MONETA MARKETS CONS
- Limited number of markets to trade
- Regulatory licensing could be stronger
Moneta Markets is a new entrant into the CFD broker space but has a back story that suggests it will become a significant player. It’s an offshoot of the well-regarded institutional broker Vantage International Group (VIG) which means retail investors can look forward to getting exposure to the same trading conditions that the pros use.
Moneta Markets offers 300+ tradable instruments in various asset groups, including forex, commodities, stocks, market indices and crypto. The broker offers two types of accounts. One uses ECN protocols, and the other offers STP (Straight Through Processing), and both frameworks provide clients with high-quality, institution grade trade execution.
Moneta Markets spreads are floating and start from as low as 0 pips. The commissions are also user-friendly, starting from as low as 0.1%. Rollover fees apply in some markets but aren’t prohibitive, and Moneta Markets does not charge any fees on cash deposits and withdrawals.
As a new entrant to the market, Moneta Markets could decide to adjust its pricing schedule, still they’ve started with the right approach and offer cost-effective, high-quality trade execution.
Fans of MetaTrader’s MT4 and MT5 platforms will be pleased to note both platforms are available. These are complemented by the Protrader platform, an impressive service supported by TradingView. Protrader provides a wide range of technical and fundamental research tools, is highly intuitive and easily customisable, which can help traders meet their goals.
All platforms are available in web-trader and mobile App formats. The web versions are compatible with all major browsers, while mobile versions are available for Android and iOS. You can download the native mobile apps for free on Apple Store or Play Store.
The crossover from the desktop version to the smaller screen is impressive. The mobile Apps include all the features found in the desktop version, making Moneta Markets an ideal choice for traders who want to manage their activity on the move.
A wide range of educational trading resources is provided, catering to both beginners and expert traders, ranging from beginner to expert trading materials. The materials are accessible for free to all registered users.
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about MONETA MARKETS
Moneta Markets is a CFD broker founded in 2020 on Caymans Island. It is a Vantage International Group (VIG) subsidiary, a forex broker popular with institutional traders. VIG Group serves over 70,000 traders and has monthly trading volumes exceeding more than $100bn.
The 300+ markets available use floating spreads which means trading costs can be super-low, mainly when market trading volumes are high. Leverage terms extend to an impressive 1:500, and the minimum account opening balance is $50.
Traders can fund their accounts through debit/credit cards, wire transfers, PayPal, Neteller, Skrill, FasaPay or Bitcoin. Moneta Markets does not charge any deposit or withdrawal fees. However, it is worth checking the T&Cs of third-party providers who might apply their charges.
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 the Australian Securities and Investment Commission (ASIC).
This broker provides 24/5 customer service through email, phone, and live chat. Telephone and live chats are answered immediately, while emails can take up to 24 hours. In CV Magazine’s Corporate Excellence Award, Moneta Markets has won the Best Customer Support 2020 award in the CFD broker category.
WHO DOes MONETA MARKETS APPEAL TO?
Moneta Markets is recommended for both beginner and experienced traders. Its trading platforms are entirely beginner-friendly but behind the neat functionality are an array of powerful software tools. The broker offers adequate educational resources for both beginner and experienced traders.
The number of markets is not extensive, but the range of asset classes is impressive, and crypto trading is also supported. The Direct account is set up in a format ideal for beginners and the Prime account would appeal to scalpers and traders using the Expert Advisors service.
The Protrader platform Moneta Markets offers will be a real draw for some traders. It provides an extensive range of 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 accounts in one place.
The minimum deposit required to open a Direct account with Moneta Markets is $50. The service is not available to those based in the US, Canada, Belgium, France, Russia, North Korea, Lebanon, Tunisia or Yemen, and several other countries. Moneta Markets should be available in your country if you can access the signup page.
MONETA MARKETS ACCOUNT TYPES
The free to use Demo account is an excellent way for new clients to find out what Moneta Markets has to offer or develop new strategies. The live accounts come in two forms. The Direct account uses STP processing and has a minimum balance requirement of $50, and the Prime account uses ECN protocols and has a minimum balance requirement of $200.
