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Monfex

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Operating status: SCAM

Website: http://monfex.com

Broker violations and abnormal records
  • 2021-04-18 The Spanish regulator CNMV added Monfex into the unregistered firm alert
    The Spanish National Securities Market Commission (CNMV) warned the public that the firm is not authorised to provide the investment services in the country: https://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=1&nombre=Monfex
    The Spanish National Securities Market Commission (CNMV) warned the public that the firm is not authorised to provide the investment services in the country: https://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=1&nombre=Monfex
  • 2021-08-25 BrokersView has reviewed that Monfex is an unregulated forex broker
    Monfex claims to be owned and operated by SWISS-SVG HOLDING LTD, an entity registered in Saint Vincent and the Grenadines Financial Services Authority (SVG FSA). Nevertheless, SVG FSA does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in such activities. So Monfex is currently not regulated by any financial regulator. That means investors’ funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.
    Monfex claims to be owned and operated by SWISS-SVG HOLDING LTD, an entity registered in Saint Vincent and the Grenadines Financial Services Authority (SVG FSA). Nevertheless, SVG FSA does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in such activities. So Monfex is currently not regulated by any financial regulator. That means investors’ funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.

Related Complaints

Q&A

Is Monfex a safe platform? Can I get fund protection?

Ahmed Pip King
Fiji Islands
2022-08-01
ANSWER Monfex is not a regulated broker for traders even though it states offers that look good to be true. Monfex claims to be owned and operated by SWISS-SVG HOLDING LTD, an entity registered in Saint Vincent and the Grenadines Financial Services Authority (SVG FSA). Nevertheless, SVG FSA does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in such activities.What's more, the Spain National Securities Market Commission (CNMV) issued a warning against Monfex for providing financial services without authorization and regulation. You can check the full warning from here.The truth is, Monfex is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like Monfex and trade with licensed brokers.
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Do you have information of account types in Monfex?

Olakunle
Denmark
2022-05-11
ANSWER Monfex is an unlicensed broker and should be avoided at all events. Monfex claims to be owned and operated by SWISS-SVG HOLDING LTD, an entity registered with Saint Vincent and the Grenadines Financial Services Authority (SVG FSA). Nevertheless, SVG FSA does not issue any licenses for forex trading or brokerage nor does it regulate or license international companies engaging in such activities. Therefore, we highly recommend exercising caution when dealing with brokers claiming to be registered with or regulated by SVG FSA as they are actually unregulated.What's worse, the Spain regulator CNMV has issued a warning against Monfex, stating that this firm is not authorised to provide the investment services in the country.All the evidences above make it clear that Monfex is thoroughly a scam on account of running its business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders stay away from this broker and trade with licensed brokers.
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