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Banc De Monarch Review - is it scam or safe?

Banc De Monarch review - Is bancdm.com scam or good forex broker?

RATING: 1 / 9 REVIEWS Banc De Monarch
Banc De Monarch is an offshore broker. Your money is not safe.

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Banc De Monarch is a forex and CFE broker offering five account types, including a Monarch Royal Account with a minimum deposit of 500 000 USD. If you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Bronze Account $500 1:50 n/a
Silver Account $5000 1:200 n/a
Gold Account $10 000 n/a n/a
Monarch Premium Account $50 000 n/a n/a
Monarch Platinum Account 100 000 n/a n/a
Monarch Royal Accoun 500 000 n/a n/a

 

Banc De Monarch Advantages:

 

Generous leverage

 

The maximum leverage Banc De Monarch offers with its Silver Account is 1:200 and that, we should say, is more than enough to fit even the most aggressive trading strategy. For its premium accounts the broker says to be offering leverage upon request. We should note however, that while higher leverage gives traders the opportunity to score reasonable profit with relatively small deposit, it also raises the risk of loosing your money with the slightest fluctuation of the market. Professional traders know that well and rarely trade with leverage exceeding 1:100.

 

Islamic Account offered

 

Banc De Monarch offers its clients the option to trade with an Islamic, or swap-free account, which basically allows traders to keep open positions overnight without paying interest. With such accounts the additional costs are covered by commissions, fees or just higher spreads. The Islamic account is designed especially for Muslim traders, who under the Sharia Law are not allowed to give or receive interest. Here you may check our list of brokers, also offering Islamic Accounts:

 

>>Brokers offering Islamic Accounts<<

 

Banc De Monarch Disadvantages:

 

No license

 

Banc De Monarch is owned and operated by  Takeda Partners LTD – a company, registered on a well known to us address on the  Marshall Islands -  Trust company complex, Ajeltake road, Ajeltake Islands, Majuro, Marshall Islands MH96960, where a number of other brokers, including Novatrades, iForex24, Tradex1 and AvaInvestments are also registered.

 

Believe it or not, but you can start a business on the Marshal Islands without ever setting a foot on the tiny atoll, which after all is located about a thousand miles off  the cost of Papua New Guinea, somewhere in the South Pacific. All you have to do is to contact a local low firm, could be the same that is registering brokers on the above mentioned address, and all is set. 

 

What is more, the corporate officers, directors, and shareholders of the newly registered company may be of any nationality and live anywhere. Also, such companies are not required to disclose the names of officers, directors, shareholders, or beneficial owners and on top of that corporate entities may act as directors, officers, and shareholders as well.

 

This the reason the US Department of State warns that the Marshall Islands offshore corporate sector is vulnerable to money laundering and other clandestine activities.

 

All that said, you may agree it is laughable to talk about any regulation of the financial sector on the Marshall Islands, so basically Banc De Monarch is an unregulated, offshore broker with very limited credibility.

 

Regulation is crucial for the safety of any investment and only well established financial institutions like the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) can provide sufficient security to traders. 

 

Properly licensed brokers are obliged to follow strict fiscal and ethical rules, including to maintain a minimum capital adequacy ratio, to keep all clients money in protected, segregated accounts and in some cases even to insure traders capital. 

 

Under the FCA backed Financial Services Compensation Scheme for example, in case the broker goes insolvent, traders can receive back up to 50 000 GBP of their capital. Similar compensation scheme with the CySEC in the Cyprus guarantees traders up to 20 000 EUR of their investment. Here you may check our list of brokers, also licensed by FCA:

 

>>FCA Regulated Forex Brokers<<

 

Trading conditions not specified

 

Except for the leverage, Banc De Monarch's web presentation is not very informative about the trading conditions they offer. And as we were not able to open a demo account either, we can not assess the spreads or their trading platform. Still here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Excessive minimum deposit requirements

 

For a starting Bronze Account with Banc De Monarch you should invest 500 USD, for a Silver Account 5000 USD, for a Gold Account – 10 000 USD, for a Monarch Premium Account - 50 000 USD, for a Monarch Platinum Account - 100 000 USD and for a Monarch Royal Account – the stunning 500 000 USD. 

 

Even the 500 USD for the Bronze Account, in our view, are excessive, as with most brokers you can open a staring account with less than 250 USD, while with some big names like FBS and IG you can start trading with just 5 USD or so.

 

Major e-wallets not available as payment methods

 

With most brokers you can deposit or withdraw funds with popular e-wallets like SkrillNeteller or PayPal and even crypto coins. Such methods of payment are not available with Banc De Monarch. To fund your account with the broker you may use only credit cards like VISA, MasterCard, Maestro and American Express, as well as World Clearing, UpayCard and Enropay. 

