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Moneta Markets Review 2024

By:
Plamen Stoyanov
Updated: Jan 23, 2024
Overall Rating
4.3
  • Trust
    3.5
  • Fees
    4.3
  • Platforms and Tools
    4.5
  • Tradable Instruments
    4.7
  • Customer Support
    4.1
  • Research
    4.8
  • Deposit and Withdrawal
    4.9
  • Account Types and Terms
    4.9
  • Education
    4.4
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.
    Chart

    Our Take on Moneta Markets

    Moneta Markets is a well-balanced derivatives broker, founded in 2019 and headquartered in Johannesburg, South Africa. It offers over 950 tradable instruments across several asset classes, including futures and ETFs.

    The broker has developed a versatile proprietary platform, which is powered by the seamless TradingView. It also incorporates the popular MetaTrader 4&5, integrates content from Trading Central, and offers free VPS hosting.

    I found Moneta Markets to be fairly transparent, with diverse account types and impressively low trading costs, especially for commodities, indices, and cryptocurrencies.

    However, the broker’s customer support is not always fast and the scope of its educational content is rather limited.

    Recommended in 3 best broker guides: 
    Low Swaps | MetaTrader Crypto | Offshore

    Moneta Markets Pros and Cons

    Pros Cons
    • Very low spreads and commissions
    • Wide range of tradable instruments
    • Choice of platforms and tools
    • Diverse account types
    • Probing research content
    • Slow customer support
    • Limited educational materials

    Moneta Markets Highlights for 2024

    • Moneta Markets has one top-tier authorization (ASIC), one tier-two license (FSCA), and one tier-three license (FSA). Overall, I found the broker reliable, transparent, and compliant with most safety requirements.
    • I assessed the broker’s trading costs to be quite competitive and lower than the industry average.
    • Moneta Markets has diverse account types, one of which accommodates commission-free trading while the other offers raw spreads starting from 0.0 pips.
    • Traders can choose from four platforms – MetaTrader 4, MetaTrader 5, Moneta Markets’ Pro Trader, and ZuluTrade for social trading.
    • Moneta Markets offers more than 950 CFDs across multiple asset classes, including FX pairs, commodities, share CFDs, indices, cryptocurrencies, ETFs, and futures (bonds, commodities, and indices).
    • Customer support is available via phone and email. Though there is a live chat option, some queries may be answered via email.
    • Moneta Markets’ research content is extensive and informative, but the scope of its educational materials is rather limited.

    Who is Moneta Markets For?

    I think Moneta Markets is especially well suited to accommodate the needs of traders seeking to diversify their trading opportunities. With its ample instruments offering, including lower-risk securities like bonds and higher-risk/yield assets like cryptocurrencies, traders can practice more conservative, longer-term trading as well as highly speculative, short-term trading.

    Intraday traders and scalpers can utilize Moneta Markets’ access to deep liquidity for precise high-frequency trading in the short term, whereas day traders and swing traders can make use of its futures offering to gain longer-term exposure.

    What Sets Moneta Markets Apart?

    What stood out the most to me are Moneta Markets’ exceptionally low spreads and commission-free trading (except for FX pairs and share CFDs) on its Prime ECN account.

    Generally in the industry, brokers tend to offer such conditions on accounts with a minimum deposit requirement of several thousand or more, but Moneta Markets’ Prime ECN account is available against an initial deposit of $200. It is this combination of accessibility and competitiveness that makes Moneta such a great choice.

    We performed our tests on a Prime ECN account using Moneta Markets’ Pro Trader desktop platform and the mobile app version of MetaTrader 5. The account was opened with the broker’s Moneta Markets Ltd. entity. Some features and services may vary depending on where you reside and which entity you open an account with.

    Moneta Markets Main Features

    ☑️ RegulationsSVG FSA (Saint Vincent and the Grenadines), FSCA (South Africa), ASIC (Australia)
    🗺 Supported Languages
    English, French, Italian, Chinese, Portuguese, Malaysian, Korean
    💰 ProductsCurrencies, Stocks, ETFs, Crypto, Indices, Commodities, Futures
    💵 Min Deposit$50
    💹 Max Leverage1:500 (SVG FSA), 1:500 (FSCA), 1:30 (ASIC)
    🖥 Trading Desk TypeSTP, ECN
    📊 Trading PlatformsMT5, Proprietary, Zulutrade, MT4, TradingView
    💳 Deposit OptionsWire Transfer, FasaPay, Credit Card, Visa, SticPay, JBC
    💳 Withdrawal OptionsWire Transfer, FasaPay, Credit Card, Visa, SticPay, JBC
    🤴 Demo AccountYes
    🗓 Foundation Year2019
    🌎 Headquarters CountrySouth Africa
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    Moneta Markets Full Review

    Trust

    3.5
    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    Moneta Markets operates several entities that are authorized in various jurisdictions. The broker is fairly transparent and safe, and it has a ‘best execution policy’.