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 can enjoy the Moneta Markets master video course. The course includes 100+ advanced video trading tutorials.
The Moneta Markets demo account is a complete simulation of the live account. Consequently, traders can fully prepare without risking real money. The demo runs on real market data and offers an accurate 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. Shariah-compliant Islamic Trading accounts are available on both the Direct and Prime accounts.
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MARKETS AND TERRITORIES
Moneta Markets was founded to cater to retail CFD traders exclusively. The broker offers over 300 CFDs in forex, crypto, stock, market indices and commodities. The broker provides 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, etc.
On the other hand, Crypto offerings include all significant 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
A dedicated section of the Moneta Markets site gives an impressively transparent breakdown of the spreads in each market. A clear breakdown of T&Cs can help with the cost-benefit analysis of strategies and indicates that a broker is confident about their rates being better than average.
Spreads tend to widen during uncertain times, such as when important news is about to be announced. The spread for the EUR/USD pair as of the 26th May 2022 is 1pip. 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
The commission mainly applies to share CFD trading and starts 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.
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 the Protrader platform and access to MetaTrader’s MT4 and MT5.
The Protrader platform 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 Protrader 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 Protrader trading platform also offers a trading calculator to help traders determine key price levels and manage their funds efficiently.
Moneta Markets offers both the Take Profit and Stop Loss features regarding risk management. Moneta Markets also provide a Trailing Stop, a part that automatically notches up the Stop Loss as the markets move into profits.
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 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 App- based mobile trading platforms. Moneta Markets’ native mobile Apps work on Android and iOS devices and are available for free on Google Play and Play Store. MetaTrader 4 and 5 are also available in the App Stores.
They are lightweight and do not affect the device’s performance they are installed. 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
The MetaTrader platforms allow clients to tap into the trading ideas of others using the Expert Advisors tool. There is also a vibrant community of traders willing to share ideas and thoughts on the market.
The DupliTrade copy trading service offers another way of using the trading signals of other traders on your account. Choose the traders you want to follow based on your preferred instruments, trading method, and trading style. Their trades will automatically be duplicated in your Moneta Markets MT4 and Protrader platforms.
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.
Crypto trading is not made available to clients of all countries to comply with regulatory conditions.
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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, traders 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 Market Masters, which is 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, sharing 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 them through the learning and trading process.
There is also a free demo that back tests historical market data. With the demo, traders can practise their skills without risking real money.
Another neat feature designed to support clients make the most out of trading is Moneta TV. The channel provides market updates and daily economic insights into trading ideas based on fundamental and technical analysis.
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TRADER PROTECTIONS BY TERRITORY
Moneta Markets is monitored by the Cayman Islands Monetary Authority (CIMA) under license number 1383491. Tier-one regulators monitor its parent company in three jurisdictions, 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 the EU General Data Protection Regulation requires.
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 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 connect. 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.
Also, there is 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 primarily 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 offers ECN and STP trading, and spreads start from 0 Pips and commissions from as low as 0.1%.
A few areas of the offering are relatively weak compared to established brokers. The number of markets is satisfactory rather than excellent, but as a new entrant, it can be expected that progress will be made in those areas. That doesn’t mean signing up to Moneta Markets now is not a good idea. The choice of high-quality platforms is as impressive as any in the markets, and trade execution is fast, cost-effective, and reliable.
How can I open an account with Moneta Markets?
It takes minutes to open an account with Moneta Markets, and the process is designed to be as user-friendly as possible. From one trading account, it is possible to trade a variety of markets and use whichever of the three platforms you find the best fit for your trading style.
Is Moneta Markets a regulated broker?
Moneta Markets is a trademark of Vantage Global Limited. Vantage is regulated and authorised by the Vanuatu Financial Services Commission (VFSC), Reg No. 700271.
What fees does Moneta Markets charge?
Moneta Markets doesn’t charge fees on cash deposits and withdrawals. There are some trading commissions to factor in, but these are competitive and in line with the industry standard.
What are the deposit options for Moneta Markets?
The minimum initial deposit requirement for a Moneta Markets Direct account is $50. For the Prime account, the minimum balance requirement is $200.
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