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Moneotrade Review - is it scam or safe?

Moneotrade review - Is moneotrade.com scam or good forex broker?

RATING: 2.1 / 1 REVIEWS ForexBrokerz Moneotrade

Moneotrade is a Cyprus broker offering over 60 forex pairs and some other CFDs on the MetaTrader4 platform. The broker is still licensed by the Cyprus Securities and Exchange Commission (CySEC), although their authorization is currently “under examination for voluntary renunciation”. We will discuss their regulatory status and their trading conditions in some detail in the following review.

 

Account type Min. deposit Max. leverage Spreads
Classic Account $500 1:30 1,6 pips
ECN Pro Account $20 000 1:30 0,1 pips + $2/ lot
VIP Account $100 000 1:30 0,1 pips + $1,6/lot

 

Moneotrade Advantages:

 

More that 60 currency pairs offered

 

As we already noted Moneotrade offers a fine selection of forex pairs – over 60, a number of which minor or exotic like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDHUF, USDHKD, USDDKK, USDCZK and USDCNH. The rest of the CFDs you can trade with include 9 indices, oil, silver and gold. We saw no crypto assets in the list however, so here you may also check our list of brokers trading bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Neteller and Skrill accepted as payment methods

 

Along with credit and debit cards like VISA and MasterCard, and bank wire at Moneotrade you can pay with some popular e-wallets like Neteller and Skrill. However, as the broker does not accept crypto payments, here you may also check our list of brokers where you can pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader4 supported

 

At Moneotrade you have a choice between a downloadable PC version of the famous MetaTrader4 platform and a web based version. MetaTrader4 is well known to traders. It features numerous market indicators, an excellent set of advanced charting tools, as well as in- build trading robots, which will readily help you run algorithmic trading sessions. Here you may also check our list of brokers, supporting the platform :

 

>>MT4 Brokers<<

 

Moneotrade Disadvantages:

 

Moneotrade is about to lose its CySEC license

 

Moneotrade is owned and operated by  AMFF Ltd, which is based in Cyprus and currently is still licensed by CySEC - the Cyprus Securities and Exchange Commission. For some reason, however the company has requested a  voluntary renunciation of its license. See for your self:

 

 

When the process is completed, unless  AMFF Ltd applies for a new license from another regulator in the EU like the Financial Conduct Authority in the UK, or let say the Australian Securities and Investments Commission (ASIC) the broker will no longer have a legit right to offer its services on regulated markets like Europe. 

 

Bear in mind that a CySEC license means that the broker have to follow a set of strict financial and ethical rules, among which to keep all clients fund in a segregated, protected form creditors accounts, as well as to maintain at least 730 000 EUR as an operational capital. And probably that is the reason  AMFF Ltd wants to renounce its CySEC license – to release those funds. If they remain unregulated, however, that will surely significantly lower their credibility - there is no way that you can feel safe about your money with a unregulated broker. 

 

In any case, here you can check our list of brokers regulated in Cyprus, for yet another reason – CySEc brokers are required to participate in a client compensation fund, basically insuring your trading account for up to 20 000 EUR:

 

>>Forex brokers in Cyprus<<

 

High minimum deposit requirement

 

You will have to deposit at least 500 USD if you want to open a trading account with the broker and that is about twice the amount most brokers would ask for. And besides, bear in mind that some big well established companies like FBS and IG do not have a minimum deposit requirement at all.

 

High spreads

 

With its Classic Account Moneotrade says to be offering spreads starting from 1,6 pips, which we find somewhat higher than what traders would usually consider attractive. Besides, here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conservative leverage

 

Because Moneotrade is still licensed by  CySEC, the maximum leverage it can offer to its clients, when they trade forex, is 1:30. Actually this is the maximum leverage allowed on the European market since the European Securities and Markets Authority (ESMA) introduced its new guidelines in the summer of 2018. Still, if you are tempted to trade with higher leverage, you may also check our list of brokers regulated in Australia – the last major regulatory destination, where leverage remains unrestricted:

 

>>Brokers regulated in Australia<<

 

Conclusion:

 

Although Moneotrade is still licensed by  CySEC, as soon as their license is revoked, (this is expected to happen in the following months) the broker will no longer be reliable. And unless they change their minds or get another license, we will no longer be able to count them in our list of recommended brokers. 

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Traders` reviews for Moneotrade

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