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MetisEtrade reviews




Average: 2.1 based on 29 reviews
2.142855
MetisEtrade

MetisEtrade Forex broker reviews

  • Website:
  • Year since: 2013
  • Headquarters: Republic of the Philippines
  • Company registration: MetisEtrade Inc., Philippines
  • Regulation: Bangko Sentral ng Pilipinas (Certificate No. FX-2012-004784); SEC of Philippines

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REVIEWS & RATINGS

Rating interpetation



Korea, Yun Ho Rhee

March 30, 2017



14 months Total
14 months with this Broker
1


Metisian, non-other than Justin Jung himself, is a poor excuse for a forex trading guru where he is nothing but a scam artist taking advantage of innocent investors through false advertising, system rigging and refusing to refund client deposits on a timely basis.
I am not even going to touch on all the slanderous and ridiculous accusations he made because it is his desperate attempt to vent out his frustrations from all the wrongdoings that blew up on himself.

MetisEtrade is a fraudulent and scam company for following reasons:

1. Incessant misrepresentations on their website - In their website, they claim that “we practice strict segregation of funds; this means that MetisEtrade cannot touch its clients' deposits for any other purpose other than as collateral on clients' trades.”
(http://www.metisetrade.com/global/about-us/mission-vision/)

Did he just not admit on the contrary on his assertions below?

2. MetisEtrade has no revenue model to sustain itself other than using clients’ money to run the company - Monthly revenue from trades and bank charges to clients range around only PHP 100,000 when monthly expenses ran about PHP 4 Million to run the office. One wonders why would Justin Jung continue to operate the company when the revenues from trades could not even begin to cover monthly expenses.

3. MetisEtrade is a bogus market maker - MetisEtrade announced that effective June 1, 2014, they would become a market maker. (http://www.bworldonline.com/content.php?section=CorporateBulletins&title=metisetrade-launches-new-market-maker-model&id=88236).
Justin Jung always used to claim that they follow the guidelines of U.S. SEC because there are no forex trading regulations in Philippines SEC. To become a market maker, Code of Federal Regulations (CFR) requires that the net capital must not be "insolvent" and that there is a required reserve for every security they hold. MetisEtrade in the Philippines has no such reserve in their books and the company is “insolvent,” the two requirements that would constitute a market maker. Customers have no protection against MetisEtrade "taking the money and run" as all of clients' money are supposedly placed with liquidity providers in Hong Kong. True enough, currently, Filipino investors are not able to get their funds refunded.

4. De facto CEO, Justin Jung, does not have his name appear in any legal documents – To avoid legal liabilities, Justin Jung shrewdly had “fall guys” registered as officers of the company where he would not be subject to legal prosecutions. He is only registered as shareholder of MetisEtrade where the capital was a mere PHP 100,000. He also uses different names in different countries: Hyung Jin Jung in Korea, Justin Jung in Manila and Edward Jung in the U.S. This means that he has lot to hide from authorities. I am sure that tax authorities would love to learn about all different identities.

5. Aside from the office in Manila, all other branch offices in the world are bogus offices with no staff but virtual or mailbox addresses. – Justin Jung made MetisEtrade way bigger than life by duping potentials investors that they had branch offices around the world. All branch offices phone numbers are all re-routed to Special Projects Director in Manila. Even MetisEtrade H.K. is a bogus address where you can verify by “googling” their address.

6. MetisEtrade is nothing more than a gambling house where they make a killing on client losses. – As of July 2016, the total client deposits from the inception of the company was about PHP 178 million but their remaining client liability was only about PHP 50 million. This means that they had a net unrealized gain of about PHP 128 million in just 2 ½ years. No wonder Justin Jung kept operating even if the company continued to be insolvent.

