Monfex Review – Facts About Monfex.Com Broker
Monfex Review, Would you like to increase your income? Well, you certainly won’t be able to do it with Monfex. This SVG blacklisted scammer will make you believe all kinds of false claims until they rob you and leave you skint. Because how else an offshore anonymous firm operates other than without a license while profiting from defrauding customers? Our Monfex review will explain how their swindling scheme works.
If you don’t believe us, believe these warnings, issued by major EU regulators:
Regulation and Fund Security at Monfex
The thing with Monfex is that their offer seems fully legit. But that’s only on the outside. The whole setup behind the surface works in vicious ways and without any authority’s supervision.
The situation with the SVG brokers is especially critical because the financial institution in the area doesn’t oversee Forex activities and services. As of March 2018, the regulatory body of SVG has completely renounced licensing brokers.
From that point on, we had to check with other regulators in the countries where Monfex offers its services and products. We went through quite a few databases, like FCA, CNMV, CONSOB, BaFin, CySEC, NFA, and ASIC. The only data we stumbled upon were the warnings we listed in the beginning of the review.
Sad day for Monfex, as we expose them as a straightforward scam that doesn’t comply with any regulatory standards. General trading conditions on their platform confirm that. Since they don’t implement segregated bank accounts for storing customers’ deposits, they aren’t safe for investing.
With a leverage ratio of up to 1:400, instead of 1:30 at most, Monfex pushes you into risky trades. Then, without negative balance protection, you are easily losing more than you’ve initially invested even.
Lack of transparency and transaction reporting would never work with ESMA and MiFID, EU’s independent regulator that enforces additional customer protection. The conclusion is obvious: with the blacklisting and warnings published, Monfex is a confirmed scam you should absolutely avoid.
Trading Software Available at Monfex
Monfex claims to have an online trading platform in the form of a Web terminal. Although the screenshots from the site describe it as fairly simple but comprehensive, we were unable to confirm this. The registration process didn’t work for us and we kept getting the pop-up error telling us to try again later as something went wrong.
Whatever has gone wrong with Monfex here isn’t our business – all we wanted was to get access to the trading terminal. But since we couldn’t, we may as well assume they don’t even have a trading platform of any kind. This kind of mistake is something a regulated brokerage house would never allow itself.
Deposit and Withdrawal Methods
The faux broker does well to instigate trust in their customers. So, they advertise Credit and Debit cards, as well as wire transfers as available funding methods. However, this was yet another construct we weren’t able to test without access to the user panel. It wouldn’t surprise us if Monfex wanted all their transactions anonymous to avoid legal prosecution for their cyber crimes.
In the legal docs section, a new unpleasant discovery awaited. All the links except the one for T&C are either not working or force-download a suspicious .exe file to your machine. Beware of this.
Monfex is so secretive about all the particularities of their monetary transactions and fees, you won’t even know how much money they expect you to deposit. There’s an inactivity fee, that much is certain.
But one line says it’s $100 and the other says it’s actually 15% of the total account’s balance in case of 90 days of inactivity. This broker also reserves the right to restrict all your payouts until you meet the conditions, as well as opening and closing your trading positions.
Monfex Account Type Available
Monfex makes no mention of any sort of distinctive accounts. There’s no offer of a Demo account, either. The broker didn’t bother to design at least a few account types to suit the trading needs of different investors. Still, the site will promise you an exceptional experience and the ultimate package of trading tools for best returns. What are those exactly? No one knows.
|Broker||Monfex||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
How the Fraud Was Carried Out
Monfex conveniently forces you to accept the agreement that frees them of any responsibility towards fulfilling your expectations. Yet, they force you to act exactly in accordance with their rules. One set of these dreadful criteria are the trading volume requirement and special charges and commissions.
You see, as their legal docs announce, Monfex can just slap additional fees and charges without any prior notice. This serves as a good pretext to extort money from their victims. And if you decide to accept bonuses – you’re done for.
The faulty broker also declares the freedom to restrict your payouts as they please. Cruel and vicious, this morbid way of manipulating other people’s capital opens way to ruthless stealing.
The Best Forex Brokers
It’s not enough for us to just tell you which broker to avoid. Although it’s useful to know where not to invest, we have to equip you with some worthy recommendations. If you’re still looking for a good broker to start your Forex journey with, we have a couple of great suggestions.
All the brokers we’re proposing are good Forex dealers and will support you fully on your trading journey of learning and investing. At least give them a shot by opening a Demo account. You’ll quickly spot the difference.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Feel free to take our Monfex review as a simple yet informative guide on how this shady company masks its maliciousness. So you wouldn’t have to become their next victim. We once again urge you to always run your potential broker through a double-check.
Studying the public registers of regulated brokers doesn’t take much time. Yet, it could easily spare you the trouble of going through trauma after being scammed. Restoring your lost funds is oftentimes impossible due to how well the swindler covers their tracks.
FAQs About Monfex
Is Monfex a Regulated Broker?
Monfex is not regulated by any financial authority. No entity oversees their brokerage activities.
Is My Money Safe at Monfex?
No, and the several warnings published by major EU regulators are witness to that.
What Is The Minimum Deposit at Monfex?
The broker does not reveal on their site what is the beginning capital you’re expected to invest.