MottoFX – Can You Trust Them?

Website URL: www.mottofx.com

Founded: 2019

Regulations: Not Licensed

Languages: English, German, Spanish

Deposit Methods: Bank Wire, Credit and Debit Cards, Bitcoin

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Currencies, Indices, Stocks, Commodities

Trading Accounts and Conditions

Motto FX offers you the following types of trading accounts: Starter Account, Advanced Account, Expert Account, VIP Account, Islamic Account. The only trading information we have is that the Starter Account has a minimum deposit requirement of $250, the maximum leverage offered for that account type is 1:100 and the spreads start at 2.8 pips.

There is no further information about the trading conditions for the rest of the account types offered by the broker.

MottoFX – Advantages

There are no advantages to trading with MottoFX, so we have not added any thoughts to this section of our review.

MottoFX – Disadvantages

Here are all the reasons why it would be a very bad idea to trade with MottoFX:

• Anonymous, Unregulated Offshore Broker

The first thing you should notice about Motto FX is their corporate address. While the broker claims to be owned and operated by Capiteus Global Ltd., which is located in St. Vincent and the Grenadines, the only address given for this company is a post office box location in SVG. The broker has provided no other information about themselves. Which makes MottoFX anonymous.

The second thing that you should keep in mind is that SVG does not offer any form of regulatory oversight to forex companies; the country’s government itself has said so. Therefore, if a forex broker is registered in this country, then it needs to acquire valid licenses to operate in other countries. So, going by the language options – English, German and Spanish, this broker needs to be regulated by one of the financial authorities in any one of these countries.

A quick search on the online registers of the UK’s Financial Conduct Authority (FCA), the German Federal Financial Supervision Authority (BaFin) and the Spanish Securities Market Commission (CNMV) showed us that this broker is not licensed by any authority. This means that this broker is operating without a legitimate license.

And the third thing you need to know is that SVG is unfortunately known to be a country of choice for less-than-honest brokerages, which means that this unregulated and anonymous broker is most probably a scammer.

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• Worrisome Withdrawal Clauses

MottoFX claims that it reserves the right to delay or even reject withdrawal requests at their sole discretion. What this means is that the broker can decide not to allow you to withdraw your funds whenever they want, and for whatever reason they want.

This is not something that a legitimate broker would do. Strike 2 against this brokerage.

• Offering Trading Bonuses

Yet another black mark against this broker is the fact that they offer trading bonuses with very unfair conditions attached to them. Upfront, these bonuses look super attractive. However, the conditions to withdraw profits made from such bonuses are ridiculously unfair.

You have to achieve massively high trading volumes before you will be allowed to withdraw your funds. These volumes are so high that almost all traders are unable to meet such targets. Then, the broker uses this failure to meet their targets as the reason for denying withdrawal requests.

• Lack of Information on Trading Conditions

The reason why a trader chooses a broker is the trading conditions. If the trading conditions are favorable to the trader, they will contract with them. In MottoFX’s case, we only know a little bit about their basic Starter Account. They have a leverage of 1:100, a spread that starts at 2.8 pips and that the minimum deposit you need to make is $250.

There is absolutely no information about the rest of the trading accounts. This lack of clarity makes it very risky for traders to contract with them, which is why we would advise everyone to stay away from MottoFX.

• No Demo Account

While this point is not as serious as the others we have already mentioned, when put in context of everything else that is wrong with this broker, it makes sense to mention it.

MottoFX does not offer you any demo account. So, the only way you will get to know about their trading conditions is when you open a live account and deposit money with them.

• Very High Spreads

The single piece of information we have about the spreads offered by MottoFX also works against this broker. A 2.8-pip spread is so unfavorable for traders that even if this broker was regulated and transparent, we would still advise against contract with them.

The market average for forex spreads ranges from 0.5 pips to 1.5 pips. A 2.8 pips spread is just too expensive.

• No MetaTrader 4 Platform

MottoFX has also compromised on the quality of the trading platform they offer. Most brokers (80% of them, in fact) offer their clients the use of the MetaTrader 4 software. This software has a very easy-to-use interface, so even beginners can trade easily on this platform. Furthermore, the pros and advanced traders use this platform because of the many tools available for market analysis, charting and automated trading.

What you do get with MottoFX is an overly-simplified web interface that doesn’t do much at all.

• Conditions for Payment Options

Despite the fact that MottoFX states that it accepts credit and debit card payments, in its terms and conditions, the broker states that it reserves the right to refuse payments made by these methods.

With everything about this broker pointing to a scam operation, this proviso makes sense. You are allowed to file for a chargeback on credit card payments if you have been scammed. And this company definitely doesn’t want to give you your money back, so what better way to do so then simply not accepting credit card payments?

Conclusion 

Do not trust MottoFX. Everything about them points to this broker being a scammer.

MottoFX

2.4

User Experience

3.3/10

Payment Options

2.2/10

Security

2.3/10

Support

2.2/10

Reputation

2.1/10

Pros

• None

Cons

• Unregulated, Anonymous Offshore Broker
• Worrisome Withdrawal Clauses
• Offering Trading Bonuses
• Lack of Information on Trading Conditions
• No Demo Account