This review explains why you should stay away from the cryptocurrencies broker MonnaiesTech.
What it is about
To trade with MonnaiesTech you need to open a trading account, there are several types, the lowest minimum deposit is $250, the highest account requires $50,000. The minimum trade is $25.
The company can also send you trading signals, but only one per day.
There are several problems and red flags we see with MonnaiesTech.
First of all, when you read the Terms and Conditions, you will notice that MonnaiesTech offer indirect trading with contracts for difference (CFD). In other words, you will be trading derivatives, which is a regulated market.
But MonnaiesTech is not regulated, it has no authorization to offer investment services. Since it allegedly is based in the UK, it is an illegal broker, because it is not registered with the FCA.
By the way, the support phone number leads to France, so the broker is obviously targeting French residents too, but is not authorized in France either.
The problems is that you can see an award from 2015, meanwhile the broker was founded in 2018. So, it could not have won an award three years before its creation! This proves that it is a scam.
We found at least one serious complaint about MonnaiesTech, a client is complaining that the broker won’t let him withdraw any money. This is a huge red flag.
MonnaiesTech obviously is a scam broker, it is not regulated, don’t trade with it!
If you want to trade cryptos this way, use a regulated broker.