MeteorTrade-Overview of Minimum Deposit, Leverage, Spreads

Note: For some unknown reason, we cannot open MeteorTrades official site (https://meteortrade.pro) while writing this introduction, therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Traders should be careful about this issue.

General Information & Regulation

MeteorTrade, a trading name of Incendiary Group LTD, is allegedly a forex broker registered in Dominic that claims to provide its clients with forex trading with leverage up to 1:200 and high spreads of 3 pips on the web=based trading platform, as well as a choice of four different live account types.

As for regulation, it has been verified that MeteorTrade does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.25/10. Please be aware of the risk.

Market Instruments

MeteorTrade is a forex broker that mainly offers forex trading, as well as some other unrevealed tradable assets.

Account Types

MeteorTrade claims to offer four types of trading accounts, namely Basic, Standard, Classic and Exclusive. The minimum initial deposit amount is $250 for the Basic account, while the other three account types have much higher minimum initial capital requirements of $1,000, $10,000 and $50,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.

Leverage

A leverage ratio of up to 1:200 is offered by MeteorTrade, which is much higher than that provided by most brokers. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads

The EUR/USD spread delivered by MeteorTrade is as high as 3 pips, while the average industry spread is 1 pip.

Trading Platform Available

The platform available for trading at MeteorTrade is Webtrader. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.

Deposit & Withdrawal

MeteorTrade appears to work with bank wire and credit/debit cards. The minimum initial deposit requirement is said to be $250, while there is no mention of what the minimum withdrawal amount is.

Bonuses & Fees

MeteorTrade claims to offer some bonuses. However, the bonus can only be withdrawn when the trader can execute a minimum trading volume of 25 times the deposit amount plus the bonus issued.

In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.

The broker also charges an unknown inactivity fee.

Customer Support

MeteorTrade‘s customer support can be reached by email: support@meteortrade.pro. Company address: 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most brokers offer.

Risk Warning

Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.