Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalNo financial licence anywhere: a Saint Lucia company number is presented as a licence, and Saint Lucia's FSRA says forex is not licensed there.
Identity & transparency
6/10 · HighThe entity exists on Saint Lucia's IBC registry, but owners are unnamed, the office is a corporate-services address and the real base (Turkey, Dubai) is in countries it lists as restricted.
Withdrawals & conduct
4/10 · ModerateThree fund complaints from August and September 2024, against several paid-withdrawal reports; the pattern is unconfirmed and nothing newer was found.
Reputation
6/10 · HighSmall, mixed footprint: Trustpilot 4.1 from 8 reviews, unregulated-broker flags on review sites, no regulator warnings and some signs of managed reviews.
Website claims
9/10 · CriticalFalse licence wording, a founding year moved from 2012 to 2022, recycled testimonials with impossible tenures, and fixed 36% yields with guaranteed monthly payouts.
Operational history
7/10 · HighVerifiable start is November 2023 (domain) with a 2024 company number, about 2.9 years at most, against advertised histories from 2012 and 2022.
Who they are
A quick desk file on the company behind the brand.
- Brand: MondFx, which also markets FeneFx prop-trading challenges and MondBank yield plans
- Legal entity: Mond Trades Ltd., an International Business Company on Saint Lucia's IBC registry; the firm publishes number 2024-00109
- Registered: Ground Floor, The Sotheby Building, Rodney Bay, Saint Lucia, a corporate-services building used by many offshore brokers
- Run from: phone and WhatsApp lines in Turkey (+90 212 916 3535, +90 501 600 4887) and an operations office listed at Iris Bay Tower, Business Bay, Dubai; no owners or directors are named
- Website: mondfx.com, with the client area at my.mondfx.com, an MT5 web terminal at terminal.mondfx.com and cTrader at app.mondfx.com
- Only licence: none; the number it calls a licence is a Saint Lucia company registration
- Offers: forex and CFDs on MT5 and cTrader with leverage up to 1:500, copy trading, MondShield loss refunds and MondBank fixed-yield plans
- Payments: Iranian rial gateways, Indian rupee, Nigerian naira and South African rand through a payment processor, and crypto
- Not accepted: United States, Cuba, Myanmar, North Korea, Turkey, United Arab Emirates and Sudan, according to its legal page
- Age claim: 'Established 2022' today and a 2012 founding year in May 2024; the domain was registered on 15 November 2023
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Saint Lucia International Business Companies Authority (as named by MondFx)
Found by our investigation (1) — the broker does not list these on its own site
Monetary Authority of Singapore (MAS)
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
Four findings, each strong on its own, place MondFx in our likely-scam band. None is a regulator action or court finding, which is why it is not rated higher.
- A licence that does not exist. MondFx's regulation page calls Mond Trades Ltd. 'a duly registered and licensed financial services entity' with 'license number 2024-00109' and status 'Approved & active'. Its user agreement credits a 'Saint Lucia International Business Companies Authority'. In a notice dated 8 January 2026, Saint Lucia's Financial Services Regulatory Authority states that forex business is not licensed in Saint Lucia and that documents presenting a forex company as licensed there are false and misleading. The notice names other firms, not MondFx, and Saint Lucia's IBC registry lists Mond Trades Ltd. only as a company.
- Guaranteed-style returns. MondBank promises fixed monthly yields of up to 3% (36% a year), 'no trading required' and 'guaranteed monthly payouts'. Capital is locked for up to three years and early exit is 'not guaranteed'. MondFx discloses no source for these returns and holds no licence to take deposits or run an investment scheme. Fixed high yields from an unlicensed firm are a recognised warning sign of schemes that pay earlier investors with newer money.
- A history that keeps changing. In May 2024 the site claimed a 2012 founding year and more than ten years of continuous activity; today it says 'established 2022'. The domain was registered on 15 November 2023, the company number points to 2024, and MondFx's own awards page dates its debut to October 2024. Homepage testimonials claim clients of five years and reuse the names of its featured copy-trading accounts.
