MAONO GLOBAL MARKETS

Maono Global Markets (MGM) provides traders with competitive trading conditions and also provides traders with the education necessary to use these conditions through Maono Forex Trading Institute. MGM was opened in South Africa in 2022, with both retail and institutional clients; however, regulatory status continues to be a concern for most traders.

MGM was founded by Jody Francis and operates under the legal name of Maono Global Markets Pty Ltd and the company number CIPC 2023/599736/07. MGM is an authorized juristic representative of the Sithundhi Group (Pty) Ltd and has been an emerging technology company in South Africa for the last several months.

The following are key features of MGM:

- Trading Platforms

- MetaTrader 4 (MT4): desktop, web-based and mobile

- Proprietary web-based platform

- Proprietary web-based platform: Android and iOS apps

- Access to the education and trading signals of MFTI.

- Account Types

- Standard, Pro and VIP

- Each type has a different level of service; VIP includes personalized management of the account.

- Instruments

- Foreign Exchange (major, minor and exotic currency pairs).

- Commodities (gold and oil).

- Indices.

- Cryptocurrencies (limited selection).

Regulatory Status

Regulator License Number Status

FSCA (South Africa) Not disclosed Unverified / No License Found on FSCA Website

International Regulators (FCA, ASIC, CySEC) N/A No Regulation

Because MGM does not provide verifiable evidence of their regulation, this creates a significant risk to the safety of funds as well as legal protection.

Members of MGM will also find basic features that are comparable to many other forex brokers:

Feature Details

Spreads From 1 pip (variable)

Leverage Up to 1:500

Minimum Deposit $100 (Standard or Pro Accounts) $1,000 (VIP Accounts).

Commission Not clearly stated.

Swap (Overnight) Not specified.

Traders of MGM will find both MT4 and a web terminal with addition of mobile apps and descriptions of other services.

Fees are another factor that needs to be taken into consideration when dealing with MGM.

Fee Type Details

Deposit No Fees

Withdrawal No Fees; usually takes 1-3 business days to process

Inactivity $20 per month after 90 days of inactivity

Commission Possible but not clear

Other Fees Not detailed.

User Experience

- Current average rating on Myfxbook is approximately 3.5 out of 5 stars

- Pros: Good customer support, user-friendly trading platforms, good education.

- Cons: Unclear regulatory status, unclear fees, and occasional delays in processing withdrawals.

Recently, several independent review websites (e.g. WikiFX) have flagged MGM as high risk.

Recent Developments

- 2024 is the expected launch date for the new dedicated Android and iOS mobile apps, as well as the expansion of the education provided by MGM.

- In 2025, MGM expects to continue expanding its business to the regional level, however, to date, there have been no regulatory approvals.

MGM offers:

✔ High leverage (e.g., up to 1:500)

✔ Competitive spreads

✔ Strong educational support.

However, MGM does represent significant risks as follows:

✘ No verified FSCA license.

✘ Limited Transparency.

Caution is advised when trading with MGM as the lack of verified regulation may create a significant risk to the safety of funds as well as legal protection. Only experienced traders who are familiar with the risks associated with lack of regulation should consider using a broker such as MGM. Caution's due diligence is highly recommended.