In my Moneyo review, I’ve explained why this forex broker is a terrible choice for any trader. We’ll go through their various features and understand what makes them the worst. It’s a horrible fact that many fraudulent forex brokers are present in the industry and people should be aware of them so they can avoid them. Moneyo is one of those fraudulent brokers. Here’s why:
Moneyo’s Online Presence:
Moneyo deals in forex, CFD’s, Precious metals, indices,and cryptocurrencies like Bitcoins, Litecoin, etc. The website of the company is https://moneyo.io/
The domain of the company is registered in 2019, so they are new in the industry.
The website of the company is clumsy. The details on the website are full of random information. No clear details are provided. The website is the first point of contact between prospective customers and the broker but sadly, the website of Moneyo is full of fake claims.
Unresponsive Links on the Website:
The links or contact us over the website are not responsive.
There are a single phone number and a single email id. The option of live chat is not working. There are no accounts of the company over social media.
Absence of social media:
As described earlier, Moneyo is not present on any of the leading social media platforms like Facebook, Twitter, Instagram, etc. The company fails to perceive the value of social media in providing details to the brokers. The absence of social media is another indicator of the creep move of the company to stay away from the negative responses of the customers.
Fake claims of awards:
Moneyo claims on its website about several awards won by them.
There is no evidence to prove the claims of the company. The company is not on the list of top 100 companies in the financial sector. It is not ranked in the list of top 3 MT4 Brokers. These are fraud claims of Moneyo to extort money from the traders.
Fake Claims of Regulation by the EU:
After uncovering the claim of fake awards, my Moneyo review checks their claim of regulation of the company.
The regulation of the broker by the EU is a sham claim. The company does not have any registration in any location of Europe. The European Securities and Markets Authority (ESMA) is the financial supervision authority of the region. The ESMA gives no results when you search for them in their database.
Moneyo doesn’t have the license to provide services in the European Union. The traders are not secured under the compensation schemes of the supervisory authority and due to this, the funds kept with this broker are not secure. It can be verified at the link https://www.esma.europa.eu/search/site/Moneyo
Incomplete Information on Regulation:
They does not provide any details about their governing laws.
The terms and conditions mentioned over the website of the company do not contain any name of the location. There is no surety about the location of operations of the company and the jurisdiction.
Fake Claims of MetaTrader:
The company claims to provide reputed MetaTrader 4 and MetaTrader 5 as its trading platforms. The screenshots on the website of the company are not of the MetaTrader platform but are of another online web-based platform.
Moneyo tries to befool the traders using the name of the Meta Trader. The Meta Trader is the all in one platform which provides all kinds of services like automated trading signals, algorithmic trading, trading charts, etc. The absence of MetaTrader is an additional shock to the trader.
Absence of a Demo Account:
Moneyo does not have any genuine demo account.The link for the demo account is not responsive and leads to the contact form of the company. A genuine demo account is useful to judge the actual trading conditions without risking money. A trader gets the opportunity to choose the best trading format with a peace of mind as only virtual money is involved.
Fake address of the UK:
The company claims to be headquartered at 20726, Oxford Street, England.
It is again a fake claim as there is no physical address of the company at the same location. The company is operating from a virtual address. A broker operating from a virtual address is very risky. There is no established location of the company and hence, nothing can be established about the regulation status of the company.
No Regulation in the UK:
The Financial Conduct Authority (FCA) of the UK is responsible for the regulation of financial institutions in the region of the UK. Moneyo disappoints its traders as it is not regulated by the FCA.
The services of the ombudsman cannot be utilized in case any issues arise as the broker is not registered with the regional financial governing authority. It can be verified at the link https://register.fca.org.uk/shpo_nosearchresultpage?mainsearchString=moneyo&search=%22Moneyo%22
Before proceeding to the trading accounts, it is established that the broker is not regulated under any of the financial supervisory bodies. The company rotates the details of an address in the EU and the UK. But it is not regulated under the financial authority of the EU and the UK both. It is an unregulated offshore broker which shares fake information only to attract traders and steal their money.
Moneyo Trading Accounts:
Moneyo does not offer any demo account but offers 4 types of live trading accounts to the traders.
- Discovery Account: The discovery account of the company starts with a minimum initial investment of 500 Euros. No details about the leverage ratio and the spread are provided.
- Silver Account: The silver account of the company starts with a minimum initial investment of 10,000 Euros. It is a high amount to consider as a minimum deposit. There is no difference in the services of discovery and the silver account of the broker.
- Gold Account: It requires a minimum deposit of 50,000 Euros. The facility of management mandates is provided in the gold account. But a professional trader who invests a gigantic sum of 50,000 Euros wouldn’t need such mandates. Again, there are no details about the spread and the leverage ratio.
- VIP Account: The VIP account needs a minimum initial investment of 150,000 Euros. The only difference between the gold account and the VIP account is the facility of the special offers and the contract investments.
The four live trading accounts of the company are a cruel joke to the traders. No details about the technical aspects of trading are provided. The services of the live trading accounts are somewhat the same, except for the incremental rise in the minimum initial investment for all of the accounts.
No Details of Fund Transfers:
There is no outline of the charges like processing fee or dormant fee of the broker. The deposit and withdrawal conditions are not mentioned in the terms and conditions agreement of the company as well.
They don’t mention the minimum deposit and the minimum withdrawal limits and there are no details about the charges involved in the transfer of funds into the traders’ accounts.
Not only this, but the company also mentions in its terms and conditions that it has the sole discretion if charging any amount of money from the traders based on additional fees. They can charge you hidden fees without giving you a reason for it. In other words, you allow them to steal from you when you agree to their terms and conditions.
Fake List of Payment Channels:
The broker claims to offer Barclays, Wirecard, Credit/debit cards, Skrill, Safecharge, Sofort as channels of payment.
There is no mention of the above-mentioned payment methods in the terms and conditions of the company. This is a fake list of the payments methods of the company.
Mentioning Skrill as a payment partner is a skillful tactic of the company because Skrill works under an “anti-scam” policy in which it does not work with the offshore unregulated brokers.
After a bundle of lies of the company, a highlight over the registration of the company is mandatory.
Moneyo makes a bunch of claims and all of them have been proved as false in this review.
The website of the broker is full of malicious features (fake MetaTrader and fake awards). Before you even think of trading with Moneyo, take a look at the following points.
- The broker does not provide any details about the team of experts responsible for the operations of the company.
- The location of the headquarters of the company is not sure.
- It is not regulated under any of the supervisory bodies of the EU and of the UK.
- There is no facility of demo accounts, trading services, a legit trading platform, and social trading.
- There is no clarity over the governing rules and regulations of the broker.
Moneyo cannot be given more than 0.5 on a 5-point rating scale. Trading with this broker will not make you any profits but will surely leave you to gripe over its services.