MondialFx Review – Top Things to Consider about this Broker

MondialFx Review

These days, there is a lot of talk about the financial markets and the many opportunities they offer. They have garnered a lot of attention, particularly because of cryptocurrencies and also because of the ease of access in times of the pandemic.

This has resulted in a huge influx of traffic and the number of online brokers catering to these people has also surged. Hence, you will not find a shortage of brokers to choose from when you begin looking, but you should always consider some important things before making your decision. This MondialFx review can give you some guidance in this aspect.

While most people may not see the point of doing so, you should bear in mind that not all brokerages that you come across are reliable and professional.

There are a number of low quality and shady companies that you need to steer clear from, but the worst part is the scam brokerages that have also been operating in this space. There are never-ending stories of people becoming victims of fraudulent brokerages and you do not want to become the next story.

How do you make sure that does not happen to you? The key is to not let yourself be swayed by the promises a brokerage is making you. It is incredibly easy for these scammers to have their own websites up and running and they make all the right claims to get your attention.

But, you should not forget that claiming is one thing and actually delivering is another. You do not need a brokerage that makes a lot of promises and cannot meet your expectations. Most scam companies are going to do exactly that and this means you have to be cautious.

Your first impression of MondialFx is going to be a strong one, given that it claims to be an industry leader and says all the right things.

But, you have to consider some important things about a broker before making your decision about it. Doing so in the case of MondialFx can save you from a big headache in the future. What should you consider? You can find out below:

The regulation

Amongst the many things that you should consider about an online brokerage before you open an account with it, you should always begin with its regulation. Yes, regulation is of the utmost importance because it shows that the company is committed enough to go through the hoops it has to for obtaining a license.

This is no simple process, but when it makes the effort, it shows that it is a legitimate company and really has nothing to hide. After all, the regulatory authority will oversee its operations and can also hold it accountable for its actions.

Regulated brokers also offer safety of funds, high quality trading services and transparency that you cannot find in unregulated ones, not to mention the very low chances of getting scammed.

If you are considering MondialFx as your broker, you need to know its regulatory status as well. According to the broker’s website, it is owned and operated by a company called Vie Finance and this is regulated by the HBMC.

But, what is the HBMC? This is not a regulatory authority at all and no one has heard of it. The fact that MondialFx is referring to an unknown organization is not very surprising because a lot of scam brokers refer to strange websites as ‘regulatory bodies’ that no one has heard of and do not control any market.

You will also find that MondialFx has shared an address on its website that puts it in the United Kingdom, but in order to operate there, it needs a license from the Financial Conduct Authority (FCA). You can check the online register and not find the brokerage listed there, which means it cannot have an office in the UK.

It continues to get worse because you will eventually discover that CONSOB, the Italian regulatory authority, has actually blacklisted MondialFx as it seems to be offering its services in the country without authorization. This is more confirmation that you are not dealing with a legit entity.

The Trading software

The trading software offered by an online broker is one of its most crucial features because you have to use it for engaging in online trading.

You want the platform to be a powerful and modern trading solution with all the right trading tools and features necessary for seamless trading. If you are expecting the same from the trading platform offered at MondialFx, then you will be in for a huge disappointment.

While the brokerage offers some kind of web trader, it does not seem to be accessible at all. This is not very surprising because a lot of fraudulent brokerages promise a trading software, but do not really have anything to offer.

Of course, you will find that the deposit page at MondialFx seems to work flawlessly because all they need is your money. A good broker worth its salt would give you access to a strong trading platform like the MT5 that comes with excellent trading tools.

The deposit methods

Checking the deposit methods of an online brokerage is a must and you cannot make your decision without taking them into consideration. This is because you want to ensure that the payment methods are secure and also give you the option of getting a refund if you want.

But, you are going to be disappointed yet again because MondialFx is only offering one deposit method to its clients; bank wire transfers.

Most professional brokers would always offer their clients a variety of deposit methods to choose as per their convenience. This is not something that MondialFx does and it has also chosen to offer a method that is not eligible for a chargeback. Hence, you will not be able to get your funds back in case of a problem.

Bottom Line

Once you take these factors into consideration about MondialFx, you can drop the idea of using this broker and look for a better option.