ModMount Ltd

ModMount Ltd is a CFD broker that strives to convince traders of the legality of its operations and offers the most flexible trading conditions to achieve market goals. Of course, promises of maximum comfort, security, and customer support are not overlooked. However, we do not consider working on this platform a good choice for market participants. Should one trust the information on the internet, or are users being lured into another scam project? We intend to investigate this and present the results in the company’s review.

Overview of ModMount Ltd

The question of safety is one of the most crucial for traders. To find answers, careful scrutiny and analysis of all available information about the company are necessary. The first and most accessible source is the official website of ModMount Ltd.

Broker History

The history of a broker is a primary focus when getting acquainted. It provides insights into the creation date, developmental stages, significant achievements, and plans of the company. This helps form conclusions about the experience, success, team ambitions, and collaboration prospects. Strikingly, ModMount Ltd’s founders have chosen to entirely disregard the placement of such crucial information on their official website. This could suggest either a dismissive attitude toward potential clients’ inquiries or that the project might not be as excellent as it appears.

It is challenging to comprehend why a legitimate platform would hide its history. Or perhaps, is it not entirely legitimate? This requires further investigation.

Modmountltd.com Website

The creators of the official broker website aimed to create a positive impression. The design is well-thought out, with logical transitions, clear navigation, and a fast, professional appearance. However, even genius webmasters cannot create a perfect site if the owners do not provide the necessary information. ModMount Ltd has neglected this aspect. There is no mention of payment methods on any page except for the FAQ, non-trading operation conditions are undisclosed, and there is no information about the trading platform, despite the apparent praise.

It appears that, for the owners of ModMount Ltd, the website’s appearance is more important than its content. How do they intend to attract clients with just beautiful images? Or are they employing not entirely legal methods, such as cold calling existing phone databases?

Registration Process and Personal Account

The process of creating an account with ModMount Ltd is not as simple as it seems. The registration form on the official website is straightforward, requiring the user to input their name, email, phone number, and password.

However, even this step is not easy. ModMount Ltd has a vast list of unsupported countries, including the US, Canada, most EU states, Israel, Russia, etc. This list is checked not only against the country selected but also against the IP address, determining the current location. The registration process involves several more steps:

• Enter the mailing address in the selected country.
• Answer about a dozen questionnaire questions regarding potential investment sizes, their purpose, source of funds, and experience in financial markets.
• Upload Proof of Identity and Proof of Residence for verification.
• Make a deposit (this step can be deferred).

The overall registration process aligns with the requirements of most financial regulators, instilling hope that other company requirements are met, and that it operates honestly. However, the procedure is intricate and time-consuming.

After completion, the client gains access to an account and the client space, combining the personal account and the trading platform. A demo account is activated by default, allowing users to explore trading features. Personal account features include profile editing, document verification, payment operations, account management, trade history viewing, and customer support interaction. However, some functions remain inaccessible without completing full registration, document verification, and the initial deposit. The dependency on account funding is not mentioned in any ModMount Ltd document, making this aspect particularly interesting.

Trading Platform

The trading platform of ModMount Ltd was frankly disappointing. In the broker’s own presentation, it seemed to be almost a direct competitor to the best trading software like MetaTrader, CTrader, or TradingView.

Upon closer inspection, it turned out that users are offered a terminal that gives the impression of being hastily put together by an inexperienced developer. While we don’t doubt that the authors implemented everything according to the technical specifications, our opinion of ModMount Ltd’s specialists responsible for preparing the specifications worsens. It appears that they are simply unaware of the requirements of traders.

To support our words, we can note the following shortcomings of the offered webtrader:

• Single chart window.
• Reduced set of standard indicators compared to other programs.
• Minimal set of graphical objects for analyzing price charts.
• Only 2 chart views — line and Japanese candlesticks.
• Lack of a second price in the market overview window (asset list), which needs to be calculated based on the presented spread.
• Inability to connect or develop additional indicators or trading advisors.

It seems like ModMount Ltd is completely indifferent to the interests of its clients. With such software, the possibility of making any profit from trading is highly questionable. However, we have no doubt that the platform only stands to gain from this — trader losses naturally become the broker’s profit.

Contacts

The contact information for ModMount Ltd appears to be in order. On the Contact Us page, the following information is provided:

• Phone number: +2484632002.
• Email: support@modmountltd.com.
• Feedback form.

