Table of Contents

What is Monocomo.com?

Monocomo.com is an online platform that sells automated trading solutions, specifically Forex Expert Advisors (EAs) or “bots,” designed to execute trades automatically on various financial instruments like currency pairs, indices, and commodities via the MetaTrader platform.

What kind of returns does Monocomo.com claim its bots can generate?

Monocomo.com prominently claims its bots can generate “UP TO 60% OF MONTHLY RETURNS,” with specific bots stating “up to 20% monthly returns” for particular assets.

Are the profit results shown on Monocomo.com independently verified?

No, the profit results shown on Monocomo.com under the “Estimate results” section are explicitly labeled as “estimates.” There is no indication of independent, third-party verification (like Myfxbook) for these figures.

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Is Forex trading with automated bots permissible in Islam?

Generally, leveraged Forex trading, especially for short-term speculation and high, uncertain returns, is considered impermissible in Islam due to elements of Maysir (gambling), Gharar (excessive uncertainty), and potential Riba (interest) from leverage/swap fees.

What are the main ethical concerns with Monocomo.com’s offerings from an Islamic perspective?

The main ethical concerns are the strong presence of Maysir (gambling) due to the highly speculative nature and emphasis on uncertain high returns, Gharar (excessive uncertainty) stemming from inherent market volatility and hidden risks, and the potential for Riba (interest) through the use of leverage in Forex trading.

Does Monocomo.com provide clear risk disclosures for its products?

No, the Monocomo.com homepage does not prominently display clear and comprehensive risk warnings that are standard and legally required for legitimate financial trading platforms, often stating that a high percentage of retail traders lose money.

What is an Expert Advisor (EA) in the context of Monocomo.com?

An Expert Advisor (EA) is a software program designed to automate trading on a platform like MetaTrader.

It executes trades based on pre-programmed rules or algorithms, potentially utilizing AI for analysis. monocomo.com vs. Ethical & Productive Alternatives: A Comparison

How much do Monocomo.com’s trading bots cost?

The bots sold on Monocomo.com range in price from approximately €200 to €2,499 for a one-time software license, with small discounts offered on some products.

Does the purchase price of a Monocomo.com bot include trading capital?

No, the purchase price covers only the software license for the bot.

Users are responsible for providing their own trading capital to fund an account with a Forex broker.

Is Monocomo.com a scam?

While Monocomo.com sells a functional software product, its high, unsubstantiated return claims and lack of transparent risk disclosures are significant red flags that align with practices often associated with misleading or high-risk financial ventures, though it may not be a direct fraud.

What are some common risks associated with automated Forex trading?

Common risks include market volatility, technical failures (internet, platform), strategy failure in changing market conditions, over-optimization (curve fitting) to historical data, and the high probability of capital loss.

Can I really earn “up to 60% monthly returns” with these bots?

It is highly unrealistic to consistently achieve “up to 60% monthly returns” in legitimate financial markets.

Such figures are typically unsustainable and often used to attract individuals to high-risk speculative ventures.

What platforms do Monocomo.com bots integrate with?

Monocomo.com states that its bots seamlessly integrate with the MetaTrader platform, which is widely used for Forex and CFD trading.

Does Monocomo.com offer any educational content?

Yes, Monocomo.com has a section with articles discussing topics like “The Evolution of Automated Trading,” “Navigating the World of Trading Bots,” and “Maximising Profits with Automated Trading.”

What are some ethical alternatives to Monocomo.com for wealth generation?

Ethical alternatives include ethical entrepreneurship and business development, investing in Halal investment funds, Sharia-compliant real estate investment, skill development and freelancing, ethical e-commerce, and sustainable agricultural ventures. How to Avoid Online Trading Scams and Unethical Platforms

Do I need prior trading experience to use Monocomo.com’s bots?

Monocomo.com claims its integration process is “hassle-free,” even for novice traders, but proper operation and risk management of the bot still require some understanding of trading concepts and risks.

Are there any hidden costs beyond the bot’s purchase price?

Yes, beyond the purchase price, users typically incur costs such as trading capital, broker spreads/commissions, potential slippage, and possibly a monthly fee for a Virtual Private Server (VPS) for continuous operation.

How can I verify the actual performance of a trading bot?

The most reliable way to verify a trading bot’s performance is through independent, third-party auditing platforms like Myfxbook, which provide real-time, verifiable trading results from live accounts.

Why is Monocomo.com not recommended for those adhering to Islamic financial principles?

It is not recommended because the core activity facilitated (speculative Forex trading) involves Maysir (gambling) and Gharar (excessive uncertainty), and can involve Riba (interest) through leverage, all of which are impermissible in Islamic finance.

What constitutes ethical wealth generation in Islam?

Ethical wealth generation in Islam emphasizes honest trade, productive investment in tangible assets or real services, risk-sharing, avoiding interest (Riba), gambling (Maysir), and excessive uncertainty (Gharar), and contributing positively to society.

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