Avoid Signing Up This Unlicensed FX Broker Monfex

A Brief Overview of Monfex

Monfex (https://www.monfex.com/) is an offshore broker that offers online trading in a variety of financial markets. The broker, which was founded in 2018, promises to provide over 200 trading assets. Forex, commodities, equities, indices, and cryptocurrency are among the markets it supports. Clients have access to a web-based trading interface that is also available on mobile devices. The instructional library of the broker, which includes blogs, drinks, and how-to instructions, is also included in the packages. Customers may contact the company's customer service via phone or email. However, the broker does not provide a live chat service.

Is Monfex Regulated？

Nowhere in the world is the broker regulated.

It originally claimed to be a subsidiary of SWISS-SVG HOLDING LTD and to be subject to “regulations” issued by the Financial Services Authority of Saint Vincent and the Grenadines (SVG FSA). After being discovered by multiple independent reviews, the corporation seems to have deleted the material from its website.

Notably, the SVGFSA does not license forex traders or brokers, nor does it manage, monitor, oversee, or authorize foreign firms engaged in forex trading or brokerage. As a result, even if it had not removed the information concerning the SVG FSA, it was still an unregulated broker.

Client Feedback Received by WikiFX

Monfex, like many other scam brokers, has a bad reputation among its traders. Some of the company's concerns include fund withdrawal delays, slow transaction executions, slippage issues, and bad customer support.

View all complaints by following this link: https://www.wikifx.com/en/exposure/exposure/3626588079.html

What Makes Monfex a Scam？

Monfex looks to be a fraud for a variety of reasons.

First and foremost, the Spanish National Securities Market Commission (CNMV) has informed the corporation about its improper activities in the nation.

Second, there is no access to any recognized third-party trading platforms, such as MetaTrader or cTrader, via the broker. Instead, it requires customers to utilize its custom-built online interface to access the markets, which entails some risk.

Third, the firm does not need you to provide KYC papers before depositing cash into your account. Legitimate brokers do not enable customers to use the site until they have submitted the necessary documentation and verified their accounts. That is not the case with Monfex. You may put as much money as you like into your account since the broker knows it will not refund a single cent.

Fourth, it is an uncontrolled entity with no fixed location. There is no information available about the company's physical address.

Finally, negative customer feedback reflects the company's inadequate code of behavior.

How does Monfex Scam Customers？

When you join up with the firm, a flash screen appears informing you that you are one of the lucky clients who may get a 50% bonus. Everyone who registers with the broker receives the same message.

The broker's marketing staff will then contact you through email or phone. A guy pretending to be your account manager approaches you and requests deposits. The fraudster pressures you to contribute a specified amount to obtain the bonus offer. However, once you've filled out your account, your money is gone forever since the fraudster never returns it to you.

About WikiFX

WikiFX is a platform for searching worldwide corporate financial information. Its primary duty is to give the included foreign exchange trading organizations with basic information searching, regulatory license seeking, the credit assessment, platform identification, and other services.

Over 39,000 brokers, both licensed and unregistered, are listed on the network. WikiFX's staff has been hard at work with 30 financial authorities from across the world to verify that the information supplied is factual and correct.

In conclusion

We've investigated a number of fraud companies, and we think Monfex is one of them. Despite being identified as a scam company several times and obtaining a warning from a regulator, it continues to operate. Perhaps the firm expects to capture more customers until authorities aggressively take down its domain. In any case, please be advised to avoid it.

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