MTFE scam exposed | Deemed an illegal broker, investors must stay away

1. Introduction to the MTFE Platform and Its Packaging Gimmicks

MTFE, short for Metaverse Foreign Exchange Group, Inc. , describes itself as an international financial technology platform that combines "foreign exchange trading with Metaverse financial innovation." Its official website and promotional materials often feature the following selling points:

• Supports multi-asset trading including foreign exchange, cryptocurrency, stock index , etc.;

• Claiming to have a global presence , with users spread across multiple countries and regions;

• Using the concept of the metaverse , it claims to combine financial transactions with emerging technologies;

• Providing high leverage trading (up to 1:400) and extremely low spreads to attract new investors to deposit funds;

• Customer service is online 24/7 , emphasizing "quick deposits and withdrawals".

However, the more glamorous the publicity, the more investors need to be vigilant. Facts have proven that these gimmicks are just packaging methods of black platforms .

2. Regulatory Truth: MTFE Has No Real Compliance Qualifications

1. MSB ≠ foreign exchange regulation

In some promotional materials, MTFE claims to have completed MSB (Money Services Business) registration in the United States. However, it is important to emphasize:

• MSB is only a registration for fund service companies , not a foreign exchange regulatory body;

• Its scope of coverage mainly includes “remittance, currency exchange, and virtual currency exchange services”;

• There are no customer funds protection, leverage restrictions, or foreign exchange margin supervision functions .

2. Not authorized by NFA/CFTC

The real US Forex trading regulators are:

• NFA (National Futures Association) ;

• CFTC (Commodity Futures Trading Commission) .

In the BASIC query system on the NFA official website , no registration information for MTFE can be found. This means that it does not have legal qualifications for foreign exchange trading in the US market.

3. WikiFX has clearly defined MTFE as an illegal broker

According to WikiFX's official report , MTFE has been directly identified as an illegal broker . This is a clear conclusion from a third-party authoritative platform, indicating that the platform is completely unregulated and extremely risky .

3. Real User Complaints and Victim Cases

1. Difficulty withdrawing funds and frozen funds

• Case A (Investor Complaint in 2024) : After making a deposit, the user attempted to withdraw funds, but was asked by the platform customer service to pay an additional "unfreezing fee", otherwise the funds could not be released.

• Case B (Trustpilot user feedback) : The withdrawal application did not arrive for more than 20 days. After contacting customer service, I was told that the "system is under review" and eventually lost contact completely.

2. Backstage Control and Forced Liquidation

• Several users have complained on the Forex Peace Army (FPA) forum that the MTFE platform is being manipulated:

• Severe slippage during trading, with the difference between the purchase price and the market price reaching more than 10 points;

• Profitable orders are often forcibly closed early due to "violent market fluctuations", but the market conditions on other regular platforms remain stable.

3. Customer service lost contact

• Before making a deposit, customer service will frequently contact you and "assist with account opening";

• After investors encountered withdrawal problems, the customer service account was directly disconnected and even the user's contact information was blocked.

4. Community exposure

In the foreign exchange section of Reddit, an investor shared:

"MTFE is a complete scam. They use high leverage to lure people into depositing money, then manipulate transactions directly in the background and ultimately withhold withdrawals."

4. False advertising and fraudulent practices

1. The “Metaverse + Forex” Packaging Scam

MTFE's biggest marketing gimmick is the "metaverse concept." They attempt to create a "futuristic" feel by combining emerging technology and finance to attract young investors. But in reality:

• The concept of the metaverse is not directly related to forex trading;

• The platform has not disclosed any actual technological collaboration or innovation results;

• In essence, it is just a traditional black platform scam in a new skin .

2. High leverage trap

• Compliance platforms: US upper limit 1:50, European ESMA upper limit 1:30;

• MTFE: The highest claimed value is 1:400, which is obviously not in compliance with regulations.
  ⚠️ High leverage is a weapon used by fraudulent platforms to exploit investors, making it extremely easy for novices to get liquidated.

3. False promise of zero spread

• A true "zero spread account" requires an additional high commission (e.g., $7 per lot);

• MTFE has not disclosed any commission rules, and the spread is arbitrarily widened, which is a typical false advertising .

5. Comparison with Compliance Platforms

6. Common Characteristics of Fraudulent Platforms: MTFE Is Not an Isolated Case

MTFE's fraudulent model is not an isolated case, but is exactly the same as that of many other fraudulent platforms such as AximTrade, Quotex, CLEANO, SFOCL , etc.:

• Reliance on offshore registration/MSB packaging ;

• Using high leverage and zero spread promises to attract new investors;

• The Ponzi scheme is harvested through backend manipulation and refusal of withdrawals .

These black platforms usually:

1. Make money in a short time - Place a large number of advertisements on social media;

2. Harvesting funds - setting withdrawal thresholds or directly freezing accounts;

3. Rebranding - Closing the old domain name and then using a new name to continue the scam.

7. How can investors identify and protect themselves?

1. Verify regulatory license

• Use NFA BASIC to check , FCA official website , ASIC official website .

2. Be wary of high-leverage propaganda

• Compliant platforms will not casually offer 1:400 leverage.

3. Check third-party complaints

• Search for user feedback on WikiFX, Trustpilot, and FPA.

4. Stay away from "guaranteed profit" ads

• Any platform that promises “guaranteed profits without losses” is a scam.

8. Conclusion: MTFE is a typical black platform scam

In summary:

• No real regulation : Not authorized by NFA/CFTC;

• False packaging : Fraud under the banner of "Metaverse + Foreign Exchange";

• Fraudulent tactics : high leverage temptation, backend manipulation, and difficulty in withdrawing cash;

• Third-party determination : WikiFX has designated it as an illegal broker .

⚠️Final Warning :
MTFE is a complete black platform scam!
Investors must stay away from such platforms to avoid capital loss.

👉 Compliance selection advice: Prioritize licensed platforms such as OANDA, FOREX.com, IG Group, and IC Markets , as they are truly regulated and secure channels with guaranteed funds.