Moneta Markets Broker Review – Forex Trading Platform | Moneta Markets

Moneta Markets Basics

🏛️ Based in	Limassol, Cyprus
⚖️ Regulation	FSCA, FSC
💰 Minimum Deposit	$50 (20000 Naira)
💳 Deposit Options	VISA, MasterCard, FasaPay, JCB Pay, SticPay, Bank Wire
💳 Withdrawal Options	VISA, MasterCard, FasaPay, JCB Pay, SticPay, Bank Wire
📌Open an account	Start Trading with Moneta Markets

Our Opinion About Moneta Markets

Moneta Markets is a regulated forex broker. They have over 10-years’ experience as a global financial markets’ specialist, handling an average trading volume in excess of $100 billion, monthly. They are an award-winning company with a global presence, and a large international client base. 

Moneta Markets offers competitive online trading conditions. They have 100+ trading instruments including forex, shares, indices, commodities, and cryptocurrencies. They also have a nice range of trading accounts. There are 2 different account types – both of which have high leverage, low trading costs, and fast trade execution. They also have some of the top online trading platforms – including MetaTrader4.

If you’re looking for great trading support, then Moneta Markets could be a good option. They have a big selection of trading tools including calculators, market analysis tools, social trading services, and VPS services. They also offer free educational materials including articles, eBooks, trading guides, and videos. And if you’re looking for great customer service then you’ll be pleased to know that Moneta Markets also has multilingual customer support.

Key Benefits

Regulation And Safety

Moneta Markets is a regulated broker. The Moneta Markets Group consists of two companies, both operating under the Moneta Markets trade name. Here are the details:

• Moneta Markets is a trading name of Moneta Markets South Africa (Pty) Ltd, an authorised Financial Service Provider. They are registered and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, under licence number 47490.
• Moneta Markets is also a trading name of Moneta LLC, a registered financial services provider. They are registered and monitored by the Saint Vincent and the Grenadines Financial Services Authority, under registration number 2052 LLC 2022

Regulations In Nigeria

Traders in Nigeria can open an account with the Moneta LLC business. As an SVG broker, they operate with slightly less regulatory oversight than other regulated brokers. However, they still implement strict security and client fund safety protocols. As such, they are a reliable online trading service provider.

Fund Safety

Moneta Markets keeps its client funds in segregated accounts. This is to offer greater client fund protection and to ensure your funds are not used for operational purposes. Clients’ funds are also held in a with an Australian AA rated bank, which is one of the 4 largest financial institutions in Australia with a market capitalisation of $93 billion and over 12 million customers. Therefore, if you open an account with Markets, you will benefit from a high level of client fund safety.

Trading Awards

Moneta Markets is a reputable forex broker. Their most recent awards include:

• CFD Platform Of The Year 2022 – FinTech Awards
• Users Choice Award 2022 – Forex Rating
• Best Forex Broker For Beginners 2021 – Forex Rating
• Best Forex Broker For Professionals 2021 – Forex Rating

Moneta Markets: Legit or Scam?

Moneta Markets is a legit broker. They have been offering online trading services for several years now and have a growing client base in Africa. In terms of services, they have good account types, advanced trading technology, and excellent online trading conditions. They also have reliable payment methods, and a high level of client fund protection. In our opinion, they are a reputable forex broker.

Trading Assets

Moneta Markets offers 300+ currencies, indices, commodities, cryptos, and share CFDs. You can trade with great conditions on a wide range of instruments.

Trading Instruments

• Forex: They have 40+ currency pairs including majors, minors, and exotics.
• Indices: They  have 20+ indices including the FTSE100, the S&P500, and the DAX30.
• Commodities: Moneta Markets has 15 commodities including oil and natural gas,
• Shares: They also have 130+ shares including Renault, LVMH, Philips, and Eni.
• Cryptos: Moneta Markets has 6 crypto CFDs.

Moneta Markets Account Types

There are currently two account types on offer at Moneta Markets: its STP account and its ECN account. They come with tight spreads, high leverage, and fast trade execution. They also both have Islamic account versions.

