ModMount Ltd invites traders to take on the financial market and emerge as trading leaders. To support its clients, the firm offers a team of specialists, including seasoned experts and analysts, a modern platform, technical support, and favorable terms. However, the company is legally based in the Seychelles, which isn’t a promising sign. Additionally, their sole license comes from the SFSA. Online reviews present a mixed bag of both positive and negative feedback. So, the critical question arises: is this broker a scam or a trustworthy platform for trading? That remains to be seen.
Table of Contents
Highlights
| 🏛️ Country | Seychelles |
| ⚠️ Regulation | SFSA |
| 🖥️ Website | https://www.modmountltd.com/ |
| 🎲 Demo Account | Yes |
| ⏳ Start Time | 2022 |
| 💲 Minimum Deposit | $250 |
| ⚖️ Minimum and Maximum Leverage | 1:400 |
| ⚙️ Trading Platform | WebTrader |
| support@modmountltd.com | |
| 📞 Phone | +2484632002 |
First Impression of Modmountltd.com
The official website acts as the public face of any brokerage company. It’s evident that ModMount Ltd tried to design a high-quality website, but it seems they might not have succeeded. Across the site, there’s a recurring theme urging visitors to dive into trading and challenge the financial market. Such appeals are often met with skepticism by seasoned traders. Attempting to fight against the market is a bad idea that will inevitably lead to losses. It appears that this is precisely what ModMount Ltd aims for, given the way they motivate users.
The design of the ModMount Ltd website could be deemed successful, but only in part. Among the visuals, we find depictions of cryptocurrencies, accomplished individuals dressed in formal shirts, adorned with glasses and watches, monitors showcasing charts, and icons of bulls and bears representing key market players. The presentation feels ostentatious, cheap, and clichéd. The recurring use of certain images, clichéd phrases, and an unappealing color scheme diminishes its quality.
At the top, you can find sections detailing ModMount Ltd, account types, asset classes, trading tools, and contact information. The placement of the information blocks is poorly executed, compelling users to sift through multiple links to retrieve certain details. The website’s navigation is both cumbersome and intricate. A novice user might prefer exiting the site rather than navigating through it. All in all, the website would earn a score of 2 out of 5.
Partnership and Bonuses
ModMount Ltd has an affiliate program. It is presented in three variants:
- Conversion. The client receives a reward for a confirmed partner.
- Rebate. Flexible payments depending on the volume.
- Valued Partner. Customized conditions.
The partnership program also includes personalized promotions, advanced analytics, marketing materials, and dedicated support. No specific details on the size of payouts are available.
ModMount Ltd doesn’t advertise bonuses on its website, but its documentation reveals a bonus policy, hinting at such a marketing tactic. They don’t specify the exact bonus amounts but set forth their associated conditions. A trader needs to trade a volume of the received bonus multiplied by 2000 within 30 days. For instance, if one gets a $500 bonus, they’d need to achieve a trading volume of 1 million dollars within a month for withdrawal eligibility. Even seasoned traders would find these terms daunting. Chasing this lofty turnover target, newcomers may exhaust their deposits, and the broker is precisely counting on this.
Account Opening on Modmountltd.com
Creating an account with ModMount Ltd is a complex, tedious, and lengthy process. They require basic details like your full name, email, phone number, and password, and then you must accept their terms. After this initial step, the broker dives deeper, asking for your residential address, employment status (employed, retired, student, or other), annual income, primary sources of income, the intended deposit amount, strategy, nature of profession/business, trading experience in OTC markets, and tax identification number.
It feels more like we’re in a police interrogation than registering for a brokerage account. After delving into an extensive set of personal details, the firm then requests document uploads for verification. You can’t deposit and, consequently, can’t start trading without completing the KYC process. Even though ModMount Ltd offers a demo account, it’s inaccessible without KYC. We are also confident that due to such a tedious and prolonged registration procedure, most newcomers will simply give up and close the site.
Verification
As previously noted, the verification process is mandatory. Documents are uploaded during the registration phase with ModMount Ltd. Unfortunately, there’s no way to review this information ahead of time since it’s not provided on their official website.
- None.
- Do not disclose information without pre-registration.
