Score
Saint Vincent and the Grenadines
|
2-5 years
|
Environment C
|https://monaxa.com/
Website
Rating Index
Environment
C
Average transaction speed (ms)
MT4/5
Full License
Monaxa-Real 1
Influence
C
Influence index NO.1
Malaysia 3.91Speed：AA
Slippage：C
Cost：D
Disconnected：A
Rollover：D
MT4/5 Identification
Full License
United KingdomInfluence
C
Influence index NO.1
Malaysia 3.91
LicensesNo valid regulatory information, please be aware of the risk!
Saint Vincent and the Grenadines
Formal full license MT4/5 traders will have sound system services and follow-up technical support. Generally, their business and technology are relatively mature and their risk control capabilities are strong
WikiFX Data provide
monaxa.com United StatesNote: Monaxa's official website - https://monaxa.com/ is currently inaccessible normally.
| Monaxa Review Summary | |
| Founded | 2013 |
| Registered Country/Region | Saint Vincent and the Grenadines |
| Regulation | FSC (offshore) |
| Market Instruments | Forex, commodities, indices, cryptocurrencies and shares |
| Demo Account | / |
| Leverage | Up to 1:4000 |
| Spread | From 1.8 pips (Standard account) |
| Trading Platform | MT4, cTrader, cTrader Copy |
| Min Deposit | $15 |
| Copy Trading | ✅ |
| Customer Support | Live chat: weekdays, from 10 AM to 12 AM GMT+8 |
| Email: support@monaxa.com (within 48 hours) | |
Monaxa was registered in 2013 in Saint Vincent and the Grenadines. On its platform, customers can trade forex, commodities, indices, cryptocurrencies, and shares. It provides various types of accounts, with a minimum deposit of $15 and a maximum leverage of 1:4000. Besides, it offers bonuses and copy trading services. However, it should be noted that this company is offshore regulated, which means potential risks may exist.
| Pros | Cons |
| Long operation time | Inaccessible website |
| Diverse tradable assets | Offshore regulation risks |
| Various account choices | Limited payment methods |
| Commission-free accounts offered | |
| MT4 supported | |
| Copy trading services | |
| Low minimum deposit | |
| Live chat support |
Monaxa is offshore regulated by The Financial Services Commission (FSC) in Mauritius.
| Regulated Authority | Current Status | Regulated Country | License Type | License No. |
| The Financial Services Commission (FSC) | Offshore Regulated | Mauritius | Retail Forex License | GB23201577 |
Monaxa provides a number of products, including forex, commodities, indices, cryptocurrencies, and shares.
| Tradable Instruments | Supported |
| Forex | ✔ |
| Commodities | ✔ |
| Cryptocurrencies | ✔ |
| Indices | ✔ |
| Shares | ✔ |
| ETFs | ❌ |
| Bonds | ❌ |
| Mutual Funds | ❌ |
Monaxa offers 4 types of accounts, including Standard, Pro, Zero (ECN), and Cent.
| Account Type | Currencies | Min Deposit | Max Leverage | Spread | Commission |
| Standard | USD, EUR, GBP | $15 | 1:4000 | From 1.8 pips | ❌ |
| Pro | $50 | 1:4000 | From 0.9 pips | ❌ | |
| Zero (ECN) | $200 | 1:500 | From 0 pips | $6 | |
| Cent | USC (cent currency) | $15 | 1:1000 | From 1.8 pips | ❌ |
Monaxa uses MT4 and cTrader as its trading platforms. Besides, cTrader Copy provides copy trading services.
| Trading Platform | Supported | Available Devices | Suitable for |
| cTrader | ✔ | PC, web, mobile | Experienced traders |
| cTrader Copy | ✔ | Web, mobile | Beginners |
| MT4 | ✔ | PC, web, mobile | Beginners |
| MT5 | ❌ | / | Experienced traders |
| Payment Option | Min Deposit/Withdrawal | Deposit Fee | Withdrawal Fee | Deposit Time | Withdrawal Time |
| Local bank transfers | 100 USD/EUR/GBP | / | / | / | / |
| Bank wire transfers | / | / | / | / | |
| Cryptocurrencies | Covered | Not covered | At least 15 minutes | Up to 24 working hours |
Monaxa advertises itself as a global broker with advanced platforms and high leverage. Yet regulators have issued warnings, WikiFX found no real office in Australia, and traders report missing funds and blocked withdrawals. Is Monaxa a safe choice or a costly mistake?
