MeteorTrade Review

At FXCanary, we approach every broker review by triangulating multiple independent data sources. For MeteorTrade, our investigation began with a sweep of global financial registries, including the International Financial Services Commission of Belize, the Cyprus Securities and Exchange Commission, the UK Financial Conduct Authority, and the Dominica Financial Services Unit. We cross-checked the legal entity name, Incendiary Group LTD, against these databases and found no active licenses.

We then examined the user-review record on platforms such as Trustpilot and Forex Peace Army, supplemented by complaint records aggregated in industry databases. Finally, we attempted to access the broker’s official website and scrutinized corporate filings to understand the company’s operational footprint. The picture that emerged is one of a largely invisible entity with a severe trust deficit.

MeteorTrade is the trading name of Incendiary Group LTD, a company incorporated in the Commonwealth of Dominica. Its registered address is 8 Copthall, Roseau Valley, 00152—a location often used by shell entities and offshore registrations. Public filings indicate that the company reports zero employees, suggesting it is a mailbox presence rather than a functioning trading firm with a support desk, compliance department, or managerial staff.

The broker was founded in June 2021, making it a relatively recent entrant. In the forex industry, a young company with an opaque structure and no verifiable track record is a significant red flag. While some legitimate startups do emerge, they typically seek regulation and publish clear ownership and management details. MeteorTrade has done none of this.

MeteorTrade holds no license from any recognized financial regulator. Dominica does not operate a dedicated forex regulatory framework that provides investor protection, dispute resolution, or capital segregation. Registration in Dominica is often misrepresented by unregulated brokers as a form of oversight, but in fact it offers traders no safety net.

Without a license, MeteorTrade is not bound by the strict rules that govern regulated brokers in jurisdictions like the UK, EU, Australia, or even reputable offshore centers such as Seychelles or Mauritius. There is no compensation scheme, no mandatory negative balance protection, and no independent ombudsman to turn to in case of disputes. For retail traders, dealing with an unregulated entity means taking on counterparty risk with no recourse.

The broker lists four account types—Basic, Standard, Classic, and Exclusive—with minimum deposits of $250, $1,000, $10,000, and $50,000 respectively. On the surface, this segmentation mimics the tiered offerings of legitimate brokers, where higher deposits unlock tighter spreads or dedicated account managers. However, MeteorTrade does not disclose any of the trading conditions that would justify such steep deposit requirements.

No leverage caps, average spreads, commission rates, or execution policies are published. The Exclusive tier, which demands a $50,000 deposit, is particularly alarming given the lack of transparency. In a regulated environment, a broker would be required to provide a detailed key information document outlining all costs and risks before a client commits funds. Here, the client is asked to deposit large sums into a black box.

Furthermore, the absence of any mention of Islamic swap-free accounts, demo accounts, or account currencies suggests the product line is a marketing facade rather than a developed trading service.

MeteorTrade has not specified which trading platforms it supports. Most retail brokers use MetaTrader 4 or 5, cTrader, or a proprietary web/app-based platform. Without this information, a trader cannot evaluate execution speed, charting capabilities, automated trading support, or mobile accessibility.

Equally absent is any list of tradable instruments. Whether the broker offers forex majors and minors, CFDs on indices, commodities, cryptocurrencies, or shares remains a mystery. For a trader considering depositing $50,000, this is akin to buying a house without seeing the floorplan. The broker’s website, which presumably hosted this information, is now offline—making due diligence impossible and reinforcing the suspicion that the operation was never built for longevity.

No deposit or withdrawal methods are disclosed. Legitimate brokers typically publish a dedicated funding page that lists accepted payment processors, processing times, and any associated fees. MeteorTrade provides none of these.

The user complaint record adds a chilling dimension. One former client reports requesting a withdrawal in October, receiving a notification that the withdrawal was completed, but never seeing the funds. Shortly thereafter, the website disappeared entirely. This pattern—withdrawal marked complete but money not transferred—is a common characteristic of fraudulent schemes where the broker uses manual processing to stall or deny payouts.

Without publicly verifiable withdrawal methods, there is no way to know if the broker actually transfers client funds or simply collects deposits. The combination of an inaccessible website and a withdrawal complaint strongly indicates that client money is at severe risk.

Spreads, commissions, overnight swap rates, and inactivity fees are all unpublished. In the absence of regulated disclosures, prospective clients have no way to calculate the total cost of trading. The one review that touches on fees describes a high-pressure sales call rather than any concrete pricing information, suggesting that costs are either obscured or flexibly applied depending on the sales representative’s negotiation.

