Monecor Limited is not just an ordinary broker. It is the winner of numerous awards and is part of a group of international online trading companies. According to the founders, they have loyal conditions created over the years. However, the lack of positive reviews and other suspicious facts raise doubts about the honesty of this project. In this review, we will see if there are scammers here.
- Monecor Limited General Information
- Registration and Client Portal Review
- Monecor Limited Trading Conditions
- Account Types Review
- Trading Platform
- Monecor Limited — Deposit and Withdrawal of Funds
- Analytics and Education
- Is Monecor Limited a Scam?
- Legal Information and License
- Montecorelimited.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Monecor Limited General Information
|Address||Deutschland Frankfurt, Schillerstr 15-17, 60313 Frankfurt/Main|
Registration and Client Portal Review
On the main page, Monecor Limited immediately shows impressive numbers. The company has been trading for 40 years and has been regulated by the FCA in the UK for 20 years. We seem to have found a truly worthy broker. However, do not rush!
The brand is the epitome of excellence and is a hit with the trading community. The broker’s team has received many awards, including the Best Mobile Platform World Finance in 2017. Let’s not postpone the matter and immediately test the software.
Next, we were unpleasantly surprised. At the moment, the site has only a button to enter your client portal. The registration procedure has been canceled or temporarily suspended. Such behavior of Monecor Limited derails our suggestions about its fantastic work experience.
Monecor Limited Trading Conditions
Monecor Limited offers trading services for individual and corporate clients. Consultants are available for a one-to-one conversation, during which they will define your specific goals and attitude to risk.
Account Types Review
Account characteristics depend on the amount of the deposit. The more funds an account requires, the more available features a client gets. Such a picture resembles a dealing center, and not a licensed broker, which supposedly is Monecor Limited.
|Name||Minimum Deposit, EUR||Minimum Order Size||Bonus|
|Start||250||From 0.01 to 0.1||Welcome|
|Bronze (Basic)||5,000||0.1||To 40%|
|Exclusive||100,000||On an individual basis||To 100%|
The table is striking in its uninformative and meaningless nature. Monecor Limited focuses on marketing gimmicks and huge deposits, like many fake brokers we’ve seen before.
In the range tables, you can find out that the spread and leverage depend on the selected asset type. However, the account types presented here look very strange compared to those described above. By the way, why are only 3-4 instruments shown in each asset group? We do not know.
Monecor Limited has its platform, which is tailored to the individual needs of beginners and professionals. It can run in a mobile phone browser as it does not require installation. It is the choice of thousands of traders due to technical features such as chart analysis, modern interface, and fast order execution.
Oh, wait. We can only look at it like in this screenshot. Recall that we were unable to enter the client portal, and there is no other way to access the Monecor Limited software. You cannot download it, run a demo, or test the tools. Epic fail.
Monecor Limited — Deposit and Withdrawal of Funds
The broker demonstrates the same strange impotence when it comes to payment methods. According to Monecor Limited, in addition to the use of segregated accounts, the client’s deposit is protected by a compensation fund (the conditions apply only in Europe). When depositing the account, there are no commissions. And that’s all!
Literally anywhere on the site, there is no information on how to deposit and withdraw funds. The client agreement casually mentions bank cards and bank transfers. So we have to assume that the company offers exactly these options.
There is no separate section for verification either, but we were able to find the requirements in the client agreement. So, you will be required to:
- Identity card
- Actual address confirmation.
In addition, Monecor Limited asks for a signed application for opening an account. Where to upload all this, remains unknown.
Analytics and Education
As tools, Monecor Limited suggests an up-to-date economic calendar. In fact, this is just a widget imported from a little-known MarketCheese portal. However, with its help, you can find out the main indicators of the economic activity of different countries, their forecast and the previous state.
The site also has an Education section, where the broker gives access to six “100% free” articles. Their benefits are difficult to overestimate.
The articles deal with the most commonplace concepts such as leverage or contracts for difference. The material contains a small amount of theoretical text and abstract pictures from photo stocks.
Is Monecor Limited a Scam?
In the financial field, haste and indiscretion play against the client. Obviously, Monecor Limited has other disadvantages, which we will discuss further.
Legal Information and License
Monecor Limited claims to be regulated in one way or another in 5 countries. Almost all of them are offshore, but the mention of the British regulator inspires confidence.
How surprising! When checking the FCA register, it turned out that the company Monecor Limited really exists. Only in two persons with two others reference numbers: 124721 and 749598. If we ask for the number 186171, we get HYCM Capital Markets (UK) Limited.
We were not too lazy and checked the registries of other countries: Cyprus, the Cayman Islands, Dubai and the Grenadines. And what do you think? All reference numbers shown belong to the aforementioned HYCM and its regional subsidiaries.
Monecor Limited, in turn, is not regulated anywhere. It simply appropriated those data. Oh yes, HYCM also won the “Best Mobile Trading Platform” nomination according to World Finance in 2017.
Montecorelimited.com Domain Info
Talk about long experience and thousands of traders around the world does not hold water. Monecor Limited continues to assure us that it has almost half a century of history. In reality, the founders registered the current domain in September 2022.
By the way, the domain www.monecorlimitedeu.com was registered on the same day. There is an inaccessible client portal there. And in positive online reviews, the site https://monecorlimited.com/ is mentioned. Why isn’t it working anymore?
The site has a Berlin phone number, an email address, and a feedback form. Also, the address of the office in Germany, Frankfurt am Main is indicated. Of course, online maps do not know anything about Monecor Limited within the walls of this building.
Pros and Cons
- Educational materials.
- No access to the client portal.
- Strange trading conditions.
- Lying legend.
- Complete lack of legal status and regulation.
- Data theft.
- New domains.
- Few ways to get in touch.
Frequently Asked Questions (FAQ)
It poses as a licensed forex broker who can trade CFDs and currency pairs. In fact, we have no idea what is being offered there.
The minimum deposit starts from 250 euros. The client agreement also says $250.
No way. This is a complete fake that indicates the registration data of another company. Watch out for these thieves!