    Moneta Markets Regulations

    In our reviews, we examine the licenses and regulations of each entity operated by a broker. This allows us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

    This is what I discovered about Moneta Markets’ three entities:

    • Moneta Markets Ltd is licensed and regulated by the Financial Services Authority (FSA) of Seychelles under licensing number SD144. We rank the FSA as a Tier-3 regulator. The same entity is also registered in Saint Lucia but not regulated there.
    • Moneta Markets is a trading name of Moneta Markets Ltd, registered under Saint Lucia Registry of International Business Companies with registration number 2023-00068.
    • Moneta Markets South Africa (Pty) Ltd is registered and regulated in South Africa by the Financial Sector Conduct Authority (FSCA) under license number 47490. The FSCA is ranked as a Tier-2 regulator on our system.
    • Moneta Markets International Pty Ltd is a corporate authorized representative (CAR no. 001298177) of AGC Capital Securities Pty Ltd, which is licensed and regulated by the Australian Securities and Investments Commission (ASIC) with license number 481024. We rank ASIC as a Tier-1 regulator.
    Moneta Markets Ltd’s licensing info on fsaseychelles.sc

    We have summarized the most essential aspects of Moneta Markets in terms of regulation and safety in the table below:

    Entity Features Moneta Markets Pty Ltd Moneta Markets Ltd Moneta Markets Ltd Moneta Markets South Africa (Pty) Ltd
    Country/Region Australia/Sydney Seychelles/Mahe Saint Lucia South Africa/Johannesburg
    Regulation ASIC FSA Unregulated FSCA
    Tier 1 3 NA 2
    Segregated Funds Yes Yes Yes Yes
    Negative Balance Protection Yes Yes Yes Yes
    Compensation Scheme No No No No
    Maximum Leverage 1:30 1:500 1:1000 1:400

    Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?

    Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection. Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid. That is why traders need to familiarize themselves with the safety mechanisms ensured by the entity they want to open an account with beforehand.

    Here is what you need to be looking for in a broker in terms of safety mechanisms:

    • Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. All of Moneta Markets’ entities comply with this requirement.
    • Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. This is especially important in volatile markets. All of Moneta Markets’ entities comply with this requirement as well.
    • Compensation scheme. A compensation scheme protects traders against the broker’s liabilities in the unlikely event that the company becomes insolvent. None of Moneta Markets’ entities have such a compensation scheme or private indemnity insurance.
    • Maximum leverage. Capping the maximum leverage limits the maximum market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. Retail clients with the Seychelles entity can enjoy a maximum leverage of 1:500, whereas clients with the FSCA-regulated entity can opt for a maximum leverage of 1:400.

    Is Moneta Markets Safe to Trade With?

    Moneta Markets can be overall considered a safe broker. Both of its entities ensure segregation of client funds and negative balance protection. And even though there is no compensation scheme in place, the risk of the broker going bankrupt is relatively negligible. Moneta Markets should also be praised for issuing a ‘best execution policy’.

    Moneta Markets Ltd’s two registrations

    Stability and Transparency

    In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, how big the company is, and how transparent it is in terms of readily available information.

    Moneta Markets has a very detailed spreads and commissions page where its trading costs are described in the most minute detail. Unlike many other brokers, Moneta has integrated a widget that displays all commissions for the two account types and per asset class. This is a strong indication of its overall transparency.

    Moneta Markets’ commissions

    I found minor transparency issues, such as a discrepancy between the list of available instruments on the website and what is actually available on Pro Trader. Further still, there seems to be a different assortment on MetaTrader 5. Nevertheless, this is a minor issue and does not represent a major trust problem.

    While not a major transparency issue per se, some traders might be confused as to which legal entity they sign up with. When I opened my trading account from monetamarkets.com, I was aware I was signing up with ‘Moneta Markets Ltd’. However, I did not see any notice that I was opening an account with a legal entity that is registered but not regulated in Saint Lucia. I was able to find only the confirmation in the Client Agreement, which can be accessed from the Legal Documents section of the website.

    Moneta Markets Ltd’s Client Agreement

    Pay attention to the website you use to open your Moneta Markets account. If you use monetamarkets.com, the company is registered but not overseen by any rules in Saint Lucia. For a regulated experience, use monetamarkets.sc, which operates under Seychelles’ Financial Services Authority (FSA) oversight. The platform you pick determines the regulatory framework you fall under, so choose based on your trading requirements and risk tolerance.

    In summary, my research indicates that Moneta Markets can be regarded as having a sufficient level of trust and stability due to the following factors:

    • Complies with most safety requirements
    • Has issued a ‘best execution policy’
    • Provides clear and upfront information about trading costs.

    Fees

    4.3
    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    Moneta Markets offers commission-free trading and raw spreads starting from 0.0 pips. I evaluated its trading fees, including swap charges, to be tighter than the industry average. The broker does not charge deposits and withdrawals, and it also does not have an inactivity fee for dormant accounts. Swap-free trading is also available via its Islamic accounts.

