Hong Kong’s financial markets and service providers regulator, the Securities and Futures Commission (SFC) has added the forex broker MetisEtrade to its list of unregulated entities.
According to the regulator, the broker, operating from the site www.metisetrade.com claims to be based in Hong Kong, but in reality it is not located at the provided address. Also, the company uses a bank account in Hong Kong in the name of United Global Payment, Limited for settlement.
On its site the broker does not provide any regulatory information, which suggests it is not regulated. The broker offers trading in forex pairs and CFDs on precious metals and indices on MetaTrader 4 and 5. The leverage offered is up to 1:300.
It seems SFC’s warning is well grounded and MetisEtrade is a bit shady. A search in Google revealed that its office is actually located in Manilla, the Philippines. But back in 2015 the Philippines’ Securities and Exchange Commission has issued a cease and desist order against the broker. In the document the regulator ordered MetisEtrade and its officers, agents, directors and employees to stop all activities in selling forex products and CFDs.
It seems, however, that MetisEtrade has not done so.