7. Additional cases of “computer glitches” and rigging the system – Since the 2 cases of “computer glitches” reported on CDO, there were 4 additional cases of “strange and suspicious” transactions where the system failed to execute transaction causing losses to clients. Most important of all, is the case where it triggered NBI crackdown of MetisEtrade. The client was using Expert Advisor provided by MetisEtrade where the client found out that the historical data of Expert Advisor showed profit whereas MT system showed losses. Their system rigging finally caught up to them by shutting down the operation, not some Christmas money extortion claimed by Justin Jung. Also, one of the senior programmers abruptly quit MetisEtrade claiming that he was told to create a program that could manipulate the system which was against his Christian beliefs.

Even after the shutdown of MetisEtrade in Manila, Justin Jung and MetisEtrade continues to prey on its victims by pretending the office is now in Hong Kong when in fact, they still have several support staff in Manila who are oblivious that MetisEtrade is a scam company. Justin Jung profiteered at the expense of honest and hard-working employees who tried their best to grow the company in the right direction.

Lastly, Justin Jung also has a bogus company called PSSFOREX as well.

STAY AWAY FROM METISETRADE IF YOU NOT WISH TO LOSE MONEY!!

Tags: MetisEtrade reviews

Korea, Yun Ho Rhee

March 28, 2017



0 month Total
14 months with this Broker
1


It is amazing to know how far a person would lie and fabricate the truth in order to justify his wrongdoings.

There is only one person, a Korean, who would have written such garbage....

Well, since you opened the can of worms, I will disclose the dark secrets of MetisEtrade in coming days to let the rest of the world know what really happened.

Tags: MetisEtrade reviews

Philippines, Atty. Vivian B. Calalo-Macapagal

March 24, 2017



2 Total
3 with this Broker
1


Atty. Vivian B. Calalo-Macapagal was the investigating lawyer in the case against MetisEtrade, Inc. and Metisian's statement imputing extortion, 3 years after the investigation, is libelous and attempts to influence and obstruct the performance of official duties by a public officer. As stated, the Securities and Exchange Commission issued a Cease and Desist Order (CDO) dated 14 May 2015 restraining MetisEtrade's operations and activities based on the complaints of two (2) of MetisEtrade's investors who lost money in Metatrader5 through what MetisEtrade described as "system error". Below is the link to the CDO in the website of the Commission:

http://www.sec.gov.ph/wp-content/uploads/2016/02/SEC_CDO_CASE_No_04-15-016_Metistrade_Inc.

Investors beware!

(Screen shot taken)

Tags: MetisEtrade reviews

Metisian

March 6, 2017



5 years Total
3 years with this Broker


MetisEtrade is registered with BSP(Central bank of Philippines) as Forex Dealer. MetisEtrade clearly states on its incorporation document with SEC that MetisEtrade offers Online Forex Trading Services. MetisEtrade became industry leader in Philippines within the first two years of its operation.

In January 2015, Vivian B. Calalo-Macapagal, a trial attorney from SEC came to the office of MetisEtrade and asked for money. Government extortion is common in Philippines. However, the management of MetisEtrade decided not to entertain Vivian Macapagal’s request and a few months later, Vivian Macapagal from SEC issued Cease and Desist order to MetisEtrade. The Cease and Desist order which is also available on website of SEC in Philippines is simply a joke if you read it. Not to mention about legality of the claim by Vivian Macapagal, but there are so many typos in wordings and errors in procedure. It is so shameful that such Cease and Desist order was signed by all five commissioners in SEC.

To fight for such injustice, MetisEtrade hired ACCRA Law, one of the largest law firm in Philippines. A few days later, ACCRA Law came back to MetisEtrade asking to pay 7.5million peso to resolve the issue with SEC. Justin Jung would not pay 7.5 million peso from client deposits and instead he hire Yun Ho Lee from Korea to help MetisEtrade. However, Yun Ho Lee was a bigger swindler. From the moment, he started working at MetisEtrade as Chief Operation Officer, he misused company fund mostly for his and his wife personal benefits. MetisEtrade is a financial service company. Client deposits are considered as company asset and many financial service companies like banks and insurance companies do use clients’ deposits to operate, to invest and to lend for more profits. Yun Ho Lee also knew about this fact that client deposits at MetisEtrade are used for operation, but Yun Ho Lee has increase the spending of MetisEtrade by almost three times once he took the position.
Because of misuse of company fund by Yun Ho Lee, MetisEtrade were experiencing financial difficulties. Due to this reason, Yun Ho Lee was fired after the first year of his contract with MetisEtrade. Then Yun Ho Lee teamed up with Bob Modequilo, a well-known Ponzi scammer in Philippines, (http://www.ripoffreport.com/reports/fortune8-global-limited/internet/for...)

