MetaQuotes (Clone) has been flagged by Financial Services and Markets Authority for "Registered/Licensed entity impersonators". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
After using MetaQuotes (Clone) since I retired last year, I decided to move my account elsewhere. The platform was unreliable, withdrawals took an unreasonable amount of time, and I could never get a straight answer from customer service. Frustrating experience overall.
Pros: Easy withdrawals|Multi-currency support
Cons: No integrated tax optimization
MetaQuotes (Clone) advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Dedicated account manager|Easy withdrawals
Cons: Limited ETF selection|Withdrawal takes 1-2 business days
I had high hopes for MetaQuotes (Clone) after doing extensive research, but my experience has been disappointing. Customer support is slow, the platform has frequent issues, and their fee structure is not as transparent as advertised. I am actively looking for alternatives now.
Pros: Full transparency|Responsive team
Cons: Slow to add new assets|Limited demo account features
I am in a dispute with MetaQuotes (Clone) over a trade that was clearly erroneous. The price shown was wrong, I closed at a profit, and they reversed the trade and took the money back. They said it was a system error. So I lose and they keep? Unacceptable.
Pros: Detailed reporting|Stable platform
Cons: No phone support on weekends|Minimum deposit could be lower
Several red flags with MetaQuotes (Clone): (1) They promise unrealistically high returns, (2) They're not registered with Financial Services and Markets Authority, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Cons: Unauthorized firm|Found in IOSCO warnings database
I closed a profitable position at MetaQuotes (Clone) and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.
Pros: Fast support response|Low minimum deposit|Great customer service
Cons: Email notifications too frequent
Tried to withdraw my funds from MetaQuotes (Clone) and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
The spread at MetaQuotes (Clone) is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them after a family member had a good experience and initially thought the platform was good - until I started trading seriously.
Pros: Customizable dashboard|Segregated accounts|Regular platform improvements|Intuitive for beginners
Cons: Limited social trading features
I wanted to transfer my portfolio from another broker to MetaQuotes (Clone). They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Quick verification|Personal attention|Multi-currency support
Cons: Desktop app not available on Linux|Website design could be more modern
The reporting at MetaQuotes (Clone) is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: Regular platform improvements|Customizable dashboard
Cons: Withdrawal takes 1-2 business days