In the MetaversesWorld Review, you’ll see that this illicit offshore hoax has nothing to do with the real Metaverse or the company Meta. The name is a cunning disguise.
After analyzing what the MetaversesWorld broker has to offer, we saw unfavorable conditions. Bear with us as we expose the scam in the following sections.
In addition to the above, we recommend that you avoid unregulated brokers, such as Merricks Invest, FXrally or CentroBanc.
|Broker Status:||Offshore Scam Broker|
|Broker Regulation:||Unlicensed Forex Provider / No Regulation|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||FMA, CNMV, FI, AFM, FSMA, BaFin|
|Broker Owner:||Pristine Group LLC|
|Minimum Deposit:||250 USD|
|Crypto Trading:||Not Available|
|CFD Trading:||Yes, you can trade CFDs|
|Trading Instruments:||Forex, Indices, Shares, Commodities|
|Islamic Account:||Not Available|
|Demo Account:||No, only live trading accounts|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Team:||Don’t Invest in This Scam Broker!|
MetaversesWorld is run by Pristine Group LLC from Saint Vincent and the Grenadines (SVG). That’s the first fact that put us on guard. Why?
Because SVG is a popular yet controversial offshore domain where countless scammers based their schemes. The island’s financial authority, i. e. the FSA, regulates only the banking sector, not Forex trading.
Therefore, the MetaversesWorld regulation is missing here. The shady broker is unlicensed to provide services to onshore clients yet it still does so, violating the law and rules imposed by the European Securities and Markets Authority (ESMA).
Instead of trusting dubious offshore providers, find a broker that’s unambiguously licensed by renowned Tier 1 authorities such as the FCA, BaFin, FINMA, ASIC, etc. That way, your investments will be secure.
MetaversesWorld is an SVG-based unregulated offshore provider established on December 16, 2021, by a controversial offshore company. The broker scammed traders from Germany, Austria, Switzerland, Spain and the Czech Republic.
As mentioned, the MetaverseWorld reputation in the trading world is pretty weak. The SVG address contributed to it.
The broker has no license whatsoever. That is why it’s risky for business but also illegal because the provider must be licensed in the country where it operates.
Cautionary Warnings Issued By Financial Watchdogs
There are warnings issued against MetaversesWorld. A bunch of them. The most notable ones are from the Austrian FMA and the Spanish CNMV, issued on July 23 and September 19, 2022, respectively.
Also, in August of the same year, the German regulator BaFin launched an investigation into Pristine Group LLC. It seems that this shady company is behind two more fraudulent brokers – FinFix and NvestPro.
Based on our findings, MetaversesWorld particularly targeted traders from Europe. Here’s the list of countries with traces of fraud:
- Czech Republic;
With the exception of Spain and the Czech Republic, these are mostly speakers of German. Luckily, some regulators have reacted and issued official warnings against MetaversesWorld.
Let’s see what victims of this scam had to say about it. On Trustpilot, we found 23 reviews of MetaversesWorld, all complaints against the broker.
From what we read, it’s clear that as soon as you start having withdrawal issues, it means that you’ve been scammed. Read for yourself:
Terrible website and customer service. Spoke with the agent I was told we will be not charge withdraw fees but it was otherwise and they didn’t even process the withdraw request.
Trustpilot user, December 12, 2022.
The MetaversesWorld trading platform is WebTrader. Not only is this browser-based platform the easiest to get, but it’s also the most oversimplified terminal in the trading world.
It could be good for beginners as it has some elementary charts and graphs, but even they ought to outgrow it quickly. MetaversesWorld doesn’t support reliable third-party software such as MT4, MT5 or cTrader.
MetaversesWorld Mobile App – Can I Download It?
No. Since WebTrader is web-based, it can be accessed via any device with an internet connection.
Thus, there’s no need for a mobile app. You can trade on your phone but we don’t recommend it given the broker’s unlicensed status.
Targeting Victims – How This Fraudulent Company Operates
The name of this scammer suggests that it uses Meta platforms (Facebook & Instagram) to find victims. But, fraudsters like this one don’t limit themselves to just social media.
They often hire agents to run online marketing campaigns for them. Or, they create private WhatsApp & Telegram chats and invite traders there.
LinkedIn has become full of fake ads too. You’re not safe on dating apps such as Tinder and Bumble either. Last but not least, scammers call traders directly via phone or send persistent emails with lucrative yet fake offers.
What Can You Trade With a Broker?
Here’s a quick overview of the MetaversesWorld trading assets:
- Forex pairs – EUR/USD, AUD/NZD, CHF/JPY…
- Indices – FTSE100, NASDAQ100, NIKKEI225…
- Commodities – gold, crude oil, natural gas…
- Shares – Amazon, Adidas, Samsung…
Fees and Spreads Overview
Spreads are outrageously wide for the EUR/USD pair – 3 pips! That’s double the industry’s standard. With such spreads, you’ll hardly profit.
The leverage is fixed at 1:200, which is really high and risky. Top regulators have set a legal cap of 1:30 for retail clients to prevent huge losses. Fees and commissions weren’t disclosed but we believe they exist.
We found three different MetaversesWorld account types:
- Beginner – 250 $;
- Amateur – 2,000 $;
- Professional – 25,000 $.
The only differences are the minimum deposit requirements and the fact that the latter accounts come with a personal account manager.
We wouldn’t trust this broker let alone an account manager. All your funds could be gone in the morning.
Can I Trade For Free With A Demo Account?
No, and that’s a problem. Without a free demo account, you need to invest right off the bat. That’s pretty risky, especially considering that MetaversesWorld is unregulated. There are plenty of legitimate brokers that offer demo accounts for training.
Withdrawing Profits From Your Broker Account
Let’s look at the MetaversesWorld withdrawal policy and funding methods. Namely, the broker’s only available payment methods include credit/debit cards.
The minimum deposit is 250 $ with no related fees, allegedly. However, there’s a shady bonus policy that says you have to use the bonus you received and reach an insane trading volume before withdrawing funds.
This volume equals (the deposit amount + the bonus) times 25. Keep in mind that this is written in the legal section, which you agree to if you open an account with MetaversesWorld. Thus, the broker isn’t violating any terms and conditions. But the whole bonus thing is banned by law in the EEA zone and the UK.
If you fell for this trap, know that you’re not the only victim of MetaversesWorld scam. Global Fraud Protection received several complaints from others as well.
So, we offer our assistance in getting your money back. Our professional team will gladly help you with the chargeback process.
If this broker steals your money, start the chargeback process. Contact us for a free consultation via Online Chat. It’s the easiest and fastest way!
All In All, Don’t Let the Scammers Get Away for Free!
No. MetaversesWorld is a blacklisted fraud. Don’t invest but if you already did, call us to get the chargeback started.
No. There’s no free demo account available with MetaversesWorld.
No. MetaversesWorld offers a web-based platform that doesn’t require downloading.
Yes. Traders receive a deposit bonus but we’re not sure about the exact amount.
The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘Holy Smoke!,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
This article is syndicated automatically through a third-party agency from ForexIndustry.com.
To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/11/metaversesworld-review-a-shady-broker-up-to-no-good/.