Finding a reliable broker has become a greater challenge that you would expect when you wish to start trading online. Sure, all you have to do is run a Google search and you will find hundreds of options at your disposal. The only problem is that you have to work through the names to identify which company is legitimate and which one is a scam. There have been too many brokerage scams for you to be able to ignore their existence and not being cautious can result in the wrong choice, as this Monttoro review will high.
It is because even scam brokers know how to present a good front to lure people in, but it is only when you dig deeper that you find out the inconsistencies and the problems that indicate you are being trapped. Unless you don’t mind wasting your money and time, you can sign up with a broker randomly. These scammers have gotten very sophisticated and they deliberately present themselves as reliable companies to take advantage of people. Monttoro is also showcased as a rapidly developing forex and CFD broker that offers its clients the chance to trade on the latest MetaQuotes software.
If you check out the broker’s statements, you will notice that Monttoro claims to be regulated by a number of European authorities and this sounds amazing. Unfortunately, when you dig deep, it becomes apparent that none of what they have claimed is true. Check the following review to know more:
Absence of regulation
As mentioned above, Monttoro has claimed to be regulated by a number of European authorities and this will impress anyone who understands the importance of regulation. Scam brokers are mostly unregulated, so when a broker says it is regulated, most people will automatically assume it is legitimate. However, you have to remember that claiming something on the internet is very easy and it is essential to follow up and verify.
When you do this in the case of Monttoro, you will come across a number of inconsistencies. First off, if you check the website’s footer, you will come across an address in the United States. In contrast, the About section of the broker indicates that the company is based in Birmingham. Most importantly, the broker has not given any details about the company that runs it and this kind of anonymity is nothing less than a red flag.
Even though it is anonymous, you will discover that Monttoro claims to be regulated by the Financial Conduct Authority (FCA) in the United Kingdom, as it has offices in Birmingham. Likewise, it also claims to be regulated by the Cyprus Securities and Exchange Commission (CySEC). You can check the online registers of both financial regulators and you will not find the broker’s name listed. The fact that the company is outright lying about its regulatory status is enough to send up a red flag.
In addition, if it really did have an office in the United States, as mentioned in the website’s footer, then it would have to be regulated by the Commodity Futures Trading Commission (CFTC) and would also need to be a member of the National Financial Association (NFA). But, you will not find Monttoro mentioned anywhere, indicating that it is lying about its offices.
Unbranded trading platform
One of the most crucial features of a broker is the trading platform they offer to their clients because it is the software used for trade execution. Your experience depends a great deal on the kind of software you are provided, so you obviously want to have access to the best. While Monttoro does promise its clients to give them access to the MetaTrader5 (MT5), which is the leading trading platform in the market, you will find problems here as well.
This is because a closer look indicates that Monttoro has an unbranded version of the MT5, which should immediately alert you that something is wrong. Why haven’t they offered the proper version? Why is it unbranded? No legitimate brokerage would offer you an unbranded trading platform.
Lack of trading conditions
It is natural for you to want to know the trading conditions a broker offers before you sign up with them. Details like the leverage you will be provided and the minimum deposit you have to make can help in choosing a broker. The only problem is that you will not find any of these details mentioned on the Monttoro website.
There is absolutely no mention of how much leverage they offer to their clients and neither have they mentioned the minimum deposit you will have to make to open an account on Monttoro. This lack of information is worrying because it means that you can expect anything from the broker. Regulated and authentic brokers are usually transparent about their offerings and wouldn’t make the mistake of not mentioning such important information.
Two payment methods
Checking the payment methods offered by a broker is an important step because you will use these for making your deposits and withdrawals. Therefore, you want to have convenient options and secure options for your payments. At Monttoro, two payment methods have been added. One is that of bank cards like VISA and MasterCard and the other is wire transfers. The availability of bank cards is a relief because they are eligible for chargeback. This means that if you believe something is wrong, you can file for a chargeback and your money will be returned. Wire transfers, on the other hand, are permanent and you will not get your funds back if you use it for depositing.
After you have gone through Monttoro review, it is apparent that the broker is unregulated and their false claims about regulation indicate that they are only trying to attract people to their platform in order to trap them. Moreover, they haven’t disclosed any essential information like trading conditions and the unbranded version of the MT5 is also discouraging, which shows that you need to skip this broker altogether.