Yun Ho Lee and Bob Modelquilo working together with Attorney Joey Guillen and Attoney Dex in Cyber Crime Division in NBI and Judge Antonio M Olivete conspired together to extort money from MetisEtrade. NBI raided MetisEtrade office on the 27th of October 2016. It was a very well planned infamous Christmas raid by NBI. NBI(National Bureau of Investigation in Philippines) is known to target foreign owned companies especially near the year end to extort money so called Christmas gift. Two days before a long weekend, over 50 NBI people came to MetisEtrade office and steal every office equipment that has value. NBI wrecked the office in three hours completely stealing everything from candies to plat screen TVs total worth over 1 million peso. Again, ACCRA Law was called to deal with illegal stealing of NBI. After several hours of negotiation, ACCRA Law came back with a deal to pay 10.5 million peso to preventing NBI from stealing and arresting illegally. Bob Modelquilo claimed that 10.5 million will be divide between himself, Yun Ho Lee and NBI people. Directors of MetisEtrade had to pay all cash in company bank accounts and their personal bank accounts for NBI to release them. Directors of MetisEtade also had to promise NBI that they will pay rest of money in coming weeks. Justin Jung other directors of MetisEtrade with no more money in their banks and their lives being threatened by these NBI gangs had no choice but to leave Manila. It is also common that law enforcers in Philippines kidnap and kill people for money. http://www.independent.co.uk/news/world/asia/philippines-police-officers...

I have worked with Justin Jung for a few years. He is smart and cocky. He is bold and rude, so he makes a lot of enemy. But he is not a scammer. Most of all, he does not have any ill intention to anyone or anything. MetisEtrade used the clients fund for operation, but Justin Jung never get any salary drown from the company. In 2016 alone, Justin Jung deposited over 15 million peso to MetisEtrade to cover client withdrawals, to pay salary of employee, and to use for his own expenses in Philippines and to construct the new office for expansion while Yun Ho Lee took a large fund from clients’ deposit to pay himself salaries and housing. Most of clients’ fund are used to pay salaries of employees of MetisEtrade and to pay vendors, who are friends of Yun Ho Lee.

Justin Jung invested a lot of money and time in Philippines for over ten years but he left the country with the worst memories and experiences any foreign investor could have. I really do not blame him if he never even wants to think about Philippines. It is just a shame what is happening here.

Tags: MetisEtrade reviews

Philippines

December 15, 2016



1 year Total
- with this Broker
1


This is a scam broker and was raided by NBI and has a CDO from SEC so beware!

Tags: MetisEtrade reviews

Philippines, John

December 1, 2016



14 months Total
14 months with this Broker
1


This is a scam forex broker poised as STP but in actuality is a market maker.

They have busted by Philippines National Bureau of Investigation for breaking SEC regulations as well as rigging the system back in October. Korean CEO Justin Jung was arrested but released on technicality then he fled to Korea. They conveniently renamed the company as if they were a Hong Kong company but they continue to operate in the Philippines.

Clients' deposits are used to run the operation and this is why you are not able to withdraw your deposits promptly. Their profit model is to win from client deposits, in other words, they have no interest in clients' financial gains.

They make it appear as if they have offices and operation all over the world and even falsely advertised that they have over 500 employees around the world. In reality, the only offices with employees are in the Philippines with less than 50 employees.

They charge super low rates in order to induce clients into investing then they rig the probability of winning by manipulating the system.

