Monotrade has clearly prioritised its work. These are binary options. That is, the trader must bet on the rise or fall in the value of the asset. If the dynamics of the quotes are guessed correctly – the reward is profit, if not – you will receive a loss.
Monotrade. The most important thing
In 1999, the company was founded by Belgian Kurt Brugge. The goal was to help less well-off citizens to invest their finances in business development. In 2009, the activities of the structure were expanded to financial markets. Since 2017, a department for Russian-speaking traders has been opened. The company has been developing its online activities since September 2019.
There are 5 accounts to choose from – Gold, Start, VIP, Silver, Platinum. ‘The broker considers the Gold account to be the most attractive. Its conditions:
- Investing a sum of money that fits within the range from 10 thousand and one dollar to 50 thousand USD.
- A welcome bonus of up to 120% is promised.
- Withdrawal of finances at Monotrade should take place in an accelerated format.
- Analytical materials are offered.
- There is a personal analyst.
- 30 minutes a week is allocated for the review of the trading account.
The minimum entry threshold is on the Start account, $250. The maximum requirements – on the VIP-account, from $100 thousand. There are paid services, among which – the development of a personal strategy, display of trading in Real Time, priority for trading with an analyst on the Internet and VIP tools offered for trading.
Monotrade documentation and reviews are important keys to understanding the co-operation
The broker calls itself regulated, although it does not openly display its licence and registration certificate. It is impossible to verify the truth of the statements. The creators of binary options have prepared various policies, terms and conditions and warnings for users. It is necessary to familiarise yourself with all the documents before you start trading. Contacts for communication are email and phone.
In the reviews published about Monotrade, you can find a vivid expression of dissatisfaction. For example, the author of the following comment writes that she managed to earn with the help of the connected robot, but she was unable to withdraw money.
The following trader tells his difficult story. In essence, it is a scam scheme.
It may be noted that there are a few false brokers whose self-presentation differs only in minor details. The rest is standard text.
Pay attention to some facts
Monotrade on the official website in the document ‘KYC Policy’ says about the protection of client data. But the web resource does not have a valid SSL-certificate, so all client data is at risk. On the main page of the site there is a lot of false information. For example, it offers earnings on the stock exchange without risk, which is a priori impossible. Quotes are constantly changing, and no one can make a forecast that is 100% accurate. Accordingly, the client in any case assumes the risks. Only their magnitude changes. Contacts are written off from dubious projects.
An important nuance: back in 2018, the European Authority, which fulfils the supervisory function in relation to the securities market for EU retail brokers, introduced a whole set of restrictive measures. Among them:
- A complete ban on advertising, the provision of binary options trading services and the distribution of such activities.
- Restrictions on the trading of contracts for difference, subject to forex. Leverage has a limit of up to 1:30 on the upper limit, and up to 1:2 on the lower limit.
In the client agreement, the information is depersonalised: no company name or regulator is mentioned. In addition, there are a few thought-provoking clauses. For example, it says that the company is not responsible for providing the client with its services. If the documentation provided by the trader seems suspicious to the company, it has the right to close the trader’s account without explaining the results of the check.
Quotes in the trading terminal are indicative, which means that they may not correspond to the nominal market ones. There is no data on liquidity providers. This opens up opportunities for price manipulation. The amount of trading costs can be changed, but they still have to be paid. Abuse of bonuses and promotions is another reason to close a client account.
Many times fraudsters get confused about geographical locations when instructed by the regulator. First they talk about registration in the Czech Republic, and then suddenly it turns out that the courts will take place under the laws of the state of the Marshall Islands.
The scheme of divorce is one of many known: ‘cold calls’, persuasion to top up the account. When the client stops making contributions – the swindlers will drain the funds or block the account. The money will go to the project organisers.
What other oddities are present?
All the important sections on the website present information in English only. But if the firm claims that it is oriented towards traders from the CIS, where is the Russian translation? Brokerage services are not available for everyone. There is a list of specific countries, which can be added to. The reason for adding to the list will be legislative changes in the countries, oriented to protect the interests of citizens in the international arena.
What is noteworthy – in the context of the trading process, the company is not responsible for anything, and does not provide any guarantees. In fact, this means the following: the broker has the right to stop working at any time, refer to one of the points, and not to issue compensation to clients. Naturally, Monotrade rating suffers from this.
In the ‘Feedback’ section, a gross inconsistency was found: extraneous text was added, which advertises a service for writing essays and other similar works. What does this say? Firstly, the site was created too hastily. Secondly, the added information no one checked. Thirdly, why did not the moderators tell the developers about the error?
Bypassing the law
At the structure on the web resource, the word combination ‘binary options’ is not mentioned at all, because since 2017, almost all global regulators instantly include such resources in blacklists. So they warn traders that a high degree of danger awaits them. In this case, actions have been committed in circumvention of the legislation. The following situation occurs:
- There is no mention of binary options.
- The site is disguised as a trading application for mobile phones.
- Regulators let the company through their filter.
- The creators of the project gain time to work with clients.
By engaging with a fraudulent company offering you to invest in binary options, you will become a victim of negative mathematical expectation. Simply put, the winnings, if any, will only happen once or by chance. If you want to connect an external trading robot, you will be banned and your deposit will be taken away.
There is one more reason to be upset: Mono-Trade company is able to exert any influence on the trading process. Even if most of your trades will have a positive result – you will be blocked. The officially announced reason is the use of external software. This is the traditional wording, which is addressed to everyone who earns more than the company allows. Do not invest your money in a structure created by deceivers!
