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Monzaee FX Review | Over 8,000 Active Traders or a Scam?

by Kevin Berry
Rating: 
  1.1/5   Reviews: 3
Monzaee FX - logo

Monzaee FX offers to open a Forex account to trade in financial markets using leverage. This company shares intriguing details about itself that require thorough verification. For instance, they claim to have over 8,000 active traders, 9 branches, and 9 awards in the brokerage industry. Moreover, their main offices are located in the UK and UAE. However, what’s truly significant is the absence of a license and the scant number of reviews online. In this investigation, we’ll try to identify signs of a scam and conclude whether it’s safe to trade here or not.

Highlights

🏛️ Country United Kingdom, UAE
⚠️ Regulation
🖥️ Website https://monzaeefx.com/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit $100
⚖️ Minimum and Maximum Leverage 1:500
⚙️ Trading Platform Vertex
📨 E-mail support@monzaeefx.com
📞 Phone

First Impression of Monzaeefx.com

The official website of Monzaee FX didn’t particularly impress us. It’s ordinary, typical, and resembles the websites of other brokerage firms, lacking uniqueness and high quality. The broker uses clichéd phrases, motivational slogans, and pseudo-advantages. In some places, the site isn’t even fully developed. The company has icons for social media, but they redirect back to the homepage. Moreover, they use some unclear abbreviations; for instance, in the contact details, there’s a phrase “Just Share your ph num” – was it really that hard to write “phone number” in full instead of abbreviating it? Or is this the broker’s “quirk”?

Monzaee FX - site

The graphic design is basic and non-distinctive. It features images of laptops, smartphones, charts, skyscrapers, cityscapes, and people in suits, supposedly resembling professional traders. The website defaults to English, but supports several other languages. In the English version, there’s text in another language, which is another glaring oversight. If the website version is in English, then all the text should be in that language. In short, Monzaee FX approached the creation of their website carelessly and nonchalantly.

Site2

Partnership and Bonuses

There’s no information about a partnership program. It’s unclear whether Monzaee FX has an affiliate program, which is odd because such programs are a good driver for attracting new clients. Bonus promotions also seem to be absent, as the broker hasn’t mentioned them at all.

Account Opening on Monzaeefx.com

To explore the personal cabinet and platform, one first needs to register. This process involves providing a name, password, phone number, email address, residential address, and date of birth. Monzaee FX also requires you to immediately specify the account type and choose the leverage size. It is inconvenient because a client needs to first familiarize themselves with the terms of each tariff, and perhaps try a demo account, before choosing an account type. Speaking of which, a demo account isn’t even offered here. What’s even more interesting is the absence of a user agreement, AML&KYC policy, and other important documents.

Registration

After creating an account, the system will send a confirmation email. Then, you need to log into your personal cabinet using the email and password. Next, the Monzaee FX dashboard opens, allowing you to track trading statistics, open a new account, perform financial transactions, upload documents for KYC, view trading history, download the platform, and apply for the Introducing Broker affiliate program.

Monzaee FX - dashboard

Clear downsides of Monzaee FX include the absence of a demo account and important legal documents. The interface and features of the personal account are standard.

Verification

On the main page of the Monzaee FX website, the verification process is positioned between account creation and depositing funds, indicating that KYC is a mandatory process. The company asks to upload two types of documents: proof of identity and proof of address. Overall, nothing complicated or unusual, but the AML&KYC policy is not provided, and the process is not described in any way.

Pros
  • None.
Cons
  • Do not disclose information without pre-registration.
  • No AML&KYC policy.

Trading Software

Monzaee FX’s trading platform is called Vertex. It’s available for download on Windows, as well as on iOS/Android smartphones. Links to AppStore/Play Market are provided in the personal account. The stated advantages of the terminal include ultra-fast trade execution, no dealing desk, no requotes, the ability to check history and performance, a swap-free option, and tools for technical analysis, including indicators.