Type	Spreads	Min. Deposit	Max. Leverage	Commission
STP	From 1.2 pips	$50	1:1000	$0
ECN	From 0.0 pips	$200	1:1000	$3 per lot

Direct (STP) Account

This is their best account option for new traders. It has spreads starting from 1.2 pips and there are no commissions. It also comes with high leverage of up to 1:1000. The minimum deposit for this account is $50. The base currencies are USD, AUD, GBP, EUR, SGD, CAD, NZD, JPY, and HKD. It is worth nothing the account is only available on MT4.

Prime (ECN) Account

This is their best account option for experience traders. It has spreads starting from 0.0 pips. There are commissions of $3 per lot per side. It also comes with high leverage of up to 1:1000. The minimum deposit for this account is $50. The base currencies are USD, AUD, GBP, EUR, SGD, CAD, NZD, JPY, and HKD. It is worth nothing the account is only available on MT4.

Demo Account

Moneta Markets also offers a demo trading account. This is great for so many reasons. You can use it to improve your trading skills and familiarise yourself with different trading strategies. You can also use it to get a feel for the forex market and what forex trading is all about. This service can be very useful for beginner traders, especially if it’s their first time trading.

Islamic Account

All of the Moneta Markets accounts are available as Islamic Accounts, and you can choose this option when opening your online trading account.

PAMM Account

Moneta Markets does offer a PAMM service. PAMM accounts allow Nigerian traders to invest in proven strategies executed by expert traders and take a share of the profit. This service can be very helpful for new traders, as it means they can benefit from a fully-managed investment portfolio.

Spreads

Moneta Markets has good spreads, in line with what you would expect from a reputable forex broker. The spread available depends on which account type you choose. For example, with the Direct STP account, you can trade with spreads starting from 1.2 pips, and on the Prime ECN account, you can trade with spreads starting from 0.0 pips.

Commission

Moneta Markets has low commissions, in line with what you would expect from a fairly priced forex broker. The commission fee depends on which account type you choose. For example, with the Direct STP account, you can trade with zero commissions, and on the Prime ECN account, you can trade with commissions starting from $3 per lot.

Base Currencies

You can fund your account using USD, EUR, GBP, NZD, JPY, CAD, HKD, BRL. Unfortunately, Moneta Markets does not offer NGN as a base currency. As such, you will incur currency conversion fees on your deposits and withdrawals.

Moneta Markets – How To Open A Trading Account

As part of our Moneta Markets review, we looked at their account requirements. If you live in Nigeria, then you can open a trading account under the FSC business entity. Signing for an account is easy. To get started, visit their website, fill in the registration form, and provide your personal details. Then, when asked, give them your preferred login details.

Next, they might ask you to complete a quick online trading quiz. This is so that they can see how much you know about forex trading, and decide if their services are right for you. If you get enough answers right, they will let you open an account. Next, you need to complete the KYC process, submit copies of your documents, and choose your preferred account type. This is so that they can confirm your identity and activate your account.

Moneta Markets – How To Verify A Trading Account

As part of our Moneta Markets review, we looked at their verification process. To open a live trading account you’ll need to show Moneta Markets a proof of ID and a proof of address. This is so that they can check your identity and verify your account. The account verification process is simple. You can provide copies of your National ID card, Passport or Driving License. You can also provide copies of a utility bill or a bank statement.

Moneta Markets Bonuses

Moneta Markets offers regular promotions. Their current offer is intended to provide additional client fund protection. If, after making your first deposit, you lose 75%+ of your funds, they will offer you a 25% rescue bonus. Bonus terms and conditions apply. Check their website for more details.

Moneta Markets Payment Methods

As part of our Moneta Markets broker review, we checked what payment options they accept. As the minimum deposits are quite low, opening an account is fairly easy. They also offer a wide range of payment methods, including e-wallets.

Deposit Methods

Moneta Markets offers many deposit methods including debit card, credit card, and bank transfer. It also accepts FasaPay, JCB Pay, and SticPay.

