Meteor Trade Review – Unearthing the Warning Signs

Meteor Trade Review

If you are under the misconception that scam brokers come with clear and flashing warning signs on their website about their true nature, then you need to correct it right away.

Most of the fraudulent brokerages offering trading services in the financial markets deliberately showcase themselves as legitimate companies to fool as many people as possible. But, this does not mean that you cannot learn what they truly are.

These brokers do have warning signs, albeit subtle ones, as this Meteor Trade review will show, and you just have to dig them up.

As long as you are willing to do that, you will not have any trouble in keeping yourself safe from a fraud brokerage and will be able to choose one that can help you have a smooth trading experience.

You want to be able to explore the financial markets and only a dependable and legitimate company can help you accomplish this feat.

On the surface, both fraudulent and genuine companies may appear similar, with well-designed websites and impressive offerings. It is only when you start digging that you can see the differences.

This is because no matter how hard they try, fraudulent brokerages would never be able to deliver on their promises because it is not what they intend to do. They just want to steal your money, so they only carry out a ruse that will let them do so.

This is no different in the case of Meteor Trade that makes every effort to mislead and deceive people about its true nature. If you were to believe it, then Meteor Trade is a reputable European broker that has everything a trader might need.

It offers a cutting-edge trading platform that gives you access to an array of trading instruments, along with tight spreads and high liquidity.

You will find that Meteor Trade also promises great customer support and some great statistics to leave a powerful impression on anyone. However, when you start digging into all its claims, you will see through its ruse. How? Let’s see:

Regulatory warning

The first warning sign that you will discover about Meteor Trade is an actual warning by the National Securities Market Commission (CNMV), which is the regulatory authority in Spain. It issues licenses to brokerages and oversees their operations.

The regulator has warned that Meteor Trade is not a legitimate company and is offering its services in the country without proper authorization.

This means that Meteor Trade is not a licensed and regulated broker and it is operating in Spain illegally. Does that sound like something any trustworthy or reliable company would do? It does not and is the first reason for you to steer clear of this broker.

Offshore location

The second warning sign that tells you to look for another option and avoid Meteor Trade is because of where it is based.

According to the details on its website, the brokerage is owned and operated by a company named INCENDIARY GROUP LTD and the problem is that it is registered in the Commonwealth of Dominica.

This is an offshore jurisdiction that has developed a reputation of being a scam haven because the forex industry is not really regulated there.

The fact that Meteor Trade is owned and operated by a company in Dominica should tell you what kind of broker you are dealing with. It is nowhere close to credible and you should not think about opening an account with it at all.

Trading platform problems

The trading platform that an online trader uses can make a big difference in how they perform in the market in the long run, not to mention that it shapes your trading experience as well.

Thus, it is guaranteed that you want a sophisticated and user-friendly trading platform that can help you make the most of your trading and help you achieve your goals. According to Meteor Trade, it offers a cutting-edge trading platform, but the reality is far from the truth.

The platform that you do find on the Meteor Trade website is a basic and oversimplified one that lacks a great amount of tools and features that you would otherwise see in trading platforms that are renowned in the market like the MT4 and the MT5.

Poor trading conditions

Another important aspect of the broker that will show you what kind of a company you are dealing with are their trading conditions. These are connected to your bottom line, so you want the company to offer you competitive conditions that can help you achieve your financial goals.

But, this is an area where you will find another warning about the true nature of Meteor Trade because it definitely does not have your best interest at heart.

The spreads that are offered at Meteor Trade start at 3 pips, which are three times more than what an average brokerage would have. As a matter of fact, professional ones can go even lower than a pip, which only makes this much more worse.

Moreover, the leverage ratios offered are also a warning sign because they go as high as 1:100. Such levels are considered incredibly risky and not permitted in a number of regions because of the risks involved.

No chargeback possible

The payment methods that are offered by a broker are also necessary to look at because you want to deposit and withdraw safely and quickly. Furthermore, you want to ensure that you can get a refund as well, if you ever want to, but Meteor Trade has made it impossible.

Even though it advertises payment methods like bank wire transfers and VISA and MasterCard, it only accepts payments in crypto.

This is not surprising, given that many scammers prefer bitcoins and other crypto options, as these are not eligible for a chargeback. Hence, if you have deposited with Meteor Trade, you will not be able to get a refund and your money will be lost.

Final Thoughts

These warning signs that you unearth when you go through Meteor Trade and its offerings help you see that it is a fraudulent brokerage.