ModMount review

Introduction

ModMount is a CFD broker offering an extensive range of over 350 CFD products. These include Forex, stocks, indices, commodities, and cryptocurrency futures. With leverage of up to 1:400, ModMount offers flexibility in managing risk, while its tight spreads keep the competition alive.

Dedicated to delivering top-tier services, ModMount emphasizes unparalleled comfort and premium trading conditions for each client. Their tailor-made accounts, real-time market updates, and round-the-clock web and mobile trading access ensure convenience. The company prides itself on providing a dependable and user-friendly trading environment with cutting-edge solutions, facilitating a seamless user experience.

Founded in 2019 and headquartered in Seychelles, ModMount has witnessed rapid growth since its inception. Traders benefit from resources like Trading Central, aiding in more effective decision-making. This commitment to providing valuable tools underscores ModMount’s dedication to its users.

In this review, every aspect of ModMount will be explored to provide you with the necessary details to decide if it aligns with your trading preferences.

Supported Countries

MODMOUNT SERVICES LIMITED restricts its services from being offered in specific regions, including the USA, Canada, Australia, Iran, North Korea, Myanmar, Israel, and certain EU member states. At its discretion, the company may decline registration from other areas, such as FATF high-risk jurisdictions or countries subject to sanctions.

Customer Service Rating

ModMount, an established presence in the trading arena, has garnered positive feedback from users over time. On Trustpilot, the forex broker has received 31 reviews, achieving a commendable 3.7-star rating out of 5. Users appreciate ModMount’s user-friendly interface, responsive customer service, transparent fees, and valuable educational resources. Many newcomers find the trading platform particularly impressive.

Customers have highlighted the professionalism and timeliness of ModMount’s customer service agents and account managers, praising their ability to provide swift solutions to queries. Reviewers have also commended the platform’s swift trade execution and top-notch security measures, emphasizing the smooth functioning of the platform.

While most feedback has been favorable, some clients have expressed concerns about withdrawal delays. Nonetheless, on FXreviews, ModMount boasts a rating of 4.5 stars out of 5, indicating overall user satisfaction.

Modmount Forex Trading Platforms

ModMount differs from other platforms like MT4, MT5, or cTrader as it operates its proprietary WebTrader platform. While this may limit traders’ choices and deter those accustomed to more popular options, ModMount’s WebTrader offers a comprehensive suite of features across desktop, web, and mobile versions:

• ModMount WebTrader: The platform includes Trading Central services, an economic calendar, multi-chart functionality, and one-click trading, among other features. With over 60 professional analytical tools, traders can customize notifications and develop effective trading strategies. Detailed deal analysis empowers traders to enhance their skills and maintain financial control. ModMount’s WebTrader supports cross-platform trade order execution, ensuring rapid market access. The one-click trading feature facilitates quick and efficient trade execution. Real-time rate streaming, instant price alerts, and Stop Loss/Take Profit tools further enhance the trading experience. Available in multiple languages, including English, French, German, Italian, Japanese, Portuguese, Spanish, Arabic and more, ModMount prioritizes user accessibility. The platform emphasizes security through top-notch technological solutions and data encryption, ensuring a safe trading environment for all users.

Type of Trading Accounts on Modmount

ModMount offers five live trading accounts tailored to meet the needs of traders at different experience levels and with diverse preferences. Traders can choose the account that best suits their requirements and budgetary constraints.

Although ModMount provides multiple account types, they all share similar features, such as Free Support, Negative Balance Protection, Free Trading Education, and Zero commissions on deposits. Other common features include Max Forex leverage up to 1:400, Dedicated multilingual support, and Advanced analytical instruments.

Here’s a breakdown of the available accounts on ModMount:

• Classic Account: Ideal for novice traders, the Classic Trading Account offers flexibility and access to professional tools. Trade 160+ assets with variable spreads from 2.5 pips and zero commissions on deposits.
• Silver Account: Enter the global forex trading arena with flexible trading conditions offered by the Silver Account. Trade 160+ assets with variable spreads from 2.5 pips without commissions on deposits.
• Gold Account: For traders with experience, the Gold Account provides access to CFDs on 160+ assets, 60+ analytical tools, and flexible trading conditions with no commissions on deposits.
• Platinum Account: Advanced traders can tackle market challenges with premium conditions. Enhance your trading experience with flexible spreads from 1.4 pips, trading 160+ CFDs,  commission-free deposits.
• VIP Account: Enjoy professional tools and flexible conditions with VIP trading terms. Trade 160+ assets with variable spreads from 0.9 pips, commission-free deposits.
• Demo Account: ModMount provides a demo account with a balance of $100,000 for traders to practice. The trading platform enables users to switch effortlessly between demo and live trading environments, offering flexibility and convenience for traders to hone their skills and test strategies before committing real funds.

