Monafoli-Some important Details about This Broker

Since Monafolis official website ( https://www.monafoli.com/) no longer works, we could only piece together the rough picture of this forex broker by gathering some relevant information from other websites.

General Information

Registered in the United Kingdom, Monafoli is an online forex broker offering a series of trading instruments. The minimum deposit to trade with Monafoli is as high as €10,000, and the maximum leverage available is up to 1:200.

Please be note that Monafoli is authorized or regulated by any regulatory authorities. Bear in mind that trading with an unregulated forex broker is a surefire way to lose your money.

Acccount Types

Monafoli provides its clients access to three trading accounts, namely Bronze, Silver, and Gold.

The minimum deposit required by these three trading accounts are crazily high, with the Bronze asking for an initial deposit from €10,000, the Silver account from €25,000, the Gold account from €50,000.

Obviously, Monafoli, this unregulated forex broker is ready to extract all clients initial deposits and then ran away.

Leverage

Monafoli permits traders to use leverage of up to 1:200, which is significantly higher than the levels regarded appropriate by many regulators.

High leverage is not always the good thing. One of the most typical mistakes made by novice forex traders is using a leverage ratio that is too high. It is wise to keep your leverage at no more than 10:1. Our advice is that you trade with a smaller ratio until you get more experience.

Spreads

The spreads revealed by the platform are seemingly attractive, 0.6 pips on the EUR/USD pairs, which is align with the industry standard (traders pay $6 on average per lot traded). However, given the fact that this Monafoli is unregulated, investors are not advised to use it.

Trading Platform

What Monafoli offers is not the MT4 or MT5 trading platform, a proprietary trading platform instead, with some charting tools and indicators.

Customer Support

Traders with any questions or concerns they may have about their accounts or their trading can reach out to Monafoli about through the following methods:

Telephone: 442039665981

Email: support@monafoli.com

Registered Company Address: 143 Tottenham Court Rd United Kingdom, London W1D 2DH

Negatiev Reviews

A trader shared their awful tradig experience on the Monafoli platform, complaining this forex broker eaten this hard-earned money. After waiting for three months, this forex broker still refused to verify his account. Come to WikiFX to see the whole story.

Risk Warning

There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you.

The information presented in this article is intended solely for reference purposes.