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Metaverse Foreign Exchange Group Inc. (MTFE)
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Caution Investors Metaverse Foreign Exchange Group Inc. (MTFE) – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Metaverse Foreign Exchange Group Inc. (MTFE) is a company that claims to offer online trading services in various currencies and commodities. The company operates through its website, www.mtfe.ca, where it provides information about its products, services, and fees. However, there are some red flags that potential customers should be aware of before signing up with MTFE.
Regulation and Compliance:
One of the most important factors to consider when choosing a trading service provider is whether they are regulated and compliant with the laws and regulations of the jurisdictions where they operate. According to the Ontario Securities Commission (OSC), MTFE is not registered in Ontario to engage in the business of trading in securities. This means that MTFE is not authorized to solicit or accept funds from Ontario residents for investment purposes. Furthermore, MTFE does not appear to be regulated by any other financial authority in Canada or abroad. This raises serious questions about the legitimacy and safety of MTFE and its services.
Another way to evaluate a trading service provider is to look at the customer reviews and feedback that they have received from their clients. Unfortunately, MTFE does not have any positive reviews or testimonials on its website or on any other online platform. On the contrary, there are several complaints and warnings from customers who claim that they have been scammed by MTFE. Some of the common issues reported by these customers include:
– Difficulty in withdrawing funds from their accounts
– Unresponsive or rude customer service
– Hidden fees and charges
– False or misleading advertising
– Manipulation of prices and spreads
– Loss of money due to poor execution or technical glitches
Products and Services:
MTFE claims to offer a variety of products and services for online trading, such as:
– Forex trading: Trading in over 50 currency pairs with competitive spreads and leverage
– Commodities trading: Trading in gold, silver, oil, natural gas, and other commodities with low commissions and margins
– Indices trading: Trading in major global stock indices with high liquidity and volatility
– Crypto trading: Trading in Bitcoin, Ethereum, Litecoin, and other cryptocurrencies with fast execution and security
However, these claims are not backed by any evidence or verification. Moreover, MTFE does not provide any educational or analytical resources for its clients, such as market news, charts, indicators, signals, webinars, or tutorials. This suggests that MTFE is not interested in helping its clients improve their trading skills or knowledge.
MTFE does not disclose its physical location or address on its website or anywhere else. The only contact information provided by MTFE is an email address and a phone number. However, these are not reliable ways to reach the company, as many customers have reported that they have not received any response or assistance from MTFE via email or phone. Furthermore, the phone number provided by MTFE has a British Columbia area code, which contradicts the company’s claim that it is based in Ontario.
As mentioned above, MTFE has a very poor customer service record. Many customers have complained that they have been ignored, mistreated, or lied to by MTFE’s representatives. Some customers have even accused MTFE of being rude, abusive, or threatening towards them when they tried to withdraw their funds or cancel their accounts. MTFE does not have any social media presence or online chat support where customers can communicate with the company or get updates on their issues.
Based on the above analysis, it is clear that MTFE is not a trustworthy or reputable trading service provider. The company is not regulated or compliant with the laws and regulations of the jurisdictions where it operates. The company does not have any positive reviews or feedback from its customers. The company does not provide any transparency or accountability for its products, services, fees, or location. The company does not offer any customer service or support for its clients. Therefore, we strongly advise our readers to avoid MTFE and look for other alternatives that are more reliable and professional.