Moneta Markets review: Unveiling the Truth
This Moneta Markets review delves into the offerings, fees, and platforms of this broker to help you determine if it’s the right choice for your trading needs.
Moneta Markets Trading Products
The range of trading products available at Moneta Markets can vary depending on the specific entity and platform you use. They offer up to 266 symbols across various CFD markets.
These markets typically include:
- Forex
- Shares
- Indices
- Commodities
- Metals
Moneta Markets Crypto CFD Offerings
Moneta Markets offers cryptocurrency trading exclusively through CFDs. This means you can speculate on the price movements of cryptocurrencies without owning the underlying asset.
Important Note: Crypto CFDs are not available to retail traders from any broker’s U.K. entity, nor to U.K. residents (unless they qualify as Professional clients).
Moneta Markets Fees and Spreads
When considering a Moneta Markets review, understanding the fee structure is crucial. Trading costs at Moneta Markets depend on your chosen account type.
They offer three main account options:
- STP Account: A commission-based account. For forex trading, this can be a more expensive option.
- Moneta Prime Account: Another commission-based account.
- True ECN Account: A commission-free account, offering tighter Moneta Markets spreads.
Understanding Moneta Markets Spreads
For spread-only accounts, such as the STP account, the average spread for the EUR/USD pair was approximately 1.22 pips (August 2021).
The True ECN account, designed for active traders, features an average spread of 0.15 pips for EUR/USD (August 2021) plus a commission of $3 per side ($6 per round-turn standard lot). This brings the all-in cost for the True ECN account to roughly 0.75 pips, which is competitive.
Moneta Markets Mobile Trading Apps
Moneta Markets provides access to the popular MetaTrader suite (MT4 and MT5) and its proprietary AppTrader mobile app. While MetaTrader is a robust platform, Moneta Markets offers no additional add-ons beyond the default suite.
AppTrader Functionality
The AppTrader mobile app, developed by PandaTS, is generally easy to use but remains basic in its features. It could benefit from mirroring more of the web platform’s functionalities to create a more unified user experience.
Charting in AppTrader, for instance, lacks indicators and drawing tools found on the web platform. Watchlists also do not sync between the mobile and web versions, which can be an inconvenience for active traders.
Conclusion
This Moneta Markets review highlights its diverse range of trading products, including robust CFD offerings for various assets and Moneta Markets crypto CFD options for eligible traders. While the Moneta Markets fees and Moneta Markets spreads can be competitive, particularly with the True ECN account, the mobile trading experience has room for improvement compared to industry leaders. Potential traders should carefully consider their specific needs and trading style when evaluating Moneta Markets.
