MottoFX is an overseas cryptocurrency brokerage provider with five different trading accounts. The tradable assets available at this broker surpasses the mark of 200. It facilitates trading on a web-based trading platform. The provided trading conditions are average. However, the broker we are discussing in this review is not regulated. In this MottoFX review, we well equipped our readers with the most accurate and logical information about the same. Please read it before investing in MottoFX.
The five available trading accounts at MottoFX are Starter, Advanced, Expert, VIP, and Islamic Account. We will discuss all the possible benefits and drawbacks of this broker to make this review impartial. The first account that is Starter requires a minimum deposit of $ 250, and it is according to the trading market average. Unfortunately, the official website fails to mention the investment needed for other trading accounts. However, many brokers provide trading with a little initial investment, and some of them do not require minimum investment at all. The leverage level of 1:100 is offered and is good looking. The broker fails to provide a free demo account. This makes looking at speeds provided a difficult task. Fortunately, we accessed the provided trading platform and saw spread at 2.8 pips on EuroUSD fx pair. These spreads are doubly high than what is accepted. Such high spreads are the main cause of the higher cost of reading. The broker MottoFX is unregulated, and it is a fact of significant concern. The firm operating from Saint Vincent and the Grenadines called Capiteus Global LTD owns the brand MottoFX. The SVG territory is highly blacklisted, and most of the brokers operating from here are scam brokers. The main reason behind this is its noncredible financial regulations. In addition to this, the website of MottoFX is entirely anonymous, and it is another scam sign. The broker offers to trade on an oversimplified web-based trading platform that is also not credible. We never heard if this trading platform before. The deposits at MottoFX can be made by only three methods viz Bank Wire Transfer, Credit Cards, and Bitcoins.
Is MottoFX scam or legit?
The broker is not regulated and operational from the highly red-flagged overseas territory of SVG. The trading conditions and platform offered are below average. We can say that the broker MottoFX is a potential scam broker 2020.