Monaxa Review – Scam or Good Forex Broker?

Does Monaxa Have a License?

No. Monaxa is based in Saint Vincent and Grenadines. The Financial Services Authority of SVG doesn’t issue Forex trading licences.

We should also mention one thing about the Monaxa regulation. The Monaxa Group, Australia’s company behind this broker, is responsible.

Monaxa Au Pty Ltd was registered with the Australian Securities and Exchange Commission in January 2023. The Australian domain is considered a safer investment in terms of regulation and security than the offshore one.

Monaxa provides the cTrader platform, FX, CFD & cryptocurrency trading. Monaxa Ltd has been registered in Saint Vincent and the Grenadines. This broker provides services to French, Czech and Indonesian traders.

Reasons for Using a Regulated Broker for Trading

Many companies set up offices in offshore locations to “bypass” the strict regulations of onshore jurisdictions and offer their clients conditions that are not possible elsewhere, such as high leverage.

We believe that regulations are necessary for good reason. Trusting a broker who operates under the European Securities and Markets Authority, the UK’s FCA or the aforementioned ASIC is a better option.

The broker must have a capital of at minimum 730,000 EUR/GBP, or 1,000,000 AUD, in order to offer clients negative balance protection, segregated money, and leverage restriction (1:30).

Insolvency cases, brokers under ESMA may also be liable for compensation up to 20,000 EUR.

Where Is Monaxa Trading Broker Active?

Monaxa, a brokerage founded in January 2023, is still relatively young. We noticed some activity. Residents of these countries visited the broker’s site most often:

• France;
• Belgium;
• Malaysia;
• Czech Republic;
• Thailand;
• Indonesia.

Similarweb.com reports that Monaxa’s website had 12k visits in February 2023. 35% of these visitors were Thai traders.

Every day new scam brokers and trading bots appear on the web with only one goal – to steal your money. We have already exposed some of them, for example – FKD, CED Capital Limited, CIBFX.

Monaxa’s Trading Accounts Review

Three types of Monaxa trading account are available:

• Standard – 15 $, spreads from 1.8 pips, no commissions;
• PRO – 50 $, spreads from 0.9 pips, no commissions;
• Zero – 200 $, spreads from 0.0 pips, 6 $ per round turn lot.

Maximum leverage for all accounts is 1:4000. This is insane and dangerous. Regulators imposed restrictions on leverage to avoid huge losses. High leverage can be dangerous.

Choose only trustworthy and reliable brokers. You can read about the best ones in our article Best online brokers in 2023.

Monaxa: Video

You can also write a comment under the video on our YouTube channel to tell other traders about your experience. But if you’ve already been a victim, contact us for a free consultation by filling out the form at the top of the page.
Below you will find a short video about Monaxa. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about Monaxa!