Monfex Review – Why Not To Trust Unregulated Brokers
Monfex Review – Why Not To Trust Unregulated Brokers

If you look at the Monfex broker website, you realize that their focus is only on trading. However, any important legal information, location, ownership and license are missing.

This broker operates from Saint Vincent and Grenadines, a haven for retail traders, FX, CFD and crypto trading companies. The reasons for going offshore are numerous. From regulations, taxes, anonymity and many more.  On top of everything the company doesn’t provide a customer service phone number where it could be reached.

We already see that this broker is not up to good, and we’ll provide it in this detailed Monfex review.

In addition to the above, we strongly advise you not to invest in WinGroup, Duvaro and BBanc fraudulent brokers.

Broker status:Unregulated Broker
Regulated by:Unlicensed Scam Brokerage
Blacklisted as a Scam by:KNF, CNMV
Owned by:N/A
Headquarters Country:Saint Vincent and Grenadines
Foundation year:N/A
Supported Platforms:Web trader
Minimum Deposit:N/A
Cryptocurrencies:Yes – BTC, XMR, NEO
Types of Assets:Forex, Commodities, Indices, Shares, Cryptocurrencies
Maximum Leverage:1:400
Free Demo Account:No
Accepts US clients:No

Is Monfex a Scam Crypto Broker?

Since Monfex operates on FX and CFD markets, they should have a license for it. However, SVG disclosed that they are not an eligible entity to provide such licensing. Monfex broker should comply with some regulations of the countries where they operate.

Therefore, since we, as experienced traders, trust only Tier 1 regulators, we checked the database of FCA, BaFin and ASIC. The results were disappointing. There was zero information about Monfex trading. Now we start building up a conclusion that this is nothing but a bogus scam.

Offshore broker with warnings from a couple of regulators. Mainly focused on crypto trading with high leverage raises the risk of losing money. On top of that, they don’t have any regulations.

Reasons for Using a Regulated Broker for Trading

The regulated broker is not anonymous in the first place. If you get scammed, you have an institution that you can contact and that will do an investigation. If you get scammed by an offshore company, it’s really hard to file a suit against them.

That’s why Tier 1 regulation is the most recommended. On top of that, they will educate you properly on how to trade on the market and give you conditions according to regulations. Monfex broker, on the other hand, offers extremely high leverage, which is not according to ESMA rules.

Red Flags and Warnings from Financial Regulators

This broker already earned some achievements. A warning from financial regulators. One comes from Polish regulatory body, KNF. Another comes from Spain’s regulator CNMV.

Monfex Red Flags and Warnings from Financial Regulators

Both of these are highly reputable among European brokerage regulators. Keep your money safe and think twice before investing any of your hard-earned money!

Monfex Available Online Trading Platform & Tools

Monfex broker empowers trading with cryptocurrencies. Everything on their website leads at the end to cryptos. We tried looking for access to the platform, but you are not eligible to get there.

According to the broker, they offer a web-based platform that you can access anywhere in the world. It’s already a bad sign. To get access to the platform, you need to register first. Luckily, they have prepared an advertisement video with details about the platform.

It’s nothing but basic fancy software for trading. From what we can see, they only offer a limited amount of cryptocurrencies. Besides that, very few indicators are available and no EAs or social trading tools.

Any experienced trader would say that this platform can’t come near the quality of MT4/MT5.

What Financial Instruments Does Monfex Include?

The company’s focus is on cryptocurrencies. Besides that, they offer a standard package of instruments:

  • Forex                        EUR/USD, USD/NZD, USD/AUD
  • Commodities             oil, gold, silver
  • Indices                      S&P 500, Dow Jones
  • Shares                      Microsoft, Apple
  • Cryptocurrencies       EOS, BTC, XMR

All of the assets have very high leverages, therefore it’s very risky trading. Moreover, cryptos are very volatile and they tend to wave in one direction quickly in a short period. That could lead you to a huge loss.

Monfex Service Countries

According to Monfex reviews, we can see that they are scamming traders from:

  • Poland
  • South Africa
  • Romania
  • Saudi Arabia

Based on the warnings issued by CNMV it’s not excluded that they are targeting as well Spanish customers. Confirmation for that might be their customer service available in Spanish. Be careful!

Also, remember the names of the Trades Universal, DWS Invest and Fin Art Media trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

Monfex Types of Accounts – An Overview

Unfortunately, this broker doesn’t define any account types. So, as mysterious as it could be. You can only find out by registering with them. 

Of course, after that, it’s too late. You will get numerous calls from them with persuasive agents who will try to scam you.

Monfex Types Partnership – Affiliate Program

The affiliate program goes through a third-party company. Any information disclosed is not private. The goal is that you bring as many clients as you can and you get rewarded for that. 

Looks behind everything like a Ponzi. Don’t fall for such stories and start looking for the regulated broker on time!

Monfex Deposit and Withdrawal Policies

They state in the policy that for deposits you can use a debit/credit card and bank transfer. But for more information check it on the platform. However, on the platform, you see only one button for deposit. It is “DEPOSIT BTC”. So, practically they want transactions anonymous.

For withdrawals, the company states that it can be done only in the method of deposit. Which means crypto. That leads to the conclusion that it’s never going to happen. You can find confirmation in online Monfex reviews.

Monfex Terms and Conditions

Monfex trading is not a regulated broker, therefore all T&Cs are questionable topics. Take everything with a reserve and think twice before depositing any money.

Leverage on the assets is extremely high and not according to ESMA rules. From their presentation, we can see that even spreads are wide.

All in all, don’t deposit any money here if you want to make money!

Scammed by a Monfex Broker? – We Want To Hear Your Story 

Every story is different in its way, but the ending is always the same with brokers like Monfex. Let us hear your story. That way we can assist you on your first step of funds recovery. Contact our experts today and don’t waste more time.

What Is the Chargeback Procedure?

If you were using a credit/debit card you can file for a chargeback. If you used a crypto wallet transfer there is a CipherTrace program. Let us elaborate more on how it works. Book a free consultation with our professionals now!

What Is Monfex?

This is an anonymous and offshore trading company that empowers trading with cryptocurrencies.

Is Monfex a Scam Broker?

Based on all information provided by the broker, warnings from regulators and online Monfex reviews, we can say there could be issues.

Is Monfex Available in the United States or the UK?

Unfortunately, there is no information about the UK clients, so stay safe. But the company discloses that they don’t offer services to US clients.

Does Monfex Offer a Demo Account?

In their video presentation, it looks like they are using a demo account, but we don’t have confirmation is it for clients or only for presentational purposes.


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