Beware! Moonance is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Moonance is definitely not a broker you can trust to act in a fair and transparent manner. First of all, despite its false claims to be fully regulated, this can’t possibly be the case. The reality is that Moonance is yet another offshore firm based in the scam heaven as they call it – St. Vincent and the Grenadines.
Furthermore, you should be extra careful with these types of brokers as they tend to post quite deceptive and misleading information. For example with Moonance you can expect all kinds of withdrawal fees that are not exactly specified or stumble across some insecure payment methods as well. Let’s not forget the highly risky leverage that makes investing here even more hazardous. So if you don’t want to end up as yet another victim of a scam, better read the following lines before dealing with this broker.
Moonance Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
On its website Moonance claims to be fully regulated, however it doesn’t mention anything in particular like for example the jurisdictions that are supposed to oversee its activities.
Not to mention that right after you open the website an important notice appears. In fact it contains quite long and confusing data that not every trader would read to be honest. We however read the full text and at the end there are some curious details. The broker claims that “as a European user, you will fall outside of the EU’s regulatory regime (MIFID II) and therefore lose all protections afforded under EU regulation and Law”. As you see, this firm is certainly not authorized in the EU and we highly doubt it to be regulated elsewhere as well.
And to top it off, beware that Moonance claims its registered address to be in St. Vincent and the Grenadines – an offshore zone popular for its lack of forex regulation. Just look at the warning posted by the local Financial Services Authority (FSA):
This is undeniable evidence that Moonance can’t be licensed in this country either. Not only that, but the authority clearly states that if you decide to deal with such unauthorized firms, you are doing so at your own risk. And the risk is huge for sure. Beware that scammers have zero scruples when it comes to deceiving people and are capable of everything in order to get your money.
Moonance Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|Moonance platform||40+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
Moonance claims to offer cTrader as its trading platform. You can either download it on desktop/mobile or launch the WebTrader. This is how it looks like:
The software itself is not bad at all to be honest. It has some custom indicators and analytical tools that can be useful. Nonetheless, this platform still can’t compete with the industry standard MetaTrader 4 or MetaTrader 5, or at least this is what experienced traders claim.
Anyway, no matter the advantages of this type of software, we still don’t recommend investing with this broker for the reasons stated above.
Moonance Trading instruments
Moonance claims to offer more than 230 trading instruments including forex, indices, CFDs, metals, commodities, shares and cryptocurrencies. It’s a wide range of assets to be honest, but at the same time nothing special can be seen here. Most reputable brokers offer the same variety of trading instruments so better stick to them.
Moonance Spreads and cost of trading
Moonance offers three account types – Classic, VIP and Raw. Take a look at some more details about them:
The spread is said to be around 1.5 pips for the Classic account, which doesn’t seem so bad. To be precise all spreads below 2 pips are known to be less costly. As for the raw spread it is said to be starting from 0.0 pips with 5 USD of commission.
After we opened an account there was a spread of 0.2 pips for EURUSD, as well as 0.3 pips for GBPUSD and 0.9 pips for USDJPY. And even though these volumes may seem quite attractive, we advise you to refrain from investing here. This broker lacks any kind of license and credibility as well!
Moonance Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
Moonance claims that the maximum leverage is up to 1:500.
After we registered there was a leverage automatically set at 1:400. Both of these amounts are highly risky and speculative. On top of that no regulated broker would offer such volumes to retail traders, mostly because of the leverage restrictions – for example 1:30 in the EU and 1:50 in the US.
Moonance Deposit and withdrawal methods
|Deposit time||Withdrawal time||Fee|
|Bank transfer||3-5 days||3-5 days||Not specified|
|Credit card||Immediate||Immediate||Not specified|
|Crypto||Depends on Blockchain||Depends on Blockchain||Not specified|
Moonance claims to offer a variety of payment methods, but doesn’t specify anything else.
After we opened an account and tried to fund it there were several payment options. As a matter of fact you’ll have two wallets. The first one is called USD wallet and offers bank transfers and Visa/Mastercard payments.
The second wallet is an USDT wallet. In other words it contains cryptocurrencies only, like for example Bitcoin, Ethereum, Tether and TRX. Take a look at it:
We advise you to be extra careful with crypto payments as they are completely irreversible and anonymous at the same time.
In addition, the bank transfers are said to take between 3 to 5 days for execution. The Visa/Mastercard on the other hand are said to have an immediate execution, while the time for crypto transactions is depending on the blockchain.
This broker also claims that there are zero deposit fees. When it comes to the withdrawal fees however, Moonance is quite unclear. It promises fast withdrawals with “low fees”, which are not specified. For this reason it’s quite possible that this broker requires fees upon every withdrawal request, which however may not be as “low” as you expect.
Moonance Minimum deposit
The minimum deposit with this broker is 100 USD. This is a rather standard amount for the sector. Nevertheless, investing here is still a pretty bad idea. Don’t forget that Moonance is not regulated and trading with it comes with an increased risk of getting scammed.
Not to mention that reputable brokers usually offer micro accounts for as little as 10 USD.
Moonance Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Moonance||No information||Not specified||No information|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
Moonance doesn’t mention anything in particular about its withdrawal requirements. As we already said, it promises “low fees” but that claim seems too suspicious and unclear so we can’t count on it. Not to mention that legitimate firms don’t usually ask for any fee in order to get access to your money. On the contrary, scammers tend to ask for fees upon every withdrawal request that sometimes exceed 20%! For this reason it would be truly reckless to deposit even a cent with this shady broker!