Cyprus Securities and Exchange Commission (CySEC) has issued a warning to investors about 11 unauthorized firms operating without proper regulation. Below is a list of unauthorized firms that investors should avoid.
Alert for Pakistani traders: Concerns rise over Monaxa Broker. Traders report issues. Stay cautious with your investments.
Fortunately, Monaxa doesn’t charge any withdrawal fees, which is a positive for me. However, withdrawal processing times vary depending on the method. Cryptocurrency withdrawals are completed in as little as 15 minutes, which is fantastic for quick access to funds. But if you’re using bank wire transfers, the process can take up to 24 working hours. As someone who values efficiency, I’d definitely prefer to use crypto for its quicker turnaround time.
The spread on Monaxa varies depending on the account type you choose. For the Standard account, it starts from 1.8 pips, which is relatively typical for brokers in the same category. However, if you're looking for tighter spreads, the Pro account has spreads from 0.9 pips, and the Zero (ECN) account offers spreads from 0 pips, although there’s a $6 commission per lot. Personally, I find the Pro and Zero accounts to be the most attractive, especially if you’re trading larger volumes and want to keep the cost of each trade as low as possible.
Monaxa offers an extremely high leverage of up to 1:4000, which is significantly higher than what many other brokers provide. While this can be great for maximizing potential profits, I’d also be cautious because the higher the leverage, the higher the risk of losing significant amounts quickly. For anyone using Monaxa FX, I would recommend starting with lower leverage and only increasing it as you become more comfortable and experienced.
Since Monaxa is offshore-regulated, safety concerns naturally arise for me. Without regulation from a major authority, such as the FCA or ASIC, there’s less protection for my funds. While Monaxa does provide a range of assets and trading services, the absence of strong regulatory oversight could be risky for traders like me who prioritize financial security. Personally, I would be hesitant to trade large sums with a broker that lacks stronger regulatory protection.
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FX6878146882
Malaysia
⚠️ Scam Alert – Stay Away from This Shady Broker! This so-called forex broker is nothing but a bunch of lying thieves. At first, they act all professional to make you deposit, but once you try to withdraw your own money, they start giving endless bullshit excuses. Days turn into weeks, and then they either block your account or completely ignore your requests. They are not a broker – they are pure scammers who steal people’s hard-earned money. Fucking crooks hiding behind a fake company name. No matter how much you beg or chase, they will never give you your money back. Do yourself a favor – don’t even think of opening an account here. Every dollar you deposit is as good as gone. These bastards are parasites feeding off innocent traders. Spread the word and save others from getting ripped off.
Exposure
FX3242764680
Malaysia
such a scam broker i ever try.this is first time i using this broker after claim 100% bonus..just happen today before nfp release. that shit broker take eary my po around 100pips plus from my existing po..after news i add instant entry 0.10lot x 2layer and instant float 170usd/each after entry…what the shit broker manipulate price at this moment..never happen at another broker before
Exposure
Noname3110
Vietnam
Monaxa is a fraudulent platform that deliberately offers bonuses to lure investors... No matter how you trade, they will deduct profits and prevent withdrawals. I traded for a week and tried to withdraw profits, but they demanded a video holding my ID. After submitting it, they wiped out all my account profits and only returned the principal. It's a blatant scam.
Exposure
FX2995228648
Japan
The withdrawal speed is a bit slow. There are occasional deposit bonuses, so I only use those, but the slippage is terrible, so I wouldn't recommend it except for the bonuses.
Neutral
Malif Azhari
Malaysia
After 4 days waiting for my deposit to pop up but there is no coming. This broker completely ignored my ticket for days.
