MoneoTrade Review - What to expect from the broker
MoneoTrade is a CFD and FX broker founded in 2016. The company is licensed in Europe by the CySEC, that means it can offer its services to citizens from all EU countries. MoneoTrade features CFD trading on forex (around 50 currency pairs), stocks, indices and commodities. The minimum spread is for EUR/USD 1.6 pips*, the minimum deposit is set at $500.
What do we cover in our MoneoTrade Review?
|General Risk Warning: 74–89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.|
Basic information about the broker
- Website address: www.MoneoTrade.com
- Leverage: up to 1:30
- Instruments: CFDs - Forex, commodities, stocks, indices
- Minimum deposit: $500
- Demo account: Yes, free of charge
- Methods of deposit and withdrawal: Wire Transfer, Skrill, Neteller, Credit and debit cards.
MoneoTrade Trading Platform
For FX and CFD trading, MoneoTrade offers MT4. A popular platform used not only for executing trades but also for analyzing financial markets and automated trading. MT4 can be downloaded to any computer or can be accessed via just a web browser or a mobile application. MoneoTrade also features Autochart Analysis tool that is integrated with the MT4 platform.
As any other FX/CFD broker, MoneoTrade charges a spread fee. For the most current spread charges, please visit the MoneoTrade.com website. Here is a spread comparison table that contrasts MoneoTrade spreads with popular industry competitors.
*Minimum spreads recorded on 02.06.2019 at 15:10 GMT, data were taken from the website of the broker. **Minimum Spreads recorded on 18.8.2023 at 11:26 GMT from the website of the broker.
To sum up the MoneoTrade Review
MoneoTrade is a true STP and DMA broker that adheres to strict regulatory guidelines of the CySEC (CIF License number 241/14). Unfortunately, we were not able to scan spread fees on most popular forex pairs as the MoneoTrade broker has information only that the minimum spread is 1.6. I assume that this spread might apply for the EUR/USD pair, on other less traded assets the spread will be probably higher. What I also particularly don't like about this broker is that they offer only 73 trading Instruments, which is in comparison to Plus500 that offers over 1000 assets a very poor number. The website also states no information about CFD trading on cryptocurrencies, which means it is most likely not available.
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