Meteor Trade claims to provide its customers with easy access to financial markets and assures them of its commitment to their success. It is important to know a company’s performance before investing your money. Meteor Trade’s lack of audited trading performance raises concerns. Read a complete Meteor Trade review, and you’ll see that not all things are as good as they appear. We’re going to expose a scammer.
Website: https://meteortrade.co/, https://meteortrade.pro/
Address: 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica
Warning: Financial Conduct Authority (United Kingdom), Comisión Nacional del Mercado de Valores (Spain)
Regulated? Unregulated
It appears that the company Meteor Trade broker falsely claimed to be affiliated with a licensed company, Meteor Investment Management Ltd, and is actually an offshore trading brokerage owned by the unregulated Incendiary Group Ltd. The Incendiary Group Ltd also owns two other unregulated brands, Trade Union and InFlux Finance, and has a negative reputation.
Additionally, the fact that the broker operates discreetly and does not disclose the identities or educational backgrounds of the individuals behind the company is another red flag. It is advisable to avoid doing business with anonymous schemes.
Regulation
It is important to be cautious when dealing with Meteor Trade as they are not a licensed company and are based in an offshore scam haven, the Commonwealth of Dominica, which has a reputation for refusing to regulate its Forex markets. This makes it a prime location for scammers to operate without facing opposition.
Warnings
This passage warns about the fraudulent activities of Meteor Trade. The UK FCA has identified Meteor Trade as a clone firm of an FCA-licensed business, which means that those affected cannot receive reimbursement or financial assistance through the FSCS compensation scheme or from the Financial Ombudsman. The Spanish CNMV has also issued a warning against meteortrade.co and banned their activities.
Trading Platform
Meteor Trade does not offer a conventional trading platform like Metatrader 5 and has a web-based software with limited features. The broker’s spreads are 3 pips on FX majors like EURUSD, which is higher than the industry average. The available leverage is high, with amounts of over 1:50, which is banned by most regulators. Meteor Trade offers up to 1:200 leverage, which is common among offshore brokers.
Deposit and Withdrawal Method
It appears that Meteor Trade only accepts credit card deposits, which can be eligible for a chargeback within 540 days. However, funds made with bonuses issued by the broker are ineligible for withdrawal, which can lead to denial of withdrawal requests for profits. Additionally, the ability to withdraw the bonus may be difficult due to the high turnover required.
Customer Support
Based on the information provided, it appears that Meteor Trade may not be a legitimate company. They claim to offer multilingual support but do not provide a phone number or office address, which are typical details provided by legitimate companies. It is suggested to exercise caution when dealing with them and consider seeking services from a reputable and trustworthy company.
How does the scam work?
It appears that Meteor Trade is operating as a scam, requiring users to create an account and leave their phone number. The scammers will then repeatedly call and demand deposits until the victim realizes what is happening or is left with nothing. It is best to avoid this broker.
Conclusion
It is important to be cautious when trading online, as it can come with risks. It is recommended to do research and choose a reputable company to trade with. If you have been scammed by Meteor Trade, our experts team may be able to assist you with fund recovery.
Also, read Bitshex review to know about similar scams.
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