MTFE Review: In-Depth Analysis

Welcome to our MTFE Review!

Lately, we’ve been hearing much about MTFE, and many of you have asked us to write an MTFE review. So here it is.

This is a review of the MTFE website found at

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How long has MTFE been in existence?

If you are wondering when MTFE was founded, you should know that the domain was registered on December 12, 2021, through CENTRALNIC CANADA INC.

Domain Information

Netsec Limited hosts the website

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    Their SimilarWeb global rank is 256,810; in Bangladesh, they are ranked 12,193 (#115 in the Finance > Investing category). In May 2023, they received almost 200,000 visitors from Bangladesh, Sri Lanka, India, UAE, the USA, the UK, and other countries.

    Their Semrush Authority Score is 19 based on 557 backlinks from 136 referring domains.

    What is MTFE?

    MTFE, or Metaverse Foreign Exchange Group Inc., is a global online trading provider offering various trading products such as Forex currency pairs, commodities (like gold and oil), stocks, indices, and mainstream cryptocurrencies.

    (Do not confuse MTFE with Multilateral Trading Facility Europe, which, according to Wikipedia, are European Union-regulated, self-regulated financial trading venues that operate as alternatives to traditional stock exchanges, typically using electronic systems to make a market in securities.)

    The platform is accessible on iOS, Android, and the Web.

    It is designed to be user-friendly with powerful trading tools and includes a feature for practicing trading skills with virtual funds.

    To open an account, several steps must be followed:

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    1. Registration: Provide a phone number or email to create an account.
    2. Managing Funds: Go to the “Fund” section to deposit money into the account. Click on “Deposit” and choose your preferred payment method and amount. Confirm the payment; your balance will be updated immediately upon successful transaction.
    3. Account Verification: To increase the security of your funds and before you can withdraw, you need to submit an ID card, passport, or driver’s license for account verification.
    4. Receive Deposit Bonus: Each account can receive up to $4000 in deposit bonuses. The bonus will be automatically credited after each successful deposit. Deposits made within 24 hours of account opening receive double bonuses. The bonuses have no expiration and can be withdrawn.
    5. Withdrawing Money: In the “Fund” section, click “Withdraw” to submit a withdrawal request. Confirm the payment details. MTFE will process the withdrawal request within 24 hours on business days.

    How it Works

    To start trading, follow these steps:

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    1. Choose a Trading Product: MTFE offers over 80 popular trading products.
    2. Analyze Market Trends: Study the market trends, which are categorized as Uptrend, Downtrend, or Volatile.
    3. Open a Position:
      To profit from a rising price, open a Long Position by tapping “Buy.”
      To profit from a falling price, open a Short Position by tapping “Sell.”
    4. Close a Position:
      Go to the position page and tap “Close Position.”
      Confirm the action by tapping “Yes.”
      Check your profit and loss by tapping “History.”

    Key Factors to Consider

    • Capital Requirements: MTFE allows leveraged trading with a minimum of $5 for trading 0.01 lots. A minimum deposit of $50 is required to activate the trading account.
    • Market Analysis: Analyze market trends and factors that influence the prices of the trading products.
    • Risk Management: Set stop-loss orders and manage risk to protect your capital.
    • Market Volatility: Be aware of market volatility and adjust your trading strategies accordingly.
    • Economic News: Stay informed about relevant economic news and events that can impact the markets.
    • Trading Psychology: Develop a disciplined and rational mindset to make informed trading decisions.

    Remember to conduct thorough research, practice risk management, and consider your financial goals before engaging in trading activities.

    Account Types

    MTFE offers three types of trading accounts: ECN, High Leverage, and Islamic.

    MTFE allows you to choose an account that suits your trading style, offering different pricing, leverage options, and features. The spreads may vary based on market conditions, including volatility and liquidity.

    Here are the key features of each account:

    ECN Account

    Suitable for both beginner and professional investors, offering the lowest spreads in the market. There are no commissions or handling fees.