Deposit Fees

Moneta Markets does not charge any additional fees for deposits. However, third party providers may have their own fee structure.

Deposit Times

Moneta Markets processes transactions quite quickly. You get instant deposits on most payment methods. Bank transfers take 2-5 days to process.

Minimum Deposits

The minimum deposit is $50. There is a restricted maximum deposit of $1000 AUD for first time funding on credit cards. There is a restricted maximum deposit of $10,000 AUD or equivalent per transaction, per card, per account a day.

Moneta Markets Withdrawals

Withdrawal Methods

Moneta Markets offers many withdrawal methods including debit card, credit card, and bank transfer. It also accepts FasaPay, JCB Pay, and SticPay.

Withdrawal Fees

Withdrawal fees may apply, depending on the payment provider. Moneta Markets does not deposit funds to third parties. All money withdrawn from your account must go to an account in the same name as your Moneta Markets trading account.

Moneta Markets Trading Platforms

Moneta Markets has the MetaTrader 4 trading platform.MetaTrader4 (MT4) is a great platform for new forex traders. It has a user-friendly design as well as many handy, built-in trading tools. You can use it to trade things like forex, stocks, commodities, and indices. The MT4 trading platform also has helpful charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects. You can use these trading tools to complete your market analysis and implement your own trading strategies.

Trading Tools

Moneta Markets offers many useful trading tools for new traders, including a trade calculator, and a market sentiment tool. It also has trading tools for more advanced traders, including a VPS service.

• DupliTrade – Moneta Markets has a great DupliTrade tool. You can use it to automatically duplicate the trades of a portfolio of proprietary traders. All you need to do is choose the traders that you want to follow based on your preferred instruments, trading method, and trading style. All of their trades will automatically be duplicated in your trading platform.

• ZuluTrade – ZuluTrade is the world’s largest social trading platform. Moneta Markets gets you free access to a ZuluTrade account, enabling you to access a pool of professional traders and their trading systems. You can use this tool to find expert traders and copy their trading strategies.

• Featured Ideas – The Featured Ideas trading tool gives you additional support with your trading strategies. You can use this tool to access new technical and fundamental trade ideas based on proven, backtested strategies across all your favourite currency pairs and technical setups.

• Economic Calendars – They offer a free economic calendar to help you stay on top of market news. The economic calendar covers all of the most important economic data releases from around the world. It also includes detailed explanations and forecasts of each data release.

• Trading Calculators – They have a range of trading calculators that you can use to plan your trades, manage your risk, and implement more effective trading strategies. The available trading calculators include a Fibonacci calculator, a currency convertor, and a pivot calculator.

• VPS Service – With a VPS, MT4 is continuously running on a remote server. This means that it continues running even if you switch your computer off. It gives you better connectivity and less downtime. It also gives you more freedom as you can access the remote server at any time, from any place.

Education And Research

Moneta Markets offers many useful learning resources including free video tutorials and an educational course. It also provides market news, market analysis, and daily TV coverage of the financial markets.

Moneta Markets Trading Hours

Moneta Markets operates during standard trading hours. You can open trades whenever the financial markets are open. Trading hours may vary on public holidays

Moneta Markets Customer Support

They have a great customer support team. Their staff are very friendly and quick to respond. You can contact them by email, phone, and live chat.

Our Verdict

Moneta Markets is a reputable broker with great trading conditions. It has low minimum deposits, high quality educational materials, and helpful copytrading tools, making it a good choice for new traders. It also has high leverage, low trading costs, and a wide range of trading instruments, making it a great choice for experienced traders too.

Moneta Markets Broker Review – FAQ

Ready to sign up? Register for an online trading account with Moneta Markets here.

Moneta Markets Broker Review – Similar Brokers

Moneta Markets is a great choice for forex traders in Nigeria. However, if you want to see some alternatives, there are also many other brokers available. Here are some similar companies.

Still deciding? Take a look at some of our other forex broker reviews.