Despite offering enticing trading conditions, it is essential to take note that ModMount operates as an offshore broker, and as such, it is difficult to establish trust. Moreover, the absence of legitimate trading software only adds to their dubious nature.
It is fair to say that we are dealing with an unreliable broker. Yet, if you are still contemplating trading with them, we urge you to read on. Our comprehensive ModMount review will provide you with the facts to make an informed decision.
| Broker status: | Regulated Broker |
| Regulated by: | FSA in Seychelles |
| Websites: | https://www.modmountltd.com/ |
| Regulators’ Complaints: | |
| Owned by: | Modmount Services Ltd |
| Headquarters Country: | Seychelles |
| Foundation year: | 2022 |
| Supported Platforms: | MT4 and Webtrader |
| Minimum Deposit: | $250 |
| Cryptocurrencies: | Yes, BTC, ETH |
| Types of Assets: | forex pairs, indices, shares, soft and energy commodities, precious metals, and crypto coins |
| Maximum Leverage: | 1:400 |
| Free Demo Account: | No |
| Accepts US clients: | No |
Modmount Is Not a Trustworthy Broker?
ModMount is owned by ModMount Services Limited based in Seychelles and registered with the local Financial Services Authority (FSA). However, it is crucial to note that regulatory institutions like the FCA in the UK, ASIC in Australia, or CySEC in Cyprus are generally considered more reliable than offshore regulators like the FSA. These offshore regulatory bodies may have loose or nonexistent rules, and may not be as effective at overseeing brokers like ModMount.
For instance, a forex broker registered in Seychelles can operate with a minimum paid-up capital of $50,000, while brokers in countries like the UK, EU, or Australia must maintain a much larger minimum operational capital. Additionally, ModMount lacks Tier 1 regulation and does not hold an FCA, ASIC, or BaFin license.
ModMount is an offshore broker that lacks authentic trading software and has raised concerns about trustworthiness. While they offer attractive trading terms, it is essential to be mindful when dealing with them. This is the unwritten rule.
It is crucial to evaluate the risks associated with trading with offshore brokers like ModMount. Our comprehensive ModMount review will provide you with valuable insights into this matter.
Traders’ Opinions on Modmount
During our assessment of the Modmount review, we could only locate two reviews regarding the broker, and both were negative. This scarcity of reviews indicates a lack of substantial feedback from clients. This can be concerning, especially when considering the risks associated with offshore brokers.
Similarly, the absence of positive reviews makes it difficult to assess Modmount’s credibility and reputation. It is critical to approach trading with them with caution, even more so if you decide to proceed despite the negative reviews.
It is advisable to conduct thorough research and evaluate all possible risks before entrusting any broker with your investments. Keep that in mind.
Trading Platform and Other Apps on Modmount
Modmount proclaims that it offers web-based trading and MT4 access. However, our attempts to verify this claim were thwarted by an error that was displayed on their website when we tried to create an account. In light of this, we were unable to obtain conclusive evidence regarding their trading platform functionality.
It is worth noting that the MT4 and MT5 platforms are exceedingly popular, boasting the highest customer count and trading volume. Given this information, we strongly recommend brokers who provide their clients with access to these platforms.
What Financial Instruments Does The Platform Include?
Modmount provides its clients with a diverse range of financial instruments to choose from. These include forex, stocks, commodities, crypto, bonds, and indices.
This wide selection of instruments enables clients to build a diversified portfolio. Yet, investors should carefully consider their options before making any investment decisions.
Note: Your safety is a top priority, so it’s crucial to be cautious of businesses like InvestPoint, Moneta Markets, StateHills, Alchemy Markets, and other dubious firms.
Modmount – Countries Of Service
It has come to our attention that this broker is currently operating in several countries. They are as follows:
- Denmark
- Switzerland
- Germany
- United States
- United Kingdom
The nature of their activities is cause for concern, and we strongly advise people in these locations to exercise caution. It is crucial to research any financial institution or brokerage firm before giving them personal information. This goes without saying!
Modmount – List of Account Types
Modmount offers 5 types of personalized trading accounts:
- Classic
- Silver
- Gold
- Platinum
- VIP
While the minimum deposit for each account is not specified, the funding threshold is set at 250 EUR/USD. Yet, despite the fairness of this requirement, we cannot recommend investing with this broker. The potential risks outweigh any potential gains, making it an unsuitable option.
Can a Trader Use a Demo Account?
No, traders cannot use demo accounts here. Yet, a demo account can be useful for learning. It is suitable for practicing and improving trading skills without risking real money.
Using a demo account offers significant benefits for beginners. It allows them to learn and practice trading techniques and understand market dynamics. Yet, it does not replicate real trading emotions and psychology. So, it’s wise to transition to a live trading account once you gain confidence.
Terms of Service
Terms of Service cover various topics such as acceptance of terms, user accounts, user-generated content, payment and fees, intellectual property, confidentiality, termination, disclaimer of warranties, governing law, and modifications to terms.
You should review the specific Terms of Service for Modmount or any other company before using their services. That is essential.
Leverage, Spreads, and Fees
Modmount offers leverage up to 1:400, which can be dangerous. Many traders have experienced significant losses due to excessive leverage. This has led forex regulators in the UK and EU to impose restrictions at 1:30, while in Canada and the US, the cap is set at 1:50. So, exercise caution. Engage in high-leverage trading only if you are an experienced trader.
Withdrawals made through debit/credit cards and e-wallets will incur a 3.5% fee, while wire transfers will incur a 30 EUR/USD fee.
Besides these fees, the broker also charges a maintenance fee of 10 EUR/USD. If your account remains inactive for up to two months, they will bill you 80 EUR/USD, 120 EUR/USD for up to six months, and 200 EUR/USD beyond six months.
Modmount Bonus Program Rules
It should be noted that the broker does not offer tangible bonuses. Sadly, unlike some other brokers in the industry, Modmount does not provide extra incentives or rewards for its clients.
Therefore, clients should not expect any form of bonus, discount, or rebate from the company. Potential clients should consider this aspect before trading with Modmount.
Share Your Experience with Us
You may be experiencing tremendous distress if you have suffered financial losses with Modmount. However, it is crucial to avoid panicking as you are not the first to encounter this type of scenario and are unlikely to be the last.
Even the most meticulous and conscientious investors can sometimes fall victim to deception or other nefarious activities. It is essential to approach this situation as a learning opportunity and take appropriate steps to protect yourself in the future. If you need assistance reporting a bogus broker, please do not hesitate to reach out to us for guidance and support.
What Is the Chargeback Procedure?
If you’re seeking a solution to recover your funds, one possible course of action is to file for a chargeback.
Chargeback is a dispute resolution mechanism offered by most banks and credit card companies. It involves disputing a transaction with the bank or card issuer to reverse the payment. Contact us today and start the chargeback process.
What Is Modmount?
Modmount is a brokerage firm that offers trading services across a variety of financial instruments.
Is Modmount a Scam Broker?
Modmount’s activities have raised concerns, and it is best to exercise caution when dealing with them.
Is Modmount Available in the United States or the UK?
It is murky if Modmount accepts clients in the US or UK. Yet, the broker operates there.
Does Modmount Offer a Demo Account?
This broker does not offer a demo account for traders. Beware of this.