Mnettrade.com is a CySEC regulated broker who is gaining popularity in the retail crypto trading sector. They provide an unique web based platform which can run on most devices with active internet connection, but it has its own list of merits and demerits. The leverage offered by them is pretty decent.
However, there are much more reputable exchanges which offer upto 100x leverage. If it is leverage you are looking for, then this one might disappoint you. Due to the growing interest, the entire crypto sector is becoming the hot spot and the number of choices available might overwhelm or even confuse you.
So, before you put up funds on this brokerage, go through our review which will give you a reasonable understanding about what you can expect from them? After all, security of the funds is the first thing you should ensure as a trader or investor.
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Licenses, Legal Status and Support
This platform is very subtle in their approach and it does not disclose the details of the owners of this broberage to the public. MnetTrade is authorised and regulated by the Cyprus Securities and Exchange Commission, licence number: 061/18 and company registration number: 190344.
The CySEC regulated firms are better when compared to other unregulated entities, but due to a number of transparency issues, they are not considered to be of the highest level. On the other hand, most forex brokers are regulated by this authority and many of them function with little to no conflict of interest. If you have any questions about this platform, then you can contact the support team via telephone and email.
Below, we have listed all of their contact details for you.
Address – Kitiou 2, Konia, CY-8300 Paphos / P.O. Box 63099, 8210 Yeroskipou, Cyprus
Phone – +19292546332
Email – support@mnettrade.com
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Trading Platform, Leverage and KYC
Mnettrade.com offers a web based trading platform just like many other crypto brokers. The lack of support for popular retail trading softwares like MT4 or 5 means many people who rely on auto trading will be discouraged to proceed with them. Moreover, experienced traders who have a liking for custom indicators will also be pushed towards looking for other alternatives. There are certainly benefits for web based interface, but as this platform didn’t provide us an opportunity to open a demo account at the time of writing this review, we can’t comment anything on it yet.
We don’t have a clue about the trading instruments it features and the margin conditions. If you are inclined towards proceeding with them, then make sure you know the requirements before you pull the trigger or else you might be taking a lot of risk which will have a lot of consequences. The KYC policy of this broker is quite simple and straightforward.
An individual is required to upload the required documents like passport, utility bills, etc, and once it has been approved from the support team(Usually within 48 hours), you are free to trade. Note that, unless verification is done, the deposit amount will not be added to your trade account and you won’t be able to take any position.
Promotion and Partner Program
From time to time, just like most brokers in the sector, this one also offers special bonuses and plans. Partner programs enable people to earn additional income by using this platform and all they have to do is refer people to this brokerage. If you are someone who has a blog or some type of social media following, then this might be the perfect way to monetize your traffic.
Even if you don’t have a big enough audience, don’t worry because you can still make money with them by recommending them to your friends and family. However, note that you will be paid only if the person you referred makes a deposit and the commission rate is capped at 10%. If you are an active client of this broker and like the service they offer, then this might be the best way to earn some passive income.
Educational Outlet
In the last decade, many brokers have put in a lot of effort when it comes to educating their clients. After all, they need clients to stay with them for longer and to achieve that, they need to be educated about the markets. There is a dedicated section for educating the clients on this platform, but it does not contain any detailed tutorials and the information provided is very basic.
If you are a complete beginner, then obviously the information will be valuable to you, but if you have reasonable experience, you won’t find the content engaging. In short, we do appreciate the steps they have taken in the right direction. Hopefully, in the future it might be full of precise and advanced trading concepts.
Deposit and Withdrawal
The minimum deposit amount is $100 and the minimum withdrawal amount is unknown. Payment methods include Bitcoin and Ethereum only and the average time required for processing withdrawals is not mentioned by them.
We don’t know whether or not there are any inactivity fees applicable and any information about the withdrawal fees is also not disclosed. There are a lot of grey areas on this platform which is why we strongly suggest to clarify every doubt you have with the support staff before putting up your money.
Mnettrade.com Review Conclusion
Keeping in mind every aspect we discussed so far about this broker, we have to admit that they aren’t the easily recommendable choice. The anonymity factor and the omission of important factors act more like a red flag. For some reason, if you want to use them as your primary broker, then at least for your safety start with the minimum amount and test them.
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At the end of the day, just keep in mind that there are a lot of options available and you just need to take the time to find the one which suits your needs the most.
