MonopolyFX Review – is it scam or safe?

MonopolyFX Review  – is monopolyfx.com scam or safe forex broker?
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Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Classic $100 0.01 lot 1:500 From 0.1 pip
Standard $2500 0.01 lot 1:500 From 0.1 pip
Premium $20 000 0.01 lot 1:500 From 0.1 pip

 

MonopolyFX has three types of live trading accounts. Their trading conditions are pretty much the same, except for the minimum deposit requirements. The main difference is in the additional features offered by the different types of accounts, like premium daily analysis, sms alerts for news and trading signals and dedicated personal managers.

 

The broker says it has a portfolio of over 80 currency pairs, spot metals and CFDs.

 

 

The Company. Security of Funds

 

Company Country Regulation
 MonopolyFX  UK  None

 

MonopolyFX is based in the UK, but is not regulated by the country's Financial Conduct Authority (FCA).

 

The fact that it lacks regulation is a good enough reason to avoid it. Sometimes the unregulated brokers could be a scam operation with the sole purpose of making off with their clients' money. Even if this is not the case, the lack of regulation means lack of oversight and practically zero client protection. In case something goes wrong and the broker goes bankrupt, the clients usually lose their deposits, as the unregulated companies seldom are members of client compensation schemes.

 

It is always a better idea to deal with a properly regulated broker. Of course, not all regulators are made equal and some have stricter requirements and better supervision than others. Such are UK's FCA and the Australian Securities and Investment Commission (ASIC) who have a reputation of stringent regulators.

 

 

Trading platform

 

Like most brokers, MonopolyFX offers trading on the most popular platform – MetaTrader 4 (MT4).

 

MT4 is the most frequently offered trading platform and is popular both among brokers and traders. It is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading.

 

It seems, however, that MonopolyFX does not offer trading with the applications of MT4 for mobile devices, but only the desktop version.

 

 

Payment methods

 

MonopolyFX accepts payments through bank transfers and credit and debit cards, as well as through the online services Neteller and Skrill. There is also the option to make internal transfers between client accounts.

 

 

Conclusion

 

MonopolyFX is an unregulated forex broker. Its trading conditions are not exceptional and it does not stand out among its unregulated peers. The only thing worth noting are the tight starting spreads, but we could not find information what the actual ones are, so the information could turn out to be misleading and this should be kept in mind.

 

Pros Cons
Tight spreads Unregulated
  High deposit
  No significant difference between the accounts

 

 

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Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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