|Advanced trading platforms||High minimum deposit|
|Tight spreads and low commissions||Not adequately regulated|
|Excellent customer services|
Moneta Markets is well-positioned for CFD trading. This broker offers 300+ tradable instruments in forex, commodities, stock, market indices and crypto. The broker adopts the STP model and hence charges commissions and spreads.
Moneta Markets spreads are floating and start from as low as 0 pips. The commissions are also friendly, starting from as low as 0.1%. Rollover fees apply depending on the asset on trade, but they are manageable. Moneta Markets does not charge any deposit and withdrawal fees.
When compared to competitors, we find this broker to be a low cost one. Its spreads and commissions are highly competitive, and trading and non-trading fees are within the industry range. Moneta Markets is only a few months old and is still updating its pricing mechanism.
Regarding trading platforms, this broker offers a proprietary one. It does not support MT4 or cTrader, which are what most of its competitors offer.
However, the Moneta Markets trading platform seems superior to these platforms. Apart from providing a wide range of technical and fundamental research tools, it is highly intuitive and easily customisable to meet traders’ goals.
Moreover, it is available in web-trader and mobile versions. The web version is compatible with all major browsers, while mobile versions are available for both Android and iOS. You can download the native mobile apps for free on Apple Store or Play Store.
The mobile apps include all the features found in the web-trader, so traders can manage their accounts exclusively from their smartphone devices.
Moneta Markets offers a wide range of educational trading resources ranging from beginner to expert trading materials. The materials are accessible for free to all registered users. This broker seems like the best fit for any trader interested in CFD trading.
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Introduction to Moneta Markets
Moneta Markets is a CFDs broker founded in 2020 in Caymans Island. The broker is a subsidiary of Vantage International Group (VIG), a forex broker popular with institutional traders. VIG Group serves over 70,000 traders a month with a trading volume of about $100 bn. Moneta Markets was launched with a focus on forex CFD traders.
With this broker, you can trade 300+ CFDs in forex, commodities, stock, market indices and crypto. The broker offers a leverage of up to 500:1. Moreover, Moneta Markets adopts the STP trading model and hence charges either a mark-up on spreads or a commission. Its spreads are floating starting from as low as 0 pips while commissions only apply to share CFDs and start from as low as 0.1%.
Moneta Markets provides proprietary web-trader and mobile apps. Most competitors offer third-party tools such as the MT4 and cTrader. As we will see in this review, the Moneta Markets proprietary platform is superior to most third-party platforms. The minimum deposit for registering a trading account with Moneta Markets is $200.
Traders can fund their accounts through debit/credit cards, wire transfer, PayPal, Neteller, Skrill, FasaPay or bitcoin. Moneta Markets does not charge any deposit or withdrawal fees. However, a small fee may apply on the side of the financial institutions facilitating the transactions.
Moneta Markets is regulated by the Cayman Islands Monetary Authority (CIMA) under Securities Investment Business Law (SIBL) number 1383491. Its parent company is regulated in the UK through the Financial Conduct Authority (FCA) and by the Australian Securities and Investment Commission (ASIC).
This broker provides 24/5 customer service through email, phone, and live chat. Phone and live chats are answered almost immediately while emails can take up to 24 hours. Moneta Markets has won the Best Customer Support 2020 award in the CFD broker category in CV Magazine’s Corporate Excellence Award.
Who does Moneta Markets Appeal to?
Moneta Markets is recommended for both beginner and experienced traders. Its trading platforms are completely beginner-friendly. The broker offers adequate educational resources for both beginner and experienced traders.
This broker seems fit for anyone looking to trade CFDs. As mentioned above, traders get access to over 300+ CFDs based on forex, stock, commodities and market indices when trading with this broker. Its trading platform comes with advanced features to ensure a seamless trading experience.
Moneta Markets web-trader seems superior to MT4 and cTrader. As we will see later in this review, it offers more CFD trading research tools and a wide range of educational resources. Moreover, it has a user-friendly interface and clients can manage all aspects of their account in one place.
The minimum deposit with Moneta Markets is $200, which is affordable for most people. This broker is not available in the US, Canada, Belgium, France, Russia, North Korea, Lebanon, Tunisia or Yemen, in addition to several other countries. Moneta Markets should be available in your country if you can access the signup page.
Moneta Markets Account Types
This broker only offers a live and demo account. All users irrespective of their trading experience and deposit amount observe the same requirements and enjoy the same benefits.
As mentioned previously, the minimum deposit with this broker is $200. The demo is accessible before deposit. All users must go through the demo given that Moneta Markets offers a proprietary trading platform.
When compared to MT4, the Moneta Markets web-trader seems more intuitive and comprehensive. Both beginner and advanced traders enjoy the same trading features and educational resources. However, only traders with a deposit of at least $500 get to enjoy the Moneta Markets master video course. The course includes 100+ advanced video trading tutorials.
The Moneta Markets demo account is a full simulation of the live account. Consequently, traders can fully prepare without risking real money. The demo runs on real market data and offers a real picture of what to expect in live trading.
