We’re looking to support victims who have lost funds through Monetio. The fraudulent trading platform has conned many out of thousands, luring in victims with fake promises of high returns from investments. If you’ve been impacted, we strongly recommend cancelling any regular payments to Monetio to avoid further loss.
Below, we take you through how this scam operates, the warning signs to watch out for, and how getting in touch with Wealth Recovery Solicitors can help recover your losses.
Is Monetio a legitimate platform?
In many ways, Monetio appears and functions like a legitimate trading platform. It features tools and services for crypto, forex and stock trading, and is integrated with popular trading platforms, such as MetaTrader 4 and 5.
In reality, though, it’s a front for a trading scam.Why do we suspect this? The Financial Conduct Authority (FCA) has released an official statement claiming Monetio is unauthorised to provide financial services in the UK. We’ve also had several clients get in touch for support after falling victim to this trading scam.
How the Monetio platform scams its victims
Like many trading scams, Monetio promotes itself through email outreach, social media, and forums to reach and build trust with potential victims. It also uses promotional materials such as educational resources, market analysis reports, and exclusive tools which claim to help grow investments.
Victims are often asked to make deposits directly into multiple bank accounts. From our experience, these have included overseas banks as well as large international banks such as JP Morgan.
On the trading platform itself, you may see your portfolio grow initially, with Monetio promising around 9.2% interest on deposits made on the platform. But the problems begin when you try to withdraw funds. Requests to withdraw are blocked, delayed, or met with demands for extra payments, often disguised as “taxes” or “withdrawal fees”.
Warning signs for other potential trading scams
While scams are becoming increasingly sophisticated, there are still a range of warning signs to watch out for:
- You’re contacted out of the blue about an investment opportunity that sounds too good to be true
- They pressure you with a time-limited offer
- Their website and messages are unprofessional and littered with mistakes
- They claim the opportunity is without risk and use legal jargon to confuse you
- They call you repeatedly and try to prolong the conversation for as long as possible
- The ‘customer support’ is unprofessional and poor, or is non-existent
- They’re not authorised by the FCA. This is a key indicator of a fraudulent entity, as genuine organisations are typically FCA authorised
How can I recover funds lost to Monetio?
If you believe you’re the victim of a Monetio scam, we can help you build a case that argues for your money to be refunded. Get in touch and speak to one of our fraud specialists. They’ll listen to what’s happened and will share how likely you are to recover your funds.
We recommend you keep any details related to your case, such as any receipts, names, and contact information of anyone you’ve spoken to.
Why Wealth Recovery Solicitors?
We’ve recovered over £50,000,000 for victims of fraud, and we may be able to help you too.
We’re here to build a claim that argues your case to the bank. Our experienced solicitors manage the process from start to finish, keeping you updated at every stage and answering your questions along the way.
As an SRA-regulated firm, we also operate on a no-win, no-fee basis. So, you won’t pay a penny unless your claim is successful.
Get in touch to speak with one of our friendly specialists today.