 

As the crypto asset transactions are getting more and more popular, here you may check our list of brokers accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

Banc De Monarch is an unregulated, offshore broker that lacks credibility whatsoever. On top of that they have excessive minimum deposit requirements and do not bother to disclose the trading conditions they offer. 

 

Latest news about Banc De Monarch
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Traders` reviews for Banc De Monarch

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Platform

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Respuesta a Yanny Benitez

Yanny, necesito contactar contigo. Soy un afectado tambien de Banco de Mónaco.

TBT62 06/11/2019

Respuesta a Yanny Benitez

Hola Yanny, también soy un estafado por Banco de Mónaco. Desearía poder compartir alguna experiencia. ¿Estas de acuerdo?

Translated by Google:

Reply to Yanny Benitez
Hello Yanny, I'm also a scam by the Bank of Monaco. I wish I could share some experience. Do you agree?

TBT62 05/21/2019

El fraude de Banc de Monarch está relacionado con el fraude de Coincall.co

Me he puesto en contacto con personas de España estafadas por Banc de Monarch y hay similitud entre los nombres y la voz con otro nuevo sitio fraudulento denominado Coincall.co. Los fraudes de de estas dos compañias son millonarios y el delito es penal.

Translated by Google:

The fraud of Banc de Monarch is related to the fraud of Coincall.co
I have contacted people in Spain scammed by Banc de Monarch and there is similarity between the names and the voice with another new fraudulent site called Coincall.co. The frauds of these two companies are millionaires and the crime is criminal.

Eduardo Calatayud González 04/15/2019

Banc De Monarch - Estafa

He sido victima de estafa por parte de Banc de Monarch,tengo un capital de 3300 euros ,he solicitado retirar mi dinero varias veces y no me lo entregan.Se inventan cualquier excusa para no entregarme.Donde o como puedo hacer para denunciarles para que no sigan estafando a gente trabajadora como yo.?
Por favor necesito una respuesta

Translated by Google:

I have been a victim of fraud by Banc de Monarch, I have a capital of 3300 euros, I have asked to withdraw my money several times and they do not give it to me. They make up any excuse not to deliver me. Where or how can I denounce them so that they do not continue to scam working people like me?
please I need an answer

Yanny Benitez 10/25/2018

I Have been scammed by Banc de Monach

They approached me to work with them do forex trading. And said i can start with 200USD wich i did, thereafter the deposit they asked for a further 50USD saying the start amount is actually 250USD. I deposited that 50USD wich makes it 250. They sent me some forms to fill that i have deposited wich i still have copies. Now its quiet after a long noise of phone calls asking for this money.

No one is answering my e-mails, there was that 200USD showing on their website just to fool me, but as soon as i deposited the balance it simultaniouslu dissappeared. R3500 (South African ZAR) Please Help.

Wiseman S. W. Mthethwa 10/18/2018

They are a scam company

I used to worked with a guy called Lucas Griffin. He convinced me to invest a small amount in beginning 250$. He seems good and professional but he stoled my money and didnt call me anymore. They say to you good things but please be aware they are a scam. I lost my money there.

Lindisipho Ngomezulu 09/28/2018

Filippo del campo

Filippo del campo works for banc de monarc he called me several times and after a while he stopped. He rob me 500 euros and i need some info about him. Those guys are impostors and full of shit. if someone has get in contact try to avoid him ....they called me from those numbers 0044 20 3015 2021 be careful anyone

Translated by Google:


315/5000
Filippo del campo works for banc de monarc he called me several times and after a while he stopped. He rob me 500 euros and i need some info about him. Those guys are impostors and full of shit. if someone has get in contact try to avoid him ....they called me from those numbers 0044 20 3015 2021 be careful anyone

giulio palma 09/24/2018

Παράπονα

Έχω πρόβλημα με τον Nick Morgan και θα τον αποκαλέσω απατεώνα διότι είναι είναι συνεργασημος και δεν μου επιστρέφει τα χρήματα μου όλα πισω.. Τον καταγγείλω δημοσίως και στην εταιρεία του.. Παρακαλώ πολύ περιμένω απάντηση...

Translated by Google:

I have a problem with Nick Morgan and I will call him an impostor because he is cooperative and he does not return my money all back .. I publicly denounce him and his company .. Please wait a long way ...

Pavlos demirtzidis 08/22/2018

Banc De Monarch Estafa

Buenas tardes ,soy victima de estafa en linea por parte del Banco De Monarch,necesito saber si es posible que recupere mi cpital o done denunciar.
Gracias

Translated by Google:

Good afternoon, I am a victim of online fraud by the Bank of Monarch, I need to know if it is possible to recover my cpital or donate.
Thank you

Yanny Benitez 07/26/2018
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