Monfex.com Review

I was with Monfex from March 2020 to December 2020, this was my first Forex trading account on the recommendation of a personal friend who I now know not to listen to whether it be dating sites, crypto or forex, as he has a magical power to find all the scam sites.

Monfex are not regulated in either the US, UK or Europe. They are a virtual company registered in St Vincent and Grenadines and are owned by Market Solutions Limited. In practice they operate out of the UK, Poland and several eastern European countries.

You are given a trading manager, I went through 3 in my time with them, they did offer what felt like solid advice at the time, except they obsessively push you to increase your balance to a minimum of $25K.

However whether what follows was a deliberate act on their part or not I cannot be sure, they recommended I take short positions on S&P500 and the NASDAQ index. As you will know the markets in the summer of 2020 continued to climb. As these positions expired every 3 weeks, there was a requirement for a trading activity proof deposit of $250 to be paid for every active position to keep it open, otherwise it would be closed. And so I made these deposits into my account and so my balance kept increasing as the US index positions kept on going against my positions.

As my balance kept climbing, it came time to withdraw some of my money as my open positions had more than enough cover.

I was never able to make an automated withdraw from their system, despite several attempts and regular communication with their help desk or my trade manager.

My balance had reached over $35K and this must be a trigger in their system because in October all communication with them went quiet.

This is where the true nature of Monfex was revealed, I spent a month trying to get a response from anyone in their company about getting some of my money back, for over a month there was no response.

At this point, I engaged the services of a chargeback specialist to mange my conversation with Monfex, the day they received my email using this companies script, my trading manager got in touch.

My trade manager claimed he had COVID, perhaps he did I will never know, a convenient excuse perhaps and definitely a strange coincidence he makes a recovery on the same day he received my email.

Ultimately, I was only able to get my money back from Monfex by activating a chargeback request with my credit card company, they got 3 deposits back and by using the services of the chargeback company.

Their service operates fine until you want to withdraw any of your money which in my eyes, if not a scam, is certainly a company to be avoided.

Analysts helped me make some money
I am very glad that my first trading experience was successful
I recommend using this platform

Monfex Partners and their team of affiliate managers have been very helpful, they are always there when I need them. I am confident that whatever comes up - they will maximize their efforts to help me.