    • Suitable for novice and advanced investors.
    • Leverage options of 1:100 or 1:200.
    • Minimum deposit amount of 50 USD.
    • Negative balance protection.
    • Spread as low as 0.6 pips.
    • Handling fees may apply.
    • Overnight swap interest charges may apply.
    • The maximum transaction lot per order is 20.
    • The minimum transaction lot per order is 0.01.
    • The Stop-Out level is set at 50% intraday.
    • Unlimited maximum position.
    • Order execution speed is 1 second.
    • Multi-language online support.
    • A free trading strategy is provided.

    High Leverage Account

    MTFE has introduced a new High Leverage Account option with the highest available leverage of 1:1000. Only available for investors with less than $1000 in their accounts.

    Here are the key features:

    1. 1:1000 Leverage: This account offers the maximum leverage ratio, allowing investors to amplify their trading positions.
    2. Ultra-Low Deposit: A minimum deposit of USD 50 is required to open this account, making it accessible to micro-capital investors.
    3. Weekend Stop-Out Margin Level: The account has a 500% margin level for weekend stop-outs, providing additional flexibility for weekend trading.

    The High Leverage Account aims to provide the ultimate trading experience and maximize profits. It is specifically designed for investors with limited capital who want to take advantage of the higher leverage.

    To open a High Leverage Account, investors with funds less than USD $1,000 can contact online customer support for the necessary account adjustment.

    If the net value of the account exceeds USD $1,000 for two consecutive trading days, the account will be automatically adjusted to a Classic Account.

    • Suitable for funds less than USD $1,000.
    • Leverage option of 1:1000.
    • Minimum deposit amount of 50 USD.
    • Negative balance protection.
    • Spread as low as 1.0 pip.
    • No handling fees.
    • No overnight swap interest charges.
    • The maximum transaction lot per order is 20.
    • The minimum transaction lot per order is 0.01.
    • The Stop-Out level is 50% intraday and 500% before the weekend market closure.
    • Unlimited maximum position.
    • Order execution speed is 1 second.
    • Multi-language online support.
    • A free trading strategy is provided.

    Islamic Account

    Specifically designed for Islamic investors who cannot earn or pay the interest due to religious reasons. It also provides the lowest spreads in the market and has no overnight interest charges.

    MTFE offers an Islamic Account option that is compliant with Sharia principles. Here are the key features:

    1. No Swaps & Rolling Fees: Islamic Accounts are swap-free, meaning there are no overnight interest charges or rolling fees on positions held overnight.
    2. No Hidden Transaction Fees/Commissions: Islamic Accounts have transparent and straightforward pricing, with no hidden transaction fees or commissions.
    3. Ultra-Low Spreads: MTFE guarantees ultra-low spreads on Islamic Accounts, providing competitive trading conditions.

    The Islamic Account shares the same trading conditions and terms as the ECN trading accounts, with the only difference being a small management fee charged at night.

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    The Islamic Account is available for various trading products, including XAUUSD, AUDCAD, AUDJPY, AUDNZD, and many more.

    • Suitable for those who cannot earn or pay interest due to religious reasons.
    • Leverage options of 1:100 or 1:200.
    • Minimum deposit amount of 50 USD.
    • Negative balance protection.
    • Spread as low as 0.6 pip.
    • No handling fees.
    • No overnight swap interest charges.
    • The maximum transaction lot per order is 20.
    • The minimum transaction lot per order is 0.01.
    • The Stop-Out level is set at 50% intraday.
    • Unlimited maximum position.
    • Order execution speed is 1 second.
    • Multi-language online support.
    • A free trading strategy is provided.

    What is the minimum investment in MTFE?

    To start trading with MTFE, you need a minimum deposit of $50 to activate your trading account.

    MTFE offers leveraged trading, allowing you to trade 0.01 lots with a minimum investment of $5.

    Other Features

    The website offers real-time quotation notifications and professional market analysis.

    It also offers an ultra-fast, convenient fund withdrawal process and is recognized globally.

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    However, the website warns that financial products involve a high level of risk, and margin trading may not be suitable for all investors.

