Consider the Monaxa Review as a cautionary warning. You should take this offshore broker with a grain of salt for several reasons.
In this review, we will outline the potential risks of trusting the Monaxa broker with your funds. Without further ado, let’s get into it.
No. If you’re wondering how this is possible, the answer is simple. Monaxa operates from an offshore domain – Saint Vincent and the Grenadines. SVG’s Financial Services Authority regulator doesn’t issue Forex trading licenses.
However, there’s one more thing we should point out about the Monaxa regulation. The company behind the broker is part of the Monaxa Group from Australia.
The entity Monaxa Au Pty Ltd registered with the Australian Securities and Exchange Commission (ASIC) in January 2023. Therefore, the Australian domain is a safe bet in terms of security and regulation but the offshore branch is not, so bear that in mind if you decide to invest.
Monaxa offers the cTrader platform and FX, CFD & crypto trading. Monaxa Ltd is registered in Saint Vincent and the Grenadines. The offshore broker mainly provides services to French, Czech, Indonesian, Belgian and Malaysian traders.
Companies often set up an office in an offshore domain to “bypass” strict onshore regulations and offer clients conditions they wouldn’t otherwise be able to such as high leverage.
If you ask us, heavy regulations are there for a reason. It’s a better choice to trust a broker that operates under the jurisdiction of the European Securities and Markets Authority (ESMA), the UK’s FCA, or even the aforementioned ASIC.
That way, the broker is obliged to possess a capital of at least 730,000 EUR/GBP or 1,000,000 AUD but also to provide clients with negative balance protection, segregated funds, and leverage restriction (1:30).
Brokers under ESMA are also liable to pay clients compensation of up to 20,000 EUR in case of insolvency.
Monaxa is relatively young – the brokerage was established in January 2023. But, we noticed some activity. The broker’s website was mostly visited by residents of the following countries:
According to similarweb.com, Monaxa’s website recorded 12k visits in February 2023, 35% being Thai traders.
Monaxa offers one trading platform – cTrader. This platform has desktop, mobile and web versions. The broker provided a link on the website leading to the Google Play store where you can download the software.
Monaxa also offers cTrader Copy, an additional technology that allows easy and transparent copy trading.
Yes. Monaxa included both the Android and iOS versions of cTrader. Note that the copy trading option is available for mobile too.
The best thing about mobile trading is the possibility of making quick adjustments and trading on the go.
cTrader is a fantastic platform. It’s the next best thing after the widely popular MetaTrader platforms.
The execution speed of cTrader is lightning-fast. It also features 50 indicators, 20+ charting tools, quick ordering, automated trading, a built-in calendar, etc. No doubt it can be used for effective trading, just be careful because Monaxa is unregulated.
Here’s a quick rundown of Monaxa’s trading assets with examples for instruments:
Spreads and commissions vary from account type to type. Thus, the Standard account’s spread starts from 1.8 pips but without commissions. That’s slightly above the industry’s standard of 1.5 pips, but could still be good.
Only the Zero account has commissions in store – 6 $ per round turn lot. But the spreads are 0.0 pips.
The Monaxa trading accounts come in three forms:
The maximum leverage is the same for all accounts – 1:4000. That’s beyond insane and extremely dangerous. The reason why regulators imposed a restriction on leverage was to prevent huge losses. Super-high leverage is hazardous.
Unfortunately, no. Monaxa didn’t include a free demo account. That’s a red flag in our eyes because it implies that you have to invest right away.
You don’t get the opportunity to try out the platform under Monaxa’s trading conditions. On top of that, the broker’s unregulated.
Let’s take a look at the Monaxa withdrawal and deposit methods listed on the website:
The minimum withdrawal amount is 100 USD/GBP/EUR plus the required fees, and the processing time allegedly takes up to 24 hours.
No credit/debit cards? That’s not good at all since card transactions allow for a chargeback within 540 days. Trust us, a chargeback could be life-saving if you’re having withdrawal issues.
If Monaxa violated any terms and conditions, please let us know. Withdrawal issues are the first sign of fraud.
You can expect anything from an offshore broker such as Monaxa so be sure to write a complaint if something goes wrong. You’ll warn other traders not to fall into the same trap.
As for your money, Global Fraud Protection has got you there. We have a team of experts that specializes in complex crypto-tracing methods using software such as CipherTrace.
If this broker steals your money, please let us know. If you want to book a free consultation with us, use Online Chat, it’s the easiest and fastest way.
You have to be careful with Monaxa. It is an offshore broker without regulation, which is a risky scenario.
No. Monaxa doesn’t allow traders to practice using a free demo account.
Yes. Monaxa’s cTrader is available for both Android and iOS operating systems.
No. Monaxa is an offshore broker so nobody guarantees the safety of your funds. If the broker disappears with your money, you won’t be compensated.
You have to be careful with Monaxa. It is an offshore broker without regulation, which is a risky scenario.
No. Monaxa doesn’t allow traders to practice using a free demo account.
Yes. Monaxa’s cTrader is available for both Android and iOS operating systems.
No. Monaxa is an offshore broker so nobody guarantees the safety of your funds. If the broker disappears with your money, you won’t be compensated.
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