Is Monfex a 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.

According to the terms and conditions, the broker is registered with the Financial Commission under the number 25024 IBC. Even though the FinaCom is a well-respected organization, it is a self-regulatory organization which 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 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 rest assured. The broker doesn’t provide its address, but only the contact phone number, which has British country code. This is supposed to mean that the company is located in the UK, however, we have got no proofs from the local regulator Financial Conduct Authority.

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 Plus500.

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