Metexxa Review – Should you Trust this Broker?

Metexxa Review

In the last couple of decades, the number of online brokers catering to traders all over the globe has surged exponentially. Where there had only been a handful of companies, now you can find thousands of them offering their services and new ones are founded on a regular basis. Of course, this means that you can easily find a brokerage to start trading, but it also means that you have to sort through them to find the one you want. The purpose of this Metexxa review is to assist you in this process because you cannot simply choose a brokerage just by looking at it.

This is because there are different categories of online brokerages that you will find. Some of them are obviously top of the line and can offer you the most professional services. Other than these good ones, there are also some mediocre ones and also some shady and fraudulent ones. This is the challenge that people have to navigate when they decide to sign up with an online broker to trade in the financial markets. You cannot just make a decision based on the website of a brokerage because it will not show you the kind of company you are dealing with.

Initially, when scams had started happening in the market, there were some obvious indications that made it easy for people to know the kind of brokerage they were dealing with. However, it is no longer the same because it has become easier than ever for scammers to make fraudulent websites these days and they are so well-designed that you cannot tell what kind of company you are dealing with. This is primarily the reason why a lot of people have ended up falling into the trap of these cybercriminals.

They put up a legitimate front that can be confusing for those who do not have a lot of knowledge about how these scams operate. Metexxa is an obvious example of this kind of platform because it presents itself as a forex and CFD brokerage that is dedicated to simplify the trading process for people. When you check out its offerings, you will discover that Metexxa is offering its clients access to more than 200 trading instruments and its spreads start from zero. The platform has established itself as globally renowned and offering its services to traders in more than 196 countries around the world.

Metexxa’s other claims include being the top choice of global forex traders, due to which its website is available in more than 30 languages. Plus, it claims to have its headquarters located in New York. When you put all of this together, you find an explosive package that can be tough to walk away from. But, this is exactly what you need to do because this is nothing but a trap. How can you figure that out? Read on to know:

There is no license and regulation

If you are looking for a trustworthy brokerage, you cannot find one that does not have a license and is fully regulated. No company can be trusted if it does not have a license to operate in the jurisdiction it is based in. This is because regulated companies can offer you protections in terms of safety of funds and also provide quality services, which includes transparency and accountability. Therefore, you need to ensure that Metexxa has a license before you decide to sign up with them.

As mentioned above, Metexxa claims to have its headquarters located on Park Avenue, New York and this is one of the well-regulated jurisdictions in the world. Thus, having an office there would be quite an achievement because it would mean that the brokerage has a license to operate. Unfortunately, when you check the online register of the Commodity Futures Trading Commission (CFTC) and check the list of members of the National Futures Association (NFA), you will not find Metexxa mentioned.

If Metexxa is truly based in New York, then it would need to be regulated by the CFTC and be a member of the NFA, but this does not appear to be the case. It has mentioned two company names on its website; Metexxa Pro Global LTD and Metexxa & JPM Group, but neither of them are listed either. Moreover, when you go through the Terms and Conditions on the Metexxa website, you will find that the brokerage is owned and operated by a company called Metexxa Pro Global LTD, which is based in the Marshall Islands.

This is an offshore jurisdiction and does not regulate the forex industry, so this gives Metexxa absolutely no credibility.

Malicious bonus and withdrawal policy

The next problem you will encounter at Metexxa is the fact that the brokerage is offering trading bonuses, which have been banned in most regulated jurisdictions. This is mostly because these bonuses come with strings attached, which is what you will find when you check out the bonus policy here. According to the Terms and Conditions that Metexxa has outlined, accounts that are credited with a bonus have to meet a minimum trading volume requirement before they can make withdrawals.

This means that Metexxa will not permit you to withdraw your money, until you meet their conditions, which are deliberately kept high to prevent you from accessing your money. Even if you do manage to achieve the requirement, you will find that Metexxa has reserved the right to chance their bonus policy, which means they will simply up the requirement and you will be back to square one. Plus, you will also find that the brokerage does not have a time frame for processing your withdrawal requests, which means there is a good chance it won’t process them at all.

Bitcoin payments available

You will also find that Metexxa is supporting bitcoin payments, which are final and not eligible for a chargeback. This means you are not likely to get your money back in case of a scam, which is exactly what the broker intends.

Final Word

Keeping all the issues in mind, it can be established that Metexxa should not be trusted for any kind of trading activity.