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Monafoli is a new online broker that claims to offer a wide range of trading instruments, including forex, stocks, commodities, indices, and cryptocurrencies. The broker also promises low spreads, fast execution, and high leverage. But is Monafoli a reliable and trustworthy broker? In this review, we will examine the features, advantages, and disadvantages of Monafoli, and help you decide if it is worth opening an account with them.
Monafoli is a brand name of Monafoli Ltd, a company registered in St. Vincent and the Grenadines. The broker does not provide any information about its regulation, license, or authorization by any reputable financial authority. This means that Monafoli is an unregulated broker, and therefore poses a high risk to traders who deposit their funds with them. Unregulated brokers are not bound by any rules or standards of conduct, and can manipulate prices, execute trades against their clients, or even disappear with their money.
Monafoli offers four types of accounts: Basic, Silver, Gold, and Platinum. The minimum deposit required to open an account is $250 for the Basic account, $2,000 for the Silver account, $10,000 for the Gold account, and $50,000 for the Platinum account. The leverage offered by Monafoli ranges from 1:100 to 1:400, depending on the account type and the trading instrument. The spreads are variable and start from 0.1 pips for major currency pairs. However, Monafoli also charges commissions on each trade, which can vary from $6 to $15 per lot.
Monafoli provides its clients with access to the MetaTrader 4 (MT4) platform, one of the most popular and widely used trading platforms in the industry. MT4 is known for its user-friendly interface, advanced charting tools, technical indicators, automated trading systems (Expert Advisors), and market news. MT4 is available as a desktop application, a web-based platform, and a mobile app for iOS and Android devices.
Monafoli claims to have a dedicated customer support team that is available 24/7 via phone, email, live chat, and social media. However, we found that the phone number provided on the website does not work, and the live chat option is often offline. The email response time is also very slow, and the quality of the answers is poor. Moreover, we noticed that many of the positive reviews on the website are fake or paid for by the broker.
Based on our research and analysis, we do not recommend Monafoli as a broker for traders who are looking for a safe and reliable trading environment. Monafoli is an unregulated broker that lacks transparency and credibility. The broker has very unfavorable trading conditions, such as high commissions, hidden fees, and withdrawal restrictions. The broker also has a poor customer service and a bad reputation among online traders. Therefore, we advise you to stay away from Monafoli and look for a better alternative.
What to Do If You’ve Lost Money with Monafoli?
If you have been scammed by Monafoli or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.