Monstrade Review – How to Recover From a Trading Scam?

Monstrade company operates from North Macedonia. There are two entities mentioned as the owners. Those are Monstrade Global Ltd and Monstrade Dooel Skopje. But none of them officially registered.

Therefore, you have already the first warning sign. But there are many more in this Monstrade review. Stay tuned to keep your money safe.

Legal Info: Is Monstrade Legit Or A Scam?

In the first place, none of the mentioned owners is not licensed by NBRNM (National Bank). Not only that, but it seems that they provide services to UK traders. Yet, without any Tier 1 licenses, especially FCA, but also without BaFin or ASIC.

Consequently, all the safety measures with this broker become questionable. Also, there is a scam report from Finacom (a self-regulatory body from Hong Kong).

Who Are Monstrade’s Clients?

According to who.is, Monstrade registered its domain in 2021. But they very quickly advertised their services worldwide. Thus, most of their scammed traders come from: 

• Sweden
• Turkiye
• Indonesia
• Finland
• Belgium

Let us know about your experience with this broker. But if you need detailed refund advice you can book a consultation with our experts.

Traders Experience

As can be seen, there are only 11 comments on Trustpilot. And already almost 20% of negative ones. But we truly believe that all other positive ones are fake. Simply because those are coming from UK traders and we know that this company is not licensed for that. If you got scammed by this broker, leave us a message.

Investment Costs With Monstrade

One of the key facts that determine which broker you choose is the costs. It’s pointless to trade if the broker is going to rip you off with commissions. In the case of monstrade.com, all the costs remain unknown.

Which just adds up more suspicion on top of all. Understanding the investment costs can be crucial and that’s why you should read our Investo Capital FX review.

Bonuses

Monstrade Forex broker offers a variety of bonuses. There is also a deposit bonus of up to $5.000. But also there are monthly bonuses for existing traders. Yet, Monstrade FX bonus policy is quite unclear and doesn’t reveal any withdrawal conditions.

Monstrade Trading Features

Practically, the only thing that this broker claims to offer is MT5. Thus, it seems that they only offer a web-based platform instead. Simply, every download option leads first to registration.

Is Monstrade Legit?

Not even in a dream. The company is completely anonymous and unregulated. Not to mention mystified trading conditions and trading costs. Who with common sense would deposit with such a broker? Only the ones under pressure don’t do the due diligence.

Available Trading Assets

According to the company, they offer more than 500 tradeable assets. But that might be all fake, like the whole company. Anyway, potentially available options are: 

• Currency pairs – USD/EUR, GBP/JPY
• Commodities – gold, silver
• Indices – ASX200, CAC40
• Shares – Microsoft, McDonald’s
• Cryptocurrencies – BTC, ETH

Account Types

As for the Monstrade account types, clients can choose between 3 live options. Thus, it’s very strange that all 3 accounts have the same conditions. Anyway, you can start with $100 on all three of these: 

Mobile Trading App

Allegedly, there are iOS and Android apps available. Indeed, MT5 is listed in stores. However, that doesn’t mean that you will get login credentials from this broker. Instead, you’ll be provided with a basic web-trader.

Demo Account

The monstrade demo account is another suspicious offer. Same as with a real account, you must register first. Which is fine if the broker really offers MT5. But if that’s just a trick to get your contact details, we wouldn’t check. But even through a demo account, you can check real Monstrade spreads.

Education

Another key fact is quite poor educational package. In fact, they only offer 4 video tutorials. But if you were expecting live sessions or something more, forget it.

Monstrade Withdrawal

Important to realize is that the company doesn’t have a transparent withdrawal policy. Neither do they have clear funding options. All that combined with missing regulations and zero funds protection, can easily lead you to losing all of your funds. That’s we we encourage you to read more of our articles, for example, Interactive Trading review.

Customer Support

Nowadays customer services plays almost a key role in the trading world. There’s no use of a company if they are not helpful. Therefore,  Monstrade took care of it. They offer Telegram, phone line, e-mail and web form 24/5. But don’t be so sure about their response if you are looking for a withdrawal.

Key Information To Consider About Monstrade?

Firstly, you should be aware of the Monstrade promotions that are clearly fake. Without a valid trading license, they shouldn’t provide services anywhere. After all, Monstrade online trading broker doesn’t reveal any investment costs whatsoever. Therefore, you are entering the unknown territory. Instead, you can choose more transparent Tier 1 licensed brokers.

But to do that, you have to get your money back first. For that reason, we suggest you contact our experts. The first meeting is free and you don’t have any obligations. So, get in touch as soon as possible.

FAQ Section