Metaverse Foreign Exchange (MTFE) is offering a chance to make money by trading the financial markets.
The company is offering traders a chance to bet on almost all global financial markets and make money on a daily basis.
The question now is how legit is MTFE Trading, especially in Nigeria?
Are they one of the next big money rush or another forex scam waiting to burst?
In this review, we take a look at what the company is offering its users and the benefits of betting your money with this company.
Stay tuned.
So, What Is MTFE All About?
The company is providing the platform for traders to trade Forex, commodities, indices, stocks and other popular financial products.
They claim to provide the platform, tools, analysis and insights to help traders make responsible and profitable trades in the financial markets.
They claim to be registered in Canada as a Money Services Business with MSB No: M22076570 to provide financial services to professional and institutional clients. They also claim to be regulated by the Canadian FINTRAC.
How Does MTFE Make Money?
It is not exactly spelt on their website how they make money.
However, from other similar businesses in the industry, these types of businesses make money via commissions from users.
They would usually charge users two-way when they deposit and when they withdraw.
And that’s if they are being operated legitimately.
How to Start Trading With MTFE
To start trading with MTFE, you have to first install their mobile app from the playstore.
You have to decide which financial market you have the required skills to trade in, then you register, deposit a minimum trading balance and start trading.
How Much ROI Does MTFE Offer?
Realistically, MTFE doesn’t offer any ROI.
They do not even promise that you’d make any money because you are required to trade by yourself and all the risk is on you.
How much ROI you make from MTFE would depend on how skilled you are as a financial trader either in the forex market or in the stock market.
That’s some skills, eh?
Is MTFE Legit or Scam?
With the nature of these types of businesses, it is quite difficult to ascertain their legitimacy.
Yes, they are registered as a Money Services Business in Canada, but that’s not proof that they’ll be legit even if they are recognized legally as a legitimate business.
Their legitimacy would be proven overtime when they have a strong customer base and verifiable partners.
A quick search shows that MTFE was registered on the 1st of October 2022, which means that at the time of writing this post, the company is just 2 months old.
Here are the company’s registration details according to Fintrac Canada:
Registration status of MSB:
Registered
Legal names of MSB:
METAVERSE FOREIGN EXCHANGE GROUP INC.
MSB registration number:
M22076570
Initial date of registration:
2022-01-10
Expiry date of registration:
2024-12-31
Main office or location of MSB:
500-7030 WOODBINE AVE
MARKHAM, ON, CANADA L3R6G2
Telephone number:
(236) 596-5010
Incorporation number:
1360369-5
Date of incorporation:
2021-12-16
Jurisdiction of incorporation:
Federal (Canada)
MSB activities:
Foreign exchange dealing
Money transferring
Dealing in virtual currencies
With this, it is clear that their trust level is quite low until proven otherwise.
So, I’ll advise that you thread carefully with this company.
What I Like About MTFE
The biggest positive about MTFE is that they have a host of financial markets for users to choose from.
You could trade forex, commodities, stocks, index funds, or even cryptocurrency.
You’ll definitely be spoilt for choice, but you need the requisite skills to harness the underlying opportunities and make money for yourself.
What I Dislike About MTFE
From the copies on their website, the company is quite conflicting with their business model.
They are urging users to “grasp investment opportunities” and “become one of the millions investors in the world and invest in global trending products”
But MTFE doesn’t seem like an investment platform to me. So, why are they trying to convince users otherwise?
In my opinion,financial market trading is for professionals who have learned the ropes and know what risk they are taking.
It is not an opportunity for any jack with some money to start betting on outcomes in a bid to make profit.
Can You Lose Money With MTFE?
It looks very likely.
According to MTFE, “you may lose your entire principal” because “margin trading may not be suitable for all investors.”
They admonish all potential traders and investors to “ensure that you fully understand the risks involved.”
Fair enough.
In my opinion, you should only attempt to trade with MTFE if you have the requisite financial trading skills and experience.
Otherwise, I advise that you sit this one out.
Even though MTFE claims to provide demo accounts for users to practice with, it cannot replace the need to having the fundamentals of financial trading skills and experience.
Should You Invest in MTFE?
If you have the right financial trading skills and experience, why not?
If you’ve done your due diligence on the company and are sure of the safety of your capital, then why not?
But while you’re doing so, remember to only trade with money you can afford to lose.