Moneta Markets Review 2024
Website: www.monetamarkets.com
Min. Deposit: US$ 50
Leverage: 1:33 | 1:1000
Trading Platforms: MT4, MT5, Pro Trader, WebTrader
Regulation: FSCA, FSA, SVGFSA
Headquarters: South Africa
Founded: 2009
Regulatory Licenses:
- Moneta Markets South Africa (Pty) Ltd - authorized by FSCA (South Africa) license no 47490
- Moneta Markets Ltd - authorized by FSA (Seychelles) license no SD144
- Moneta LLC - registered by SVGFSA (Saint Vincent) registration no 2052 LLC 2022
Updated on March 12, 2024
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In evaluating Moneta Markets, our approach encompassed an extensive and thorough analysis of the broker's services, trading platforms, account types, fees, regulations, customer service, and overall trading conditions. This review is the culmination of testing Moneta Markets against a rigorous set of criteria, comparing it to over 1000 brokers to ensure a comprehensive and unbiased perspective. We also incorporated feedback from the trading community and analyzed the broker's market reputation to provide a well-rounded review.
Moneta Markets is a renowned CFD and Forex brokerage firm based in South Africa, boasting over two decades of experience in the global financial markets. Our investigation revealed that the broker provides access to an extensive range of over 900 trading products, catering to a client base exceeding 70,000 globally. Furthermore, Moneta Markets holds authorization and regulation by the Financial Sector Conduct Authority (FSCA) in South Africa, and boasts additional licensures in Seychelles and Saint Vincent and the Grenadines, affirming its compliance and reliability in the industry.
Moneta Markets Pros and Cons ▲
Pros
Moneta Markets stands out for offering competitive trading fees and spreads beginning at a mere 0.0 pips.
Clients have access to a wide array of trading instruments across the popular MT4 and MT5 platforms, alongside ECN and STP account options.
Cons
Trading conditions may vary depending on the regulatory entity.
Customer support is not available around the clock, with services closing over the weekend.
Is Moneta Markets Safe or a Scam? ▲
Moneta Markets is far from being a scam; it is a legitimately regulated broker rooted in South Africa, under the stringent oversight of the FSCA regulatory authority. Our research further disclosed that Moneta Markets has secured licensure from two offshore regulatory bodies: the Financial Services Authority in Seychelles and the SVGFSA in Saint Vincent and the Grenadines. These credentials underscore the broker's commitment to maintaining a secure and trustworthy trading environment.
Leverage is a double-edged sword in trading; while it has the potential to amplify profits, it equally increases the risk of significant losses. It is imperative for traders to possess a comprehensive understanding of leverage and its implications. Moneta Markets offers leverage in alignment with FSCA, FSA, and SVGFSA regulations, providing a minimum leverage of 1:33 for Share CFDs and a maximum of 1:1000 for Forex, Indices, and Metals trading. We urge traders to exercise caution and make informed decisions when utilizing leverage in their trading strategies.
Moneta Markets provides a variety of account options catering to different traders' needs, including Direct STP and Prime ECN accounts. These accounts support multiple currencies such as USD, AUD, EUR, GBP, SGD, among others. For traders who follow Islamic finance principles, Moneta Markets also offers Swap-Free accounts. Beginners have the opportunity to get acquainted with trading through the free Demo account, allowing for risk-free practice.
How to Open a Moneta Markets Live Account?
Opening a live trading account with Moneta Markets is a straightforward process. Interested individuals should:
Navigate to the “Open Live Account” page on their website.
Fill in the necessary personal information such as name, email, and phone number.
Submit the required documents for verification, including proof of residence and ID.
Complete an electronic quiz to confirm trading knowledge and experience.
Once the account is verified and activated, proceed with depositing funds to start trading.
Moneta Markets offers an extensive range of over 1000 trading instruments across various asset classes including Forex, Share CFDs, Indices, Commodities, ETFs, Bonds, and Crypto CFDs. The Forex market, which remains a focal point for many traders, is available 24/5 with an average spread for the EUR/USD pair as low as 0.1 pips. The wide selection of trading instruments garners a high score of 4.4 out of 5, although it’s worth noting the absence of futures, stocks, and options in their offerings.