Mobile trader

Interestingly, we couldn’t find the webtrader, even though it’s mentioned on the website. Monzaee FX offers a mobile version and a PC program, but there’s no web platform. We didn’t risk downloading the PC terminal because an unknown .exe file might be harmful. It could contain dangerous viruses. So, we couldn’t practically test the platform. It’s safe to say that this software is not very popular and is unlikely to compare with well-known competitors, like MetaTrader.

Features Monzaee FX ForexLive WeFinancial
Demo Account ✔️
Mobile App ✔️ ✔️ ✔️
Own Development ✔️ ✔️

How Can I Trade With Monzaee FX?

Next, we’ll look at the types of accounts offered by the broker, as trading conditions depend on this.

All Info About Accounts

Monzaee FX offers traders three types of accounts:

  1. Silver. Minimum deposit is $100. The tariff includes leverage up to 1:500, order volume from 1 to 10 lots, zero swaps, and spreads from $15.
  2. ECN. From $500, same conditions, but maximum volume 15 lots, and spreads from $18.
  3. Supreme. For deposits from $1,000. Fixed spread from $22, and order Volume 1 – 18 lots.

Are there any negative factors in the stated conditions? Yes. Firstly, the high leverage of up to 1:500. Such a leverage ratio indicates a lack of regulation. If Monzaee FX had licenses, the maximum leverage would be 1:30, not 1:500, as many regulators prohibit offering more than 1:30. Secondly, the ECN account type, where the minimum deposit is $500. The minimum trade volume that can be routed to ECN is $100,000 or more; it’s unlikely that the company will route trades of clients with deposits of $500-$1000. Moreover, we highly doubt that the firm even has access to ECN. This abbreviation is probably used for advertising and attracting inexperienced traders.

Account types

The minimum deposit here is not high, but Monzaee FX still adheres to the principle of “pay more to get more favorable conditions,” although this benefit isn’t particularly noticeable, as the spread size increases with the tariff. Now, regarding the spread size from $15 and above – these are super-unfavorable conditions. Will one trade cost a trader $15? If they have a deposit of $100, will the spread account for 15%? If we’ve understood this condition correctly, it’s sheer madness. Who would agree to trade under such terrible and unreasonable conditions?

And a bit about the minimum trade volume starting from 1 lot. For calculation, let’s take EUR/USD and convenient numbers. Imagine you have a deposit of $100, and the minimum allowable volume is 1 lot. You open a trade, and a 1-point price movement will either give you $10 or take away $10, depending on the order’s direction (long or short). 10 points against you – you’ve lost your deposit. And you still have to consider the huge spread. With such conditions, even a trader who can predict the future won’t be able to profit. Monzaee FX either made a mistake in specifying the conditions in the account type descriptions, or they considered their clients naive, offering such unreasonable terms.

The trading conditions in Monzaee FX are unsuitable for normal and profitable trading. Even experienced traders won’t be able to earn here. It’s either a mistake or the firm is targeting beginners who don’t understand this.

Pros
  • None.
Cons
  • Inadequate and unfavorable trading conditions that are unsuitable for trading.
  • There is no demo account.

Market Analysis and Education With Monzaeefx.com

The broker’s additional services include the assistance of a personal manager, trading signals, a financial calendar, online charts sourced from the popular Tradingview, and technical analysis using indicators. Also, Monzaee FX offers margin and pip calculators, PAMM accounts, and a free currency converter.

Deposit, Withdrawal, and Fees

You can top up your deposit balance in several ways: bank transfers, cash, and Tether (TRC-20). Other details, such as fees and processing times, are missing. As we’ve already understood, Monzaee FX adheres to a policy of secrecy and opacity.

Features Monzaee FX DukeMarkets Likewood Invest
Debit/Credit Cards ✔️ ✔️
Electronic Payments ✔️
Crypto Transfers ✔️ ✔️ ✔️
Deposit Fee
Withdrawal Fee

How Can I Contact It?

You can contact Monzaee FX’s managers via email. Online chat, social media accounts, and a phone number are not provided. Clients can also submit a feedback request on the website.

