MonoInvest Review – What Makes it a Scam?

MonoInvest Review

Online trading started a long time ago and has evolved over the years, but there is one ingredient that has remained consistent in this recipe; online brokers. You cannot access the financial markets, execute trades or make your profits without their services. So, how do you find one? Google is your answer, but it takes only a few minutes to realize that this is a huge minefield. Why? This is because there are literally thousands of companies that can be found and each sounds better than the last. But, you also learn that there are impostors operating in this space and this is how you end up at this MonoInvest review.

This is perhaps the most important decision you have to make because if you make even a slight misstep here, you could end up losing your entire investment. After all, this is what these scammers are after and they are willing to go to great lengths to do so. It is why you can no longer tell a fraudulent broker apart from a professional one because they do such a good job of fooling people. There was a time when the websites could be used to assess what kind of business you were dealing with, but it is no longer the case.

Nowadays, even the shady websites are so well-designed and attractive that people sign up and come to know they have been conned later. This is how millions of people have been scammed out of their hard-earned money and you don’t want to go down the same way. In order to avoid this, you just need to make a big of effort and look beneath the vision that they share with you. It can help you steer clear of the shady brokers and allow you to make the right decision. The same should be done in the case of MonoInvest, which presents itself as an international broker that provides top-quality investment and financial services.

Some of the other claims that you will come across at MonoInvest include negative balance protection, tight spreads, leverage that goes as high as 1:300 and basically everything that a trader could ask for. It sounds like the perfect package for traders, but is it really what it claims? Unfortunately, it is just a farce and you will find out when you look deeper. Some of the problems you will discover are:

Lack of license and regulation

If you want to avoid getting scammed when you are trading online, it is best to opt for a licensed and regulated broker. Every expert you talk to will give you this suggestion because these companies are genuine and legitimate. They have to meet regulatory requirements, which usually mean complying with numerous laws and policies and offering transparency and quality to their clients. Therefore, when you come across MonoInvest, you should be making sure it is a licensed and regulated brokerage.

You will noticed that MonoInvest makes claims that make it appear as a licensed platform, as negative balance protection is a feature that regulated entities offer. According to its website, it has offices located in various jurisdictions, which include Cyprus, Turkey and China. They have also provided addresses on the website for you to check.

However, the problem is that providing addresses is not enough because they can be fake here. You can scour through the entire website of MonoInvest and not find any company name mentioned, or a contact number. Likewise, there is no word mentioned about regulation either. Furthermore, when you go through the Terms and Conditions that are listed on the MonoInvest website, you will come to know that it talks about the laws of Saint Vincent and the Grenadines.

This certainly does not help MonoInvest either because Saint Vincent and the Grenadines is an offshore jurisdiction that does not regulate the forex industry. Their Financial Services Authority (FSA) has stated this outright and companies are simply registered there as International Business Companies (IBCs). This means anyone can register a company and there is no accountability.

Offer of trading bonuses

One of the greatest tactics that fraudulent brokers use to draw people to their platform is by offering them trading bonuses. They know just how to keep them lucrative to convince people and this is what MonoInvest does as well. You will find that they are offering generous trading bonuses, but you should not forget that this practice has been banned in various jurisdictions.

Why is this? It is because these trading bonuses come with strings attached that are designed to exploit people one way or the other and this is what you will find at MonoInvest as well. A look at their Terms and Conditions shows you their bonus policy, which dictates that traders have to achieve a minimum turnover before they can be allowed to make withdrawals. It should be noted that genuine and authentic companies do not stop their clients from withdrawing their money and any platform doing so should be considered a red flag.

Excessive leverage ratios

Checking the leverage available is also a good thing to do with a brokerage because this can offer you flexibility. The problem with MonoInvest is that it is offering you leverage ratios that are excessive. Some may consider this an advantage, but you should bear in mind that such ratios are a huge risk. Therefore, regulatory authorities in jurisdictions like Europe and others have imposed a cap on the leverage that can be offered. But, MonoInvest is offering ratios like 1:300 that it shouldn’t be doing, especially since it claims to be based in Cyprus as well.

Only crypto payments

The fact that MonoInvest is only supporting bitcoins as their payment method is also a problem because there will be no chargebacks. Bitcoin payments are final and irreversible due to which they are favorable for scammers. The fact that the minimum deposit requirement is $500 is also a concern because this is twice more than the standard.

Wrapping Up

With these major flaws that you come across at MonoInvest, you can see that you are dealing with a scam.