MottoFX is an unregulated forex and CFD broker that offers over 200 instruments for trading on its proprietary online trading platform. Established by experienced traders, the broker offers market news, analysis, market trend, signals, heat map and other trading tools to assist its clients.
MottoFX Review, Pros & Cons
- Multiple educational resources are available
- Market news & analysis
- Live trading signals
- Trading tools including market trends & forex heat map
- Unregulated broker
- No demo trading accounts
- Withdrawal fees
- Limited deposit options
- No MetaTrader platforms
In this detailed MOTTOFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
MottoFX is a forex brokerage firm that was set up in 2019 by Capiteus Global Limited, a company based in Saint Vincent and the Grenadines. It currently services more than 225,000 traders with more than 1,800 new traders joining daily and their platform recording almost 1,600,000 open positions at any given time.
MottoFX provides every client with a personal account manager as well as access to its proprietary web trading platform where more than 200 assets can be traded. The broker also provides clients with live trading signals and other tools via its partnership with TradingView. Daily market analysis videos and market news are available. Clients can also enhance their trading knowledge with the multiple educational resources provided by the broker.
On its website, MottoFX lists awards received for excellent services, some of them are:
- Trading platform for 2019 award given by ‘Business Daily’.
- Trader’s choice 2019 award given by ‘Invest Media’.
- Platform award given by ‘Trade Wise Media’.
There is no information about MottoFX being regulated by any financial entity. However, the broker has ‘Anti-money Laundering’ (AML) and ‘Know Your Customer’ policies which guide their operations.
The broker has deployed the Secured Socket Layer (SSL) technology to encode all client data before transmission over the internet. This is to protect users from hackers and secure the website and online platform.
Most experts and professionals would not trade with an unregulated broker as they cannot offer the same protection to investors that a regulated brokerage firm can. Please see our trading broker reviews for alternative regulated brokers.
MottoFX does not offer its services or trading platform to residents of the United States of America, US Territories, France, French Territories, Israel, Bulgaria and a host of other countries. During registration, a message will tell you if you are from an eligible country or not.
Some MottoFX broker features and products mentioned within this MottoFX review may not be available to traders from specific countries due to legal restrictions.
MottoFX Online Platform
MottoFX operates a proprietary online trading platform that comes with a simple interface suitable for both new and experienced traders. It is web based and requires no downloads or installations. The charting package incorporated on the platform is courtesy of TradingView; a renowned social network that provides charting software, social networking, trading tools, market news and analysis, etc. The chart comes in 6 chart styles displayable on 6 timeframes form 1 minute to 4 hours. There are over 50 technical indicators and lots of analytical tools. Multiple trading tools including pending orders and risk management features are incorporated.
From the platform, traders can fund their accounts and view their account balances in real-time. The platform also features updated news powered by www.investing.com; a popular website that provides real-time financial data, news, charts, tools, analysis and education. The news is updated frequently as it breaks. Traders’ trend is also part of the platform.
MottoFX Trading Tools
This is a platform feature that shows how other traders are approaching the markets. It shows the percentage of traders who are buying or selling a specified instrument in real-time. This tool is important to traders especially in order to confirm signals or analysis.
This calendar lists the time and date of economic reports or events, their impact levels, analysis, history, forecasts and actual figures when the event finally happens. It is a useful tool in fundamental analysis.
MottoFX provides live trading signals for its trading instruments. Clients will get an entry price, stop loss and expected profit target for a selected instrument. Specific trade signals for currencies, commodities, indices and stocks are available.
MottoFX has partnered with TradingView to provide a stock screener. The screener shows the live prices of almost 5,000 stocks along with various metrics for analysis. Some of them are percentage movement of price, market capitalization, income statement, expert recommendation on whether to buy or sell, etc. It is customizable to reflect the trader’s choice of stocks.
MottoFX in-house trading experts provide market analysis of various trading instruments daily on video. The analysis looks at how the instruments performed on the last trading day and what might happen on the next trading day. These videos along with past analysis can be viewed in the Academy section under the ‘Analysis’ section. It is available to registered clients.
Independent live charts of various instruments are available on MottoFX through its partnership with TradingView. These can be viewed under the ‘Analysis’ section of the Academy page.
The calculators available are Pivot, Deal size and Fibonacci calculators. They are useful tools that assist a trader in making his decisions.
Clients can get updated on the latest economic and financial news. This includes updates on various companies whose stocks are traded on MottoFX. Clients can then place a trade immediately on those stocks based on the information.
Forex Heat Map
This tool shows the strength of individual currencies in relation to another. This is provided in various colour codes which along with the strength/weakness percentages show how strong or weak a currency is. At a glance, a trader can identify weak and strong currencies and appropriately choose a matching strategy for his trades. It is courtesy of TradingView.
Personal Trading Coach
Clients in the VIP account class get the opportunity to have a personal trading coach who can be consulted anytime. The coach will help review the client’s daily trades, point out the limiting factors and provide a guide on how to practically improve trade decisions.
The academy on the broker’s website comprise of over 45 video lessons and up to 11 eBooks.
