Metcoin FX review/metcoinfx.com SCAM – Forex Broker Reviews, Trading Platform Reviews

Metcoin FX Review: Is Metcoinfx.com a Legitimate Forex Broker or a Scam?

The online forex trading industry is flooded with numerous brokers, making it challenging for traders to identify a reliable and trustworthy partner. In this review, we will put the spotlight on Metcoin FX, a relatively new player in the market. With a website and trading platform, Metcoinfx.com, we aim to uncover the truth about this company. Is Metcoin FX a legitimate broker, or is it a scam?

Overview of Metcoin FX

Metcoin FX is a trading name for Eagle Trade Capital ECN Ltd, a company registered in Saint Vincent and the Grenadines. The company claims to offer a range of trading products, including forex, indices, commodities, and cryptocurrencies. With a supposedly user-friendly trading platform, Metcoin FX aims to cater to both beginner and experienced traders.

Sign-up and Sign-in Process
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The sign-up process on Metcoin FX is relatively straightforward, requiring minimal information such as name, email, and phone number. However, some traders might be concerned by the lack of phone verification and the absence of a two-factor authentication process, which is a standard security feature among established brokers.

Trading Platforms and Instruments
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Metcoin FX offers three main trading platforms: MetaTrader 4, MetaTrader 5, and the web-based trading platform. While these platforms are reliable and user-friendly, the lack of flexibility in terms of customization and the absence of certifications from top-tier software providers are notable drawbacks. In terms of trading instruments, Metcoin FX offers over 150+ currency pairs, 20+ indices, 10+ commodities, and 10+ cryptocurrencies.

Leverage and Spreads
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Metcoin FX offers leverage of up to 1:500, which is higher than many established brokers. However, this is balanced by wider spreads, with the EUR/USD pair having a minimum spread of 2.5 pips and a maximum spread of 3.5 pips. The high leverage can be both a blessing and a curse, as it increases the potential for significant profits but also amplifies losses.

Deposits and Withdrawals
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Metcoin FX accepts a range of payment methods, including bank wire, credit/debit cards, and electronic payment systems. However, the lack of cryptocurrencies and e-wallets raises concerns about the company’s commitment to user convenience. Withdrawals can take up to 5 business days