    Moneta Markets Trading Fees

    Moneta Markets’ Spreads

    I tested Moneta Markets’ spreads during the most actively traded times – the London open at 8:00 a.m. GMT and just after the U.S. open at 2:45 p.m. GMT. The test was conducted on 29 August 2023.

    Instrument  Live Spread AM Live Spread PM
    EURUSD 0.1 pips 0.2 pips
    GBPJPY 0.6 pips 0.8 pips
    Crude Oil 0.03 pips 0.03 pips
    Gold (XAUUSD) 8 pips 8 pips
    Apple NA 0.15 points
    Tesla NA 0.23 points
    Dow Jones 30 1.3 basis points 1.0 basis points
    Germany 40 0.5 basis points 0.5 basis points
    Bitcoin $10.01 $12.01

    Broken down by asset class and compared to the industry average, Moneta Markets offers low spreads on FX pairs, share CFDs, indices, and cryptocurrencies. It also charges low-to-average spreads on commodities.

    Moneta Markets’ Swap Rates

    A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

    The values listed below are for one full contract (100,000 units) of the base currency.

    Instrument Swap Long Swap Short
    EURUSD Charge of $7.43 Credit of $3.07
    GBPJPY Credit of $19.25 Charge of $34.28

    The recorded swaps are average-to-high compared to the industry average. However, this can be partially attributed to heightened market volatility at the time of my review.

    Moneta Markets’ Commissions

    Moneta Markets has two types of commissions charged on its two ECN accounts. With regards to the Prime ECN account type, there is a $6 round-turn commission per traded lot (100,000 units) applied for trading FX pairs. Overall, I estimated the Prime ECN account’s commissions to meet the industry average.

    With regard to the Ultra ECN account type, the round-turn commission is set at $2 per traded lot.

    Moneta Markets’ Non-Trading Fees

    The broker does not have any major non-trading fees. There is no inactivity fee, and deposits and withdrawals are charge-free.

    Are Moneta Markets’ Fees Competitive?

    My research indicates that Moneta Markets’ fees are indeed quite competitive. The broker offers extremely low spreads across all asset classes on its ECN accounts, with generally acceptable commissions (where applicable). Its swap rates were slightly elevated while I was carrying out my review, but this was partially due to increased market volatility. Finally, there are no non-trading costs.

    Direct STP and Prime ECN Accounts Comparison

    To help you better understand the difference between Moneta Markets’ different accounts in terms of trading costs, I have compiled the table below. It illustrates the spreads and commissions I have recorded on the EUR/USD pair for the two account types. The table shows how much you will have to pay to trade 1 full lot (100,000 units) on the EUR/USD when the pip value of the pair is $10.

    To calculate the cost of such a full-sized trade, I used this formula:
    Spread x pip value+commission

    Account Type Spread  Commission  Net Cost
    Direct STP 1.3 pips $0 $13
    Prime ECN 0.1 pips $6 $7

    As you can see, my tests indicate that the cost of trade is nearly twice as low on a Prime ECN account. I thus concluded that the Prime ECN account is more suitable for high-frequency/high-volume trading.

    Platforms and Tools

    4.5
    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    Moneta Markets has developed an intuitive and feature-rich proprietary platform, Pro Trader, which is powered by TradingView – one of the most sophisticated charting services in the trading industry. The broker also incorporates the widely popular MetaTrader 4&5 and has developed a number of supporting tools. Additionally, Moneta Markets has its own Apptrader for trading on the go and offers strong solutions for social trading, such as ZuluTrade and its proprietary Copy Trader App.

    In my experience as a high-frequency trader, I have always looked for platforms that afford a deep and penetrating outlook into price action behavior. Scaling price action up and down with ease is a must-have, and I am happy to say that Pro Trader delivers on this front. It has a user-friendly design and essential features like one-click trading.

    Moneta Markets’ Pro Trader platform

    Accordingly, less experienced traders may opt for the beginner-friendly, albeit more cumbersome, MetaTrader 4 or its successor. The two renowned platforms also allow automated trading via their Expert Advisors (EAs) features. Moneta Markets even incorporates the ‘Alpha Generation’ plugins for MetaTrader.

    To make the most out of your algo trading, you can take advantage of Moneta Markets’ free VPS (Virtual Private Server) hosting, which ensures low latency and faster order execution. To qualify, you need to have at least $500 as equity in your account and trade 5 FX lots or more per calendar month.

    Those interested in social trading will be happy to learn that Moneta Markets incorporates the seamless ZuluTrade, which is arguably the most sophisticated platform providing social trading solutions. The broker also has a copy trading app.

    Moneta Markets’ Web Pro Trader Platform

    Pro Trader’s full features

    General Ease of Use

    The Pro Trader platform has a learning curve that may seem a bit overwhelming at first, especially to beginner traders. You can add or hide multiple panels from the main frame, which has an intuitive logic.

    There is a chart screen on the left side with all supporting indicators and analytical tools; an orders placing panel in the middle; and an info panel on the right side of the screen. You can manage your watch lists of selected instruments from there and gain instant access to the latest financial news via Moneta Markets’ news screener.

