Menne Market – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Menne Market - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://mennemarkets.com
Founded: 2021
Regulations: Unregulated
Languages: English, Chinese, French, Spanish, German, Japanese
Deposit Methods: Bank Transfers, Cryptocurrencies (Bitcoin, Tether, Ethereum)
Minimum Deposit: $200
Free Demo Account: Not Available
Number of Assets: Not Specified
Types of Assets: Cryptocurrencies, Forex
Trading Accounts and Conditions
There is no information provided on this broker’s website about its trading accounts or the types of trading accounts it offers. The information we got was from directly logging into their MetaTrader 5 platform.
We found out that the minimum deposit requirement is $200, the spreads ranged from 0 to 0.1 pips. There was no information about the leverage ratio this broker offers.
Menne Market – Advantages
It is surprising that despite the fact that this broker is clearly a scammer, it does provide a genuine version of the MetaTrader 5 trading platform. This is the best trading software in the world; it is user-friendly and highly functional, with a range of features such as VPSs, Expert Advisors (automatic trading bots that can be customized), market signals that can also be customized, and so much more.
However, even though this broker does offer a world-class software, we would still strongly advise traders to stay away from them since they are clearly scammers. Read on to find out why.
Menne Market – Disadvantages
Here are all the red flags we identified with Menne Markets that tell us this broker is a scammer:
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Unregulated, Anonymous Broker
Menne Market does not have any contact information on its website. Therefore, we do not know where this broker is based, or even how we can contact them. There was some contact information provided on their MetaTrader 5 platform – an address in London, in the UK. A UK address would imply that this broker is regulated by the country’s financial regulator – the Financial Conduct Authority (FCA). However, upon checking the FCA’s online registry, we found out that there was no broker listed there with this name. This means that Menne Market is not regulated in any way and is therefore operating illegally without a license.
Dealing with an unregulated broker is dangerous since it means that you are dealing with a scammer and that your funds and even your personal information may not be safe. It is best to do business only with brokers that are regulated so that you are assured of protection from any kind of fraud.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Lack of Information on Trading Conditions
As with many other scam brokers, there was no information on Menne Market’s website about its trading conditions or account types. Like we mentioned earlier, it was only by logging into their MT5 trading platform that we were able to get a little information.
We found out that the minimum deposit requirement was $200, and the spreads were between 0 and 0.1 pips. Such trading conditions sound too good to be true – which they are. While a minimum deposit of $200 is plausible, a such a tight spread is just not possible – at least not without the broker running into some serious losses.
Furthermore, there is no mention of the leverage ratio offered – another serious oversight by this broker. And another sign of their scam. It is wise to keep in mind that most strongly regulated jurisdictions take care to impose limits on the leverage ratio that brokers can offer their customers. So, in the UK, for example, the maximum leverage that is allowed is just 1:30, so anything above that is not allowed.
Scammers either try to hide their trading conditions or lie about them. And in Menne Martket’s case, the broker seems to be doing both!
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Limited Payment Options
Another red flag is the fact that Menne Market only offers its clients two methods of payment – bank transfers and cryptocurrency payments (Tether, Bitcoin, Ethereum). Most regulated brokers ensure that they have a range of payment methods on offers – credit and debit cards, e-wallets (Skrill, Neteller, etc.), wire transfers and many more.
The reason why credit/debit cards are a preferred method of payment is because if you wish to contest a transaction, then it is possible for you to request for a chargeback from your bank. This is not easily possible with bank transfers and definitely not with cryptocurrencies. This is why most scammers offer mainly crypto payment options – there is no way for the trader to get their money back. So, if you opt for a broker that offers only these types of payment options, then you are certainly looking at a scammer that is out to get your money.
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Investment Scam
As we mentioned earlier, this broker has not specified what trading accounts they offer. However, Menne Market does mention an investment plan as well we a promotion plan. Both of these plans promise you extremely high returns – promises that no broker can make.
We need to point out here that the very nature of the forex market prohibits brokers from making promises about sure returns. These markets are so volatile that most traders end up losing money on the market. Considering the fact that regulated brokers are legally required to publicize how many of their clients lost money on the market, this broker’s promise of high returns is nothing more than another way to attract novice traders into investing their money with them.
Conclusion
When you see Menne Market’s website, it looks so sleek and well designed that you may think that this broker is definitely honest. However, once you take a deeper looks at what they really offer, then you will realize that this is a scam. This is a broker that is operating anonymously, without any legal license, there are no clear trading conditions mentioned and there are clearly investments scams in place to con unwary traders into giving away their money.
Menne Market
Pros
- NoneMetaTrader 5 Platform
Cons
- Unregulated, Anonymous Broker
- Lack of Information on Trading Conditions
- Limited Payment Options
- Investment Scam
- Bitcoin Only Payment Option
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.