Thinking of getting into business with Monafoli? Here is what you must know about this broker. Carefully read this review to find out if monafoli.com is the trading platform you will want to trade with.
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About Monafoli Broker
Monafoli is an offshore brokerage company with a lot of promises for traders. The broker claims to have its headquarters in the United Kingdom.
There are different account types Monafoli offers, namely Bronze, Silver, Gold, Platinum, Diamond, Premium, VIP and Islamic.
In spite the trading instruments Monafoli claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
monafoli.com: Reasons to Avoid This Broker
Firstly, monafoli.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because Financial Conduct Authority, FCA UK does not recognize this broker.
Secondly, we noticed monafoli.com has no demo account for traders. Since traders can’t test Monafoli on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with a scam broker.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Monafoli presents no specific information on that for forex traders, but we believe there are charges traders will have to faced.
Minimum Deposit
Monafoli minimum deposit is said to be $10,000 according to the account type.
As for the payment methods, we can make payment via Credit/ Debit card, Bank Wire Transfer and other e-wallets. To clarify, you should not consider making any payment with this broker because it is a risk and a scam. So beware!
Monafoli Platform
Monafoli offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, it can get up to 1:200. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Monafoli Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Conclusion: Is monafoli.com a Reliable Broker?
No, monafoli.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
This Broker kept calling me on different mobile numbers, claimed to be based in London, non of which connected when I tried calling back. They try and use pressure selling, but if you don’t invest more they soon stop contacting you altogether. Tried to make a withdrawal, but found all the trading history had disappeared and withdrawal page just kept refreshing when I submitted my request to take out €200.
Basically, it appears that I have lost my £250 deposit investment! Don’t be fooled by all the talk, and they ask a lot of questions to gain more information on your personal details, such as ‘what do you do for a living?’. The more you earn the higher the probability you have more fre and ‘how much do you earn each year?’