    As I alluded to above, what makes the platform stand out to me is the ease with which you can scale price action up and down, and left to right. Unlike MetaTrader, the Pro Trader platform allows you to expand your charts in a full-screen mode, which gives you an excellent vantage point into the intricacies of price action behavior. Chartists will find this especially useful since they can easily observe even minute details of each candle, such as its body, tail, and shadow.

    An expanded chart in a full-screen mode

    Charts

    As I like to point out in each of my reviews, the charts screen is probably the most important component of every platform. It is the window through which traders can observe price action behavior and understand where the market might be headed next.

    It is vitally important for a chart to be as clear and informative as possible and allow traders to manipulate price action freely by scaling it up and down. Additionally, a good chart should be supplemented by a broad range of technical indicators, drawing tools, and other such instruments to accommodate technical analysis.

    Pro Trader indicators and drawing tools

    My overall impression of Pro Trader’s charts is that they can be populated with multiple technical indicators and drawing tools and still retain a great degree of flexibility. Price action does not get obscured easily even if you use 2–3 or more analytical tools.

    I have broken down these by class below:

    • 105 technical indicators. The platform supports trend-based, volume-based indicators, oscillators, Bill Williams indicators, and more. These can be applied to study price action behavior and determine the underlying market sentiment. In general, technical indicators are used to gauge where the market is likely to head next. By virtue of being powered by TradingView, Pro Trader affords access to an impressive range of indicators.
    • 60+ drawing tools. Drawing tools, such as Fibonacci retracement levels and Elliott waves, are used to study repeatable price patterns. Additionally, they can be applied to determine key support and resistance levels and potential breakout or breakdown levels. The Pro Trader platform also supports trend lines, channels, pitchforks, and other analytical tools.
    • 11 timeframes. Pro Trader allows multi-timeframe analysis of price action behavior. The greater the number of timeframes, the more intricate examinations that can be carried out across the short-term and long-term. One minor drawback is that the lowest timeframe has a 1-minute period. The lack of lower timeframes makes it more difficult to implement scalping trading strategies.
    • 16 chart types. Price action can be represented as a line, bars, area, or multiple types of candlesticks. This diversity is one of the stand-out features of the platform.

    Orders

    Placing an order on Pro Trader

    Another advantage of the chart is that you can compare the price actions of multiple instruments. This allows you to gain a better understanding of where a given market is headed in general by spotting possible convergences and divergences, thereby helping you make a more informed decision as to how to trade an underlying opportunity. In the chart above, I compared the prices of crude oil and gold in the commodities market before placing an order.

    I have broken down the available order types on Pro Trader below:

    • Market orders. Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price where the order actually gets filled.
    • Limit orders. Unlike market orders, limit orders guarantee exact price execution. However, a limit order will not be filled if the price action does not reach the pre-determined execution price.
    • Stop orders. They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

    App Trader

    AppTrader layout

    Moneta Markets’ mobile app affords traders quick and easy access to the market on the go. It is very useful when you have to check the performance of your running trades and, if necessary, make adjustments. The market is volatile and always changing, so it is always a good idea to stay on top of the latest developments with the intuitive and user-friendly App Trader.

    You can use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades. The app is highly customizable and features multiple technical indicators and drawing tools. Nevertheless, my professional advice is to carry out your technical analyses on wide-screen devices because a low-resolution smartphone is not ideal for examining the intricacies of price action behavior.

    ZuluTrade

    ZuluTrade is one of the most popular hubs for social trading. The platform connects over 10,000 signal providers and signal followers from around the world. Clients of Moneta Markets can connect their live accounts to ZuluTrade and search from the thousands of trading strategies for the one that best fits their style, goals, and capabilities. In short, ZuluTrade is an excellent tool if you want to build a strong portfolio but lack the time to watch the market 24/7.

    ZuluTrade has implemented a sophisticated algorithm that ranks trading strategies based on different aspects, such as maximum returns, average returns, maximum dropdown, and more. Its so-called ‘Margin-Call-o-Meter’ estimates the risk you will be taking with a given strategy, and you can also simulate its likely performance in the future based on its current parameters and past performance.

    Copytrader App

    Copytrader App layout

    Moneta Markets’ Copytrader App is the broker’s proprietary solution for social trading. Similarly to ZuluTrade, it connects signal providers and signal followers who are members of Moneta Markets. The app allows them to exchange trading ideas so that less experienced traders can generate profits from the trialed and tested strategies of seasoned pros by subscribing to them.

    The Copytrader app ranks signal providers by their performance. They are evaluated based on average returns, profit, losses, and more. What I found quite interesting and unconventional is the so-called “inverse” trade features that allow you to subscribe to the strategies that always seem to lose. In my experience, I came to realize that psychology plays a significant role in determining success, and I always appreciate such intuitive methods for turning a negative into a positive.

