Matrix Banco claims to be the world’s largest reputable investment broker and promising industry leader. However, we never heard of this broker previously until we came across a scam warning by CONSOB, an Italian financial regulator. The broker is situated in Saint Vincent and the Grenadines and operated by the notorious company. Total of three trading accounts and one demo account is provided on a world-famous trading account MetaTrader. There is a referral program in place. This Matrix Banco review will tell you all the necessary information before doing business with it. Don’t miss a word of this informative review.
About Matrix Banco:
The three trading accounts are VIP, Standard, and Pro with a minimum investment of €10000, €200, and €200 respectively. Leverage of 1:400 to 1:500 is offered on these accounts. Also, spreads of 1.4 pips can be seen on the demo account. The company Elit Property Vision Limited registered in Saint Vincent and the Grenadines is the owner of the brand Matrix Banco. The SVG based brokers aren’t licensed and not regulated by any financial regulator. The company Elit Property Vision Limited also manages scam brokers like FinancePro24, Royal-FX, RichmondFG, Capital245, and more. All of these brands have received warnings either by CONSOB, Italy; CNMV, Spain or FCA, UK. The broker provides trading on the most used trading platform MetaTrader. However, low credibility of this broker does not justify the presence of MT. Also, we could not test provided MT platform. Leverage levels up to 1:500 is very high compared to what generally preferred. Such high leverages are considered a loss causing. The spreads of 1.4 pips on EURUSD fx pair are quite competitive. The official website shows logos of many payment gateways. They are Skrill, Neteller, cashU, FasaPay, WebMoney, Ukash apart from bank wire transfer and credit cards like the master card and visa. The broker Matrix Banco also runs a referral program that promises €15 – €20 pay out if their recruit starts trading with this broker. It also provides educational material and marketing tools to generate high referral recruits.
Is Matrix Banco scam or legit?
The broker has an alliance with many scam brokers that been blacklisted by several financial regulators. The broker itself is unregulated and red-flagged by CONSOB. The minimum deposit is not attractive and also trading conditions. It runs an affiliate program to generate more revenue. All of these factors lead us to believe that the broker is a scam broker 2020.