    Contact Information

    MTFE provides multilingual 24/7 online support

    About MTFE

    The About Us page of MTFE is broken. We were able to access the page through Google.

    MTFE claims to operate globally, serving investors in more than 10 countries, including Malaysia, Taiwan, Vietnam, Thailand, Indonesia, India, South Korea, and Spain.

    MTFE allegedly received accolades such as the best mobile trading platform, fastest-growing broker, and best trading platform in 2021. They have a large customer base of over 1,350,000 investors worldwide.

    Contact Information (MTFE Support)

    For inquiries or support, MTFE can be contacted via phone or through their online support channels. (They offer live chat.)

    Telephone: +1 7787443998 (a Vancouver, British Columbia, Canada number.)


    MTFE offers support in 11 languages, including English, Simplified Chinese, Traditi al Chinese, Thai, Vietnamese, Spanish, Malay, Korean, Indonesian, Tamil, and Hindi.

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    Who is Behind MTFE



    • 150-10451 Shellbridge Way, Richmond, BC V6X 2W8, Canada
    • 7030 Woodbine Ave, Markham, ON L3R 6G2, Canada
    • Burwood NSW 2134, Australia

    MTFE Owner Name / CEO

    Based on LinkedIn, Jason Ludwig is the Chief Executive Officer (CEO) of MTFE.

    He mentions he uses MTFE (Metaverse Foreign Exchange Group Inc) for trading various financial instruments such as commodities, indices, stocks, and cryptocurrencies. Jason Ludwig describes himself as a business strategist and dream chaser.

    He claims that MTFE is a company that originated in 2015 and has expanded its presence across Europe, Canada, and Africa. The user invites others to message him for more details.

    Is MTFE Regulated? MTFE License Information

    MTFE Group claims to be registered in Canada and regulated by the Canadian FINTRAC – Money services business.

    The Canadian Financial Transactions and Reports Analysis Centre (FINTRAC) is the regulatory body responsible for regulating Money Services Businesses (MSBs) in Canada.

    We were able to confirm this claim.

    Metaverse Foreign Exchange Group Inc. is an MSB registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) with the registration number M22076570. The initial registration date is January 10, 2022, and the expiry date is December 31, 2024. The MSB is involved in foreign exchange dealing, money transferring, and dealing in virtual currencies.

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    They also claim to be authorized by the Australian ASIC (Australian Securities and Investments Commission). That is also correct.

    • Registration date: March  28, 2023.
    • ACN (Australian Company Number): 666 844 104
    • ABN (Australian Business Number): 17 666 844 104

    The website is not directed to United States, Belgium, Iran, North Korea residents, or any country or jurisdiction where publication or use would violate local laws or regulations.

    Refer Friend Promotion (

    Another website is mentioned on a “Refer Friend” promotion,

    The page sends users to for their invitation link, which they can then share on social media platforms such as Twitter and Facebook for commissions paid after their friends have registered and traded.

    However, we found no evidence such a domain ever existed.

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    The Instagram profile for “mtfeofficial” showcases a financial service provider called MTFE. They claim to be an award-winning broker and encourage users to trade confidently. The profile has 150 posts, 11.8K followers, and follows 9 accounts. The bio includes a link to register an account and various investment options ranging from $26 to $150,000.


    On LinkedIn, MTFE (Metaverse Foreign Exchange) highlights the MTFE app available on Playstore and Appstore for trading. Job listings are also mentioned, including a team supervisor position in Indore, Madhya Pradesh, India.

    MTFE App Download

    The platform is available on PC, iOS, and Android devices.

    MTFE App on the Google Play Store

    On the Google Play Store, the app has a rating of 4.4 stars based on 5.91K reviews. Some users have reported issues with customer service and password reset. Based on the provided reviews, here is a summary:

    Positive Reviews

    • Several users praised the app’s AI trading feature, which helped them make profits and grow their wealth.
    • Users mentioned that the app had a user-friendly interface and was easy to use, particularly for beginners.
    • Some users expressed trust in the platform and appreciated the opportunity to earn money through trading.
    • A few users praised The app’s smooth performance and excellent trading experience.
    • Users mentioned that the app helped generate income and appreciated its convenience.

