Monafoli Review – The Depths Of Lies This Con Fabricates
Monafoli likes to think of themselves as a provider of easy, profitable, tech-oriented and friendly trading features. These should allow each one of their customers to increase their trading competence to a new level. Monafoli also boasts about having the best equipped trading platform, tools and most competitive trading parameters on the market.�
What the broker fails to mention is not having a brokerage license, that would grant them permission to engage in bank transactions and trading securities. And not only is this financial services provider not regulated in any way, but they were also blacklisted.�
None other than their country’s leading regulator (FCA) has had Monafoli placed on the pillar of shame for being an illicit, scamming entity:
We discuss this and all other relevant aspects of this conduct in our Monafoli review ahead. So stay tuned if you want to find out how this particular scam operates and how you can deal with it successfully, should you ever make such a mistake and invest here.
|Illicit Forex Broker
|monafoli.info – active
monafoli.com – inactive
|Blacklisted as a Scam by:
|MT4, MT5, Webtrader
|Yes (Bitcoin, Litecoin, Ethereum, Avalanche, Polkadot)
|Types of Assets:
|Forex, Crypto, Commodities, Indices, Stocks
|Free Demo Account:
|Accepts US clients:
|US traders are not accepted
Is Monafoli Legit or Scam?
Depositing anything with unregulated brokers is well-known to be fruitless. And Manafoli is certainly one of them. Let us explain how we arrived at this conclusion.�
Almost every single firm operating in the UK and offering financial services has to first be licensed by FCA. The Financial Conduct Authority, as the name suggests, oversees the financial market in the UK. This includes brokers and the services they offer. Medifinance Limited is another scammer known to us, that also claims to have an HQ in London and is completely unverified.�
While Manafoli seems to be located in London, they do not appear in the FCA register as one of the regulated entities. As a matter of fact, while looking through the FCA database, we only ever found a warning issued on Manafoli. The public document clearly states that Manafoli is an unregulated brand that offers services to UK traders without legal permit.�
It takes a UK broker a lot more than lies and deceit to be allowed to offer financial services to the UK residents. Firstly, their firm has to prove its worth by placing a 730 000 GBP investment. Next in line are various security measures starting from segregated bank accounts to leverage restriction, negative balance protection and compensation fund.�
As evident from the warning, Manafoli doesn’t provide the adequate protection and trading conditions they so proudly advertise. The broker actually exposes traders to much higher risk than allowed, by setting the leverage cap to 1:200.�
Negative balance insurance doesn’t exist and funds you deposit are under even greater risk because of the absence of the financial ombudsman protection. So think well if you planned on investing here! Are the fictitious gains worth the extreme risk of losing your entire deposit?�
Monafoli Reviews and Comments
There aren’t many traders’ opinions on Manafoli online. However, they’re all explicitly negative. Not a single customer that has tried out their services has walked away happy. With not a single positive rating, it is clear how the victims think of this fraudster.
Here, we will bring you only some of the evaluations that are the most descriptive of the problems that Manafoli clients face:
They made me pay twice to withdraw the money. Please don’t fall into trap when you request a withdrawal they will tell you to pay tax etc first. Also if you already invested, don’t fall into trap of investing more, because that’s what they do, they keep encouraging and convincing you to put more money than you will make more. And if you shared your screen via ANYDESK be assured your computer is HACKED by them.
I have reviewed this scammer as I personally worked with for almost a year in October 2022. They stiil are holding my money, $82k USD. They say it is in trust or escrow. They just play around with words and phone calls and are basically going to run off with my funds.[…]
I would give a minus if possible. This company is run by thieves and scammers who never give up asking for money and return nothing.Do NOT INVEST any of your hard earned monies with them. Please heed the warning.
Where Does the Broker Operate? – Countries of Service
In a course of over two years, Monafoli has scammed a significant number of victims. Most of them obviously reside in the UK. That’s most possibly why their leading regulator has placed Monafoli on a list of dangerous financial entities. Being blacklisted in the country they operate in didn’t stop this con artist from looking for new victims abroad. Numbers of new scam casualties outside of the UK keep growing, day by day. These are the countries most hit:
- United Kingdom
How Does the Monafoli Scam work?