Trading Denominations on Modmount Forex

ModMount allows clients to select their account base currencies from EUR, USD, and CHF, catering to a diverse clientele across different regions. However, some may find this selection limited, potentially reducing options for certain clients. This becomes more evident compared to other brokers offering up to 12 account-based currencies.

Company Structure

Established in est. 2019 and based in Seychelles, ModMount is a regulated CFD broker offering a diverse range of over 350 CFD products, spanning Forex, stocks, indices, commodities, and cryptocurrency futures. Modmount Services Limited, with registration number 8426105-1, operates under the same group of Companies as Peaksight Ltd and Newblock Trading Limited.

Modmount Services Limited is registered in Room B11, First Floor, Providence Complex, Providence, Mahe, Seychelles. Acting as the payment agent for Modmount Services Limited and Newblock Trading Limited, Muteon Services Limited is incorporated under the Laws of Cyprus with registration number HE 439205. Its registered address is Andrea Kariolou 38, DOT 38, Ground Floor, Agios Athanasios, 4102 Limassol, Cyprus.

Peaksight Ltd, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 440/23, holds registration number HE433420. It operates from 106 Georgiou Griva Digeni Street, 3101 Limassol, Cyprus. Twimount Services Ltd, registered under the laws of Cyprus with registration number HE 407940, serves as the payment agent for Peaksight Ltd and is regulated by CySEC.

Newblock Trading Limited, with registration number HE 409657, has its operational address at Anthemidos 26, Panthea, Mesa Geitonia, 4007 Limassol, Cyprus.

ModMount places a strong emphasis on data security and confidentiality. The broker utilizes encryption technology and collaborates with reputable financial institutions to protect client information. Offering multilingual customer support through various channels, including live chat, email, and phone, ModMount aims to cater to a global client base. The trading platform is available in 12 languages, enhancing accessibility for users worldwide.

ModMount received a Best Trade Execution 2024 Award from BrokerCheck.

Modmount Licenses and Regulatory Compliance

As a regulated forex broker, ModMount ensures its partner companies operate under registration and regulation across multiple jurisdictions. ModMount Services Limited holds authorization and regulation from the Financial Services Authority (FSA) of Seychelles with license number SD119. Its partner company, Peaksight Ltd, is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 440/23.

It’s important to recognize that while ModMount maintains regulation, it is not regulated by a tier-one regulatory body.

Modmount Forex Customer Protection

ModMount adheres to best practice standards in the financial sector as a regulated entity. The broker offers Segregated Funds to ensure that company and client funds remain separate, minimizing the risk of mismanagement. Clients benefit from Negative Balance Protection, safeguarding them against adverse market movements to prevent losses exceeding their account balance.

Emphasizing data security and confidentiality, ModMount employs encryption technology and collaborates with reputable financial institutions. Additionally, clients can request refunds in cases where the account has been deposited, but the client executed no orders.

Customer Service

ModMount offers various options for clients to contact Customer Support. Clients can email [email protected] or utilize the Live Chat feature on the website for prompt assistance. Alternatively, traders can contact support by calling +2484632002. There’s also an inquiry form on the broker’s website where clients can submit their queries and expect a response via email.

ModMount also provides a detailed FAQ page for quick troubleshooting of common issues. The support team operates 24/5 and demonstrates technical proficiency in swiftly resolving client concerns.

Trading Information

ModMount is renowned as a premier broker, specializing in VIP-class services for trading CFDs covering Forex, commodities, stocks, indices, cryptocurrencies, and precious metals. While ModMount maintains a commission-free pricing structure, traders must consider trading and non-trading fees.

For instance, the trading platform quotes the EUR/USD with a minimum spread of 4.0 pips or $40.00 per 1.0 standard round lot. Additionally, ModMount imposes a $10 monthly maintenance fee on all accounts, regardless of activity. Clients should note a $30 bank wire withdrawal fee.

Moreover, clients must know the inactivity fees: a $100 monthly fee after 30 days of dormancy, a $250 monthly fee after 60 days of dormancy, and a $500 monthly fee after 180 days of dormancy. These fees underscore the importance of maintaining account activity to avoid additional charges.

