The question of whether a broker is legit or a scam is one that traders must address in 2024. A thorough review of Modmount reveals that this broker is not only legitimate but also highly regulated by the Financial Services Authority (FSA) in Seychelles. Let’s break down some common complaints and how Modmount compares to scam brokers.
Key Features of Modmount:
- Regulated by the FSA: Unlike unregulated brokers that operate from tax havens and engage in fraudulent activity, Modmount is fully compliant with international financial standards, protecting traders from scams.
Image source: Modmount About Us Page
- Complaint Response: While every broker might face occasional complaints, Modmount has a dedicated support team that addresses issues promptly. Most complaints regarding delays in fund withdrawals are resolved within the promised timeframe of 8–10 business days.
- No Hidden Fees: Modmount is transparent about its zero-commission structure and doesn’t impose hidden charges, a common tactic among fraudulent brokers.
Comparison with Scam Brokers:
- Fraudulent Activity: Scam brokers are often unregulated and appear on blacklists. Modmount, however, is a trusted platform regulated by the FSA, ensuring clients can trade securely.
- Poor Customer Support: Modmount offers multilingual support through multiple channels, unlike fraudulent platforms that often ignore customer complaints.