Overview of Monfex Review:
Scam Broker Website- https://www.monfex.com/
Warned by – Consob
There might be a scammer latching on to you just as you read this sentence. With the latest technology being delivered at our fingertips in this era, we often take the internet for granted and choose to look over the harmful effects of the internet. Be it Clicking on random links that come with the emails or downloading attachments, participating in a random quiz that you have a pop-up advertisement and asks for your personal information, or a cold call telling you about the unending benefits of opening an account with their brokerage firm, scams have a unique yet common way of finding their victims. Do you want to avoid these scams? If your answer to this question is yes, then read the Monfex review and find out what you should look for in a broker before opening an account with them. If you find this Monfex review useful, make sure to share it with your loved ones to save them from such scams as well.
What all should you look for in Monfex Review?
Scams are deadly.
Having the potential to make someone go into a debt trap, the scammers lure their victims in with irresistible offers and discounts. In this segment, we will be telling our readers about a few important points that you must look for in a broker before opening an account with them. Remember, nobody has a right over your money.
Monfex and Regulation:
As you all might know, the regulation is one of the most important checkpoints that one must look for while searching for a brokerage firm. Due to the increasing inflow of scammers in the market, the regulations set up barriers to make sure that the scammers stay away from the market. For this, they introduced the licenses. For a company to acquire a license, it must go through a variety of tests. However, these tests are not as easy as they might sound like. If a company does not have a license, it means that the company is UNAUTHORISED and not fit for trading. In our case, if Monfex is unregulated, then this raises the first red flag against Monfex in this Monfex review. Read More Scam Broker Reports 2021.
Monfex and Minimum Deposit:
The minimum deposit is generally asked in very small amounts by the legitimate brokers as taking huge amounts as the minimum deposit is not advised by the regulations. However, the tradition of taking huge minimum deposits is extremely common in scam brokers as their main aim is to steal as much money as they can from the trader before they get suspicious. The usual amount asked by the legitimate brokers lies in the range of $5 to $10. If Monfex asks for an amount more than the average, chances are that Monfex is a scam.
Monfex and Leverages:
Leverage is yet another common checkpoint that one must look for while checking for a broker online. Due to their direct involvement with the risk, leverages are offered in small amounts. The leverage is even capped at 1:30 and 1:50 in the European countries and the USA respectively. If Monfex offers leverage more than this, it is a sign that Monfex is a potential scam.
Conclusion: Is Monfex scam or legit?
To sum up, all that has been said above, we give you the power to decide whether Monfex is a scam or not. We request the readers to move forward with extreme caution. If you have been a victim of Monfex scam or any other broker, do not feel embarrassed. File a complaint right now and get instant help from our team!
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