BEWARE, MonnaiesTech is a scam broker – review

This review explains why you should stay away from the cryptocurrencies broker MonnaiesTech.

What it is about

MonnaiesTech brokerMonnaiesTech allows its client to trade cryptocurrencies, currently you can find bitcoin (BTC), XRP, ethereum (ETH), bitcoin cash (BCH), litecoin (LTC) and dash (DSH) in its portfolio.

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.

MonnaiesTech scam

There are several problems and red flags we see with MonnaiesTech.

Illegal broker

ConditionsFirst 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.

Fake awards

The awards are fakeMonnaiesTech claim that it has won several awards for its services. At the bottom of its website it displays these awards.

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.

Customer complaints

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.

Conclusion

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.

Summary
Review Date
Reviewed Item
MonnaiesTech
Author Rating
21star1stargraygraygray

Leave a Reply

Your email address will not be published. Required fields are marked *