Trading Software
ModMount Ltd offers Webtrader as its trading platform. This terminal grants access to more than 160 assets, and features advanced technical analysis tools, a history of trades, various indicators, price alerts, and stop-loss/take-profit. Unfortunately, due to some technical issues, we weren’t able to register an account and test the platform in practice. Additionally, the origins of this software remain ambiguous. Some online sources speculate it might be custom-built software, while others suggest it could be a product from the developers of MetaQuotes.
| Features | ModMount Ltd | The Uptrend Center | SeguroFX |
|---|---|---|---|
| Demo Account | ✔️ | ❌ | ❌ |
| Mobile App | ❌ | ❌ | ❌ |
| Own Development | ✔️ | ❌ | ❌ |
How Can I Trade With ModMount Ltd?
Clients have the option to trade with leverage up to 1:400, depending on the asset being traded: forex, metals, indices, commodities, crypto, or stocks. The order volume ranges from a minimum of 0.01 lots to a maximum of 50 lots. The parameters for margin call and stop out are 100% and 20%, respectively. Additionally, ModMount Ltd provides protection against negative balance scenarios. The spread size varies based on the selected account type. We will review it further.
All Info About Accounts
ModMount Ltd offers five account types. The starting tariff “Classic” features spreads for EUR/USD starting from 2.5 pips. Oddly, the next decrease in spreads is found in the “Gold” account, bypassing the “Silver”, and it’s at 1.8 pips. For the “Platinum” account, spreads start at 1.4 pips, while the top-tier “VIP” account boasts spreads from 0.9 pips. There’s an extra swap discount feature that becomes available from the “Silver” account and above.
The tariff plans in ModMount Ltd don’t seem very diverse. Only two parameters differ: spreads and the availability of a swap discount. There are also two questions. First, it’s unclear what the real benefit is between, for instance, the second and third account tiers. Second, there’s no mention of the minimum deposit amounts. Commissions are stated as zero. We don’t know the actual situation.
Frankly, the terms of ModMount Ltd left a lot to be desired. Why have different account types if they don’t offer distinct advantages? Where’s the information on the minimum deposit? And why isn’t there an Islamic account option? We had these and several other questions while reviewing this broker’s trading conditions.
- Zero commissions are claimed.
- Same terms and conditions for all tariffs.
- There is no Islamic account.
- No minimum deposit is specified for each account type.
Market Analysis and Education With Modmountltd.com
Each client of ModMount Ltd claims free support and education. Also, the company provides traders with an economic calendar, chart analysis, trading central, basic information about asset classes, and FAQs.
Deposit, Withdrawal, and Fees
Depositing with the company comes without any fees. However, the withdrawal process has its nuances. If a trader hasn’t opened a transaction after depositing and requests a withdrawal, a fee of $10 is charged. For those who’ve traded and completed the verification, the first withdrawal is free, while subsequent ones will cost 3.5% for credit/debit card and e-wallet transactions. Bank transfers come with a $30 fee. ModMount Ltd also imposes inactivity fees: $100 after 30 days, $250 after 60 days, and $500 after six months. Plus, a $10 monthly maintenance fee applies.
| Features | ModMount Ltd | Fusion Markets | Spotinvest |
|---|---|---|---|
| Debit/Credit Cards | ✔️ | ✔️ | ❌ |
| Electronic Payments | ✔️ | ✔️ | ❌ |
| Crypto Transfers | ❌ | ✔️ | ❌ |
| Deposit Fee | ❌ | ❌ | ❌ |
| Withdrawal Fee | ✔️ | ✔️ | ✔️ |
How Can I Contact It?
ModMount Ltd lists a phone number, email address, and online chat for contact. They also offer a dedicated feedback form and have profiles on Instagram and Linkedin. However, upon checking, we found that the email address doesn’t exist. The broker’s Instagram has over 3,000 followers; however, the activity on the posts doesn’t match this number. There are no more than 1-2 likes, and there are no comments at all. Most likely, these are fake followers, meaning bots.
- There’s online chat and social media.
- Email doesn’t exist.
- Fake Instagram followers.
Is ModMount Ltd Dangerous?
