Monefence

I wanted to transfer my portfolio from another broker to Monefence. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.

I was about to invest with Monefence but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Finansinspektionen has actually issued a warning about this firm. Thank goodness I checked before sending any money.

The hidden fees at Monefence are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.

I closed a profitable position at Monefence and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.

The only good thing about Monefence is that they remind you why regulation matters. I found them when my bank disappointed me and I searched for alternatives. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.

Monefence offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.

I had a dispute with Monefence and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.

I signed up with Monefence through word of mouth in my investment club and the first red flag was the aggressive account manager who would not stop calling. After depositing, the promised support vanished. Withdrawals are delayed with endless excuses. I have reported them to the regulator.

I opened an account with Monefence since I opened my account last year ago. The platform frequently logs you out, orders fail to execute at the stated price, and when you complain they blame your internet connection. I have screenshots proving otherwise.

I want to warn everyone about Monefence. They have been flagged by Finansinspektionen as an unauthorized entity. I wish I had checked before investing. They use high-pressure sales tactics and fake testimonials. Once you send money, getting it back is nearly impossible.