Investing online has been quite attractive for the last ten years. This type of trading can yield large profits and provide investors with the desired financial stability. However, investors risk losing their entire capital when dragged into a scheme.
Read our honest Meteor Trade review to determine whether this is the right broker for you.
What is more, we strongly advise you not to invest inCentroBanc,Capital Markets Strategy LtdandBUX Forexfraudulent brokers.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FCA, CNMV|
|Owned by:||Incendiary Group Ltd|
|Headquarters Country:||Commonwealth of Dominica|
|Minimum Deposit:||100 USD|
|Types of Assets:||Forex, commodities, indices, shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
Does Meteor Trade Have a Forex License?
Meteor Trade broker operates under two domains, meteortrade.co and meteortrade.pro. It seems the company falsely presented itself as a part of the FCA-licensed company, Meteor Investment Management Ltd.
The truth is that Meteor Trade is an offshore trading brokerage owned by the already infamous Incendiary Group Ltd from the Commonwealth of Dominica. This firm owns two other scam brands, Trade Union and InFlux Finance, both unregulated.
Of course, Meteor Trade is no different and practices Forex trading without a valid license.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Licensed brokers need to follow strict rules and impose lots of security measures. For instance, in the US, brokers need to maintain a minimal operational capital of $20 million, while in Australia the minimum is 1 million AUD.
Unregulated offshore scammers don’t have minimal capital or negative balance protection, nor do they follow ESMA-imposed leverage limits. They can simply vanish with your funds.
So Is Meteor Trade a Scam?
Meteor Trade is not a regulated trading firm. The brokerage is based in the Commonwealth of Dominica but has not entered the FSU register. The company has been banned by the UK FCA.
Warning From the Official Regulators CNMV and FCA
We have two warnings for you if you need official proof of the Meteor Trade scam. The UK authority body FCA stated that Meteor Trade is a clone firm of an FCA-licensed business. Therefore, those involved cannot be reimbursed from the FSCS compensation scheme or get assistance from the Financial Ombudsman.
Further, the Spanish CNMV issued a similar warning, banning meteortrade.co.
What Do Traders Think Of Meteor Trade?
Instead of us doing the big talk, we’ll show you the Meteor Trade reviews. Here’s an example from Trustpilot.
“If I could give them no stars I would!! This company is false a huge fraud!!! I lost so much money! Also watch out as they use false names!! They pretend they care and gain your trust and then in the end they take your money and run!!!”
What Platform Does Meteor Trade Provide?
Meteor Trade supports lackluster WebTrader we’ve seen numerous times before. It may be suitable for trading beginners, but even they would soon see the lack of features. The platform has basic tools, not support social trading or EAs.
By all means, MetaTrader is more reliable than any web-based trading platform. Thus, we recommend you find a legitimate firm offering MT4 or MT5. These two have been industry standards for over ten years and offer the broadest range of features.
Platform Access For Android And iOS
This brokerage doesn’t offer access to any mobile apps. Simply said, both Android and iOS users will have to use their web browsers.
Once again, you won’t have to face this issue with MetaTrader. Both versions have advanced mobile apps for easy trading.
Old Fraud With a Different Domain
As mentioned, this trading firm has two domains. The one under meteortrade.pro has already vanished, but the scheme remains the same.
When a trading brokerage gets enough funds and too many complaints, they tend to close the website. Hence, clients cannot access their funds or submit withdrawal requests any longer. It’s important to stay away from such scammers.
Meteor Trade Accounts Overview
You can choose from the five account types on offer.
As you can tell, each account has slightly more benefits than the other.
Meteor Trade – Countries Of Service
This trading brokerage mainly targets the EEA zone, with victims coming from:
Also, remember the names of theTradeSimple,FastEarnings247andFx24tradetrading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Meteor Trade Range of Trading Markets
You can invest in the following trading assets:
- Currency pairs – EUR/GBP, USD/SEK, CAD/AUD
- Commodities – gold, palladium, crude oil
- Indices – DJIA, CAC40, AU200
- Shares – Amazon, Apple, BMW
Surprisingly, cryptocurrencies are not on offer.
What Is Known About Meteor Trade’s Trading Conditions?
Trading conditions are another sign of business practices. If the brokerage sticks to leverage limits and don’t overcharge spread, we can tell it operates in good faith.
When it comes to Meteor Trade, it’s everything but good. Here’s what we got.
Details About Leverage and Spreads
The spread starts at 3 pips for EUR/USD pairs, which is double the industry average. Therefore, this trading firm decided to rip off its customers at the very beginning.
Further, the leverage is not specified. Your funds are at risk since offshore scammers have no leverage cap.
Welcome Bonus and Withdrawal Problems
Typically, offshore brokers offer welcome bonuses despite the regulatory ban. Then, they add malicious clauses about bonus terms.
For instance, Meteor Trade requires its customers to repay the bonus plus the initial deposit 25 times before being eligible for a withdrawal. It’s a scam tactic that prevents you from getting what’s rightfully yours.
Meteor Trade Minimum Deposit and Withdrawal Terms
The minimum deposit is $100, which may sound tempting. While you think you have nothing to lose, this broker is preying on you to upgrade your account.
Further, the company charges an inactivity fee but says to contact the account manager for more details. Thus, transparency is not the bright side.
Methods of Making a Deposit
The deposit can be made using the following:
- Wire transfer
- Debit/credit card
- Crypto wallet
Be careful with crypto deposits, as these transactions are non-refundable and are not subject to a chargeback.
Scammed by Meteor Trade Broker? – Let Us Hear Your Story
Trading online can be lucrative but also cause heavy monetary losses. It mainly depends on the company you choose. If you find yourself scammed by the Meteor Trade, let us know. Our chargeback experts may be able to help with fund recovery.
But What Is A Chargeback?
This is a way for your bank to reverse the transaction. If you can prove that you have been a scam victim, they can get your money back from the merchant.
Book a free consultation, let us evaluate your case and let’s find the right method for recovery!