MonteVerde – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
MonteVerde - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
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://monte-verde.ch
Founded: 2023
Regulations: Not Licensed
Languages: English, Spanish, German
Deposit Methods: Crypto, Skrill, Debit Card, Credit Card
Minimum Deposit: $250
Free Demo Account: Not Provided
Number of Assets: Not Mentioned
Types of Assets: Currencies, Stocks, Cryptocurrencies, Commodities, Indices
Trading Accounts and Conditions
MonteVerde offers their clients the following types of trading accounts:
- Basic: The initial required deposit is $250. Leverage is 1:02. Withdrawal approvals take 5 business days.
- Bronze: The initial required deposit is $7,500. Leverage is 1:07. Withdrawal approvals take 3 business days.
- Silver: The initial required deposit is $25,000. Leverage is 1:07. Withdrawal approvals take 2 business days.
- Gold: The initial required deposit is $60,000. Leverage is 1:10. Withdrawal approvals take 1 business day. You get a 30% welcome bonus.
- Platinum: The initial required deposit is $150,000. Leverage is 1:15. Withdrawal approvals are instantaneous. You get a 45% welcome bonus.
Spreads, order execution methods, commissions and other trading conditions are not mentioned.
MonteVerde – Advantages
There are no advantages to trading with MonteVerde. This broker is a scammer.
MonteVerde – Disadvantages
Here are all the disadvantages that tell us that MonteVerde is a scam operation:
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Unregulated and Blacklisted
The first sign that a broker is a scammer is their lack of regulation. And MonteVerde is not regulated. Here is how we know.
MonteVerde claims to be based in Austria. However, besides their address, there is no other corporate information provided. We do not know the name of the company that operates this website, and nor do we have any contact numbers.
We checked the Austrian Financial Market Authority’s database to see if this broker is actually registered with the country’s regulator. We found out that this broker is not at all registered with the Austrian FMA.
That is not the only issue we uncovered. We also found out that the German financial regulator, the BaFin, has actually blacklisted MonteVerde and has issued a public warning against this broker. The regulator has warned all traders that this broker is operating illegally and is an entity of concern, i.e., a scammer.
All of this tells us that MonteVerde is not to be trusted and dealing with this broker would lead to losses for all traders involved.
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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No Legal Documents
Another red flag that tells us that we are dealing with a scammer is that this broker has no legal documents.
Legal documents are necessary when you sign up with a broker – online or otherwise. These documents are what make up the contract between you and the broker. They tell you what you can expect from the broker – their terms of services, their conditions, their fees and other costs, and so on.
If you sign up with a broker that has no legal documents, you are basically allowing that broker to do whatever they want with your funds as well as any information that you may have given them. And that his how you get scammed by them.
Most of us have a tendency to skip over the legal part of the registration process; most of us simply click on the I Agree button without ever checking the legal contract. And this is what scammers rely on to get away with their scam.
Therefore, when looking at a new broker, it is imperative that you also check their legal documents carefully before committing any funds with them.
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Poor Trading Platform
MonteVerde claims to offer their clients a cutting-edge trading platform. This, of course, is yet another lie that this scammer tells their clients. What we get instead of a top-of-the-line trading software is a very poorly constructed trading platform that barely functions.
This is another indication of this broker’s scam. It is wise to remember, a reputed broker will ensure that they offer their clients only the best possible trading platform in the market. This means giving them access to software like the MetaTrader 4 or MetaTrader 5 platforms.
When you see a broker skimping on their trading platform, it is a sure sign of a scam.
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Issues with Trading Conditions
Even their trading conditions tell us that MonteVerde is a scammer. Here is why.
The minimum deposit is $250, which on the higher side of the market average. In fact, nowadays, the minimum deposit can be as low as $10 – with regulated brokers. Therefore, what this broker demands as a minimum deposit is not very advantageous. Added to that, the other accounts require a massive minimum deposit, which is just not advantageous.
The leverage does not make sense either. It is much too low – unless it is targeted at cryptocurrencies.
As for the spreads, there are none mentioned in their account types section, but the broker claims to offer spreads starting from 0.0 pips. Without information on commissions and fees, these spreads tell us nothing.
All in all, their trading conditions are incomplete and not very advantageous. Which is just another sign of this broker’s untrustworthiness.
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Issues with Payments
We also have issues with their payments. This broker claims to offer multiple payment methods – credit and debit cards, cryptocurrencies, and Skrill, but there is no way for us to confirm these payment options. We were unable to access their payment section.
The other issue we have is with this broker’s processing time. Deposits take up to 5 days to be credited into your trading account. This is highly irregular as most brokers have a facility that allows for instant deposits.
Even withdrawal requests take up to 5 business days (which the broker keeps calling business working days!), which is much too long a time. There are so many reputed and regulated brokers that will allow instant withdrawals.
Such issues with payments just tell us that we are dealing with a broker that is not safe.
Conclusion
MonteVerde is another scammer that needs to be avoided and cannot be trusted.
MonteVerde
Pros
- None
Cons
- Unregulated and Blacklisted
- No Legal Documents
- Poor Trading Platform
- Issues with Trading Conditions
- Issues with Payments
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 platform which offers CFD and non CFD products. 74% 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.