    Tradable Instruments

    4.7
    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    Moneta Markets offers access to 950 lower-risk securities and higher-risk/yield assets across multiple markets. These include FX pairs, commodities, shares, indices, cryptocurrencies, ETFs, and futures. All are traded as Contracts for Difference (CFDs).

    What I consider very useful is that some of the available instruments are denominated in different currencies. For instance, you can trade XAUUSD (Gold vs. US Dollar), XAUEUR (Gold vs. Euro), or even XAUAUD (Gold vs. Australian Dollar). Traders can avoid paying conversion fees when trading with instruments denominated in their account currency.

    What Are CFDs?

    Contracts for difference (CFDs) are derivatives used to speculate on the price of the underlying without physical delivery. For example, a long position on gold would generate a profit as the price rises or incur a loss as it falls. This is achieved without having to purchase actual bars of gold. One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

    What Can You Trade With Moneta Markets?

    I have broken down the available instruments by asset class:

    • 45+ Currency Pairs
      • Majors, Minors, Exotic
    • 17 Commodities
      • Metals, Energy, Agriculture
    • 25 Indices
      • U.S., Europe, Asia
    • 840+ Share CFDs
      • Technology, Retail, Financial, Other.
    • 43 Cryptocurrencies
      • Major and Minor
    • 51 ETFs
      • Financial
    • 18 Futures
      • Bonds, Indices, and Commodities

    Compared to the broader industry, Moneta Markets offers an average number of FX pairs, and an above-average number of share CFDs, commodities, indices, and cryptocurrencies. These afford traders access to multiple markets with varying degrees of underlying volatility.

    Forex Commodities
    EURUSD | GBPJPY | AUDNZD| EURJPY | USDZAR | USDBRL | EURNOK | EURPLN | GBPCAD | USDHKD Gold | Crude Oil | Natural Gas | Palladium | Silver | Cocoa | Copper | Cotton | Orange Juice | Wheat | Sugar
    Indices Share CFDs
    CAC 40 | US 30 | GER 40 | Nikkei 225 | EU 50 | SP500 | NAS 100 | FTSE 100 Apple | Tesla | Microsoft | META | Alphabet | Berkshire Hathaway | Dominion Energy
    Cryptocurrencies ETFs
    Bitcoin | Litecoin | Ripple | Doge Coin | Ethereum | Cardano | Filecoin Vanguard Total Bond Market | SPDR Gold | iSHARES MSCI EAFE Index
    Futures
    Euro Bond | EURIBOR | UK Long Gilt | Crude | Brent | JPN 225

    Customer Support

    4.1
    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    Moneta Markets offers customer support over email, phone, and live chat. It is available 24/5 in six languages, including English, Malay, Chinese, Korean, French, and Portuguese. The website also has a dedicated FAQ section for more general queries.

    The easiest way to get in touch with Moneta Markets is via live chat, which is available from the bottom-right corner of the main page. Before getting connected, you are required to provide your name and email address.

    Customer Support Test

    When we test a broker’s customer support team, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

    I reached out to Moneta Markets on 29 August at around 1.30 p.m. CET via live chat, however, no agent connected to the chat. I received a response over the email nearly 1,5 hours later.

    The email itself was well-structured and easy to understand. However, the answers to my questions were not particularly direct. I had asked whether Moneta Markets has a compensation scheme but was instead told that the broker keeps all client funds in separate bank accounts. To my question regarding what their average execution speed is, I was referred to the section of the website where it is stated that the broker has access to global servers. Overall, the point of my questions was avoided and no further context was provided.

    Moneta Markets’s response to my inquiry

    Deposit and Withdrawal

    4.9
    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    Payments to and from accounts with Moneta Markets are available via bank wires, credit cards, and e-wallets. Transactions are processed fairly quickly, and traders can choose from a wide range of base currencies. Most importantly, the broker does not charge deposits or withdrawals.

    Moneta Markets Deposit Methods

    Method Processing Time Fees Available Currencies
    Bank Transfer 2-5 business days $0* USD, GBP, EUR, SGD, JPY, NZD, CAD
    Bank Card Instant $0 USD, GBP, EUR, SGD, JPY, NZD, CAD
    FasaPay Instant $0 USD
    JCB Instant $0 JPY
    Sticpay Instant $0 USD, GBP, EUR, SGD, JPY, NZD, CAD

    *Third-party banking fees may apply

    Clients can deposit $500 or more to get 50% worth of bonus credits, which convert to real cash when they trade FX, gold, and oil products. They can see the daily calculation of cashback from their client portal.

    Moneta Markets Withdrawal Methods

    Method Transaction Time Fees Available Currencies
    Bank Transfer 3-5 business days $0* USD, GBP, EUR, SGD, JPY, NZD, CAD
    Bank Card 2-3 business days $0 USD, GBP, EUR, SGD, JPY, NZD, CAD
    FasaPay 2-3 business days $0 USD
    JCB 2-3 business days $0 JPY
    Sticpay 2-3 business days $0 USD, GBP, EUR, SGD, JPY, NZD, CAD

    *Third-party banking fees may apply

    Withdrawal requests are processed from the Client Portal once your account is fully verified. Most requests will be processed on the same business day. It is important to remember that while the broker does not charge anything for deposits or withdrawals, third-party banking fees may apply. Especially for international transfers.

