Monetex (Monetex.net) is a CFD brokerage scam company that is scamming millions as you are reading this. We have received numerous email complaints from people who have lost money with this crypto currency broker. Claiming to be operating in the UK, we had to investigate. Our investigation led us to chilling discoveries that you must know. Read on this detailed review and find out the truth about Monetex.
This product claims to have blockchain technology expertise and is offering a crypto and funds trading platform. When you visit their homepage, you will realize that there’s a warming and welcoming feeling. You are greeted by the story that Monetex is the first step to prosperity. Developers claim that this is your first step to become financially independent. This would all be awesome if it was true.
Claims of putting your priorities first are misguided and no one believes this. One of the first red flags we saw was their charts. They don’t have a live chart and this makes us question everything about Monetex. How does a so-called blockchain expert fail to have a live chart? It’s simply because we are dealing with a phony broker. A live chart is expected to keep users in the know-how of prices so that they can execute trades.
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When you visit the homepage, you will realize that they claim to have four key pillars to success. These include education, research, execution, and discipline. The problem we have with Monetex is that they don’t explain how. Monetex should be able to explain how for newbie traders. How do they expect newbie traders to do research on things they don’t understand? How about telling us their execution plans and how they do it?
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A genuine Crypto currency trading brokers would ensure that members have been informed about the do’s and don’ts. One good thing about legit crypto trading brokers is that they offer academies or eBooks. This is a proven way that members do actually learn about crypto trading as time goes by.
Monetex does not in any way help its users with claims of having the keys to success. Even an insane person claims to know how to succeed.
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According to the website, Monetex is operated by a company called Golden Hill Group LTD. They claim that this company is incorporated under the laws of the UK and it’s registered. When we delved into the terms and conditions set under the company’s page, we were shocked. You should know that this company claims that non-deposited funds including profits are not part of the client’s profits.
This means that you will not get your profits until you agree with their terms and conditions. Scam artists are known to hide certain terms and conditions so that they can work around them. This product has done the same thing with their terms and conditions. Terms here claim that the company has the full right to reclaim any funds they deem necessary. Isn’t this stealing from clients indirectly?
Even though they claim that this company is registered, we have proof that says otherwise. We made sure we contacted the registrar of companies to find out the truth. According to the registrar of companies, there is no company registered under such a name. This must be insane. We delved deeper and checked the world’s company register and the results were the same. Their mother company is not registered anywhere on the face of the planet.
It’s clear we are dealing with a phony company whose sole intent is to take away your money. Scammers have been claiming to be registered and this is not the case. One way of checking whether you’re dealing with a scam company is to check whether the company is registered. Proof that Monetex IS NOT REGISTERED has been shown.
No, Monetex is not regulated anywhere on the face of the planet. We made sure we contacted all relevant authorities and regulatory bodies. Our first stop was with the FCA which is the UK’s main governing or regulatory body. FCA claimed it has never regulated a company with the name Monetex or their mother company. We made sure to contact CySEC which is the EU regulatory body. They too had not regulated this product.
It’s clear now that we are dealing with a fake crypto currency broker. The best thing for you right is to ignore signing up. Most people have lost money with companies which have not been regulated. Money cannot be recovered because these companies don’t follow the set rules and guidelines. Investors are urged to stay away from such companies and deal only with regulated and registered companies.
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Monetex offers five different account types. These account types are Mini Account, Silver, Gold, Diamond, and VIP. All these accounts come with different set of incentives and prices. Mini account comes with 1:200 leverage and 25% margin loan. Silver account comes with 1:200 leverage with 35% margin loan.
This account also comes with a personal account manager. Gold account comes with the same leverage and 50% margin loans. You also get a personal account manager portfolio construction.
Diamond account comes with a 1:300 leverage and 75% margin loan. It also comes with a personal account manager with analyst sessions. VIP account comes with 100% margin loan and personal account manager. Minimum required deposit for these accounts ranges from 2BTC to 45BTC. All these are different ways Monetex is trying to widen their scam net. They are targeting both small and big crypto investors.
This product claims to have one of the leading European investment platforms. One of the biggest lies they tell us is that their platform is straightforward and has amazing features. They also claim to be fast which is not the case. Being a web platform, their execution rate was slow due to interface interference. Plus, you can only trade using their platform.
It means that you cannot use Monetex on the go. Users cannot download this platform on mobile or desktop devices. In this day and time, all traders need to be trading on the go. Folks, this is another reason why you should not trade with this product.
Yes, Monetex IS A SCAM. Proof of their scam is clearly shown everywhere. From their sketchy terms and conditions to not being registered, Monetex is a scam. Why would they not be registered? Why would they claim to be a regulated company? They simply want you to believe that their platform works and is legit. Stay away from it if you want to save money.
Due to the irrefutable proof we discovered, we have no other option but to blacklist Monetex. Claims of offering the best in crypto currency trading are a hoax. They simply want you to sign up with this fake broker firm.
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