|Broker Name:||Monolux Trade Group|
|Broker Type:||Forex & CFD|
|Country:||Saint Vincent and the Grenadines|
|Operating since year:||2021|
|Address:||First Floor, Saint Vincent Bank LTD Building, James Street, Kingstown|
|The Trading platforms:||Proprietary|
|Trading platform Time zone:||N/A|
|Other trading instruments:||Yes|
- GENERAL INFORMATION
- FUNDS TRADING AND SECURITY
- THE TRADING ACCOUNTS
- TRADING CONDITIONS
- TRADING PLATFORM
- MONOLUX TRADE GROUP’S TRADING PRODUCTS
- CUSTOMER SERVICE
Monolux Trade Group Review 2021
Monolux Trade Group is a new brokerage that aims to attract traders and investors from German-speaking countries. The website is in German, which will immediately turn off those that don’t speak it, but that doesn’t make it less worthy of a review. Monolux Trade Group operates from Saint Vincent and the Grenadines, a popular location for brokers. And while the broker does have a limited target audience, that’s no indicator of its quality. Our Monolux Trade Group review will tell you more about that and help you decide whether to use its services.
Now let’s talk about the initial impression we got of Monolux Trade Group. That’s important since you can often tell how serious a broker is just by looking at it. In our case, it’s apparent that the brokerage cares about quality and user experience. The site has a luxurious black and gold color scheme that creates a professional atmosphere. Navigation across the site is fairly simple, even if you don’t speak the language and use translation tools.
Naturally, that translates to a simple investigation process of the broker. You can quickly learn all you need to know about Monolux Trade Group. That increases efficiency for traders and cuts down on any time you need to waste or potential frustration.
Needless to say, all that together creates a positive first impression for the company. It’s apparent that Monolux Trade Group is a serious broker that cares about how users perceive it. However, a solid first impression isn’t enough to earn it a passing grade. We’ll go further into its trading qualities later in our Monolux Trade Group review. For now, let’s look at some other interesting properties regarding the broker:
· Quick and Simple
One of the primary advantages of Monolux Trade Group is that it makes the trading process quick and simple. Usually with brokerages, there’s registration, then a lengthy period for your initial deposit to process. After that comes a KYC check, which can take up to a few weeks, depending on broker size. But even that may not be the end of it, as your initial verification might get denied, prolonging the process even further. With Monolux Trade Group, there are no such problems, as the process as it ensured to eliminate the hassle.
· No Deposit or Withdrawal Charges
Another significant advantage of Monolux Trading Group is its monetization model. A lot of brokers opt to include fees or charges on top of spreads or similar pricing methods. Some malicious ones even attempt to hide their charges in order to bait and essentially steal money from customers. Monolux Trading Group does neither, which translates to an attractive monetization scheme. It cuts down on user costs while still making the company enough to stay up and running.
Funds Trading and Security
Safety should always be your primary concern when choosing a new brokerage. A broker that’s low-quality trading-wise can harm you way less than one that’s malicious towards its customers. Additionally, there are a few ways of getting money back from brokers that steal it. To make matters worse, it’s highly unlikely that the brokers suffer any sort of meaningful legal consequence. In other words, your only option is to choose a broker that doesn’t want to trick you at all.
As we said earlier in our Monolux Trade Group broker review, it’s a broker with a tighter target group. Since it’s a broker that operates in a few distinct countries, it makes each customer more valuable to the broker. In other words, it needs to keep them content, and stealing from them is not the way to do that. Furthermore, scam brokers tend to make their service as universal as possible since that increases the number of potential victims. So far, all the signs point towards Monolux Trade Group being a safe brokerage.
We also went through the company’s legal documents and found nothing that concerns us. Malicious brokers often leave open loopholes in their documentation they can later use to legitimize their scams. We found nothing of the sort, with the legalities being straightforward and easily readable as much as that’s possible.
In other words, we found nothing that would concern us about Monolux Trade Group’s security. It takes good care of customer safety with encryption and authenticators while also being trustworthy. On top of that, it’s a smaller brokerage, which is often better for issue resolution and user communication.
The Trading Accounts
Monolux Trade Group opted to only have one account, which some may consider a controversial decision. Modern brokerages often segment their accounts for two primary reasons. The first is to attract traders that like to use a particular way of trading. In that case, brokers divide their accounts so that each is good at one thing in particular. The other reason is to balance out budget and luxury traders with tiered accounts that provide benefits with higher investments.
Both of those methods are effective at what they do but can confuse newer traders and mislead them. As we said earlier in our Monolux Trade Group, it aims to be efficient, quick, and straightforward. In that way, it makes sense that there’s only one account type, as it eliminates any sort of decision process. It also lets the broker craft the best service it can, without worrying whether their traders deposit $100 or $10,000.
No matter how you decide to set up your accounts, they aren’t going to suit everyone. That’s a simple reality due to the plethora of ways different traders go about their business. As such, we consider the method luxtradegroup.de utilizes no worse than others.
Now we get to the more strictly trading-related qualities of Monolux Trade Group. As we said earlier in our Monolux Trade Group review, the broker is quite competent despite the small target group. It provides a complete trading service and an even playing field with one account. We also already discussed the beneficial pricing without any hidden charges that’d drain your funds. It’s also worth noting that the broker’s platform is open 24/7, so as long as your market’s open, you can access it.
Furthermore, the funding is excellent, with tons of cards and e-wallets present. The money processes quickly, so there’s no need to wait for extended periods. That also increases the broker’s speed and cuts down on the chance of missing good trading opportunities.
Monolux Trade Group uses a proprietary platform with an emphasis on accessibility and intuitiveness. The comprehensive UI lets you get used to it quickly if you’ve used similar software before. But even if you’re a brand-new trader or investor, it doesn’t take a long time to master the platform. That plays further into the broker’s theme of speed and overall efficiency for traders and investors. It’s also worth noting that the platform functions via browsers and mobile devices.
Monolux Trade Group’s Trading Products
Earilier in our Monolux Trade Group review, we mentioned that it only had a single account type. Some traders might think that the broker is somewhat limited in experience personalization. However, the firm’s asset selection proves them wrong, as the broker’s CFDs cover all major asset groups. They also make it simple to create diverse and safe portfolios, as the asset quality is high overall. Remember, just because a broker has a quick service doesn’t mean it has to sideline fundamentals.
Overall, the diverse library leads to a more skill-expressive and beneficial experience. Here are the asset classes at luxtradegroup.de:
Monolux Trade Group’s customer service has a short response time, which is a significant advantage of smaller target group brokers. You can reach the team via phone, email, or live chat, covering all three major methods. The live chat also has a nifty function where you can move it around on your screen and resize it.
Email: [email protected]
As you could’ve seen from our Monolux Trade Group review, we believe the service it provides is quite solid. Despite having a small audience that can access it, it knows traders well and provides what they need. It’s excellent for newer traders that just quickly want to learn how to trade. However, it’s also solid for more experienced traders that might not want to invest too much time in a brokerage. Overall, we believe traders often undervalue speed as a broker quality while it can lead to a more enjoyable experience.
The broker created an environment that favors traders and provides them with a smooth experience. We’d like to end our Monolux Trade Group broker review with a definite recommendation.
- Trading Instrument
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