    Negative Reviews

    • Several users complained about the app’s customer service, stating it was unresponsive, slow, or unhelpful.
    • Some users reported technical issues, such as difficulties with registration, verification code not being received, or problems with the withdrawal process.
    • A few users expressed concerns about the app being a scam, experiencing losses, or encountering bugs and errors.
    • A lack of features like stop loss, take profit, or manual trade options were mentioned by some users.
    • Issues with account freezing, login problems, and delays in fund transfers were reported by a few users.
    • Some users mentioned high fees and charges for fund transfers and internal transactions.
    • Users mentioned difficulties contacting support, including no response through live chat, email, or phone calls.

    Overall, while positive reviews praised the app’s performance, ease of use, and potential for income generation, negative reviews focused on issues with customer service, technical problems, and concerns about the app’s legitimacy.

    App Store

    On the App Store, the app has received a rating of 4.1 out of 5 from 89 users and has fixed some known problems in the latest version.

    Can the MTFE App Be Used to Earn Money?

    To make a profit, follow these guidelines published on

    1. Take advantage of Price Differences: The goal is to profit from the price fluctuations of financial assets. Buy at lower prices and sell at higher prices to earn the price difference.
    2. Seize Trading Opportunities: The value of financial assets changes based on the financial environment and market supply and demand. These changes are reflected in the prices of products, offering trading opportunities for investors to profit.
    3. Buy and Sell Positions: When you anticipate the asset price will rise, buy and open positions at lower prices. Then, sell and close those positions when the prices reach your target prices. The difference between the buying and selling prices is your profit.
    4. Sell and Buy Positions: Conversely, when you expect the price to fall, sell and open positions at higher prices. Then, buy and close those positions when the prices reach your target prices. Again, the difference between the selling and buying prices is your profit margin.
    5. Trading Reference: Utilize professional trading strategies from third-party investment institutions like Trading Central. These strategies offer guidance on the best trading directions, timing to open positions, and timing to close positions.
    6. Trading Central Strategy: For example, the strategy might recommend the following:
      • Trading Direction: Long/Buy
      • When to Open a Position: Above 1942.00
      • When to Close a Position: The first target price is 1970.00, and the second is 1976.50.

    By following these strategies and accurately timing your trades, you can increase your chances of profit from price fluctuations. However, conduct thorough research, exercise caution, and manage risk effectively to make informed trading decisions.

    Is MTFE trading safe?

    If you’re wondering if MTFE is safe, then you should know that Client Funds Protection is a top priority for MTFE. Here are the key points:

    1. Asset Protection: MTFE designates a reputable international bank as a client funds trust bank. Client funds are held in a separate trust account from the company’s capital.
    2. Compliance and Regulation: Client funds are managed in accordance with relevant laws and regulations. MTFE never uses client funds for hedging, investments, or other business purposes. Strict internal controls and daily reconciliations are conducted to ensure the safety of client funds.
    3. No Negative Balance: MTFE ensures that client trading accounts cannot have a negative balance, limiting potential losses to the client’s margin funds. However, the risk may be beyond control in extreme cases where no negative balance protection applies.
    4. Fund Isolation: Client funds are stored in different bank accounts, separate from the company’s capital. Funds can only be transferred with client authorization; no unauthorized withdrawals are allowed. External audits are conducted to enforce regulations on the usage and adequacy of client funds.
    5. Financial Security: MTFE partners with top international banks as client fund trust banks. Client funds received by MTFE are deposited into independent client funds trust accounts, and stringent internal control measures are implemented to maintain fund safety.

    MTFE Reviews

    What better way to find out if MTFE is legit than by looking at MTFE trading reviews?

    On the TBBOB (The Best Binary Options Brokers) website, a review strongly advises against investing money with this broker, stating that MTFE is an illegal broker breaking the law, particularly in Canada. The review highlights that MTFE’s registration with Fintrac in Canada does not provide any legitimacy as Fintrac is not a regulator for brokers. Ontario’s Ontario Securities Commission (OSC) does not authorize the broker, making it an illegal broker. The review concludes by warning readers to avoid MTFE as clients’ funds are unprotected, and the broker operates illegally.