Stay away from them if you do not wish to lose money.

Tags: MetisEtrade reviews

philippines

November 22, 2016



3 Total
2 with this Broker
1


SCAM broker, I have a screenshot. Fast to deposit BUT I challange you to WITHDRAW your funds. I will update as soon as I get my funds

Tags: MetisEtrade reviews

Shan

October 14, 2016



5 Total
3 with this Broker
1


It's very complicated to withdraw funds. NEVER trust this broker, they make it very hard for you to withdraw, I'll update as soon as I get my funds.

Tags: MetisEtrade reviews

Philippines, Ricky

August 17, 2016



5 years Total
Less than 1 year with this Broker
1


I have been trading FX for over 5 years and it is my habit to open and try different FX brokers globally. I have tried most of the big brokers like FXCM (still have my account) to Swissquotes to Alpari to FxPro and all of those. This is the first local FX broker here in the Philippines but I think regulation here is quite loose or close to none. Due to my experience with brokers, I believe that MetisEtrade is a pure market maker. Being a market marker is actually fine, but with the size of the company like this plus my experience of your P/L being kind of manipulated is not a good sign. Market makers are known to trade against you or take the opposite side of your trade. When you win trades, they lose money. When you lose trades, they get money from the spread you pay plus they take your losses. Well, I also read there full case in SEC, they are a market maker. Here's the link http://www.sec.gov.ph/wp-content/uploads/2015/11/METISETRADE-Inc..pdf

Here's my experience:

1. Before they had Metrobank, BDO, and BPI accounts for funding, out of nowhere they were switched to Maybank. Is it because of the issue with SEC?
2. My stop loss gets hit a lot. It's okay in times of extremes volatility where spreads jump but with not so much volatility then your stop loss gets hit by more than 10 pips away (MORE THAN 10 PIPS AWAY!) is crazy!
3. Swap rates tend to be bigger than the usual when I hold trades.
4. I seem to lose more frequently with MetisEtrade compared with my accounts with other brokers, and I use the same take profits and stop losses. To add to that, my losses seem to be a bit bigger and wins seem to be smaller.
5. If my stop loss get hit early, it seems that my take profit does too.
6. Lately, charts have been passing through my take profit prices.
7. I also trade indices, one time the S&P index jumped from 2,000 to 20,000! Profits jumped. Their excuse was it was an error in update with their liquidity provider. I requested before for their liquidity providers, they couldn't provide.
8. I heard from a friend that they started offering robots or EA for a minimum of Php 1,000,000. They have no results for forward testing, only back testing. And he also mentioned that the deposit account is not the same as their Maybank account.

That's my experience so far! The reason why I wanted to put up a review is because I'm already pulling out my money from the broker and I want to protect other traders from this. Stay safe! There are a lot of bad brokers out there!

To SEC and BSP, regulate the FX trading market already!

Tags: MetisEtrade reviews

Philippines, GG

October 23, 2015



3 years (DEMO + LIVE) Total
2 years DEMO, 1 year LIVE with this Broker
5


I actually still agree with Philippines, X when it comes to trading recommendations although not "very inaccurate" but becoming much less usable. I think that the "just-because-it's-my-job-to-recommend-everyday" really does apply for the recent recommendations, not sure if the market isn't really going anywhere since the trigger in China or it just what it is right now.

Philippines, AAA seems to me that the review is coming from the company itself but I don't mind. The points taken were true enough and I like that Metis is actually here in the Philippines. You could visit their office and talk your consultants anytime. They're easy to talk to unlike when you're with an international broker, you only rely on online resources and learn-on-your-own type of thing. At least with them I learned through their FREE seminars, some experienced FX traders here in the Philippines actually offer seminars but they charge their attendees and they're actually not brokers themselves. So I tend to not trust them since I attended a seminar once, they seem to bash the company "that he did not want to mention" (obviously Metis) regarding the licenses, more on that below.

