Moneta Markets Review 2022: Why You Should Avoid This Broker
All traders want the best market prices, a top-notch platform, and favorable trading conditions. As more and more forex trading platforms come up, shady brokers out to steal your money also increase.
Are you thinking of trading with Moneta Markets?
It claims to offer unbeatable bonuses and leverage. However, is that enough for you to trade with the broker?
No, it’s not. Read this Moneta Markets review to understand why.
If you’ve already traded with Money Markets or any other broker and lost your cash, we can help you recover it. Our team of experienced experts has helped many investors get their cash back. Schedule a free consultation today.
Moneta Markets Review: A General Overview
With just a $50 minimum deposit, traders at Moneta Markets may access over 300 CFDs using MetaTrader 4 (MT4) and MetaTrader 5 (MT5) or their own proprietary trading platform, PRO Trader, with a maximum leverage of 500:1.
Moneta Markets South Africa (Pty) Ltd is located at 1 Hood Avenue, Rosebank, Johannesburg, Gauteng 2196, South Africa.
Its other branch is located on First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines (SVG).
You’re probably wondering whether it’s regulated, right? Let’s look at that next.
Is Moneta Markets Regulated?
Moneta Markets is regulated by two entities. Its South African branch is regulated and registered by the Financial Sector Conduct Authority (FSCA) under license number 47490.
Its SVG branch is registered and regulated by Saint Vincent and the Grenadines Financial Services Authority (SVGFSA). The registration number there is 2052 LLC 2022.
Moneta Markets Account Types
The broker has two types of accounts with differing minimum deposits, spreads, and commissions. These include:
Prime ECN Account
This has a minimum deposit of $200. Spreads are 0.0 pips. Commissions are charged at $3 per lot per side. Leverage is up to 1:500.
Direct STP Account
Here, the minimum deposit is $50, spreads are 1.2 pips. The commission is $0, and leverage is up to 1:500.
Moneta Markets Scam Signals
When the deal is too good, think twice. Trading with Moneta Market is risky, as you will discover in this section. Let us unmask Moneta Markets scam signals.
Moneta Markets is regulated in SVG and South Africa. As much as we value all countries, there are some industry strongholds when it comes to forex regulation. These include bodies like CySEC in Cyprus, ASIC in Australia, FCA in the UK, and the NFA in the US.
Unfortunately, Moneta Markets is not regulated by any of these powerful bodies. Therefore, it’s not subject to strict laws and regulations. And in case you’re not in SVG or South Africa, complaints against the broker may not be aptly resolved.
Trading Platform Issues
The Moneta Markets WebTrader platform (PRO Trader) has a straightforward design but a limited number of functions. For instance, there are only four watch list columns and no news headlines.
There’s worse. You can only access the PRO Trader platform with a live account.
Most beginner traders want to first practice on demo accounts before hopping on to a live account. However, this broker makes this move to coerce newbies to start directly with a live account, which is extremely risky for beginners.
Not Enough Market Research
Its research content comes from outside sources, such as Trading Central’s suite of research tools and FxWirePro’s streaming headlines, with little to no in-house content.
Moneta Markets provides access to several third-party research tools from Trading Central, such as Market Buzz, Featured Ideas, and the Economic Calendar. To access these tools, however, clients will need to have a live account and maintain an account balance of at least $500.
There are numerous complaints from different parts of the world. The complaints range from inability to withdraw funds to losses that don’t make sense.
The videos included in the company’s Market Masters course are supposed to be its highest form of education for traders. The course addresses several issues using brief video clips for beginners and longer ones for advanced users.
However, there are no webinars that expound further to users on how they can efficiently maneuver the market. Many top brokers have regular webinars so that users can learn one on one from the pros.
Moneta Markets Review Conclusion: It is a Scam!
Moneta Markets is a scam forex broker that may waste your time and make you lose your hard-earned cash.
It lacks strong regulation, has numerous complaints, and doesn’t educate users properly. Worst of all, it restricts features to force beginners to open live accounts.
If you are already trading with Moneta Markets, do not deposit any more cash. In fact, withdraw whatever is there and look for a better broker.
If you’ve lost money trading with Moneta Markets or any other scam broker, we can help you get your money back. Book a free consultation today..