From what the scammed traders report, Monafoli is run by a group of unscrupulous entrepreneurs. These engage in molesting their targets with unsolicited phone calls, spam emails and messages all over their social networks.�
Depending what the victims wish the most for, that is what Monafoli exploits. These scam agents are masters of manipulation and deception. They will convince even the most cynical and pessimistic of investors that a huge profit awaits them only if they invest with Monafoli.�
One deposit after another and soon you’ll find yourself in quicksand you have no way to escape. Your finances are stuck with a fraud you know nothing about and there’s practically zero chances for you to get anything back.�
Monafoli Products and Services
For the sake of investors’ deposits, regulatory rules in the UK demand the brokers to set the leverage cap at 1:30 for Forex pairs and 1:2 for crypto. Monafoli doesn’t take care of their clients. So the leverage available is 1:200 max on the following tradable assets groups:
- Currency pairs (EUR/USD, EUR/GBP, USD/AUD, CAD/JPY)
- Indices (DAX, NASDAQ, ES35, JP225)
- Commodities (Sugar, Cotton, Wheat, Silver, Copper)
- Cryptocurrencies (BTC, LTC, XRP, ETH)
- Shares (BMW, Boeing, Barclays, Commerzbank, Tesla)
Supported Trading Platforms – Available Trading Software
Just like everything else at Monafoli, the trading platforms are only available if you first make an account. But not so fast. At the time being, you can only submit a request to Monafoli. The site owners decide if they want to allow you to open an account with them or not. We did what we were asked but no response came even after we waited for hours.
Reputable brokers wouldn’t have to hide anything. Compared to Monafoli, and Zeta Hedge, which we’ve reviewed previously, brokers with a license allow the site visitors to explore the site pages and get all the information they need.�
Monafoli supposedly offers MT4, MT5 and a Web platform, but we weren’t allowed to try out any of them. Therefore, we couldn’t verify if these software were indeed offered and functional.�
Choice Of Trading Accounts
There’s just the following three types of trading accounts available at Monafoli:
- Basic – $10 000
- Silver – $25 000
- Gold – $50 000
However, besides this fundamental information about the account types, we couldn’t dig out anything else. Even the page that explains how packages work and what they feature is out of our reach. And all because we do not own an account and were neither allowed to set up one.�
Based on this shallow information we have, just seeing the deposit requirements should drive away any potential investors. With the package prices over 100 times higher than the industry standard, Monafoli doesn’t make for an attractive place for investments.�
Can I Use a Demo Account?
The account application form didn’t contain an option to request a Demo account. So we only sent an inquiry for a live trading account. Apparently, Monafoli doesn’t allow traders to start with risk-free trades on a trial account. To be able to explore the trading environment with Monafoli, you first have to buy a live account. That will cost you an insane amount of cash and will prove to be the worst investment decision of your life.
Despite Monafoli being a blatant liar and guaranteeing effortless and fee-free payouts, the victims are witnesses to much harsher treatment. As it turns out, Monafoli doesn’t allow any withdrawals to be processed before you pay the due fees and submit the required docs. These usually consist of your ID scan, passport, bank account info and photos of your credit cards.�
The victims of the financial torture won’t even be notified of the occuring fees. Financial swindlers at Monafoli will just deduct the sum they wish directly from the trader’s total balance. We won’t even start on which AML and other regulatory rules such behavior breaches. What we can say is that withdrawals are a pain and most probably never truly allowed by this money-hungry scammer.�
I Was a Victim of Monafoli Scam, What Should I Do?
Because time doesn’t stop for anyone and the more you wait the less chance for you to regain your funds, we strongly encourage you to contact us as soon as possible. By using our online chat feature you can quickly get in touch with the first agent available. They will help you make an action plan so you know exactly what to do and which authority to refer to.�
Scams happen daily, and so many of them are similar to your case it will astound you. So there’s no need to feel ashamed and abandoned. Our community can help you get through the ugly experience. You can tell us all about it if that would make you feel better. We’d also appreciate it if you’d share any info you have on this scammer so we bring it to justice sooner, and before they rob anyone else.�
Is Monafoli a Regulated Broker?
No, Monafoli is not a regulated broker as they do not own a valid license and are actually blacklisted by FCA – the financial authority in the country they claim to operate from.
Does Monafoli Have a Mobile Trading App?
Such information is unverifiable without an account opened with this broker first.
Does Monafoli Offer a Demo Account?
As it seems from the account application form, the broker only allows opening of the live accounts and not a Demo account.