Moneta Markets assigns all new traders, a dedicated account manager to walk with them through the critical first steps of trading. All users enjoy the same leverage of up to 500:1 and spread from as low as 0 pips and commission on share CFDs of 0.1%.
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Markets and territories
Moneta Markets was founded and is headquartered in the Cayman Islands. It is a subsidiary of the Vantage International Group (VIG), a renowned forex broker with over 70,000 active traders and over $100 bn in trading volume.
Moneta Markets was founded to exclusively cater to retail CFD traders. As mentioned above, the broker offers over 300 CFDs in forex, crypto, stock, market indices and commodities. The broker offers 45+ FX pairs, including all the majors, most minors, and several exotics.
Traders looking for exposure to major global stocks such as Apple Inc, Facebook and Google, and market indices such as the S&P 500 and Dax 30 can trade with this broker. Commodity CFDs include gold, silver, US oil, sugar, corn, wheat and many more.
Crypto offerings, on the other hand, include all major coins including BTC, ETH, BCH and XRP paired against each other and fiat currencies. As mentioned earlier, Moneta Markets is not available in the US, Canada, Belgium, France, Australia and several other countries.
Moreover, the broker is only regulated in the Cayman Islands, however, it enjoys global trust given the reputation of its mother company. VIG is regulated in the UK through the Financial Conduct Authority (FCA) and Australia through the Australian Securities and Investment Commission (ASIC).
Instruments and spreads
As mentioned above, Moneta Markets offers over 350 CFDs in forex, shares, market indices, commodities and crypto.
There is little information about spreads on the Moneta Markets’ website given that the broker is still new in the markets. However, a demo test shows that they offer floating spreads starting from as low as 0 pips. The spreads differ with the asset traded and market conditions.
Spreads tend to widen during uncertain times, such as when there is important news about to be announced. The spreads for the EUR/USD pair as of the 27th of July 2020 is 1.3 pips. This is within the industry average. Also, the spread for trading BTC CFDs is $50. This is also within the industry average.
Fees and Commissions
There is still very little information regarding commissions on Moneta Markets’ website. However, we have managed to establish that this broker is an STP and hence charges either spreads or commissions or both.
The commission mostly applies to share CFD trading and start from as low as 0.1%. Moneta Markets offers over 185 UK, US, Hong Kong and European share CFDs. This broker does charge a swap fee for positions left open overnight as well.
Moneta Markets claims not to charge any deposit or withdrawal fees. However, a small fee may apply on the side of the banks facilitating the transaction. This is expected with most brokers. All Moneta Markets trading education materials are free.
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Moneta Markets Platforms review
Moneta Markets offers a proprietary trading platform only. Most of its competitors offer third-party trading platforms, mostly the MT4 and the cTrader, alongside their custom-made platforms.
Even so, Moneta Markets trading platform seems superior to the industry’s leading third-party trading platforms. It is highly intuitive and available in web and mobile versions. It also comes with over 45 built-in technical indicators, six chart types, trend lines and multiple drawing tools.
MT4 has less than 40 built-in technical indicators and three chart types. Another important feature available in the Moneta Markets trading platform is an AI-powered Market Buzz. This feature allows traders to filter through the market noise and identify news with the highest impact on the markets.
The Moneta Markets trading platform also offers a trading calculator to help traders determine key price levels and manage their funds efficiently.
Regarding risk management, Moneta Markets offers both the Take Profit and Stop Loss features. There are video tutorials to guide users through the whole risk management process and how to use these tools efficiently. The Moneta Markets trading platform is highly intuitive and easily customisable to meet traders’ needs.
Unlike most of its competitors, this broker does not offer a desktop app. However, its web-trader is compatible with most browsers. Consequently, users do not need a desktop trader.
As mentioned above, Moneta Markets offers both web-trader and mobile trading platforms. Moneta Markets native mobile apps work on both Android and iOS devices and are available for free on Google Play and Play Store.
They are lightweight and do not affect the performance of the device they are installed on. Moreover, they come with all the features of the web-trader, so users can manage their accounts while on the go.
You can easily signup for live or demo trading on the mobile app. It is, therefore, possible to exclusively trade or practice trading on your smartphone. The Moneta Markets mobile apps are highly intuitive and surprisingly easy to use even for the complete beginner.
Social trading and automated trading
Moneta Markets does not currently support social or automated trading. However, there is a significant likelihood that it will introduce these features soon. We have contacted their customer service and they have confirmed that these features are WIP.
The broker is still pretty new in the markets, and it is not unexpected that these features are not currently in place. Given the reputation of the mother company, this broker most probably has amazing social and automated trading features in the works.
Moneta Markets does provide a Trailing Stop, a feature that automatically notches up the Stop Loss as the markets move into profits.
As mentioned previously, Moneta Markets provides CFDs on six of the largest cryptos by market capitalisation. These include Bitcoin, Ethereum, Ripple, Dash, Bitcoin Cash and Tether paired against the USD.
