Moneta Markets Review: Details Regarding This Scam Broker

Moneta Markets is an offshore broker based and regulated on the Cayman Islands, which offers over 1000 CFDs and currency pairs with a single account type, leverage as high as 1:1000 and the MetaTrader4 platform.

With a decent-looking website and sufficient information provided, it looks like the company aims to be the broker of the year.

But hold your seat just yet, because this unbiased Moneta Markets broker review will show you how a broker can be convincing when running an investment scam. Сheck out our Expert Option broker review.

Regulation and Fund Security at Moneta Markets

In the footer of the company’s website, we find out that Moneta Markets is operated by Vantage Group of companies regulated in different jurisdictions; Cayman Islands, Australia and UK.

We were able to find proof that the company is indeed registered in the Cayman Islands which is an offshore zone. Although forex brokers are required to provide a minimum operational capital of about $120,000 in order to be registered and regulated by the Cayman Islands Monetary Authority (CIMA),  it’s still not safe to trade via such brokers as it is not clear whether they can provide a guarantee for the safety of your funds in case the broker goes bankrupt.

Vantage Global Prime LLP is a UK-based and FCA-regulated firm, but only for one brand – VantageFX. It seems that this same company owns 3 other brands, completely unregulated. Those are Moneta Markets forex broker, FXBitMining, and FXMarkeTrades. If you ever come across any of these, know that you’re involved in a scam.

Additionally, while analyzing MonetaMarkets reviews we found that there are multiple warnings issued against them. There are CONSOB and CNMV that are warning people against this bogus scam.

Trading Software Available at Moneta Markets

What is good is that Moneta Markets trading offers an MT4 trading platform. Besides that, their PRO Trader is available, which can be a very good option for experienced traders.

What is important is that you understand the capabilities and benefits of certain trading software. If it’s reliable and it gives you good TA and social trading tools, then we highly suggest you use it.

MT4 is one of the standard apps used for trading. Clients know that these are covering most of the important indicators and tools to keep your trading safe. On the other hand, companies like these often use their apps to attract clients.

That is where the PRO trader app comes into play. It offers a variety of utilities that help traders make their trading easier.  It’s not rare that apps like this are user-friendly and very easy to use.

Moneta Markets Account Types Offered

According to the company, they don’t offer any specific trading account types. The minimum requirement is 50 $ and you can choose between STP and True ECN accounts.

Leverage goes up to 1:1000 which is very risky and high. Regulated companies offer a maximum of up to 1:50. Apparently there are no deposit fees, but when it comes to withdrawals, the situation is most probably different.

Clients will have a different spread depending on the Moneta Markets account type (STP or ECN). For EUR/USD pairs, the minimum spread on the STP account is 1.2 pips, while for the ECN it is 0.1 pips.

Deposit and Withdrawal Methods

Moneta Markets minimum deposit is $50 and can be made via:

• Wire transfer
• Debit/credit cards
• FasaPay
• JCB
• Sticpay

There are no fees for any method, and the time necessary to process the payment depends on what you choose. To make a deposit, tap on the Moneta Markets login button and choose the deposit to fund your account. But bear in mind that by doing so, you’re getting involved with an unregulated fraud.

How the Fraud Has Carried Out

Ads that can be found online are full of fake stories promising easy earnings. Once you decide to leave your personal information in order to find out more about this, the agents will call you daily to try and convince you that what they are offering is a legit thing.

Initially, they will ask for a smaller amount just enough to cover the minimum deposit requirement but if you agree, they will begin to persuade you to invest even more. Many think they are immune to these fake stories the agents are going to tell them or they will just sense if something is off, but in reality, it’s much harder to stay firm.

These fraudsters pose as brokers to take advantage of the general public’s lack of knowledge of trading. And the agents calling are professionals who have many ways to get you on board with making an investment.

We read so many complaints that have stated withdrawal issues when people assumed they were being scammed and tried to get their money back. So, in case you are one of them, remember that getting your money back is possible but it just takes time. We would be thankful if you can share your experience with us since we can help you report your scammers to the authorities.   

Moneta Markets Summary

While conducting this broker review we found that Moneta Markets is allegedly a Cayman Island- based broker that follows only regulations set by offshore entity CIMA. Not only are they unlicensed by any well-known regulatory bodies, but they also falsely claim to be so by the UK’s FCA.

The minimum deposit requirement is also allegedly set at $50, but we are sure they will try to scam you to invest much more than that. 

Lastly, the broker says they offer a demo account for potential traders, but once you try to access it, this feature does not work. Yet another red flag for this illicit broker.

FAQs About Moneta Markets Broker