Moneta Markets

Company Background

In this Moneta Markets review, we want to discuss a Forex/CFD broker that claims to be one of the industry’s leaders. However, the official information about it is extremely contradictory, raising doubts about the company’s legality.

For example, the website claims the platform has existed for more than 10 years. Meanwhile, it lists the following:

• A registration number in the South African registry and a license from the FSCA.
• A registration number in Saint Lucia.
• A registration number in the Republic of Cyprus.

All of these details are easily verifiable and confirmed. However, taken together, they raise many concerns. To start, the license in South Africa was issued in 2016, while the Cyprus’ registration dates to 2022 and Saint Lucia’s to 2023. This does not align with the claimed “more than 10 years” of existence. Additionally, the domain registration is from 2018, and the first substantial snapshot in the web archive is from 2020.

Moreover, the name of the Cypriot company, MMONEXIA LTD, does not match the broker’s name, which adds further doubt. It’s also worth noting that the trading conditions offered are unusual for a regulated broker.

Overview of Services and Trading Terms

Moneta Markets offers clients the ability to trade over 800 instruments, including:

• 44 currency pairs.
• CFDs on 19 commodities.
• 30+ cryptocurrency CFDs.
• Stock market CFDs (over 700 shares, more than 50 ETFs, 7 bonds, 19 indices).

Users can choose between three account types: Direct, Prime, and Ultra. The first uses STP execution, while the other two use ECN technology. All accounts offer 1:1000 leverage, a minimum trade size of 0.01 standard lot, and the option to trade swap-free.

However, the 1:1000 leverage does not comply with the restrictions set by the South African regulator, FSCA. This raises doubts about whether Moneta Markets holds that license (or if it’s issued to the specific broker in question).

Spreads on the Direct account start from 1.2 pips, while on the other two accounts, they start from 0. In these accounts, the main trading cost comes from a commission of $6 and $2 per standard lot, respectively.

The minimum deposit for Direct and Prime accounts is $50, while for the Ultra account, it is $20,000. Such a drastic difference seems unjustified, especially since the only distinction between Prime and Ultra is a slightly lower trading commission on the latter.

Referral and Bonus Schemes

Despite Moneta Markets’ claims of operating under a reputable regulator’s license, the broker offers a bonus program for traders. You only need to deposit $500 or more to receive a 50% bonus. Moreover, it’s fairly easy to convert this bonus into cash: by trading currency pairs, gold, or oil, you can earn part of the bonus (up to $2 per traded lot on the Direct account and $0.50 per lot on the Prime account) directly into your trading account.

The company also has a partnership program. Like most Forex platforms, it offers various forms of cooperation:

• Introducing Broker, where partners earn a portion of the company’s revenue based on the trading activity of referred clients.
• CPA, with a fixed payment for registering and funding a new client’s account. The payout amount depends on the country of the user’s registration and the number of referrals brought in each month.
• Hybrid, combining both reward models.

To earn substantial income, partners will need to conduct an aggressive campaign to attract traders to Moneta Markets. Surprisingly, despite these conditions, in “10+ years,” the broker’s client base has only grown to 87,000 people. This could be another indication that the company’s claims about its operating history are unreliable.