- Selling where it holds no licence. The site runs in Farsi and Hindi and takes Iranian rial and Indian rupees. Its own article tells Iranian readers that forex falls under the Central Bank of Iran and that Iranians can use brokers licensed by Iranian authorities. MondFx holds no licence in Iran, India or anywhere else.
- Complaints are a weaker signal. Three users in August and September 2024 reported blocked accounts or stalled withdrawals, with few checkable details and nothing similar since. Several clients report paid withdrawals, so this dimension scores low.
- How the number is built. Our six weighted scores average 7.0 out of 10, giving 70%, and three strong findings set the same 70% floor. Saint Lucia's free IBC search shows the company but not its incorporation date. The track record of about 2.9 years therefore rests on the domain alone and is an upper bound. A profile that young would hold the score at 65% or more anyway; the evidence already puts it at 70%.
Evidence ledger
Every finding, with its source and how strongly it points.
E1MondFx's regulation page describes Mond Trades Ltd. as 'a duly registered and licensed financial services entity', lists 'LICENSE NUMBER 2024-00109', jurisdiction Saint Lucia, status 'Approved & active', under the heading 'Registered. Licensed. Accountable.' Saint Lucia does not license forex business (E2), so a company number is being presented as a licence.
E2Saint Lucia FSRA warning notice dated 8 January 2026: forex business is not licensed in Saint Lucia, and documents from a forex business company indicating it is registered, licensed or affiliated with the Authority are false and misleading. The notice names seven other entities, not MondFx or Mond Trades.
E3A name search for 'Mond Trades' on Saint Lucia's Registry of International Business Companies returns 'Mond Trades Ltd. (IBC)'. The contracting company exists, as a company registration rather than a financial licence; the free search does not show its incorporation date or officers.
E4The user agreement defines the Company as Mond Trades Ltd., 'licensed by the Sain Lucia International Business Companies Authority, under License number 2024-00109'. Saint Lucia's IBC registry registers companies and does not license brokers. The same wording was on the legal page in July 2024.
ModerateMondFx user agreementE5The MAS Financial Institutions Directory returns 'No result for: mondfx' and suggests MONFX PTE. LTD. (monfx.com, One George Street, Singapore), a capital markets licensee unrelated to MondFx. MondFx itself does not claim MAS regulation, so a MAS licence attributed to MondFx is a name mix-up.
E6The FCA register returns no firm, authorised or unauthorised, for 'mondfx' or 'Mond Trades'. The same search for 'MoonFX Trade' returns that firm as Unauthorised, so review-site claims of an FCA warning against MondFx appear to confuse the two names.
E7IOSCO I-SCAN shows no warnings for 'mondfx'. A search for 'Mond Trades' only matches a 2023 FSMA list naming Mondial Investments and other unrelated firms.
WeakIOSCO I-SCANE8The Reserve Bank of India Alert List of unauthorised forex platforms (updated 19 November 2025) has no MondFx entry; the RBI notes the list is not exhaustive.
E9mondfx.com was registered on 15 November 2023 through Joker.com. Archived copies from before then show a domain-for-sale page (January 2018) and unrelated Chinese gambling spam (January 2021), so the domain carries no earlier broker history.
ModerateVerisign RDAPE10The archived homepage of 20 May 2024 shows '2012 FOUNDING YEAR', claims 'more than ten years of brilliant and continuous activity' and 'Licensed and regulated', and carries placeholder template text alongside registration number 2024-00109. Today the About page says 'ESTABLISHED 2022'. Both claims predate the November 2023 domain and the 2024 company number.
E11The About page claims 'ESTABLISHED 2022' and 'over 200,000 traders' next to '100K+ ACTIVE TRADERS' and '5+ international awards'. The awards page counts three awards and dates MondFx's debut to Forex Expo Dubai in October 2024.
