META OTC claims to be a legitimate Forex and CFD trading platform headquartered in the United Kingdom. However, the legal background of this broker is confusing and most likely fake.
We investigate what the bogus website uses as a ruse to dupe unsuspecting traders into investing their hard-earned funds in a suspicious account. Read our META OTC Review to learn how to identify online scams and how to recover money from them.
But was the firm regulated at all at any moment? The website provided a link to a dubious Ifinma agency website, which allegedly regulates META OTC. However, this agency is fake just like the broker.
If you want a reliable trading platform, we suggest you find a brokerage firm that legally operates under the supervision of renowned financial market authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), etc.
The United Kingdom is considered a major global financial hub. In order to obtain a regulatory license in the UK, brokerage firms must have a minimum operating capital of 730,000 GBP.
Furthermore, their clients must receive negative balance protection, a segregated bank account in a top-tier bank, a safe leverage cap (1:30), and a compensation scheme contract of up to 85,000 GBP.
“This platform is deceptive, fake reviews and very fake promises to lure unsuspecting victims. I has been a victim, incurring a huge sum in debt,”
said the unfortunate trader. It seems that withdrawal issues are inevitable with this platform, which is why you should not invest money in it.
Each of these countries has unique financial market regulations in force. For instance, both Germany and Greece are EU members so their watchdogs implement the common rules of the European Securities and Markets Authority (ESMA).
ESMA imposed a leverage cap of 1:30 for retail clients in the European Economic Area. META OTC, on the other hand, offers users up to 1:500, thus directly violating the regulations.
META OTC did not reveal which trading platform is available, i.e. whether it is available for desktop or browser. The website only mentions a mobile trading app for Android and iOS devices.
If you are a beginner, do not risk real money right away without first training on a demo account. Every legit broker nowadays offers it so be sure to choose the right one.
META OTC offers maximum leverage of up to 1:500. You should know that while high leverage can amplify potential profits, it significantly increases the risk of potential losses as well.
As for the trading costs, the website advertises a spread of 0.8 pips for the benchmark EUR/USD currency pair, which is pretty tight and competitive but we doubt the broker was for real on that one.
The spreads for the UK 100 and Germany 40 indices are 1 pip and 1.2 pips, respectively. Commissions start from 0.08%, per the website.
META OTC listed three available payment methods:
In case you desire a refund, a chargeback is the most likely solution. If you deposited funds via MasterCard and VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days of the transaction.
As for bank transfers, you can request a recall but only if the transaction has not gone through yet. We can guide you through the process so please book a consultation with us.
META OTC is a virtually anonymous trading scam, allegedly based in the UK. The main targets of this cyber hoodwinker were traders from Mexico, Greece, and Germany.
We stressed the importance of regulations and why it is better to trade under jurisdictions supervised by top-tier financial market watchdogs.
If you cannot withdraw your funds from this platform, please book a free consultation with Global Fraud Protection. We boast a team of skillful professionals who can assist you with the chargeback procedure and recover your money as soon as possible.
Book your free consultation today and start the chargeback process.
META OTC is an anonymous Forex trading scam that promises high leverage and competitive spreads.
META OTC is 100% a scam. This platform is not licensed for Forex trading. We can help you recover your funds from your account.
META OTC is disguised as a Forex and CFD trading platform slash app. In reality, it’s a devious scheme designed to fool traders.
The post META OTC Review: Exposing The Fake Brokerage Company appeared first on Global Fraud Protection.