Overview of MoneyMall
MoneyMall is an established trading platform, operational since 1999 in Indonesia, and regulated under the stringent guidelines of BAPPEBTI. It caters to a diverse clientele through its comprehensive offerings, including multiple account types like Gold, Platinum, and Diamond, each equipped with specific features to match different trader levels and preferences. Utilizing the popular MetaTrader 4 platform, MoneyMall offers trading in various currencies and commodities, complemented by robust educational resources and dedicated customer support. This platform is especially notable for its structured account system, which allows traders to leverage varying degrees up to a maximum of 1:400, depending on the account type, making it a versatile choice for both novice and experienced traders.
Is MoneyMall Legit？
MoneyMall is a regulated entity under the supervision of the Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI), which is part of the Ministry of Trade in Indonesia. It holds a current license with the number 271/BAPPEBTI/SI/X/2003, ensuring that it operates in compliance with the regulatory standards set by BAPPEBTI.
Pros and Cons
MoneyMall stands out in the financial trading market due to its robust regulatory framework, being overseen by BAPPEBTI, which adds a layer of trust and security for traders. The platform offers a variety of account types, catering to different levels of experience and trading styles, which is complemented by comprehensive customer support accessible through multiple channels. Additionally, the use of advanced trading platforms like MetaTrader 4 ensures a reliable and efficient trading experience. However, MoneyMall does face some limitations, such as a lack of detailed information on deposit and withdrawal methods, which can be a concern for traders looking to manage their finances efficiently. Also, its focus is primarily on currencies and commodities, which might not satisfy traders interested in a broader range of asset classes.
Trading Instruments
MoneyMall offers a variety of trading instruments including:
1. Currencies:
- JPY: Yen's performance amid potential interventions
- USD: Slight rise ahead of US inflation data
- EUR/USD: Strengthening with improving market sentiment and weakening USD
2. Commodities:
- Gold: Minor increase ahead of US inflation data, mixed market sentiments, and correction following US data indicating inflation concerns
Here is a comparison table of trading instruments offered by different brokers:
Account Types
MoneyMall offers three account types: Gold, Platinum, and Diamond. All accounts use the MetaTrader 4 platform and require a minimum lot of 0.1. Gold and Platinum accounts need a minimum deposit of USD 500, while the Diamond account requires USD 2500. Gold accounts have spreads from 35 and leverage of 1:200; Platinum accounts improve on this with spreads from 25 and the same leverage; Diamond accounts offer the tightest spreads from 11 and the highest leverage of 1:400. Each account features news, analysis, a Telegram channel, upcoming trading signals, market sentiment tools, and point rewards for lot settlements.
How to Open an Account
To open an account with MoneyMall, follow these steps.
Visit the MoneyMall website. Look for the “Be a Customer” button on the homepage and click on it.
Look for the “Account Registration” button and choose one account.
Sign up on websites registration page.
Receive your personal account login from an automated email
Log in
Proceed to deposit funds to your account
Download the platform and start trading
Leverage
MoneyMall offers different leverage options across its account types: Gold and Platinum accounts have a leverage of 1:200, while the Diamond account offers a higher leverage of 1:400.
Here is a comparison table of maximum leverage offered by different brokers:
Spreads and Commissions
MoneyMall's trading accounts feature varying spreads and commissions. The Gold account has spreads starting from 35 and a commission of 5 per lot. The Platinum account offers tighter spreads starting from 25 with a lower commission of 1 per lot. The Diamond account provides the narrowest spreads from 11, with a commission of 5 per lot.
Deposit & Withdraw Methods
MoneyMall requires a minimum deposit of USD 500 for Gold and Platinum accounts, and USD 2500 for the Diamond account. The specific methods for deposits and withdrawals were not detailed on the website of MoneyMall.
Trading Platforms
MoneyMall utilizes the MetaTrader 4 platform for all its trading activities across Gold, Platinum, and Diamond accounts.
Customer Support
MoneyMall's customer support is located at PT Gatra Mega Berjangka in the Central Point Building, Surabaya, Indonesia. Contact options include phone (+62 31 5027188 or +62 31 5027388), fax, mail (info@moneymallfutures.com), and live chat. Further support and updates are available through their website (www.moneymallfutures.com) and social media channels on Twitter (@gatramega_pt), Instagram (@moneymallfutures), and Facebook.
Educational Resources
MoneyMall provides educational resources that include news updates and market analysis. These resources are accessible through the MetaTrader 4 platform and are supplemented by additional updates and insights available via their Telegram channel. More advanced tools such as trading signals and market sentiment analysis are noted as upcoming features for all account types.
Conclusion
MoneyMall stands out as a reliable and regulated trading platform in Indonesia, suitable for a range of traders from novices to professionals with its diverse account options. The use of MetaTrader 4 allows for robust trading experiences, though the platform could improve by expanding its tradable asset classes and providing clearer information on financial transactions. Its regulation ensures a secure trading environment, making it a credible choice for traders.
FAQs
Q: What regulatory body oversees MoneyMall？
A: MoneyMall operates under the regulation of the Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia.
Q: What are the trading platforms used by MoneyMall？
A: MoneyMall uses the MetaTrader 4 platform for all its trading activities.
Q: What is the minimum deposit required to trade with MoneyMall？
A: The minimum deposit is USD 500 for Gold and Platinum accounts and USD 2500 for the Diamond account.
Q: How can I contact MoneyMall's customer support？
A: Customer support can be reached via phone, fax, email, or through their social media channels.
Q: What types of educational resources does MoneyMall offer？
A: MoneyMall provides news updates, market analysis, and is planning to introduce trading signals and market sentiment tools.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then.
start to write first comment