ModerateMondFx About pageE12All three awards come from expos where MondFx exhibited, the first as a main sponsor, and the award titles differ between the homepage and the awards page.
E13Homepage testimonials use the same names and returns as the featured copy-trading accounts (Aria K. +184%, Lina S. +312%, Marcus T.) and claim clients of 5 years and 3 years, longer than the operation has existed.
ModerateMondFx homepageE14MondBank offers fixed monthly yields of 0.2% to 3% (2.4% to 36% APY), 'NO TRADING REQUIRED', 'without exposure to active market risk'. The capital lock 'makes fixed yield rates and guaranteed monthly payouts possible', and early withdrawal is 'not guaranteed'. No source of yield is disclosed and no licence covers it.
StrongMondFx MondBank pageE15The site has Farsi and Hindi versions. Deposits run through TopChange (IRR, USDT), a Direct Rial Payment Gateway (IRR, bank card) and Spayz.io (NGN, INR, ZAR). Its own article says forex in Iran is controlled by the Central Bank of Iran and that Iranians can use domestic brokers licensed by Iranian authorities. MondFx holds no licence in any of these countries.
E16The legal page excludes Turkey and the UAE, yet the phone and WhatsApp lines are Turkish (+90 212 916 3535, +90 501 600 4887), the legal page lists an operations office at Iris Bay Tower, Dubai, and LinkedIn gives Dubai as headquarters. The About page's restricted list omits Turkey and the UAE.
ModerateMondFx contact and legal pagesE17MondShield refunds up to 60% of losses (capped at 5,000 dollars) after approval, plus a 30% bonus for clients who keep trading, under the headline 'Recover up to 90%'. It is funded partly by 'MondFx's share of profits', 15% of withdrawn profit. A broker that passes every order to outside liquidity providers, as MondFx claims, does not profit from client losses, so the two claims sit uneasily together.
ModerateMondFx MondShield pageE18The user agreement requires complaints within 5 working days and gives the company the 'absolute right to refuse a complaint'. Other disputes are decided 'at the sole discretion of the Company', and no governing law is named. It also grants broad rights to cancel profits from 'excessive' or latency trading, charges up to 7% on withdrawals without trading, and names no external dispute body.
ModerateMondFx user agreementE19Trustpilot shows 8 reviews and a TrustScore of 4.1 (62% five-star, 25% one-star) on a profile claimed in April 2025. Positive reviews, mostly from Iran, report fast withdrawals. A one-star review of 23 August 2024 says the account was disabled after a deposit, and a September 2024 post advertises a recovery site. The company replies to reviews.
ModerateTrustpilot (mondfx.com)E20Two BrokersView complaints from September 2024. The first (9 September) says the account was disabled after a deposit, in the same words as the Trustpilot review and likely by the same author. The second (16 September) says a withdrawal sat pending for two weeks, then failed, the MT5 account was blocked and over 5,000 dollars is owed. A 13 September comment reports a 10-day withdrawal wait and a selfie-video ID request. Three positive comments followed between October 2025 and January 2026, two on the same day. The pattern meets two of four tests and is unconfirmed.
ModerateBrokersView (FastBull)E21The MT5 web terminal at terminal.mondfx.com is issued to 'Mond Trades Ltd.' on server Mondtrades-Server under MetaQuotes, and a cTrader platform runs at app.mondfx.com. Real trading infrastructure exists.
ModerateMondFx MT5 web terminalE22Certificate logs show the current operation's certificates starting on 1 March 2024, with my.mondfx.com on 11 May 2024. Later subdomains include irfront, mondpay, nowpayment and lottery, consistent with a 2024 start and an Iran-facing front end.
E23The LinkedIn company page lists website mondfx.com, headquarters in Dubai, '201-500 employees' and 197 followers, a thin footprint for a firm claiming 100,000 to 200,000 traders.
