Have you ever been scammed? If so, your experience is not an exception. People lose thousands of dollars to scam brokers every year. While fraud forex and stock intermediaries are to blame for such unethical activities, sometimes financial abuse occurs when clients are negligent. This piece discusses how to spot a scam broker like Metrictradingfx to stay protected against a possible scam.
Metrictradingfx - A Quick Overview
Metrictradingfx (https://www.metrictradingfx.com/) is an online forex and CFD brokerage firm based in Malta. The company claims to be an operating brand of P240 Ltd. Founded in 2021, the broker provides retail trading services across multiple financial markets, including forex, commodities, stocks, energies, and indices. Though the company also advertises cryptocurrencies as being one of the supported financial markets, it doesn't list them under its product portfolio. Due to the absence of a proprietary trading app, clients only have the option of using the industry standard MT5 trading platform on their desktops and mobile phones at Metrictradingfx. Other services include multiple account types, various payment options and a handful of educational resources.
Is Metrictradingfx Regulated?
No, Metrictradingfx is not regulated. The broker claims to have regulations from the US Financial Services Authority under MFSA license number: IS/560000. However, no such regulatory authority even exists in the United States. Even if the broker meant to say it holds regulation by the Maltese Financial Services Authority, there is no record available in the MFSA registry either. In fact, by searching its company name - P240 LTD, we can find three warning records against this fraudulent company.
Metrictradingfx is a poor-rated brokerage firm. People have complained about the company's poor code of conduct on multiple reviewers' websites, including BrokersView. According to the company's existing and former clients, the broker never processes withdrawal requests besides blocking access to their trading accounts.
How To Know If Metrictradingfx Is A Scam Broker?
The company posts multiple misleading information on its website. For example, it claims to have MFSA regulations in the United States. Actually, MFSA is an abbreviation that stands for the Maltese Financial Services Authority. It is a regulatory body in Malta but not in the United States.
Please be informed that brokers operating in the US need to be licensed either by the National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC).
In addition, the broker advertises a wide variety of trading accounts. However, once you sign up with the company, it redirects you to an "account upgrade" menu where you see an entirely new set of account tiers. Fake brokers often play such tricks to confuse clients.
Moreover, the following message pops up when you try to add funds to your account via the supported payment methods. It shouldn't be hard to understand why the broker wants you to contact customer service or an account manager. Essentially, the company wants to lure you into fake profit-making deals via its marketing staff who pretend to be your account managers.
Above all, clients' feedback speaks pretty well about the company's overall concerns.
Metrictradingfx is a dishonest broker with no regulatory oversight. The trading conditions provided by the broker are subpar, and withdrawal is impossible. Therefore, it is not recommended to trade with it.
If you have any problems with brokers, you can contact Service@BrokersView.com.