    The Trustpilot reviews for MTFE ( indicate a mixed reputation for the broker. The overall TrustScore is 4 out of 5, with 96 reviews. The distribution of star ratings is as follows: 60% 5-star, 8% 4-star, 5% 3-star, 3% 2-star, and 24% 1-star.

    Some positive reviews mention successful fund withdrawals and express trust in the platform. However, several negative reviews highlight concerns and issues. Complaints include slow withdrawal processes, frozen accounts, unresponsive customer service, and missing funds. Some reviewers accuse MTFE of being a scam or a Ponzi scheme. Others expressed disappointment with the quality of services, such as the website and AI trading.

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    Reviewers caution against investing with MTFE and advise others to be cautious. They raise doubts about the legitimacy and trustworthiness of the platform, citing issues with fund withdrawals and the lack of transparency. Some reviewers also mention the absence of a founder or CEO, which they view as a red flag.

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    MTFE is labeled as a scam by BrokersView. Despite MTFE claiming to be regulated under FINTRAC, Canada’s financial intelligence unit focused on anti-money laundering and counter-terrorism financing, it does not have valid regulations to provide investment services. This means investors’ funds are not protected by law, making investing unsafe with MTFE.

    The website advises caution and emphasizes the high risk associated with FX trading. The data and prices on the MTFE website may not be real-time or accurate, and the data provider will not be liable for any losses incurred from trading activities or reliance on the information provided.

    MTFE WikiFX Review

    For some reason, the WikiFX MTFE review cannot be accessed. However, multiple pages mention them.

    According to one page, MTFE is an online forex broker expanding its operations. After holding a successful conference in Dubai, it is about to launch its operations center in Lafia, Nigeria. MTFE is registered in Canada and has a regulatory license from FINTRAC. The broker has been trying to penetrate the African market, and Nigeria is a key target due to its large population of forex investors.

    Another article mentions MTFE will be conducting an offline seminar in Bugolobi, Uganda. The seminar aims to educate people about forex trading and will cover topics such as trading with MTFE, calculations, deal monitoring, and Q&A sessions.

    Another report mentions concerns about MTFE collecting funds through its MLM program and using high spreads and commissions to prevent clients from profiting through manual trading. Traders are urged to be cautious and careful.

    Another page mentions that MTFE recently launched a new office program in Dubai, attended by its CEO, Md. Mobassher Ibad. The broker is regulated by Canada’s Financial Transactions and Reports Analysis Centre and has expanded its business in the Middle East, North Africa, and South Asia. However, it’s worth noting that MTFE has a relatively low WikiFX score of 1.27/10.

    Another domain we came across is The domain was registered through eNom, LLC on September 17, 2006.

    Acquia Hosting hosts it.

    The Trustpilot reviews for indicate mixed experiences from users. While some reviewers have expressed positive opinions about the platform, mentioning smooth withdrawals and considering it a good option for forex trading with AI bots, others have raised concerns and labeled it a scam. Negative feedback includes complaints about delayed withdrawals, missing funds, poor customer care, and losses incurred through AI trading. It’s important to note that users have differing perspectives and experiences, highlighting the need for careful analysis and consideration before investing.

    There are no indications it’s a scam or that it it’s related to

    This website contains a registration form with a link to the App Store.

    The domain was registered through Eranet International Limited on December 11, 2021, possibly by a Malaysian entity.

    Netsec Limited hosts

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    It received 20K visitors in May 2023, according to SimilarWeb, mainly from Sri Lanka.

    No trace is left of this domain except for a review.

    The website has a very low rating on the Scam Detector’s rank, with a score of 2.0 out of 100. The website is considered dubious, very new, and suspicious. Limited genuine reviews are available, and the website lacks credibility due to poor design and lack of metadata elements.