Support service hours are also provided. However, all the mentioned data (except the feedback form) can be found in the footer of any page on the official website. An online chat is also available on any page for communication with the company representatives.

It is not a secret that the registered address of ModMount Ltd is Room B11, First Floor, Providence Complex, Providence, Mahe, Seychelles. This information can also be found in the footer of any page and in the platform’s documents.

Analysis of Services Offered by ModMount Ltd

Traders carefully study the trading conditions and services offered by a company when choosing a broker and assessing the prospects of working with them. Let’s discuss the offerings of ModMount Ltd.

Funding and Withdrawal

According to the FAQ section of ModMount Ltd, the broker accepts deposits and processes withdrawals through:

• Bank transfers.
• Debit and credit cards.
• Alternative payment methods (the broker does not specify the list).

Users can check the options for non-trading operations in their personal account. The primary option offered to users is card transactions, with additional transactions available through the MiFinity system. The latter serves as an aggregator of payment methods, allowing transactions worldwide using over 70 transfer options, including from cryptocurrency wallets.

As we can see, there is no mention of bank transfers at all. Additionally, the company avoids disclosing its own details, a practice characteristic of scammers rather than licensed brokers.

ModMount Ltd Trading Conditions

In terms of publishing types of accounts, the broker complies with all regulatory requirements. In the existing tariff plans, it provides almost all trading conditions that traders would like to know: leverage for different asset groups, spread sizes, transaction amount limits, and so on.

Traders are offered a choice of 5 types of accounts:

• Classic.
• Silver.
• Gold.
• Platinum.
• VIP.

There are no significant differences in trading conditions between these accounts. However, on the official ModMount Ltd website, it is stated that the capabilities for account owners of different types are expanded — the older the tariff plan (larger deposit amount), the more comfortable the trading. This is noticeable in the reduction of spread sizes and, consequently, transaction costs.

Developers, however, conveniently “forgot” (we are confident it was intentional) to mention the minimum balance for each of the tariff plans. The only thing found on the site was the minimum deposit for Classic accounts, which is $250. Naturally, no one is willing to explain the reasons for such “forgetfulness.”

Another interesting observation is leverage. It seems that ModMount Ltd has set it at the maximum allowed by the regulator’s rules, significantly increasing the level of risk for trading participants. Inexperienced traders with such account characteristics may part with their deposit exceptionally quickly.

Is ModMount Ltd Trustworthy and Reliable?

Getting acquainted with the company leaves a mixed impression. Some of its offers and actions align with accepted standards for regulated brokers, while some techniques used remain at the level of third-rate scam projects. Let’s examine the official data of ModMount Ltd to refine our conclusions.

Assessing Legitimacy

In the footer and on the pages of the official website, as well as in the legal documents, it is stated that the company is registered in Seychelles under the name ModMount Services Limited (even providing the registration number). Verifying this information is not difficult.

In the official business registry of Seychelles, there is indeed a record of an active company with that name and number. Furthermore, the broker’s information about having a license issued by the local financial regulator SFSA is confirmed. The company is authorized as a Securities Dealer, granting the right to organize CFD trading.

Mentioning the work within the Cyprus group of companies, Newblock Trading Limited, turns out to be useless. Although the existence of such a group in the Cyprus registry is confirmed, there is no evidence that ModMount Ltd is part of it. Moreover, licenses from CySEC for the group were not found, and the platform does not provide services in the EU.

It turns out that ModMount Ltd does indeed have a license from an offshore regulator and operates on legal grounds. However, SFSA rules are significantly more lenient than those of reputable European regulators, allowing the broker to use trading conditions with a high level of risk. This is precisely why it does not offer services, for example, in Europe, as it would have to deal with strict limitations.

Established Track Record

All that remains is to examine the broker’s tenure in the industry. Since it does not provide this information itself, we will use data on the domain registration from the whois service.

We can see that the broker has been operating online since February 2022. Web archive snapshots confirm this fact. At least by November 2022, the broker’s website was already functional. In other words, its experience is not extensive, but ModMount Ltd cannot be considered a newcomer to the market. This also explains the company’s reluctance to publish information from its history on its official website.

Implications for Traders

We believe that ModMount Ltd is not the best option for trading CFD contracts. While the company operates with official registration and a license, they are issued offshore, and the broker’s restrictions are quite lenient, posing high risks for traders. Safer alternatives can be found online, and we would prefer them.

Strengths and Weaknesses