    Account Types and Terms

    4.9
    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    Moneta Markets has three account types – Direct STP, Prime ECN, and Ultra ECN – with distinct execution models. The first offers commission-free trading, while the ECN accounts support raw spreads. Swap-free trading is also available via Moneta Markets’ Islamic accounts. The broker offers the possibility to choose from 9 base currencies – EUR, USD, GBP, CAD, SGD, NZD, HKD, JPY, and BRL.

    Why is Choosing the Right Account Type Important?

    Your account should reflect your goals, needs, and ambitions on the market. You should take into consideration several things, such as whether the account type has a minimum deposit requirement, what its spreads and commissions are, what the execution method is, and more.

    What Account Types Does Moneta Markets Offer?

    I have broken down Moneta Markets’ account types in the table below:

    Account Type Direct STP Prime ECN Ultra ECN
    Spread  From 1.2 pips From 0.0 pips From 0.0 pips
    Commission $0 $6 round-turn $2 round-turn
    Execution Method STP ECN ECN
    Minimum Deposit $50 $200 $50,000
    Islamic Account Yes Yes No
    Suitable For Beginners Scalpers & EAs Professional Traders
    Stop Out 50% 50% 50%
    Hedging Yes Yes Yes

    Out of the two retail account types, Prime ECN is more suitable for high-frequency trading. However, its competitive prices and availability of futures also make it suitable for longer-term trading. And with a minimum deposit requirement of $200, the account type is quite accessible.

    One of the reasons why the Direct STP account type is deemed more suitable for beginners is because of its markedly lower minimum deposit requirement ($50). However, one should keep in mind that it costs nearly double to execute the same full-sized EURUSD trade on a Direct STP account compared to the Prime ECN account.

    To put these numbers into perspective against my earlier findings, to execute one standard EURUSD contract on a Direct STP account with a bare minimum equity will result in more than 1/5th of the account balance being paid for spread and commission charges.

    Pro tip: If you can set aside $50 dollars for a trading account but can’t manage $200, it will be better if you just stay away from the market. The chances of you making it in the long run are overwhelmingly low.

    Moneta Markets’ Execution Model

    As the names of the two retail accounts suggest Moneta Markets has two execution models. STP stands for Straight-Through-Processing and ECN for Electronic-Communications-Network. I will focus on the latter since I am reviewing the Prime ECN account.

    ECN execution takes place without a dealing desk, meaning that traders’ orders are routed directly on the interbank level. Essentially, this ensures faster execution with a lower risk of slippage. This model is particularly useful for the execution of market orders when the broker has access to deep liquidity.

    Suppose you wish to go long 100,000 units (1 lot) on the EUR/USD at 1.07650. You place your buy order, but there is not enough liquidity in the market at that price level, not enough to fill your order. Hence, no trade is opened. The price then climbs to 1.07700, where there is enough liquidity to fill that volume, and your trade is finally executed. If the value of 1 pip is $10, then you would have missed a chance to generate a $50 profit due to this discrepancy (5 pips).

    The clear advantage of this model of execution is that with it, you are guaranteed entry, in that your order request will eventually be filled once there is enough liquidity. However, the corresponding disadvantage is that you are exposed to price discrepancies in the form of negative slippage.

    In my experience, market execution is better suited for day trading and position trading strategies where volume is important. But it is less so for intraday trading strategies, such as scalping, where precise order filling is more important.

    What is CFD Leverage?

    The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger-sized positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

    Moneta Markets Account Opening Process

    Moneta Markets’ account registration form

    I have summarized the account creation process with Moneta Markets in the following easy steps:

    • Step 1. Click the ‘Sign Up’ button in red at the top of the main page.
    • Step 2. State your country of residence, first and last name, and email address. You can also sign up with a social media account.
    • Step 3. Fill in your address information.
    • Step 4. Provide your employment and financial details as well as trading experience.
    • Step 5. Configure your account by choosing a platform (Pro Trader, MetaTrader 4 or 5), account type, and base currency.
    • Step 6. Verify your account by uploading proof of ID and proof of residency.
    • Step 7. Fund your account.
    Account configuration

    Why is a Demo Account Important?

    Moneta Markets offers demo accounts that introduce traders to the broker’s services and allow them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself alongside your live CFD account.

    Moneta Markets Restricted Countries

    Moneta Markets Ltd does not accept clients from: Afghanistan, American Samoa, Albania, Australia, Belarus, Bermuda, Bosnia And Herzegovina, Bulgaria, Burma, Burundi, Canada, Central African Republic, Crimea, Croatia, Cuba, Cyprus, the Democratic Republic of the Congo, Eritrea, Former Federal Republic of Yugoslavia, Guam, Hong Kong, Iran, Iraq, ISIL (Da’esh) & Al-Qaida & The Taliban, Italy, Ivory Coast, Japan, Liberia, Libya, Macedonia, Mali, Montenegro, Myanmar, North Korea, Puerto Rico, Republic of Guinea, Republic of Guinea-Bissau, Romania, Russia, Sierra Leone, Serbia, Sevastopol, Seychelles, Singapore, Slovenia, Somalia, South Sudan, Spain, Sudan, Syria, United States of America, United Kingdom, United States Virgin Islands, Venezuela, Yemen, and Zimbabwe.