These video tutorial courses comprise of 22 videos that gives newbies an introduction to the Forex/CFD trading world. It is grouped into beginners, advanced, terms and MetaTrader. The videos are short, clear and animated. Also, there are 6 videos that explain social trading, how it works, how to begin and its pros and cons.
These video tutorials are grouped into three. The beginner’s course comprise of 4 video lessons on the forex market, basic forex terms, order types and glossary of terms. The trading tools section has 6 videos on trading psychology, technical analysis and capital management. Trading strategies has 10 video lessons on 10 selected strategies. Some of them are; Tunnel, trend signal, fractal, Zigzag and Fib trap strategies.
There are 11 e-books that focus on different aspects of trading. These include e-books on the forex market, trading terms, strategies, trading psychology, market analyses and capital management. The eBooks are short, full of illustrations and can only be read on the website.
This is another section under the academy page which deals exclusively with forex/CFD terms. The glossary comprise of over 115 trading terms and their detailed meanings.
MottoFX has over 200 trading instruments comprising of forex, commodities, indices and stocks.
MottoFX Accounts & Fees
This account requires a minimum deposit of $250 to be opened. It features variable spreads and no commissions. Clients get a personal account manager.
This account features variable spreads and no trading commissions. Clients get a personal account manager, access to the education resources of MottoFX and market updates through email. Hedging is allowed in this account and there is 25% discount on swaps.
This account features fixed spreads and no trading commissions. Clients get access to a senior account manager, education resources and email market updates. There is live news updates and advanced training through personal consultancy with an experienced trading consultant. There is a 45% discount on swaps and hedging is allowed.
This account features no trading commissions and negotiable spreads. Clients are assigned an executive account manager. Account holders have access to educational resources, email market updates and live news updates. A personal trading coach is available for account holders. Clients can get negotiated discount on swaps and hedging is allowed.
This account is for Muslim clients and swap fees are not charged. There is no spread widening, no commissions, no requotes and market execution is utilized. It also features the same trading conditions as the other accounts.
There is a maximum leverage of 1:100 on all accounts. MottoFX does not have a demo account for practice purposes. The broker only allows one account per client. Monthly inactivity fees of €50 or £50 is charged from accounts without any activity for a period of 3 months.
As broker fees can vary and change, there may be additional fees that are not listed in this MottoFX review. It is imperative to ensure that you check and understand all of the latest information before you open a MottoFX broker account for online trading.
The MottoFX client support desk speaks English, Spanish and German. They are available for 24 hours every business day (24/7) to attend to customer queries and can be reached through phone, email and live web chat. On social media MottoFX is on Facebook, Twitter and LinkedIn.
MottoFX Deposit & Withdrawal
MottoFX requires a minimum deposit of £250/€250 to open an account. The broker only accepts deposits and withdrawals through bank wire and debit/credit cards.
Deposits on Bank wire transfers take 5 business days and require a minimum deposit of £500/€500 along with a $20 transaction fees. There is no maximum amount that can be deposited. Withdrawals require a minimum of £500/€500 and take a maximum of 7 business days to be processed. $15 is charged for every withdrawal.
MottoFX accepts only Visa and MasterCard card brands for deposits and withdrawals. The smallest amount that can be deposited through cards is £250/€250. The minimum withdrawal is £50/€50 while the maximum withdrawal is £30,000/€30,000. Debit/credit card transactions take 2 days for processing of deposits while withdrawals take a maximum of 7 business days for processing. Credit/debit card transactions are surcharged 3.5%.
MottoFX: Account Opening
Clicking the ‘Open account’ or ‘Sign up’ buttons on the brokers website will pop out a sign up form where you will fill in your name, email, phone number, choose a password and account currency. Next, if you agree to the terms and conditions you can then click the button ‘start trading’ to submit the form.
Immediately, you are logged onto the online trading platform. You can then make deposits and commence trading online once you feel ready to do so. It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
MottoFX is an unregulated broker that offers over 200 assets for trading over the internet. The broker has strict KYC and AML policies and also secures its website and platform using SSL technology. The brand uses its own proprietary online platform which is simple to use and features trading tools like market news, analytical tools, market trends and other features.
MottoFX also provide trading signals, forex Heat map, stock screener and other trading tools powered by TradingView which is a popular fintech website that provides signals, charts, market analysis, etc
A major disadvantage of MottoFX is its lack of regulation by any financial entity. This does not bode well for the security of customer’s funds and adherence to best practices as the client has no one to turn to where there is a dispute with the broker. Also, MottoFX requires at least €250 to open a live account which is high when compared to other brokers that require about $10 or less to do the same. The payment options are limited as there are no online payment options. Inactivity fees as well as withdrawal fees are also charged from clients’ accounts.
Online Trading involves significant risks. For this reason, MottoFX advises consumers not to trade funds that they cannot afford to lose. The trading outcome is dependent upon an unpredictable market. It is possible to lose one’s initial investment and the broker, therefore, recommends that traders devise a money management system, including seeking professional advice in order to protect their investments.