MTFE has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Cameiex. We’ve received over 5 complaints against MTFE.
The MTFE (Metaverse Foreign Exchange Group Inc.) and MTFE Crypto scam is a large Ponzi scheme that defrauded investors in Bangladesh, Nigeria, Sri Lanka, and Canada. MTFE was promoted as a legitimate financial services company that used AI technology to trade FX, commodities, indices, stocks, and cryptocurrencies, but it was later shown to have no real trading activity or regulatory compliance.
Get Your Money Back From These Scammers!
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Key Takeaways
Is MTFE Regulated? Do They Have a License?
The MTFE (Metaverse Foreign Exchange Group Inc.) and MTFE Crypto scam is a sophisticated and widespread Ponzi scheme that has deceived investors in several countries, including Bangladesh, Nigeria, Sri Lanka, and Canada.
MTFE promoted itself as a reputable financial services business that trades forex, commodities, indices, stocks, and cryptocurrencies. It promised to use modern technology such as artificial intelligence (AI) to automate trading, promising its consumers high and consistent returns. However, investigations found that MTFE was a fraudulent company with no legitimate trade or regulatory compliance.
MTFE falsely claimed to be regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which does not oversee forex brokers. It also claimed to be registered in Ontario, Canada, however the Ontario Securities Commission (OSC) verified that MTFE was not authorized to trade securities in Ontario.
MTFE was a conventional Ponzi scheme, with previous investors receiving profits from the cash of younger investors. The system was mainly reliant on a referral network, which incentivized users to recruit others with incentives and bigger profits.
MTFE used aggressive recruitment tactics, with “team leaders” promoting the platform to their followers and connections. This network effect aided the scheme’s fast expansion, particularly in nations such as Bangladesh, where it drew millions of investors.
The lack of regulation or the presence of poor regulation is a huge red flag. It means MTFE is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of MTFE, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Concerning Issues Present at MTFE
MTFE claimed to utilize an AI bot for trading, with great accuracy and returns. However, examinations proved that there was no actual AI or trading activity. The app just simulated trades with random number generation, and the gains displayed to users were manufactured.
Users could easily deposit money into the MTFE app, but withdrawing dollars was extremely hard. The site enforced arbitrary verification procedures, fees, and outright denial of withdrawal requests, which is a frequent warning sign in Ponzi schemes. The MTFE pushed users to use bitcoin for deposits and withdrawals, making it more difficult to trace transactions. This additional layer of intricacy enabled the scheme to operate beneath the radar and avoid regulatory attention.
As with many Ponzi schemes, MTFE finally failed. The app stopped working, the website crashed, and the operators vanished with all of the invested monies. As a result, thousands of investors suffered severe financial losses.
The swindle has caused significant financial losses for investors. In Bangladesh alone, it is estimated that MTFE stole at least Tk20,000 crore (about $2 billion) from around 4.2 million people.
The Criminal Investigation Department (CID) in Bangladesh has launched inquiries and is gathering information from victims. However, the absence of clear jurisdiction and the use of cryptocurrencies have complicated legal proceedings.
The MTFE fraud has highlighted the need for more public awareness and education about the dangers of investing in unregulated platforms, as well as the value of due diligence. Regulatory organizations are asked to step up their scrutiny and take preventative steps against such fraudulent schemes.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
MTFE Customer Service: Do They Handle Complaints Well?
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
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MTFE Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like MTFE tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust MTFE reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of MTFE, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like MTFE enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “MTFE reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising MTFE.
You should always look out for consumer complaints. In the case of MTFE, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about MTFE? You can share your complaint in the comment section or submit an anonymous tip.
Is MTFE Legit Or a Scam?
MTFE is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind MTFE can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust MTFE?
The MTFE fraud is a sharp reminder of the risks associated with unregulated financial platforms and the attraction of huge rewards. It emphasizes the significance of regulatory vigilance, public education, and strong legal frameworks to safeguard investors from future fraudulent schemes.
All the evidence suggests that MTFE is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
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How The MTFE Online Scam Works
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
