Warning! MnetTrade is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
MnetTrade is another semi-broken brokerage firm that leaves us wondering how it still remains in operation. The only reasonable answer is that it is able to attract inexperienced investors and make them deposit money. This review will reveal all the things you need to know about this one.
Long story short, MnetTrade has not once mentioned that it is regulated by a known licensing agency, making this another illegitimate broker after the money of investors. All investment are therefore a risk!
Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.
The broker would not allow us to register, meaning that all trading conditions are taken from the website, which is never as accurate as having them from a user dashboard. The website claims that the leverage is capped at 1:20, and that users can trade only with bitcoin and ethereum.
The website is only available in English.
Without a registration, we were not given access to a trading platform. But something tells us that the broker has no such option, instead utilises a simple buy/sell terminal. What ever the case is, MnetTrade yet again proves how fraudulent it is.
The only real way to get a hold of any payment information is through the FAQ section. Indeed the Terms and Conditions offer no info. The FAQ section reveals that payments are made via Ethereum and bitcoin. The minimum deposit is $100. Withdrawal of funds take up to 48 hours.
These pieces of info are all the broker reveals.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
ADDITIONAL FEES AND TAXES
The only thing worth mentioning here is the indemnity/limitation of liability clause. What these two paragraphs do, is they absolve the broker from any damage it causes to its users. And damage will be dealt if one chooses to deposit here!
Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the company can easily refute any claims you might have against them.
We are positive that this firm will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed entity where the law is integrated in every aspect of their operations.
HOW TO RECOVER
The only way to recover is by filling for a charge back, and hoping it’s not too late.
If you have given a CVV code, be sure to cancel your credit card as soon as possible, because the people behind the scam will not delay, and draining every cent from it.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
MnetTrade is a complete scam, and any deposit here will be lost! Do not invest!