KM Viray
10. MetisEtrade Inc.
MetisEtrade Inc. operates by selling products which includes foreign currency contracts and high-value commodities contracts. According to its website, MetisEtrade prides itself as the first local clearing house in the Philippines that offers online trading services on forex, precious metals, global indices, and oil. Even though SEC had released a cease-and-desist order in May 2015, the company still continued to operate.
Complainants claim they lost as much as P900,000 in investments. Upon verification, SEC said the Filipino-Korean firm has been operating as an unlicensed commodity futures broker or commodity pool. MetisEtrade is indeed registered with the SEC primarily to engage as a foreign exchange dealer or money changer and to engage in the business of online foreign currency and post precious metals trading with the public while acting as market maker and broker.
But SEC also stated that the company is not allowed to sell foreign currency trading contacts because it does not have a secondary license.
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