Monfex Review: Abysmal Forex Scam

Monfex Review: Abysmal Forex Scam

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Monfex ( is a brute Crypto Currency scam broker out to shred investors into pieces. Anyone who signs up with Monfex is surely going to lose any funds deposited with this scam platform. Numerous email complaints have been sent to our email desk detailing how MONFEX is scamming investors. And this is why we felt the need to expose this shameless and dirty Crypto broker. Read this detailed Monfex review.

Monfex Review

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Monfex Review:

Monfex is claiming to offer the ultimate crypto currency trading platform for investors. After receiving complaints from users, we decided to land on their homepage. This homepage is easily enticing to the eye and grabs visitor’s attention with ease. And this is what these scammers are after, your full attention. They want to make you believe this platform is legit based on their homepage display. This is what professional Crypto scammers are known for.

Newbie investors fail to grasp one crucial detail, this could be a trap meant to solicit funds. Thanks to our keen eye and years of Crypto and Forex trading experience, we know how to spot scams. Monfex is no different as they have used the same scam tactics used by other scammers. These tricks are well hidden and the naked eye can’t find them unless pointed at them. And this is what this detailed Monfex review is geared to do, expose tricks used. Read on to find out more.

Who Owns this Platform?

To use their own words, Monfex was created by a team of finance and tech experts. Problem with this statement is how well they have hidden the facts. Why have they failed to mention even a single founding member? If there was a name on the website, users can easily verify this platform is owned by so and so. Sadly, these scammers hide their identity in plain sight.

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Why have they failed to give us where they are located? Disclaimer at the footer of the homepage fails to disclose their whereabouts. This is proof we are dealing with an anonymous online entity. This will leads to loss of funds and no way to recover it. This is simply another anonymous Crypto platform out to steal funds from investors.

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Is Monfex properly licensed?

How can an anonymous broker be licensed? These scam artists cannot pass the standards set for issuing licensing to real brokers. And these scammers know this hence, lack of licensing. Anyone who signs up with this broker is signing up with a rogue Crypto broker. Chances are, once you sign up and deposit, account managers will block you. This is what happens with most anonymous Crypto platforms. Lack of proper licensing should be a major red flag to avoid.

Why fail to post their licensing or regulation credentials for all to see? They don’t have any which makes them an illicit Crypto brokerage firm. Make sure to stay away from any broker who lacks licensing documents. Real brokers will always posts copies of their documents for users to verify. This makes the broker appear transparent and trustworthy in the eyes of investors and regulatory bodies. Make sure to always check licensing credentials before signing up.

Fake Demo Account

According to the details on their homepage, users will receive 1BTC on their demo account. These scammers have made sure to cheat traders by rigging their demo account.  As soon as you start trading, users get over 98% successful win trades. These scammers have rigged their demo account to produce insane profit margins. Even a newbie who lacks trading knowledge will win.

Monfex Broker Review

Investors will be asked to deposit real funds in order to continue trading. Investors end up losing more money as account managers urge them to deposit more funds. Stay away from this broker at once.

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Funding Options

Monfex has made sure funding options are easily accessible by all traders. They have chosen to use two funding methods for their scam. MasterCard and Visa are the two depository channels users have to make deposit money. There’s a reason why this broker has chosen these two depository methods, they are easily accessible. This is not a valid reason why investors should sign up with this broker. There’s more than meets the eye with account funding options.

When it comes to withdrawing funds with this broker, this is where the problem lies. No member has been able to withdraw funds using this brokerage firm. And this is what makes this a certified Crypto scam. How can a legit broker refuse access to withdrawals? Only scam artists who are thieves can refuse withdrawals. These scam artists will do or say anything to pocket themselves with your funds. Stay away from any broker who gives excuses when withdrawing funds.

Is Security of funds guaranteed by Monfex?

Looking at their website, we noticed there’s no legal information page. This broker has conveniently failed to post this important document for a reason. Why have they failed to mention how they handle funds? Which institution do they use to bank money deposited by investors? Lack of this vital information is proof we are dealing with a Crypto scam artists.

It’s possible this broker is laughing all the way to the bank thanks to your deposits. Members are actually depositing funds straight to owner’s personal bank account. And this is how members are lining pockets of these scammers with their own money. Segregation of accounts is not possible as this broker is pooling funds in one account. In case of bankruptcy, this broker will not safeguard your funds. Monfex does not insure funds making it a dangerous platform to invest in.

Is Monfex a Scam?

Without a shadow of doubt, we are dealing with a rogue Crypto broker who is stealing funds openly. Monfex is a scam which must be exposed for all traders to be aware of. In order to stay safe from this broker, don’t issue your personal details. In case you are asked to join their affiliate programs, ignore this plea, this is a ruthless platform. Warn your family and friends from signing up with this broker

Monfex Bottom Line

Monfex Forex Review

As we have clearly exposed this broker for what they really are, we have to add them to our scam blacklist. Stay away from any platform which shares the same characteristics as Monfex.

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Lastly, we wish you all the best in your Forex trading experience.

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