The intricate registration process filled with numerous redundant questions, the absence of specific details on trading conditions, and the generic and uncompetitive trading terms strongly suggest that ModMount Ltd might be a dubious brokerage entity. The next steps would be to verify their licenses and assess their operational duration.
How Long Does The Broker Work?
ModMount Ltd operates in a fraudulent manner because the date of its establishment is not indicated on the official website. It seems they might be hiding something. Their website’s domain registration and the first post on their social media both trace back to 2022. It implies that the firm started its operations just last year. Such a small operational span is hardly reassuring. Trusting brokers with such a limited track record is a gamble. It’s impossible to establish a strong and reliable brokerage reputation in such a short timeframe.
How Is ModMount Ltd Regulated?
Given that the company is registered in Seychelles, which is true, it is necessary to check the FSA registry, especially since the official website mentions a license from this regulator. Indeed, the SFSA oversees the activities of ModMount Ltd. However, don’t be too quick to celebrate. It doesn’t handle trader complaints or compensate for any losses incurred due to its registered brokers. It means if the firm chooses to steal your funds, there’s little hope for recovery. It’s worth highlighting that ModMount Ltd doesn’t hold licenses from prominent regulators such as the FCA, CySEC, ASIC, or BaFin. These financial commissions are considered some of the strictest and most trustworthy in the forex industry.
| Features | ModMount Ltd | Oanda | Vantage |
|---|---|---|---|
| European Zone | ❌ | ✔️ | ✔️ |
| Asian Zone | ❌ | ❌ | ❌ |
| American Zone | ❌ | ❌ | ❌ |
| African Zone | ❌ | ❌ | ❌ |
| Offshore | ✔️ | ✔️ | ✔️ |
Frequently Asked Questions (FAQ)
Kevin Berry It’s essential to be cautious when dealing with offshore brokers. Although ModMount Ltd claims to be regulated by SFSA, it doesn’t guarantee they won’t steal your money or manipulate trading charts to cause a loss on your deposit. The web is filled with revealing insights and negative reviews, reinforcing suspicions about the company’s legitimacy. I strongly discourage not only depositing money with them but also sharing personal information. Such fraudulent entities can misuse your data. Ultimately, consider trading only with firms that have a solid span of at least 10-15 years, rather than with dubious newcomers from the past year.
ModMount Ltd rating
3 reviews about ModMount Ltd
Withdrawal of funds from ModMount Ltd is impossible. The offshore company, although operating officially, still engages in fraud and robbery. The SFSA regulator turns a blind eye to this, it does not care. The main thing is that ModMount Ltd pays money for the license, and the rest does not matter. I’ll tell you more, there are so many scammers and black brokers in SFSA that having this license is a direct red flag!
Something tells me that ModMount Ltd is a scambroker. Even if they do allow their clients to withdraw money, during trading, they hinder traders from making profits.
The thing is, ModMount Ltd is a Dealing Desk, meaning it doesn’t route its clients’ trades anywhere. Everything remains within the company. From this, it’s logical to assume that the firm is geared toward making traders lose all their money. And if 90% of traders are naturally losing money without any interference, the remaining 10% who might make profits won’t be doing so on the company’s platform. The scammers will work against these successful traders, obstructing their strategies and causing them to lose money.
I know this not because I came up with it, but from a conversation I had with a trader not too long ago. He told me that as soon as he started to steadily increase his deposit with ModMount Ltd, he began experiencing various issues. Therefore, trading with this fraud is pointless. Even charts are fake.
In hindsight, trusting this scam firm was a mistake. I had a gut feeling about trading with them and would consider opting for a more reputable broker. However, the alluring signals, educational content, and analytics they offered lured me in. I opened a ModMount Ltd account, deposited $500, and began trading. Foolishly, I added another $1,000 without testing their withdrawal process, all for the sake of trading signals. I should’ve first verified the company’s ability to process withdrawals. It became apparent that their platform is entirely untrustworthy. My withdrawal attempts consistently failed. I did earn some money, bringing my balance to $1,750, and tried withdrawing $250, but to no avail. It’s been 3 months since, and I doubt anything has changed. I sometimes revisit my account, hopeful they might’ve processed my request. Alas, ModMount Ltd seems to be a typical forex industry scam and fraud, and that’s the harsh reality.