Modmount Services Limited, which operates the site, is authorized and regulated in the Seychelles. In addition, the company has an FSA license. It is worth noting that the founders of the project promise to provide customers with advantages to achieve high profits. However, for some reason, they hide their names, as well as the lifetime of the platform.
Should you trust your capital and personal information to this broker? During the Modmount Ltd review, we will find out the main characteristics of the trading conditions of the online trading service and evaluate the reliability of the broker.
How to Trade
The company offers clients CFD trading on more than 160 assets, including Forex markets, indices, cryptocurrencies, and other classes. The 5 trading plans presented on the website differ from each other by spread sizes and swap discounts.
After registering an account, you can additionally use the following features:
- Demo account, which is available after KYC verification.
- Bonuses with 2000 volume in 30 days.
- Three affiliate program options.
ModMount Ltd warns traders about adjustments to the trading schedule by liquidity providers.
The firm provides free training, online support, and chart analysis.
ModMount Ltd Vital Info
The platform owners do not disclose any information about their team. Meanwhile, they require an extensive set of copies of documents and personal data of potential clients. As for the history of the project, the official website does not indicate the date of its creation, and there is no information about the company’s achievements and plans. However, the domain we are considering was registered more than two years ago, in February 2022.
Our verification revealed that the phone number listed on the site is not registered in the system and the email address does not exist either. Modmount Services Limited, which manages the resource, with number 8426105-1, is indeed regulated by the Seychelles Financial Services Authority and holds license number SD119. Meanwhile, the intermediary states that it does not provide its services in the European Union or to residents of other jurisdictions where its activities contradict local laws. It is unclear to us why the registration form on the site allows the creation of an account with the phone number of a user from the EU.
I feel a little uneasy when trading with this offshore broker which is based in Seychelles, but jurisdiction is not a judgment for the company. Many firms open offshore branches because it's easier to operate there and they have to pay less tax, if at all, which means it's easier to do business than opening a company in some, for example, European jurisdiction. I don't see anything wrong with ModMount Ltd being an offshore company, on the contrary, it can give more favorable conditions because it can afford it. Besides, you can see that the company's activity is regulated by the supervisory authority, so everything is official and legal. So, I try to put doubts aside, and I recommend you to do the same. If you like this intermediary, then try trading on a demo account, and then invest real money to see if everything will suit you.
Withdrawing money here is guaranteed to work. I'm not very interested in the other functions. If you know how to trade, you will make a profit here. And if you don't know how to work with CFDs, then you need to learn :) and there are all conditions for learning trading here.
How can I characterize the company? It is reliable. I have been actively trading here for more than a year. Withdrawals are always processed within the time frame specified by the regulations, without hidden costs, and it always happens, I have withdrawn money many times. On modmountltd.com, there has never been a time when tech support has asked me to wait for a transaction to be processed, or that they gave some reason for not processing a withdrawal request. However, keep in mind that you have to go through a meticulous verification first, it resembles an interrogation at a police station, but without it you can't even make a deposit. On the other hand, it gives you a guarantee that you won't have to go through the verification again at the time you will be withdrawing money.
The firm draws quotes. I didn't believe it at first, but apparently, offshore cesspools make money with this. I compared the charts of the instruments I traded from different sources with the platform of this broker - the differences are serious and significant. I lost €14k because the company drew quotes as it wanted. So I can't withdraw the balance of €824 of my entire lost deposit. Modmount Ltd do not withdraw anything, it's a scam and you can't work with them.
Scammers from this company know how to persuade you on the phone very competently and skillfully. I admit it. I do not consider myself a gullible person. However, I fell for their bait. They convinced me that there were favorable terms of cooperation, license, bonus, etc. As a result, modmount employees started actively helping me drain my account immediately after depositing. I invested a lot of money at once, like an idiot. I couldn't work off my bonus for the month as I had to make 5 million worth of trades, that's unrealistic! I tried to withdraw the money (until everything was drained) - but no result. Requests are simply rejected. As a result, I have a couple of hundred dollars left on my account from the deposited $25,000, but I realize that they will soon be lost as well.
This intermediary does not have licenses from EU regulators, so it operates illegally in Italy. And since the site supports the Italian language, the firm is focused on our region. But ModMount's activity here is illegal, they are not allowed to provide services to clients from Italy. The broker is a scam and is not regulated, so I do not advise you to open an account here. You will lose all your money. I've said it all!
They are scam artists and cheaters!!! They promise you profit, but in fact you will get damage and burn all the funds from the account! I tried to get back the rest of my investment of 4,8 thousand pounds and got blocked :( after I started writing my claims to Modmount Ltd tech support about delayed payments! I wouldn't advise anyone to contact this dump. SCAM!!!
The intermediary does not use segregated accounts. In addition, the text of the user agreement contains a clause that the firm can pass your data to anyone, without request and without warning. So I advise you to read the user agreement, and you should do it before you invest money. If you already have an account and have deposited some funds with ModMount Ltd, you should withdraw them immediately, if this option is still available to you, which seems unlikely to me. And if you plan to trade here, it would be wise not to.
Let me highlight the fact that professional managers work on this site. I don't know if they trade on the markets themselves, but their experience, their hints, and recommendations are very useful information. I have used the advice of ModMount staff many times, and almost always it led me to profit.
I don't know if MODMOUNT LTD specifically customizes the terminal to make customers empty their accounts or if it's just cheap software, but I recommend you all to avoid opening an account here! I've emptied my £800 deposit in almost a week...
I deposited $500 and was charged an additional $73 for account maintenance and training materials. As a result, I received disgusting service and training materials at the level of the first link in Google. As a result, I successfully lost my deposit and I'm sure that even the best trader could not trade profitably with such an unstable platform as ModMount's.
The terminal almost does not work, the trading program is laggy, all quotes are updated slowly, they do not keep up with the market, there are huge slippages when closing trades, and spreads are much higher than stated. Thanks to all these shortcomings I left $652 in MODMOUNT in a week:(
They are scammers. One of them talked me into depositing €5,000. He was nice at first, but very persistent. And then he did everything he could to screw me out of my money.
You will never withdraw your money invested in this scam. The scammers even demonstrated me a withdrawal when I signed up for an account. I deposited €7k and then they changed the program and I couldn't log in to my profile, that's the end of my trading business...
Why do trading, if you invest your hard-earned money, and in the end you get nothing? I invested 4,000 dollars in modmount ltd and I managed to withdraw this deposit with difficulty and that's thanks to the managers. So I will not recommend this site, better find another more reliable one.
I do not understand what this broker can attract clients with - there's no reliability, no guarantees, and no adequate trading conditions. The design of modmountltd.com is cheap and the owners hide the period of its operation.