WeakLinkedInE24MondFx's homepage presents FeneFx as its prop-trading arm. fenefx.com says it is run by Fenefx Ltd, Saint Lucia number 00831, and offers Persian support and payment in Iranian rial.
WeakFeneFx website
The other side
The strongest case in this broker’s favour.
There is a real business behind MondFx, and parts of it work as advertised.
- Mond Trades Ltd. exists on Saint Lucia's IBC registry, and the same company is named in the footer, the user agreement and the regulation page.
- The platforms are real: the MT5 web terminal at terminal.mondfx.com is issued to Mond Trades Ltd. on the server Mondtrades-Server, and a cTrader platform runs at app.mondfx.com.
- Several clients, mostly in Iran, report fast deposits and paid withdrawals on Trustpilot and BrokersView between December 2024 and May 2026, and the firm answers reviews publicly.
- No regulator warning names it. The FCA register, IOSCO's I-SCAN and the Reserve Bank of India alert list have no entry for MondFx or Mond Trades. Claims on some review sites that the FCA warned about MondFx appear to confuse it with an unauthorised firm called MoonFX Trade.
- The fund complaints are few and fall within one month in 2024. They sit next to a post advertising a paid 'recovery' service, which is a common follow-on scam rather than a client complaint.
- The site publishes risk warnings, a restricted-country list and detailed terms for MondShield and MondBank instead of hiding them.
- Weak English could explain some licence wording. It does not explain a page headed 'Registered. Licensed. Accountable.', or a founding year that moved from 2012 to 2022.
What would change this
What we would need to see to revise the verdict.
The first four developments would lower our rating; the last would raise it.
- A licence from a real financial regulator, held by the company that takes client money and checkable on that regulator's own register.
- Removal of the licence wording, the 2012 and 2022 founding claims and the long-tenure testimonials from its website.
- Closure of MondBank, or an independent audit showing where its fixed yields come from and that client money is held separately.
- Named owners and directors, and a disclosed operating office in a country whose clients it serves.
- Higher risk: a regulator warning naming mondfx.com, an enforcement action, or a checkable pattern of refused withdrawals or missed MondBank payouts across several platforms.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
MondFx regulation page
Where MondFx presents company number 2024-00109 as a licence that is Approved and active
Saint Lucia FSRA forex warning notice
Regulator notice stating that forex business is not licensed in Saint Lucia
Saint Lucia IBC registry name search
Search Mond Trades to see it listed as an IBC, a company registration only
MAS Financial Institutions Directory
No MondFx entry; the near match MonFX Pte. Ltd. is a different firm
FCA Financial Services Register
No authorised or unauthorised firm listed under MondFx
IOSCO I-SCAN warnings search
No regulator warning naming MondFx
MondBank plans
The fixed-yield product promising up to 36% a year
Trustpilot reviews of mondfx.com
Eight user reviews, mostly from Iran
BrokersView complaints page
Two September 2024 complaints and later user comments
Frequently asked questions
Quick answers about this broker’s safety.
Is MondFx a scam?
We rate MondFx a likely scam, with a 70% risk score. It holds no financial licence, presents a Saint Lucia company number as a licence, advertises founding years that its own records contradict, and sells a product promising fixed yields of up to 36% a year. Some clients do report paid withdrawals, which is why the rating is not higher.
Is MondFx a fraud?
No regulator or court has found that MondFx committed fraud, and none of the warning lists we checked (FCA, IOSCO I-SCAN, Reserve Bank of India) names it. We assess the risk of fraud as high, because the firm misstates its licence and its history and offers fixed returns without any licence to do so.
Is MondFx regulated?
No. Mond Trades Ltd. is an International Business Company registered in Saint Lucia, and Saint Lucia's Financial Services Regulatory Authority says forex business is not licensed there. The number 2024-00109 that MondFx calls a licence is a company registration number.
Is MondFx regulated by MAS in Singapore?