Additionally, the account tiers themselves imply that higher deposit levels might offer better trading conditions, but without published numbers, this is pure speculation. In practice, traders could be exposed to wide spreads, hidden mark-ups, or exorbitant withdrawal fees, with no recourse. This lack of transparency alone should disqualify the broker for any serious trader.

The user-review record for MeteorTrade is unanimously negative across all collected topics. Among the seven reviews explicitly accusing the broker of being a scam, common refrains include ‘It’s a scam! Do not fall for any of their offers!’ and ‘100% scam.’ One reviewer writes, ‘I gave them $500 US, then never heard from them.

A few brokers tried calling me but did nothing to get my money back. The email doesn’t work. I couldn’t log in—401 error.’ This paints a picture of a broker that disappears after taking funds.

Another review states, ‘If I could give them no stars I would!! This company is false, a huge fraud!!! I lost so much money! Also watch out as they use false names!! They pretend they care and gain your trust and then in the end they take your money and run!!!’ The mention of false names suggests deceptive identity practices, which is a common tactic among clone firms and scam operations.

The withdrawal complaint is particularly damning: ‘I requested a withdrawal of my investment in October last year. The withdrawal was complete and I have not seen a penny. Upon checking today, the website has disappeared.’ This mirrors the classic exit scam, where the broker’s online presence vanishes once enough deposits have been collected.

The single review concerning speed describes immediate unsolicited phone calls after registration, with one user stating, ‘I registered with them and instantly received phone calls from different numbers. This put me off straight away.’ Such aggressive, high-pressure sales tactics are a hallmark of boiler-room operations that prioritize extracting deposits over providing a genuine trading service.

Finally, the review touching on spreads and fees notes, ‘During the initial phone call I was bombarded by a barrage of information, I could hardly get a word in edgeways, and began to feel pressurised.’ This indicates that the broker uses sales calls to rush clients into depositing without allowing time to scrutinize terms.

When compared to other unregulated brokers flagged in industry databases, MeteorTrade exhibits several high-risk markers: zero-employee corporate structure, a tarnished user-review profile, and a vanished website. In the broader landscape of broker scams, these are signs of a ‘here today, gone tomorrow’ operation rather than a fledgling business trying to build a reputation.

Aggregated industry data does not offer a reassuring counter-narrative; there is no positive chatter or community endorsement to offset the complaints. The Trustpilot rating of 1.9, while based on only 12 reviews, is in itself a warning—valid brokers often attract far more feedback, and the score would typically improve over time as satisfied customers chime in. The complete absence of Forex Peace Army data further suggests that the broker never achieved enough longevity or user interaction to generate a meaningful footprint.

Taking all evidence into account—unregulated status, opaque corporate structure, missing website, high-pressure sales tactics, and a 100% negative user-review record—FXCanary assigns MeteorTrade a Scam Risk Score of 75 out of 100 (Severe). This score is not given lightly; it reflects a convergence of red flags that make the broker untrustworthy for any retail trader.

The core issue is that the broker operates without any oversight and has demonstrated no commitment to transparency. When a broker’s website goes offline and withdrawal requests go unfulfilled, the logical inference is that client funds are not safe. In our assessment, MeteorTrade is not a legitimate brokerage but rather a facade likely designed to collect deposits under false pretenses.

Our recommendation is unequivocal: avoid MeteorTrade entirely. There is no scenario in which the potential returns justify the near-certain loss of capital.

If you have already deposited funds with MeteorTrade, take immediate steps to secure your position. Attempt to withdraw all funds and document every communication. If you encounter resistance or the broker becomes unresponsive, notify your payment provider and consider raising a dispute.

Moving forward, always verify a broker’s regulatory status by cross-referencing the license number on the regulator’s official website. Be wary of brokers registered in offshore jurisdictions with no specific forex regulatory framework. Check for a mature online presence, including a functional website, transparent fee schedules, and a realistic volume of user reviews that include both positive and negative experiences. No broker is perfect, but a healthy review ecosystem contains nuance; a unanimous chorus of scam accusations is a clear signal to stay away.

Finally, remember that high-pressure sales tactics, promises of guaranteed returns, and requests for large upfront deposits are red flags. Legitimate brokers let their platform and pricing speak for themselves and do not rely on aggressive cold calls to onboard clients.