The typical leverage for trading Crypto CFDs through this broker is 1:2. Most brokers offer about the same level of leverage. Moneta Markets’ spreads on crypto CFDs are floating with the average spread for BTCUSD being $50.
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Charting and tools
Moneta Markets trading tools include over 45 technical indicators, 9-time frames, and six chart types. Also available is a suite of chart drawing tools including trend lines and Fibonacci levels.
The Moneta Markets charting tools include an Indicator Wizard that enables traders to add any of the supported indicators in a few clicks. Also available is a trading calculator to help traders determine their trading specifics before going live.
With a trading calculator, a trader can estimate their trade’s profits and losses, compare results from different opening and closing rates, calculate the required margin for their positions, and identify their pip value.
Moneta Markets trading resource centre includes trading guides and video tutorials, ranging from beginner to expert level trading education.
The video tutorials come in packages with the most comprehensive one being only available to traders with a deposit of more than $500. Traders who qualify for this package enjoy over 100 video tutorials covering technical analysis, candlestick patterns, share CFDs day trading strategies, and more.
Free trading courses are also available to all registered users. They are well structured to cater for beginner, intermediate and experienced traders. All new traders are assigned a dedicated account manager to walk with them through the learning and trading process.
There is also a free demo that back tests on historical market data. With the demo, traders can practise their skills without risking real money.
Moneta Markets has yet to update its live webinars page. Moreover, it doesn’t offer third-party educational resources or facilitate trading competitions.
Most competitors rank better in this area because they also offer free and paid third-party trading educational materials. As mentioned earlier, this broker launched a few months ago, and it is, therefore, possible that these tools will be introduced soon.
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Trader Protections by Territory
Moneta Markets is monitored by the Cayman Islands Monetary Authority (CIMA) under license number 1383491. Its parent company is monitored in three jurisdictions by tier-one regulators, including the UK FCA.
Consequently, Moneta Markets is globally trusted even though not as stringently regulated as most of its competitors.
Moneta Markets segregates clients’ deposits through the National Bank of Australia. This is a globally recognised financial institution with stringent requirements for financial institutions accepting deposits from the public.
How to Open an Account
Registering a trading account with Moneta Markets is quite straightforward. Traders can register on their website or through the mobile app. Moreover, they have an option to register for a live account or a demo account.
For the live account, identity verification and proof of address are mandatory. The process involves uploading scanned copies of a government-issued ID card and a recent utility bill or bank statement clearly showing the current address.
Identity verification is nowadays a mandatory measure for all well-regulated brokers. Its purpose is to thwart financial crime, including money laundering. Moneta Markets handles user data in strict confidentiality as required by the EU General Data Protection Regulation.
Registering a demo account is simple and doesn’t require any verification. You can register on their website or straight from their trading app.
Like most brokers, Moneta Markets offers multilingual 24/7 customer service. They are reachable through email, phone and live chat. However, emails can take up to 24 hours and are, therefore, not the best choice for urgent communications.
We have tested their live chat and phone and can confirm that it takes less than a minute to get connected. Their agents seem knowledgeable and well-equipped to handle all types of inquiries. Moneta Markets is also active on Facebook and Twitter. Clients can contact them through social media platforms.
There is also a comprehensive, well-presented, and regularly updated FAQ page to answer the most common questions. Moneta Markets recently received the 2020 Best Customer Service award in the CFD broker category by CV Magazines Corporate Excellence Awards.
The bottom line
Moneta Markets is a new broker positioned to offer CFD trading for retail traders. It is a subsidiary of VantageFX, another top broker offering spot forex trading mostly to institutional investors. VantageFX serves over 70,000 traders and facilitates monthly trades worth over $100 bn.
Moneta Markets is picking up pace fast thanks to its low-cost trading approach and superior trading platforms. It adopts the STP trading model and hence charges both spreads and commissions. The spreads start from as low as 0 Pips and commissions from as low as 0.1%.
Moneta Markets also charges rollover fee depending on the asset and on trade and current market conditions. There are no deposit or withdrawal fees with this broker. Regarding trading platforms, this broker offers a web-trader option and mobile apps for Android and iOS.
The platform is easily customisable and offers more features for CFD trading than MT4 and cTrader. Signing up with Moneta Markets is easy and fast.
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Is Moneta Markets broker legit or scam?
Moneta Markets is a reputable broker regulated by the Cayman Islands Monetary Authority (CIMA). It is a subsidiary of VantageFX, another highly reputable spot forex broker.
How can I open a demo with Moneta Markets?
You can register a demo account on Moneta Markets website or through the mobile app. The registration process is self-explanatory.
What are the deposit options for Moneta Markets?
Moneta Markets accepts deposits through debit/credit cards, wire transfer, e-wallets such as PayPal and Skrill and bitcoin. There are no deposit charges with this broker.
How do I withdraw from Moneta Markets?
You need to fill out a withdrawal request form and submit it for your funds to be processed. It takes up to 24 hours for the money to reflect in your bank account.
Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.