Tradable Instruments

ModMount presents a well-rounded asset selection with a notable focus on equity CFDs. The trading platform features prominent blue chips from various regions, including Taiwan, Japan, Turkey, Malaysia, India, Brazil, Mexico, Colombia, and the UAE. While US-listed companies dominate the equity CFDs, EU companies also feature prominently. However, the absence of ETFs is noticeable.

ModMount covers a diverse range of sectors, including:

• Forex
• Cryptocurrencies
• Commodities
• Stocks
• Indices

While the available tradable instruments offer decent options for portfolio diversification, it’s worth noting that some other brokers provide access to a broader array of instruments.

Modmount Leverage

ModMount offers clients variable leverage options to suit different trading preferences. The maximum retail Forex leverage is 1:400, although certain tradable instruments have specific leverage settings. For example, commodities, indices, and metals have a maximum leverage of 1:200, while equity traders enjoy leverage of 1:5. Additionally, cryptocurrency leverage is capped at 1:5. These flexible leverage options allow traders to tailor their strategies according to their risk tolerance and trading objectives.

Deposits and Withdrawals

Deposits

ModMount allows deposits via Credit/Debit Cards, Wire Transfers, and APMs. Clients can deposit funds in EUR, USD, or CHF currencies, with a minimum deposit requirement of 250 USD or equivalent in the account currency. ModMount is expected to adhere strictly to anti-money laundering guidelines as a regulated broker platform.

Withdrawals

On ModMount, traders have various withdrawal methods, including Credit Cards, Debit Cards, E-Wallets, Prepaid Cards, and Wire Transfers. The minimum withdrawal amount is $10 for credit/debit cards and bank wires. E-wallet withdrawals do not have a minimum withdrawal amount, provided they cover processing fees. Traders should know potential third-party payment processing charges and currency conversion fees.

Withdrawal requests can be canceled if the transfer has not yet been processed. The withdrawal process on ModMount typically takes between eight and ten business days. Depending on circumstances, the company reserves the right to impose a withdrawal fee, with detailed information available in the General Fees document.

Modmount Trading Education and Training

The broker provides minimal educational and research features. ModMount offers research through Trading Central, a prominent feature within its trading environment. Traders can access it via the “Trading Tools” tab on the broker’s website. Additionally, ModMount offers a comprehensive economic calendar, enabling users to access essential economic indicators, event dates, times, and expected market impact. Customization options allow users to filter events and set up notifications.

Chart Analysis allows users access to charts, key levels, and a Technical Score. The Panoramic View offers a comprehensive overview of financial instruments. Newsletters and the Alpha Generation feature keep users informed. Trading Central, established in 1999, provides industry-recognized data and analysis tools. Supporting content includes product updates, whitepapers, and market insights.

However, clients should know that the broker’s website lacks sufficient educational and research resources to facilitate learning. A reliable broker’s website should offer a variety of resources such as daily news updates, video lectures, webinars, seminars, comprehensive explanations of forex-related topics, and trading e-books.

Conclusion

ModMount emerges as a promising forex broker, offering a range of features and services to cater to traders of varying experience levels and preferences.

Firstly, ModMount provides a selection of trading accounts designed to meet diverse trading needs, from novice traders to seasoned professionals. The platform also offers a user-friendly trading interface accessible via desktop, web, and mobile devices, ensuring convenience and flexibility for traders.

Supported in numerous countries worldwide, ModMount welcomes clients from various regions, facilitating global access to its trading services. However, it’s important to note that the broker restricts services in certain jurisdictions due to regulatory considerations.

Speaking of regulations, ModMount is licensed and regulated by the Financial Services Authority (FSA) of Seychelles, assuring its compliance with established financial standards and customer protection policies.

Traders can access various trading instruments on the ModMount platform, including Forex, commodities, stocks, indices, cryptocurrencies, and precious metals. Flexible leverage options allow traders to tailor their strategies to risk tolerance and trading objectives.

Deposits and withdrawals on ModMount are facilitated through various methods, offering convenience and accessibility to clients. However, knowing associated fees and processing times is essential when conducting transactions.

While ModMount offers some educational resources and research tools, such as Trading Central and an economic calendar, the platform may lack in-depth educational materials compared to other brokers. Nonetheless, traders can still benefit from these resources to enhance their trading knowledge and decision-making.

ModMount is a reputable forex broker with a strong regulatory framework, diverse trading options, and user-friendly features. Traders seeking a reliable and accessible platform may find ModMount suitable for their trading needs. However, conducting thorough research and considering individual preferences are key factors in selecting the right broker for optimal trading experiences.