Moneta Markets is known for its competitive fee structure, which varies according to the account type. Prime ECN accounts, for instance, incur a commission fee of $3 per lot per side. The broker stands out for not imposing deposit or withdrawal fees, but it is important to consider potential charges from banks or intermediaries, usually around $25 for international bank wires. Overnight fees apply for positions held open for more than a day, yet there is no inactivity fee, portraying an overall fee rating of 4.4 out of 5.
With Moneta Markets, traders can benefit from low floating spreads starting from 0.0 pips on Prime ECN accounts, especially on platforms like MT4 and Pro Trader. The average spread for the EUR/USD pair in Forex trading is notably low at 0.1 pips. This competitive spread structure provides Moneta Markets with a spread rating of 4.25 out of 5, highlighting its affordability and competitiveness in the market compared to a comprehensive evaluation of 1000 other brokers.
Moneta Markets offers a versatile range of deposit and withdrawal options through its Client Portal, including Bank Wire, Credit/Debit cards, Skrill, Neteller, FasaPay, and Sticpay among others. It's crucial to acknowledge that specific funding methods may be subject to variations depending on banks and other financial entities. The funding methods of Moneta Markets have been assessed as good, attaining an overall score of 4.5 out of 5. The broker stands out for its low fees and the availability of numerous account-based currencies.
Pros
Variety of funding methods
Low fees for transactions
Supports multiple account currencies
Cons
Some funding methods may have geographical restrictions
Moneta Markets Minimum Deposit is notably low at $50 for the Direct STP account, whereas the Prime ECN account requires an initial deposit of $200, significantly lower than the industry standard of $500. Withdrawals at Moneta Markets are streamlined and efficient, typically processed within 1 to 3 business days.
Our comprehensive research shows that Moneta Markets offers a selection of the industry's most popular trading platforms, including MetaTrader 4, MetaTrader 5, WebTrader, and Pro Trader, available across web, mobile, and desktop platforms. This provides traders with unparalleled flexibility in accessing their trading accounts and tools from anywhere.
Trading Tools
Both MT4 and MT5 platforms present an array of analytical tools, indicators, and charts to aid traders in making informed decisions. The automation capabilities through Forex Robots (EAs) alongside Copy Trading features on MT4 and PRO Trader platforms, enable clients to mirror the strategies of seasoned traders. Moneta Markets' platform has been rated highly, with an overall score of 4.5 out of 5, compared to over 1000 other brokers, for its provision of professional trading platforms.
Pros
Availability of popular trading platforms MT4 and MT5
Wide range of analytical tools and indicators
Support for automated trading and copy trading
Cons
Could be overwhelming for beginners without proper guidance
Moneta Markets is commended for its 24/5 multilingual customer support accessible via Live Chat, International Phone lines, and Email, based on our testing. The customer support service is rated highly, achieving an overall score of 4.5 out of 5, for its prompt and knowledgeable assistance, alongside ease of accessibility during working days.
Pros
Multilingual support
Quick and knowledgeable responses
Multiple channels of communication
Cons
Not available 24/7
Moneta Markets provides a wealth of educational resources suited for traders at all skill levels, including video tutorials on the WebTrader platform, live streams, recordings, an economic calendar, and up-to-date market news. However, the absence of seminars or webinars could be a limitation for beginner traders seeking interactive learning experiences. The broker's educational offerings are rated with an overall score of 4.3 out of 5, reflecting the quality and comprehensiveness of the materials provided.
Pros
Wide range of educational resources
High-quality video tutorials and market analysis
Cons
Lack of interactive seminars or webinars
Overall, Moneta Markets is recognized as a reputable broker, facilitating access to a broad spectrum of trading instruments including CFDs and Forex, complemented by competitive spreads and leverage. The broker's support for renowned trading platforms like MT4 and MT5 equips traders with diverse tools and features for both manual and automated trading.
Moneta Markets excels in providing multilingual customer support and an array of educational resources, including an extensive economic calendar and timely market news. Nonetheless, the absence of webinars and seminars is noted as a potential shortfall for those new to trading.
Moneta Markets is highly recommended for:
Traders from South Africa and internationally
Users who favor MT4 and MT5 trading platforms
Both beginner and advanced traders
Enthusiasts of CFD and currency trading
Individuals interested in copy trading
Practitioners of scalping/hedging strategies
Those seeking ECN/STP execution
Muslim traders seeking compliant trading options
Anyone looking for competitive spreads and costs
Traders in need of supportive customer service
Users of EA/Auto trading