No. The Monetary Authority of Singapore's directory has no entry for MondFx or Mond Trades Ltd. The similarly named MonFX Pte. Ltd. (monfx.com) is a separate Singapore company, and we found no link between the two.
Is MondFx on the FCA warning list?
No. Some review sites say it is, but the FCA register returns nothing for MondFx or Mond Trades. The FCA does list an unauthorised firm called MoonFX Trade, a different name that is easy to confuse.
Can I withdraw my money from MondFx?
Several clients, mostly in Iran, report receiving withdrawals, including in crypto. Three users in August and September 2024 said their withdrawals stalled or their accounts were blocked, but they gave few checkable details and we found no similar complaints afterwards. Money placed in MondBank is locked for the plan term, and early withdrawal is not guaranteed.
Is my money safe with MondFx?
Your money has no regulatory protection. There is no supervisor, no client-money rule, no compensation scheme and no ombudsman. The user agreement gives the company the absolute right to refuse complaints and to decide other disputes at its sole discretion.
What is MondBank, and is it safe?
MondBank takes deposits into fixed-term plans that promise fixed monthly yields of up to 3%, or 36% a year, with no trading required and capital locked for up to three years. MondFx discloses no source for these returns and holds no licence to take deposits or run investment funds. Fixed high returns from an unlicensed firm are a classic warning sign, and we advise against it.
What is MondShield?
MondShield promises to refund part of your trading losses after a margin call. The refund starts at 30% and rises to 60% after 90 trading days, capped at 5,000 dollars and subject to approval. The 'up to 90%' headline adds a 30% bonus that applies only if you keep trading, and MondFx takes 15% of the profits you withdraw from these accounts.
Who owns MondFx and where is it based?
The contracting company is Mond Trades Ltd., registered at a corporate-services address in Rodney Bay, Saint Lucia, and it names no owners or directors. Its phone and WhatsApp lines are Turkish, its legal page lists an operations office in Dubai, and its LinkedIn page gives Dubai as headquarters. Both Turkey and the UAE are on its own restricted list.
How long has MondFx been operating?
About three years at most. The domain mondfx.com was registered on 15 November 2023, the company number 2024-00109 points to 2024, and the first archived broker site dates from May 2024. The site says it was established in 2022, and in May 2024 it claimed a 2012 founding year.
Is MondFx a clone of another broker?
No. We found no sign that MondFx copies another firm's licence, address or identity. The names MonFX (Singapore) and MoonFX Trade (on the FCA warning list) belong to different firms.
Does MondFx accept clients from Iran and India?
In practice, yes. The site runs in Farsi and Hindi, accepts Iranian rial through local gateways and Indian rupees through a payment processor, and MondFx holds no licence in either country. Its own article tells Iranian readers that forex activity falls under the Central Bank of Iran.
What should I do if I already deposited with MondFx?
Request a withdrawal of your full balance and keep records of every request and reply. Never pay a fee, tax or deposit to release funds, and ignore anyone offering to recover your money for an upfront fee. If a withdrawal is refused, report it to the police and your national financial regulator.
What should I check before depositing with any broker?
Find the licence on the regulator's own website, not the broker's, and check that the licensed company name and website match. Be wary of company registrations presented as licences, fixed or guaranteed returns, large deposit bonuses and support offered only through messaging apps.
What we recommend
The practical takeaway from everything above.
Do not open an account and do not put money into MondBank. If you already have funds there, act now.
- Request a withdrawal of your full balance and keep screenshots of the request, the balance and every reply.
- Never pay a tax, fee or extra deposit to release funds; a demand like that is a serious warning sign.
- Ignore anyone who offers to recover money for an upfront fee; such offers are a common second scam.
- If a withdrawal is refused, report it to the police and your national financial regulator, and ask your bank or card issuer about a chargeback.
- Treat any listing that shows MondFx as regulated by Singapore's MAS as wrong; the MAS licences found under a similar name belong to a different firm, MonFX Pte. Ltd.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 23, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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