Is Monfex Scam or Legit Broker?

No, it is not safe to trade with Monfex. Monfex is owned by TENB Ltd., an offshore International Business Company incorporated under the laws of Saint Vincent and the Grenadines.

  • St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as GoldFxTrading, TraderUR and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

About Monfex
🗺️ Registered inSt. Vincent and the Grenadines
🗺️ Type of LicenseOffshore License
🛡️ Is Monfex safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerIC Markets - licensed by ASIC in Australia

What is Monfex?

Monfex is a broker that Forex and cryptocurrency trading. There is no confirmation about the regulatory compliance and the necessary protection of the clients, which enables international investors to trade assured that their funds are protected. The broker doesn’t provide its address, but only the contact phone number, which has a British country code. This is supposed to mean that the company is located in the UK, however, we have got no proof from the local regulator Financial Conduct Authority.

  • According to the terms and conditions, the broker is registered with the Financial Commission under the number 25024 IBC. Even though FinaCom is a well-respected organization, it is a self-regulatory organization that cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.

 

Monfex - official website

Overall Monfex Ranking 

We found that Monfex has multiple regulation and safety issues, thus we do not rank positively Monfex, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

  • Monfex Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
RankingMonfexPepperstoneeToro
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading InstrumentsTrading Conditions

Monfex Alternative Brokers

We revealed that Monfex has a lot of issues, especially in respect of its safety and customer care. Thus, here are much better Alternatives to Monfex with tight regulations and favorable trading conditions. We select Good Brokers and reliable options for your comparison below: 

Deposit & Withdrawal

At Monfex, making deposits and withdrawals is simple and quick. The broker offers multiple funding options, including Bank wire transfers, Visa and Mastercard payment cards, WireTransfer, etc. 

  • All the deposits should be made from a single source 
  • As a client, one can create any number of accounts and can make deposits in any of the real accounts.
  • Traders can deposit funds using a variety of funding methods, such as Bank transfers, credit/debit cards, etc.

Monfex Review Conclusion

We advise all investors and traders to avoid Monfex and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull Markets.

  • Overall ranking and experience for Monfex is Negative

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