Commenting on the feedback last May 25, 2014 Philippines --- Okay I agree with you regarding the licenses but that's what this lame government is offering and I think (as a businessman myself) that they followed all necessary requirements that are CURRENTLY AVAILABLE. What we should do in this country is support the company instead of moving the Filipino people's money out of the country, is keep it circulating here. I seriously think that international/foreign brokers whether regulated abroad or not, ALSO VIOLATES the licenses in the Philippines because they don't have one and they tend to make money off of the Filipino people.

Overall, I like that they're here physically and I trust them because I have my own professional trader/consultant to talk to anytime.

Tags: MetisEtrade reviews

Philippines, AAA

October 22, 2015



9 months Total
9 months with this Broker
5


Contrary to old reviews, I find their daily trading recommendations 90% reliable so maybe it's already a different team working on this. I only trade with this broker because 1) very tight spreads, 2) peso account 3) fast transactions, 4) aftersales support--VIP seminars, special market reports, etc. I choose my broker based on how well they're able to support me in my trading decisions and how consistent they are in doing so. I'm new to forex so I count on Metis for guidance.

Tags: MetisEtrade reviews

Philippines, X

September 17, 2014



3 years LIVE Total
3 months LIVE with this Broker
3


Though they may have tight spreads and fast withdrawals, I'd like to note that their daily trading recommendation is very inaccurate. Having tried it a number of times, I've yet to get a successful trade out of it. Rather than recommending fail trades everyday that drain the cash out of their clients, I'd suggest that they only recommend a trade when the person recommending it would actually take the trade themselves instead of jumping the gun at every news release. In other words, a REAL and SERIOUS recommendation, not a "just-because-it's-my-job-to-recommend-everyday" thing.

To be honest, this is quite disappointing as they push for a brand image that "helps" their clients learn about forex, but the only thing their daily trading recommendation "helps" do, is to help kill their account. If MetisEtrade can't even come up with decent trading recommendations, then how can they hope to teach people how to trade?

*Needs drastic improvement in this area.

Tags: MetisEtrade reviews

Philippines, X

September 17, 2014



3 Total
3 months LIVE with this Broker
3


Though they may have tight spreads and fast withdrawals, I'd like to note that their daily trading recommendation is very inaccurate. Having tried it a number of times, I've yet to get a successful trade out of it. Rather than recommending fail trades everyday that drain the cash out of their clients, I'd suggest that they only recommend a trade when the person recommending it would actually take the trade themselves instead of jumping the gun at every news release. In other words, a REAL and SERIOUS recommendation, not a "just-because-it's-my-job-to-recommend-everyday" thing.

To be honest, this is quite disappointing as they push for a brand image that "helps" their clients learn about forex, but the only thing their daily trading recommendation "helps" do, is to help kill their account. If MetisEtrade can't even come up with decent trading recommendations, then how can they hope to teach people how to trade?

*Needs drastic improvement in this area.

Tags: MetisEtrade reviews

philippines, alfred. D

September 15, 2014



8 months Total
8 months with this Broker
5


Good Customer Service, tight spread, no commission and fast withdrawal and deposit process.
This is the best broker for me

Tags: MetisEtrade reviews

Philippines

May 25, 2014



4 years Total
5 months demo with this Broker
1


here are my comments which I think everybody is missing out on. Another reason why our financial market is nowhere close to our neighbors like SG and HK. The literacy here is very poor.

1. BSP license. their license is that of a physical fx trading. If you guys are trading online, with margin, this is not something that the BSP regulates. So wake up and know your facts.

2. SEC license. What is their license number. They have been very transparent with their BSP license to say they are regulated (leading clients to the wrong path). Its seems from all the comments and information they have provided, they haven't been as transparent with their SEC license no.

3. Checked with other brokers where they claim to clear and not one of them confirmed of this firm.

4. They claim to give clients STP execution. But how can they give a price with no slippage? Even on NFP, do you expect people to believe the depth of your prices is infinite?

Wake up everybody!

Tags: MetisEtrade reviews
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