Exposure
FX1030212007
India
monaxa is fraud brokar mera withdrawal nahi diya isme maine deposit Kiya profit banaya lekin withdrawal nahi diya ye fraud brokar kripya isme deposit na kare aapka pesa fas jayega or withdrawal nahi dega withdrawal approve kar dega lekin aapke pas aayega nahi
Exposure
FX1205119535
Yemen
I have been trading for a year and it is the best broker.
Positive
Nurul Nurul
Malaysia
BiG SCAMMER...old client..only got deposit ..deducted all my profit and for no reason accuse me for being abuse..dont trade with this broker
Exposure
Cherrie
Malaysia
Monaxa has some solid leverage options, which is cool if you're into that kind of thing. And their customer service is really good, they're always there to help if you need it. Overall, Monaxa's got some good things going on.
Neutral
Alonso599
Ecuador
I am happy with this broker, I got a great broker with a lot of experience who helped me generate profits. With my verified account, the withdrawal was done in a matter of minutes. We work a lot with the raw material gold, in which they provided me with great analysis and risk management.
Positive
Alonso599
Colombia
What I like is that withdrawals are very fast
Positive
FX2248113605
Malaysia
Suddenly said i break their Rules that im multiple log in with same vps and directly deducted all my credit around 22k USD!!!! i ask for live chat service to asist me and they ask me via email to contact them but everytime i contact them they doesnt wan to answer my email and directly deducted all my credit. since i start trade from so many month.BTW i have too much transaction tht i been trade in this broker so i just roughly took some photo.
Exposure
FX3149209943
Malaysia
22/3/2024- Deposit $5500 to Monaxa01/04/2024- $15150.04 was removed from MT4 without any notice.02/04/2024- Received a call from broker Business Development Manager. Claim that I won too much.
Exposure
Zeeshan5435
Pakistan
Hi All Traders Avoid This borker Please! Monaxa broker has done SCAM with me and my friends also ,,,,, He close my account Mt4 103379 , my fund about 682 USD in the account but they close and disable mt4 also ,,, , I always referred to couple of friends and family members,This broker is a biggest scam in market,,,,,, but they SCAM 682USD , this amount is big amount for me return my amount and close my account
Exposure
Ahmad5242
Pakistan
Hi Avoid All Traders: This Monaxa brooker is a biggest scam in market,,, Monaxa broker has done SCAM with me and my friends also ,,,,, He close my account Mt4 107048 , my fund about 590USD in the account but they close and disable mt4 also ,,, , I always referred to couple of friends and family members,,,, but they SCAM 107048 USD , this amount is big amount for me,,return my amount and close my account
Exposure
sam9939
India
I find it good broker in terms of Deposit and Withdrawal and user friendly interface.
Positive
FX2414998452
Pakistan
BIGGEST SCAM BROkER MONAXA BROKER SCAM FUND Hi Avoid All Traders: This brooker is a biggest scam in market Hi All traders,,, Monaxa broker has done SCAM with me and my friends also ,,,,, He close my account Mt4 106743 , my fund about 1071 USD in the account but they close and disable mt4 also ,,, , I always referred to couple of friends and family members,,,, but they SCAM 1071USD , this amount is big amount for me,,return my amount and close my account
Exposure
FX1483014107
New Zealand
I've been trading with Monaxa for a few months now, and I'm really happy with them. The trading instruments are off the chain, from forex to cryptos, they got it all. And let me tell you, their platform is smooth like butter! Opening an account was a breeze, and I love that flexible leverage. I can go big or go home! The best part? Instant deposits, no waiting around. Monaxa got my back when it comes to trading, and I'm lovin' it!
Positive
Andyo
United States
Yo, I gotta give Monaxa some props! Their platform is pretty slick, man! Opening an account was a breeze, and they got all those tradin' instruments I'm into. Plus, the flexible leverage up to 1:4000 is dope! But, here's the bummer - their customer support ain't that great. It's like waitin' for a snail to finish a marathon. And they need to step up their game with trading signals, bro. Gotta keep my eyes peeled without 'em. Still, overall not bad, but they gotta work on the support side!
Positive