Monstrade, a company based in North Macedonia, is currently operating without official registration for its two entities: Monstrade Global Ltd and Monstrade Dooel Skopje. This raises the initial red flag, but there are numerous other concerns highlighted in this Monstrade review. Stay tuned to protect your financial interests.
Is Monstrade a Legitimate Operation or a Scam? Legal Insights Revealed
First and foremost, it’s worth noting that neither of the mentioned owners holds a license from the National Bank of North Macedonia (NBRNM). What’s more concerning is that they appear to offer services to traders in the UK without possessing any Tier 1 licenses, including the crucial FCA, as well as lacking BaFin or ASIC accreditation.
This raises significant doubts about the safety measures provided by this broker. Additionally, there is a scam report from Finacom, a self-regulatory body based in Hong Kong, further adding to the concerns.
Who Are Monstrade’s Clientele?
According to domain registration information on who.is, Monstrade established its online presence in 2021 and quickly expanded its services worldwide. Consequently, a majority of traders who have reported being scammed hail from countries including:
- Sweden
- Turkey
- Indonesia
- Finland
- Belgium
We invite you to share your experiences with this broker. If you require detailed advice on seeking a refund, our experts are available for consultations.
Traders’ Experiences
Notably, there are only 11 comments on Trustpilot, with nearly 20% of them expressing negative sentiments. It’s reasonable to suspect that the positive reviews, primarily originating from UK traders, may be fake, given that the company lacks the necessary licensing for UK operations. If you have fallen victim to this broker’s activities, please reach out and share your story with us.
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