    Research

    4.8
    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    Moneta Markets offers quality research content in various formats providing a 360-degree overview of current market developments. There are video breakdowns, written articles, and top-tier trading analyses and market reviews implemented from Trading Central. The broker also has developed its own highly practical research tools.

    Research Tools

    I have broken down the various types of research materials below:

    Technical Rating Indicator

    A screening tool that highlights the underlying market sentiment per trading instrument for a given time period. It shows whether there is a strong bullis or bearish bias, or if the underlying market sentiment is neutral.

    Moneta Markets’ proprietary Technical Rating Indicator

    Economic Calendar

    A staple of research content, the economic calendar informs traders of upcoming economic releases that are likely to cause upsurges in market volatility. This, in turn, creates viable trading opportunities. The economic calendar shows how the market is likely to react to set events.

    Moneta TV

    Moneta TV broadcasts daily breakdowns of the most important market drivers. The content consists of a section dedicated to fundamental analysis and an economic portion supported by a chart.

    Moneta TV

    Pro Trader Tools

    The package consists of market buzz, trading ideas, market analyses, and more, all developed by Trading Central, which is one of the most trusted signal providers in the trading industry. These different types of content analyze in depth the underlying technical and fundamental outlooks on various trading instruments and highlight potential trading opportunities. Each trading idea is supported with a chart, pivot points, potential break-out/down setups, target levels, and stop-loss levels.

    To gain access to this content from the client portal, you need to have funded your account with $500 or more.

    Trading Calculators

    Moneta Markets’ forex calculators

    These help traders to quickly and easily calculate their margin, market exposure, potential profits and losses, and more.

    Daily Global Market Updates

    Essentially, a breakdown of the day’s top trading opportunities. Each article consists of such breakdowns of several instruments, which are supported by a chart with several indicators and drawing tools. There is also a brief explanation of the opportunity. Each article highlights the global financial outlook and upcoming economic releases of importance. The written articles are also presented in a video format.

    Moneta Markets’ daily updates

    Education

    4.4
    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    Moneta Markets has a range of educational videos, though those are available only to active clients. There is also a decent range of written articles available to everyone. The broker hasn’t posted any webinars or seminars in the past, though I noticed that there are two scheduled to take place in the near future. Overall, I found the broker’s educational content slightly less balanced than its research materials.

    I broke down Moneta Markets’ educational content by type:

    Written Articles

    There are 50 highly informative articles available from Moneta Markets’ website that cover a wide range of trading topics. Many articles are dedicated to price patterns explaining what the patterns represent and how they can be used.

    An educational article by Moneta Markets

    Market Masters

    Essentially Moneta Markets’ educational course, the ‘Market Masters’ section contains a collection of video materials covering a wide range of trading topics, such as technical analysis, fundamental analysis, and the psychology of trading. Brief previews are available for free, though the full package is available only to fully active clients.

    My overall impression of this type of content is that it does a good job of giving first-time traders an insight into essential trading concepts and knowledge. It is great as a starting point into technical analysis and reading price action behavior.

    Moneta Markets’ educational courses

    Platform Videos

    Moneta Markets also has a decent range of videos explaining how to use its proprietary Pro Trader platform. These are available from the broker’s YouTube channel.

    The Bottom Line

    Moneta Markets is a derivatives broker that offers over 950 CFDs from different asset classes. The broker was founded in 2019 and is headquartered in Kingstown, Saint Vincent and the Grenadines. Moneta Markets also has offices in Hong Kong, Seychelles, and Saint Lucia.

    It operates several entities that are licensed and authorized in different jurisdictions. One is regulated in Australia by ASIC, one in South Africa by the FSCA, and another in Seychelles by the FSA. The broker adheres to most safety requirements and is fairly transparent, though I found some minor discrepancies.

    Moneta Markets’ fees are very competitive, especially on its ECN account. I found it suitable for the implementation of high-frequency intraday trading and longer-term swing and day trading strategies.

    Its proprietary Pro Trader platform is feature-rich and highly customizable. Being powered by TradingView, it affords traders an intricate outlook into price action behavior. The broker also incorporates the widely popular MetaTrader 4&5, along with a range of supporting tools.

    I was not, however, particularly impressed by Moneta Markets’ customer support. It took them quite a while to respond to a couple of queries of mine, and the answers they gave me were not overly detailed. Additionally, the broker could expand the scope of its educational content to make it more well-balanced and comprehensive.

