Banc De Monarch Review Scam Complaint
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Banc De Monarch is a CFE and forex broker based in the Marshall Islands. This brokerage company is owned and operated by Takeda Partners Ltd which is also registered on the address based in Marshall Islands. The brokerage company is unregulated and has no license to provide the financial services to the traders. Though it brag a lot about its services and goals but the real picture seems a lot different. Here is the full review covering every point of the broker to draw a conclusion about its authenticity and honesty.
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About the Banc De Monarch:
Banc De Monarch is an offshore forex and CFE broker that doesn’t provide much information about the company. According to the few things it mentioned on its website, the broker offers 5 types of trading accounts to its clients. Those accounts are Bronze, Silver, Gold, Monarch Premium, Monarch Platinum, and a Monarch Royal. Banc De Monarch also offers an Islamic swap-free account option to its clients which basically allows Muslim clients to trade according to Sharia Law. Checking out on leverage, Banc De Monarch offers a maximum leverage of 1:200 on its silver account. Only leverage for silver account is mentioned whereas, leverage for premium accounts broker says it would be offered on demand. It should be noted that high leverage however gives traders the opportunity to earn reasonable profit with comparatively small deposit but, it also raises the risk of loosing the money with the slightest fluctuation in the market.
The broker has very high minimum deposit requirements for opening trading accounts with it. It requires $500 to open the very basic Bronze account, for silver it is a high $5000, for gold one need to deposit $10,000, for premium $50,000, for platinum $100,000, for royal excessively high $500,000. These initial deposit requirements are way too much as the broker is not even licensed.
Is Banc De Monarch legit or scam?
Banc De Monarch is an offshore unregulated broker whose trading conditions are also not specified. Moreover, it charges excessive fees and commission on trading, the extreme minimum deposit requirements are also not justified. On top of everything, the US Department of State warns that the Marshall Islands offshore corporate sector is vulnerable to money laundering and other scam activities. Banc De Monarch is a shady broker and has various negative reviews of traders having trouble in withdrawing their money out from their accounts. Hence, it is a scam broker.