Monfex Review: Why You Should Avoid This Offshore Firm

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 broker review.

In addition to the above, we strongly advise you not to invest in InvestCore and Moxium scam brokers.

Monfex Regulation and Funds Security

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. The 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 that include KNF and CNMV is definitely a must to avoid. Mainly focused on crypto trading with high leverage raises the risk of losing money. On top of that, they don’t have any regulations.

Trading Platform Overview

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.

Funding Methods Available at Monfex

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 and 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 by many of their users.

Monfex Account Types Available

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.

Additionally, there is not even a Demo account option, and that is because brokers like this will push you to open a real account and steal all of your money.

How the Scam Is Undertaken

Trading scams such as InvestCore and Moxium, basically have the same principle that is being performed through different sites and by different agents. 

Nonetheless, the core remains the same. The broker first gets your personal information if you have left it on some sketchy sites and then the constant harassment starts. It is important to note that scams like this one can happen to anyone. The agents calling you are persuasive professionals who scam people for a living. Even if you say no, they will continue to call you until you agree to make an initial deposit. 

The ultimate goal is to compel you to invest at least once, and after you may suspect they are no more than a scam the trap is fully shut and they will do anything to keep your money. And in case you have been scammed before, don’t feel embarrassed about reporting a scam. Getting your money back is possible and we can assist you in doing so!

Monfex Summary

While we were conducting this Monfex review, we were not surprised they are just another offshore broker who is claiming to be a legit firm. This fraudulent broker is not only missing a real regulation and license but they also have an official warning from CNMV and KNF.

Investing with Monfex is going to put both you and your funds at risk. Don’t fall victim to this illicit broker’s cheap tricks and always do the needed diligence and research the broker before investing your money. And always remember that getting your money back is possible and you should always think twice before investing your money anywhere. 

FAQs About Monfex Broker