Moneyo.io Review: Scam Forex and Crypto CFDs Broker - Topedgefx.com

Moneyo.io Review: Scam Forex and Crypto CFDs Broker

Welcome to the Moneyo.io review.

Mooney is purporting to be a Forex and Crypto CFDs broker offer trading in up to 8 asset classes via a single account type.

Moneyo.io promises traders a 100% DMA/STP trading environment and are claiming to source liquidity from tier 1 banks, non-banking institutions and multiple other trading facilities.

Additionally, the broker in question claims that they won 40 international awards.

These marketing proclamations are hard to verify especially when you consider that Moneyo.io is an off-shore broker with no reputation at all.

Their physical address is listed as Oxford Street 20726 London, England W1D 1NU United Kingdom and they’re using this phone number: 44.203.519.97.75.

Moneyo Forex broker review

That being the case, traders should expect the broker to be a member of the FCA.

Nonetheless, it appears that the broker is not regulated, which raises the question of their integrity and whether or not they’re a legit trading operation.

Meanwhile, Moneyo “Forex broker” promises very attractive features to their clients. More on this later on.

For now, we’ll concentrate on the 4 different account types offered by Moneyo.

[alert-warning]In case you’re looking for a well regulated and professional Forex broker, these options will suite your needs pretty well.[/alert-warning]

Moneyo review

The primary language of this broker’s website is French, which raises doubts as to whether the headquarter of their operation is in London.

Thankfully, this can be translated using any modern browser to get the critical details needed when writing a review like this.

So far, there are 4 account types. The account types and features have been listed below.

[tabs][tab title=”Discovery”]Initial deposit: € 500 – € 10,000

Training: 2 hours

Contract investments: No

Access to special offers: varies

[/tab] [tab title=”Silver”]Initial deposit: € 10,000 – € 49,999

Training: 3 hours

Contract investments: No

Access to special offers: varies

[/tab] [tab title=”Gold”]Initial Deposit:€ 50,000 – € 149,999

Training: Not known

Contract investments: No

Access to special offers: varies

[/tab] [tab title=”VIP”]Initial deposit:€ 150,000+

Training: Not known

Contract investments: Yes

Access to special offers: varies

[/tab][/tabs]

From the above table, we can see that these account types are not operating like your typical MT4 and MT5 trading accounts.

As a matter of fact, one expected the broker’s website to list features related to trading of Forex and Crypto CFDs.

In this case, we needed to find out what leverage they’re providing, spreads for the different pairs being traded, pairs available for trading, swap-fees (if any) among other things.

The presentation on the official Moneyo website is very different from expectation. We don’t even know whether or not to categorize them as a broker.

Features provided by Moneyo “broker”

This broker promises very low trading costs in terms of commission and spread.

No specific information has been provided with regards to the average figures they charge. This information remains obscure.

They claim to deal in Forex, Metals and CFDs for stocks, indices, commodities, bonds, ETFs and Cryptocurrencies.

They even claim to provide these instruments for trading on the MT4 and MT5 trading software respectively.

However, it’s not clear whether Moneyo is really providing the above popular trading platforms.

They’re showing us a picture of a strange trading platform which is definitely not how MT4 trading software looks like.

Any broker that does not provide MT4 trading platform is definitely missing out.

If not, the broker in question has some funny reasons as to why they’re not supporting the platform.

For any serious trader, MT4, MT5 or cTrader are the way to go, no exceptions.

Is Moneyo regulated?

This is the funny part.

On the official website of this broker, they claim to be regulated and are also a member of a compensation fund.

If it is indeed true that Moneyo is a regulated broker, we should find their license number on the footer of their website.

This license number is displayed on this location on every website that belongs to a regulated Forex broker.

Lack of this information means that Moneyo is a broker operating without a license.

If they are not regulated, then it means they’re also not members of a compensation fund. This is a requirement that only regulated brokers can follow.

Having said this, we believe it is risky to deposit funds with a broker like Moneyo.

High and suspicious minimum deposit requirement

The minimum deposit required by this broker is 500 Euros.

There are many professional and well regulated brokers that have set this minimum to $100 which is fair to new traders with little to no experience at all.

If you’re just starting out, find good trading software on this page. 

When an unregulated broker has very high deposit requirement, ask yourself whether you’re willing to lose the amount of money they’re asking from you.

Such brokers must be avoided at all cost.

Conclusion

There’s nothing good about the broker, Moneyo.

In fact, we feel like this is potentially a scam. They don’t seem to have the capability of providing what they promise on their sales page.

For that reason, you must keep off this broker.

Thanks for reading the Moneyo review.

Note: spam comments from readers/robots promoting scam fund recovery programs will automatically get filtered.

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