Monovex has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Monovex changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Customizable dashboard|Personal attention
Cons: Wait times can be long during peak hours|Email notifications too frequent
I gave Monovex a fair chance. After for nearly two years of usage, I can say with confidence that there are far better options available. The interface is clunky, the fees are higher than competitors, and the customer support team seems overwhelmed or understaffed.
Pros: Regular platform improvements|Helpful community forum
Cons: No integrated tax optimization
I wanted to transfer my portfolio from another broker to Monovex. 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.
Pros: Comprehensive tools|Competitive fees|Clear documentation|Helpful community forum
Cons: Onboarding videos are outdated|Slow to add new assets
I trusted Monovex with a significant portion of my savings and I deeply regret that decision. Not because of market losses, but because of how poorly the platform performed and how dismissively the support team treated my concerns.
Pros: Regular platform improvements|Customizable dashboard|Reliable uptime
Cons: Mobile app could be improved
Tried to withdraw my funds from Monovex and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Pros: Initially responsive customer service
Cons: Lost entire investment|Reported to authorities|Unresponsive
After seeing ads for Monovex online, I investigated. The company is listed in the IOSCO I-SCAN warnings database and has been flagged by Financial Conduct Authority. Their website looks professional but that means nothing - many scam operations invest heavily in appearance. Always check the regulatory warnings before investing.
Cons: Listed in warning databases|No transparency|Pressure to invest quickly
My withdrawal request from Monovex has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: Quick verification|Two-factor authentication|Clear documentation|Social trading features
Cons: Minor UI glitches occasionally
The mobile app from Monovex is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Tax reports included|Economic calendar
Cons: Wait times can be long during peak hours
What really bothers me about Monovex is the disconnect between their marketing and reality. They position themselves as a premium service but deliver a below-average experience. Found them after a family member had a good experience and I fell for the polished exterior. Never again.
Pros: Smooth onboarding|Fast deposits
Cons: Search feature is basic