    MTFE Trading Signals Group on Facebook

    There’s a Facebook group called “MTFE Trading signals.” The posts are mainly made by a user named Adebayo M Oluwadhamilare, who shares updates about daily profits and trading signals. Some users express interest in joining the group or request to be added to a WhatsApp group. The group seems to be focused on forex trading and providing signals or guidance for trading activities.

    MTFE Review - Screenshot of

    Reviews We Received

    On August 18, 2023, we received a flood of user experiences with MTFE.

    Several users report issues related to MTFE, specifically with unauthorized actions on their accounts. Key points from the reviews include:

    1. All reviewers are claiming that MTFE appears to be involved in scams.
    2. Users report that their assets were significantly reduced overnight.
    3. Each reviewer specifies August 17th, 2023, when the alleged unauthorized trading activity occurred.
    4. Users report that an AI trading feature was activated on their accounts without consent, leading to substantial losses.
    5. Many users have noted specific amounts of money between $150 and $1250 allegedly lost due to this unauthorized activity, with losses leading to negative balances in several cases.
    6. Reviewers consistently mention that they have proof, often in the form of screenshots, that they believe substantiates their claims.


    While there are some indications that MTFE is not entirely legitimate, we have no clear evidence that it is a scam.

    The Risks of OTC Trading

    Still, you should remember that over-the-counter (OTC) derivatives based on global assets are financial contracts traded directly between two parties without going through an exchange or any other intermediary. There are also several significant risks and dangers, including a Counterparty Risk, which is the risk that the other party will not fulfill its obligations. Unlike exchange-traded derivatives, where a central counterparty guarantees the obligations of all trades, in OTC markets, traders are exposed to the financial integrity of their trading partner.

    Moreover, the nature of OTC (over-the-counter) markets means that often the broker is also the market maker. This can create a potential conflict of interest: when the trader profits, the broker might lose, and vice versa. This conflict occurs because, in an OTC market, brokers often take the opposite side of the trade to provide liquidity to their clients, unlike in an exchange where the broker merely connects the buyer and seller.

    This risk, known as “principal risk,” is one of the reasons why it’s so important to work with well-regulated and reputable brokers who segregate client funds from their operational funds and follow fair practices to ensure that they handle orders in a manner that does not deliberately disadvantage their clients.

    Red Flags

    In conclusion, MTFE is an online trading platform that enables users to participate in financial market trading activities, including forex trading and commodity trading. They offer an AI-assisted system and state that they prioritize client funds protection.

    However, several red flags emerged during the analysis:

    1. MTFE claims to have protections and regulations for client funds, but there are concerns about these protections’ actual implementation and validity. Notably, the broker’s registration with Fintrac in Canada doesn’t necessarily provide legitimacy, as Fintrac is not a regulator for brokers. There are also claims of funds not being adequately protected.
    2. There are numerous negative reviews about MTFE, with common complaints including slow withdrawal processes, frozen accounts, unresponsive customer service, and missing funds. There are accusations of MTFE being a scam or a Ponzi scheme.
    3. There is a lack of transparency about the organization behind MTFE. For instance, the absence of clear information about the founder or CEO is seen as a potential red flag.
    4. MTFE’s website seems poorly maintained, with broken links and outdated information, further raising suspicions about its legitimacy. For example, while they claim that MTFE offers real-time market views, professional strategy references, and up-to-date news to help traders make informed decisions, the latest article on the news page is from December 2021. When you click on it, nothing appears except for broken social media links to Facebook, Twitter, and LinkedIn and a banner. Also, it says there are 325 news pages, but it’s impossible to access them except for the first page.
    5. Several online reviewers and brokers’ websites, such as TBBOB and BrokersView, have explicitly labeled MTFE as a scam or illegal broker.

    Bottom Line

    Given these factors, it would be prudent for potential investors to exercise extreme caution when considering using MTFE. They should conduct thorough research, seek professional advice, and consider the potential risks.

    If you are a victim of online scams, please let us know by commenting below, and if you have lost a significant amount of money, do not lose hope. We can help you recover your funds!

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