General Information & Regulation
Moneotrade is a Cyprus broker offering over 60 forex pairs and some other CFDs on the MetaTrader4 platform.Although Moneotrade is still licensed by CySEC, and as their license is revoked, the broker will no longer be reliable. And unless they change their minds or get another license, we will no longer be able to count them in our list of recommended brokers.
Market Instruments
Moneotrade offers a fine selection of forex pairs – over 60, a number of which minor or exotic like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDHUF, USDHKD, USDDKK, USDCZK and USDCNH. The rest of the CFDs you can trade with include 9 indices, oil, silver and gold. We saw no crypto assets in the list.
Accounts & Leverage
Moneotrade offers 3 trading Account, Classic Account with minimum deposits of $500, ECN Pro Account with minimum deposits of $20 000 and VIP Account with minimum deposits of $100 000. All leveraged at 1:300.Which meansTraders will have to deposit at least 500 USD if you want to open a trading account with this broker and that is about twice the amount most brokers would ask for. And besides, bear in mind that some big well established companies do not even have a minimum deposit requirement at all.
Because Moneotrade is still licensed by CySEC, the maximum leverage it can offer to its clients, when they trade forex, is 1:30. Actually this is the maximum leverage allowed on the European market since the European Securities and Markets Authority (ESMA) introduced its new guidelines in the summer of 2018. Still, if you are tempted to trade with higher leverage, you may also check our list of brokers regulated in Australia– the last major regulatory destination, where leverage remains unrestricted at WikiFX App.
Spreads & Commissions
With its Classic Account Moneotrade says to be offering spreads starting from 1,6 pips, which we find somewhat higher than what traders would usually consider attractive.
Trading Platform
At Moneotrade you have a choice between a downloadable PC version of the famous MetaTrader4 platform and a web based version. MetaTrader4 is well known to traders. It features numerous market indicators, an excellent set of advanced charting tools, as well as in- build trading robots, which will readily help you run algorithmic trading sessions.
Deposit & Withdrawal
Along with credit and debit cards like VISA and MasterCard, and bank wire at Moneotrade you can pay with some popular e-wallets like Neteller and Skrill. However, the broker does not accept crypto payments.
