes it hard to tell how it can claim to be a "professional" financial company. Apart from bragging about its ability to make money, MTFE has no regulatory compliance information on its website - one of the most obvious signs of a scam!

Although there is no mention of regulation now, we found that MTFE has claimed to be regulated in Canada, according to previous BrokersView investigations. But the organization it mentioned was FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada, which does not regulate Canadian Forex brokers.

In fact, the regulator of foreign exchange activities in Canada is the Investment Industry Regulatory Organization of Canada (IIROC) but we could not find any search results that matched MTFE on the IIROC web portal.

MTFE's claims of Canadian regulation have also caught the attention of a local securities regulator, the Ontario Securities Commission (OSC). In June of this year, the OSC issued a warning against MTFE, reminding investors not to deal with the company.

Perhaps not wanting to attract the regulator's attention, MTFE has now made no mention of the jurisdiction or regulatory status.

Obtaining a license for a forex broker is not an easy task. The more well-known financial regulator proposes stricter regulatory rules, and the cost of time and money spent on applying for a license is not cheap. In general, therefore, a compliant broker who has obtained a license will not hide but rather display it on their website, with some brokers even highlighting the licenses they have obtained in developed countries.

From using fake regulatory information to confuse the public to not mentioning anything about the regulatory status, the illegal company MTFE is not overseen by any financial regulator.

Key Features in MTFE Scam

Fake Links

Most of the internal links on the MTFE websites are fake and invalid, but we did find some information from the few available ones.

Some valid internal links lead to several pages describing financial instruments and include a QR code to download the broker's application but the QR does not lead to any valid page. In addition, there is a website page dedicated to MTFE's claimed deposit bonuses, the highest of which reaches an unrealistic $4,000.

Social Media

MTFE places a lot of emphasis on social media platforms when it comes to promotion. From Instagram to Facebook, the scammer's publicity doesn't fall short. It even has tens of thousands of followers on Instagram.

Not only does MTFE advertise how lucrative its investment opportunities are, but it also "hands-on" teaches its followers to download the application and sign up for an account. Of course, as an illegal financial company, it doesn't advertise the fact that it doesn't have a financial license.

Social media, as one of the most important information channels in our lives, does provide a lot of valuable information, but lack of strong regulation on financial promotion. Anyone, any organization - legal or not - can post advertisements, even fake ones, on social media.

App Store

MTFE doesn't use pirated MT4 or MT5 like the usual fraudulent Forex brokers to scam. BrokersView found a financial application called "MTFE" from App Store, which, judging by the operator's name and the app's icon, belongs to the broker MTFE.

The information contained in the app's description is not much different from the content on its website, which boasts about itself. The app was updated a week ago, even though the company has barely responded to investors who wanted to withdraw their funds since a few months ago.

Although the app MTFE has a rating of 4.1 out of 5 on App Store, a look at the reviews reveals that many users are accusing MTFE of being a scam. Even though many investors have had problems with their withdrawals and have not received any reasonable explanation, many 5-star reviews deliberately praise the broker's withdrawal process, just like "Here's a thing."

It's worth noting that MTFE seems to be proud of its "5-star review" in App Store and specifically mentions this on its websites.

Ponzi Scam

However, investors are not free to "invest" in MTFE, and only those who have a referral code can sign up. Where do the referral codes come from? This brings us to the nature of MTFE's Ponzi scheme.

MTFE is a Ponzi scheme. Although it pretends to be a financial services provider, the entire "investment process" has nothing about financial trades, according to investors who have joined MTFE.

After downloading the application, registering and making a deposit, investors were presented with what the company claimed to be an "Artificial Intelligence Robot." MTFE said the trading function could be used by simply turning on the "AI" button, promising no need for investors to trade by themselves during the entire trading process. And the fixed return promised by MTFE is determined by the amount of the deposit.

But the fact is that there is no real financial transaction involved in the process. In the program set up by MTFE, investors are bound to lose money at regular intervals. To make up for this "loss," the company allows investors to use a referral code to bring in new clients. As long as a new person joins the investor through the referral code, the owner of the code will receive dividends, and the more people are invited, the more dividends owner will receive.

At this point, the nature of MTFE is exposed - a Ponzi scheme.

Victims Worldwide

Based on data provided by a traffic checking tool, BrokersView found that most people visiting MTFE were from Asian and African countries such as Sri Lanka, Bangladesh, India, Nigeria, and the United Arab Emirates, with nearly 30% coming from other countries. In other words, the victims of the MTFE are spread across the globe.

Turning to video sites and social media, we can also find many people discussing news about MTFE in different languages.

BrokersView has found people who keep updating the latest withdrawal status on MTFE on social media - though hard to tell the possibility. The company's customer service agents continually delayed the commitment date or avoided it, while encouraging users to invite more people to join MTFE with a referral code.

Some people, however, though waiting for the withdraw, still use the referral code to invite more people to register, trying to "earn" more dividends.

Conclusion

All indications reveal that MTFE is not only an unlicensed forex broker but also a Ponzi scheme that lures existing victims into recruiting new ones by offering them fake bonuses. Although it claims to be a financial services provider, its "trading application" has nothing to do with real financial trading.

People who have already been victims of MTFE are hard to withdraw their money, while people who don't understand the nature of the Ponzi scheme still hope that this broker will help them make money.

For your financial safety, do NOT deal with MTFE.

If you have questions about your potential brokers or are curious about whether a broker has a Forex license, you can ask us and BrokersView will answer them for you free of charge.