Moneta Markets Review – Is Moneta Markets Scam or a Proper Broker

Moneta Markets Review

Founded in 2018, Moneta Markets is a well-known Contract for Difference (CFDs) and forex broker. One of its competitive advantages is that it charges low forex fees. In addition, opening a Moneta Markets account is super fast, as it only takes you roughly five minutes.

The broker provides several withdrawal and deposit options, with most of them being free of charge. However, the main disadvantage of this broker revolves around its product portfolio, as it only offers CFDs and forex. In addition, the Moneta Markets does not provide investor protection.

Fees

At Moneta Markets, each account type has its cost structure. In addition, the broker does not charge inactivity fees on any dormant account. Furthermore, forex fees are relatively low compared to similar brokers like Fusion Markets. Stock index CFD fees range from low to average, while stock CFD fees are a bit high.

Account Opening

Moneta Market fulfills its promise of quick sign-up, as many customers take very few minutes to get started. Except for United States residents, the broker accepts customers from all over the globe. Customers are required to make a minimum deposit of $50.

The broker offers two trading accounts: an ECN and an STP account. However, opening a demo account is recommended for new customers to explore Moneta Market’s product portfolio before investing actual money.

Deposit and Withdrawal

Moneta Markets has a wide range of methods for withdrawing and making deposits. The broker also supports major currencies. To avoid paying conversion fees, you should open a multi-currency bank account at the available digital banks.

Furthermore, Moneta Markets does not charge deposit fees, and Customers can fund their trading accounts using credit cards, bank transfers, or electronic wallets like Fasapay and Sticpay. Also no withdrawal fees for electronic wallets and credit cards, but withdrawal by bank transfer attracts a fee.

Web Trading Platform

Besides its self-developed platform, Moneta Markets lets customers use the MetaTrader web trading platform. As for the broker’s web-based platform, it is user-friendly and well-designed. However, it could do better in terms of customizability.

Placing an order on Moneta Markets involves two steps. First, the customer has to select buy or sell and then set take profit or stop loss levels if they want. The second step involves clicking the “Trade” button so the order can go to the market.

Mobile Trading Platform

Moneta Markets delivers its self-developed mobile trading app alongside the mobile version of MetaTrader platforms. The broker’s mobile app is supported on both Android and iOS. It is easy to use and features an excellent design. Unfortunately, setting alerts on the Moneta Markets mobile app is impossible.

Markets and Products

Moneta Markets customers can only trade CFDs and forex. That means the broker has left out several famous asset classes like Exchange-traded Funds, which many like to trade. In addition, Moneta Markets has a limited selection of stock CFDs as it only includes the largest firms listed on the US and UK markets.

Research

The Moneta Markets provides customers with a range of useful research tools; the downside is that the tools are available to those customers with a minimum account balance of $500. The broker also integrates a third-party research provider Trading Central, for technical analysis.

Customer Service

Moneta Markets delivers excellent customer support through live chats. Also, the broker replies to emails with relevant answers within 24 hours. Alongside live chats and emails, customers can also reach the broker’s customer support team via phone calls.

Education

Moneta Markets customers can learn the basic trading concepts for multiple assets through video tutorials on the broker’s Market Masters program. Additionally, the broker offers customers a demo account to self-learn trading and familiarize themselves with the different trading platforms.

Final Thoughts

Considering the cheap forex and non-trading fees Moneta Markets offers, the broker is recommended for CFD and forex traders who have also mastered the MetaTrader trading platforms. However, one of the drawbacks is the limited stock CFDs that Moneta Markets offers.