METAfmi Review – Highlighting the Flaws

METAfmi Review

The demand for professional online brokers has increased tenfold in the last couple of years. A greater number of people have been looking for more flexible working conditions and many also want to avail profitable investment opportunities that have become limited due to the global pandemic. All of this can be found in the financial markets, which has contributed to their popularity. But, while there are lots of brokerages to be found, none of them are perfect. Each of them will have its own share of flaws, but some can be tolerated, while others cannot. This METAfmi review can help you understand the latter.

It is understandable that regardless of industry, there is no such thing as a perfect company. Every platform will have its shortcomings and flaws and they are not likely to disclose them to you on your own. Therefore, it is your responsibility to do research in order to discover the flaws and decide whether they are a deal-breaker or not. For instance, people may be willing to make compromises over slow customer support, but you would not want to accept lack of security that can leave you exposed to cyberattacks and other risks.

Likewise, you have to understand that when it comes to online brokers, while some of them offer mediocre and acceptable services, there are also those that are complete frauds and their primary purpose is to steal your money. Everyone wants a reliable and professional brokerage and not a bogus one, which means research is a must. You have to look for the flaws and determine whether they show you are dealing with a mediocre platform, or one that is a downright scam. In the case of the latter, you would obviously want to avoid it.

When you come across METAfmi, your priority should be to look for its flaws as well because this can help you ascertain if you should sign up with it, or avoid it. Let’s check out some of the flaws of this brokerage to make a good decision:

Lack of a license

One of the deal-breakers in online brokerages is their lack of license. Indeed, you will find both licensed and unlicensed companies operating in the financial markets and the problem with the latter is that there is no accountability or guarantees when it comes to them. Licensed brokers, on the other hand, can offer you protection and quality that you cannot expect from elsewhere. Therefore, when it comes to a brokerage, you first need to assess their licensing and METAfmi will leave you disappointed in this regard.

According to the address given on the METAfmi website, the broker has its offices located in London, United Kingdom. In order to operate from the UK, a brokerage requires a license from the Financial Conduct Authority (FCA). This is the regulatory body of the UK and is recognized as one of the world’s most renowned regulators because of their tough criteria and restrictions. But, when you check the online register of the body, you will not find METAfmi listed anywhere.

As a matter of fact, it is not possible for METAfmi to be regulated by the FCA because it is breaking their rules several times. For instance, the brokerage is offering crypto CFDs to its clients, something that has been banned in the UK by the FCA because of the risk involved.

Offer of bonuses

The second policy of the FCA that METAfmi is violating is that of offering trading bonuses to clients. There was a time when these bonuses were quite popular amongst traders, but because they came with strings attached that were very exploitative, they were banned. One of the regions where they have been banned is the UK and yet you will find them available with the broker.

As a matter of fact, when you check the policies at METAfmi in regard to bonuses, you will understand exactly why they were banned. They have the infamous non-deposited funds clause that is popular amongst scammers. In order to withdraw money from accounts that have been credited with a bonus, trading have to meet a certain turnover requirement. This is deliberately kept high to make it impossible for people to withdraw their money.

Furthermore, the non-deposited funds clause states that there is a difference between the profits made by traders from their own deposits and that from the bonuses and the latter cannot be withdrawn until the turnover has been achieved. The problem is that METAfmi does not have a way to physically separate these profits, which essentially means that they will block all withdrawal requests. Hence, you will not get your money back.

High leverage ratios

The third policy of the FCA that METAfmi appears to be violating is related to its leverage. When you check the trading conditions offered by the broker, you will find that the leverage ratio goes as high as 1:200. These ratios are considered excessive and such high levels have been banned in UK and some other jurisdictions. Regulatory bodies like the FCA have imposed a cap on the amount of leverage that can be offered and this does not go beyond 1:30. In contrast, you will see that METAfmi is offering very high levels, which is further proof that it does not have a license.

No advanced trading platform

One of the most important features of any online broker is their trading platform and when you check out what METAfmi is offering, you will find a basic and oversimplified platform. This does not deliver any real value to the traders because it does not even come close to the advanced features and tools that are associated with some of the top platforms in the market like the MT4 and the MT5. This can significantly affect your performance. Plus, these web-based basic platforms are quite a common offering amongst scammers.

Ending Thoughts

Add in the obscene withdrawal fees that METAfmi is charging and you will have too many flaws that are simply not acceptable for any trader who wants to make profits in the financial markets.