We decided to check the only means of communication with Monzaee FX, and here’s what we found out. It turns out the email address doesn’t exist. In other words, the company provides fake email. The question arises – how does one get in touch with the broker’s representatives?

Fake email

Is Monzaee FX Dangerous?

In reality, there’s no doubt that we’re dealing with a blatant scam organization. Why? The lack of ways to communicate with managers, given that the email is fake, the unreasonable trading conditions that essentially rob traders, and the company’s secrecy and opacity. These red flags from Monzaee FX already hint at potential fraud. The only thing left to determine is when the platform was launched and whether the company has any licenses at all.

How Long Does The Broker Work?

Registration documents are missing, and the foundation date isn’t even mentioned on the Monzaee FX website. The number of reviews online is extremely limited, almost non-existent. So, it can be assumed that the firm has been around for a very short time. The domain registration date confirms this, as it was registered on July 29, 2023.

Domain

How Is Monzaee FX Regulated

The broker shares two addresses with us: the UK and the UAE. In these jurisdictions, financial activities are regulated by the FCA and DFSA, respectively. However, Monzaee FX was not found in either the Financial Conduct Authority or the Dubai Financial Services Authority databases. It indicates that the organization is operating illegally, as any brokerage intermediary is required to obtain a license. This is especially true for the UK jurisdiction, where the FCA strictly and responsibly oversees the brokerage industry.

Monzaee FX - FCA

Features Monzaee FX Signet Capital NPBFX
European Zone
Asian Zone
American Zone
African Zone ✔️
Offshore

Frequently Asked Questions (FAQ)

How to Trade With Monzaee FX?

To start trading, you need to register a personal cabinet, then confirm your email, and after that, activate your account. Also, before depositing, you need to go through KYC.

Is Monzaee FX Legit?

The broker is neither controlled nor regulated. We checked the registries of financial commissions, and such a company was not found there.

How Risky Is It?

Trading with illegal firms is very risky. Such organizations can deny you fund withdrawals at any moment, or they might just steal your money right away. Trading with Monzaee FX is a 100% risk.
Kevin Berry
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Expert Opinion

It is sheer madness, honestly. Who would even agree to trade with Monzaee FX with such massive spreads? You simply open a trade, and 10% of your deposit goes to commissions. Have you ever seen such conditions anywhere? I haven’t. It is such a disgraceful and fraudulent dealing desk that its scam nature becomes clear at first glance. Clearly, there’s no sense in even trying to trade here. Moreover, it’s an outright scam without licenses and legal documents.

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Monzaee FX rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

3 reviews about Monzaee FX

The Master September 27, 2023 - 18:04
Fake trading and classic fraud broker
The level of trust
Quick withdrawal of funds
Efficiency of technical support

Walk away! This fraud broker will steal your money if you transfer it to these scammers! There’s nothing good, safe, or reliable here. Trust my vast experience! You’ll lose money here!

Reply
Mark Aniston October 3, 2023 - 02:12
I shouldn't have deposited here
Efficiency of technical support

I regret trying to trade with Monzaee FX. The commissions and spreads are huge, there are few assets, and the trading terminal performs poorly. Why not offer an alternative, like MetaTrader5? Their trading platform constantly crashes and has limited functionality. The trading conditions are definitely not favorable. It seems Monzaee FX targets fleeting beginners like me, who will invest money, lose it, and move on. That’s their scam business. By the way, I couldn’t even get in touch with their managers. It seems they don’t have any.

Reply
Pomor October 12, 2023 - 12:54
The most typical scambroker
The level of trust
Quick withdrawal of funds
Efficiency of technical support

Yes, the company is a scam and fraud broker. It’s not surprising that people lose money with Monzaee FX, as it’s a fake platform. There’s no real brokerage mediation here. It’s just a typical fraudulent firm that steals people’s money. I’m even more curious about who would agree to such trading conditions? What are these traders thinking when they transfer money to a company that lacks licenses, documents, and any other guarantees of reliability and legality?

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