    Overall, Moneta Markets is a good broker that caters to the needs of all kinds of traders, from shorter-term intraday traders to longer-term swing traders. Automated and social trading is also available.

    FAQ

    Moneta Markets is headquartered in Johannesburg, South Africa. It also has offices in Australia, Seychelles, Saint Lucia, and Hong Kong.
    The company as a whole can be considered safe as it adheres to most safety requirements. Moneta Markets holds licenses from one second-tier regulator and one third-tier regulator. Traders should be careful as Moneta Markets Ltd is registered in two jurisdictions, but it is not regulated in both. The broker is, as a whole, fairly transparent.
    Yes, Moneta Markets has a comprehensive offering of research materials, platforms with easy learning curves, and competitive prices. It also offers a decent range of educational materials.
    The minimum deposit requirement with Moneta Markets is $50.
    Clients of Moneta Markets can withdraw funds via bank transfer, bank card, or e-wallet.
    Wire transfers usually take between 3-5 business days.
    The maximum leverage for retail traders with Moneta Markets is 1:1000.
    Accounts can be opened from the main page of the website.
    Moneta Markets has its own Pro Trader platform, which is powered by TradingView. It also incorporates MetaTrader 4 and 5.
    Yes, it does.
    Yes, Moneta Markets offers free VPS hosting, has very low trading fees on its ECN account, and supports one-click trading. However, its Pro Trader does not have low timeframes.
    es, auto-trading is available with Moneta Markets. Traders can use MetaTrader’s Expert Advisors (EAs) feature and Moneta Markets’ free VPS.
    Yes, hedging is allowed with Moneta Markets.
    No. Spread betting is not available with Moneta Markets.
    Yes, it does.
    Depends on the particular asset class. For instance, the Forex market is open 24/5, whereas shares of U.S. companies can be traded during the New York Stock Exchange (NYSE) open – Monday to Friday from 09:30 a.m. to 4 p.m. EST.
    Moneta Markets operates on an STP (Straight-Through-Processing) and ECN (Electronic-Communications-Network) basis without a dealing desk.
    No, Moneta Markets does not operate a bank.

    See Moneta Markets Full Information

    Headquarters CountrySouth Africa
    Foundation Year2019
    RegulationsSVG FSA (Saint Vincent and the Grenadines), FSCA (South Africa), ASIC (Australia)
    Publicly TradedNo
    Number Of Employees201
    Trading Desk TypeSTP, ECN
    Trading PlatformsMT5, Proprietary, Zulutrade, MT4, TradingView
    Restricted Countries
    Samoa, Belarus, Bosnia and Herzegovina, Bulgaria, Burundi, Canada, Congo, Cote dIvoire, Croatia, Cuba, Cyprus, Eritrea, Italy, North Korea, Guinea-Bissau, Montenegro, Liberia, Macedonia, Mali, Romania, Iran, Guinea, Iraq, Afghanistan, Guam, Bermuda, United States, Albania, Australia, United Kingdom, Somalia, Puerto Rico, Slovenia, Venezuela, Yemen, Syria, Sierra Leone, Central African Republic, Serbia, Singapore, Japan, Virgin Islands, British, Libya, Myanmar, South Sudan, Spain, Sudan, Zimbabwe, Russian Federation, American Samoa, Democratic Republic of the Congo, Hong Kong
    Supported Languages
    English, French, Italian, Chinese, Portuguese, Malaysian, Korean
    Min Deposit$50
    Max Leverage1:500 (SVG FSA), 1:500 (FSCA), 1:30 (ASIC)
    Deposit OptionsWire Transfer, FasaPay, Credit Card, Visa, SticPay, JBC
    Withdrawal OptionsWire Transfer, FasaPay, Credit Card, Visa, SticPay, JBC
    Time to Withdrawal3
    Time to Open an Account9
    Crypto
    Ethereum, Dogecoin, Bitcoin, Bitcoin Cash, Ripple, Cardano, EOS, IOTA, Polkadot, Uniswap, Solana, Avalanche
    Products
    Currencies, Stocks, ETFs, Crypto, Indices, Commodities, Futures
    Demo AccountYes
    OCO OrdersNo
    Offers HedgingYes
    Automated TradingYes
    API TradingNo
    Guaranteed Stop LossNo
    Guaranteed Limit OrdersNo
    Guaranteed Fills / LiquidityNo
    Economic calendarYes
    Trading From ChartYes
    One-Click TradingYes
    Expert AdvisorYes
    Social TradingYes
    AutochartistNo
    Trading SignalsYes
    Platform Languages
    Korean, English, Hindi, French, Indonesian, Portuguese, Thai, Arabic, Italian, Spanish, Chinese, Japanese, Malaysian, German, Russian
    24 Hours SupportYes
    Support During WeekendsNo
    Live ChatYes
    Daily Market CommentaryYes
    News (Top-Tier Sources)Yes
    WebinarsYes
    Deposit FeeNo
    Withdrawal FeeNo
    Inactivity FeeNo

    About the Author

    Plamen StoyanovBroker Analyst

    Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

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    At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

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