Monaxa Ltd is a trading company that operates from St. Vincent and Grenadines. A Monaxa Group owns this subsidiary. Since St. Vincent and Grenadines don’t provide licensing for FX and CFD trading companies, Monaxa Ltd is not regulated.
However, there is another part of Monaxa Group. It is Monaxa AU PTY LTD, registered and licensed in Australia. They are licensed since the 11th of Jan 2022.
Read our unbiased Monaxa review for further information.
In addition, we recommend reading our reviews about brokers DeltaStock, NAGA Markets, and Trade360.
| Broker status: | Regulated / Offshore Broker |
| Regulated by: | ASIC |
| Websites: | Monaxa.com |
| Regulators’ Complaints: | N/A |
| Owned by: | Monaxa Group |
| Headquarters Country: | Australia / St. Vincent and Grenadines |
| Foundation year: | 2013 |
| Supported Platforms: | cTrader |
| Minimum Deposit: | $15 |
| Cryptocurrencies: | Yes – BTC, XRP, ADA |
| Types of Assets: | Forex, Commodities, Indices, Shares, Cryptocurrencies |
| Maximum Leverage: | 1:4000 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
Is Monaxa a Safe Broker With a License?
Australian-based company is the one that has very strict regulations. We checked the database of ASIC and the statements are correct. However, the SVG subsidiary is not the one that has direct regulations, therefore clients could experience some potential issues there.
With Tier 1 regulators, we don’t have any reason to doubt that everything will be according to law. ASIC is a very trusted regulator and there is no need, for now, to look for another license.
Compared to some big established brokers with rigorous rules, Monaxa is not clients’ favorite due to its high leverage, a small range of payment methods, limited trading assets, and overall protection.
Reasons for Using a Regulated Broker for Trading
Firstly, regulated brokers provide funds security. Secondly, they are required to comply with some rules and to meet those rules in reality. Thirdly, they provide trusted and reliable trading platforms. While looking for a decent broker, always first check for Tier 1 regulations.
Trading Software Is Available On The Monaxa Platform
In general, trading platform plays a huge role in trading performance. Depending on the availability of some features, you can have more or less success. That’s why traders prefer trusted and reliable platforms. Especially ones that have mobile versions available for faster execution.
cTrader
On the positive side, this broker provides a cTrader trading platform. It is one of the most reliable platforms available at the moment, besides MT4/MT5. Moreover, it provides a vast of advanced trading tools, charting options, and social and copy trading. That is a huge benefit, but if we consider that the SVG subsidiary is not licensed, you are not entitled to any kind of protection.
Mobile App
Besides the web and desktop versions, cTrader can be downloaded on any Android or iOS device. That is a huge advantage because traders tend to take any opportunity they have. It is important to notice that all mobile versions have the same features as desktop versions. Some traders say it’s even better than MT4/MT5.
Monaxa Trading Instruments
Similarly to other Forex and CFD trading companies, Monaxa trading offers 5 different instrument classes. Those are:
- Forex – EUR/JPY, GBP/AUD, AUD/CHF
- Commodities – gold, silver, oil
- Indices – US100, DE40, EU50
- Shares – Uber, Microsoft, AMD
- Cryptocurrencies – BTC, XRP, ADA
After all, we expected much more assets available from those presented on the website. Nevertheless, it’s a good choice of assets and with the right strategy, it can be very profitable.
It must be remembered that the offshore part of the company can offer higher leverage than allowed with an ASIC license.
Monaxa Service Countries
As a result of Monaxa reviews research, we found that this broker operates in many countries. Some of those are:
- France
- Belgium
- Czech Republic
- Greece
These countries don’t have very strict regulations in terms of trading. However, ESMA rules and MiFID II directive for trading in the EEA zone are allowing leverage only up to 1:30. Point often overlooked is that this broker offers leverage up to 1:4000.
Monaxa Accounts Overview
Equally important as asset classes are account types. It can play a huge role if you get some financial benefits from a higher account. However, it is not rare that those are just perfectly designed marketing details.
In this case, those account types are:
- Standard $15
- PRO $50
- ZERO $200
In reality, there are no crucial differences except for spreads, which are as low as 0.0 pips on the Zero account type.
Can Customers Create a Demo Account For Free?
For example, this broker doesn’t provide a demo account. Certainly, it’s not surprising since their minimum deposit requirement is $15.Therefore you can test out their services, but that way you are providing your personal information to the broker.
With a licensed one you shouldn’t have any trouble. However, an offshore subsidiary is not obligated to provide any kind of protection.
Monaxa Deposit and Withdrawal Policies
A significantly important part of trading is the safety of the funds and payment methods. This broker doesn’t cover transaction fees. Regardless, you can request a withdrawal only with the same method as a deposit. Any method can take from instant payment or longer depending on the institution.
Payment Methods Available
Monaxa claims to offer bank transfers and crypto transfers. However, for crypto transfer, the minimum requirement is 100 units. On top of that, the broker doesn’t cover fees. Another key point is that information about banking details must match your account details.
Monaxa Terms & Conditions – What You Need to Know
A regulated part of Monaxa Group is not questionable at all. However, the SVG subsidiary is the one that is not obligated to meet those regulatory requirements. Still, they promise negative balance protection. For instance, some traders wouldn’t find this splitting attractive and they would look for different options.
Leverage, Spreads, and Fees
In general, spreads with Monaxa trading are quite standardized. Nothing that you shouldn’t expect. In contrast to that is leverage. Those are extremely high up to 1:4000, which can wipe your account in a blink of an eye if you don’t know what you are doing.
When it comes to fees, the client covers all the fees regarding transactions. For instance, a commission broker only gets $6 for a round-turn lot.
What Should I Do If I Have Monaxa Problem?
The first choice always is to contact their regulator. That way you can present everything to the authority and find a solution.
In case you have some troubles and can’t solve it with ASIC, or have been dealing with an offshore entity, you can contact our expert recovery team!
FAQ
What Is Monaxa?
Monaxa trading is an offshore trading company that is part of a group registered in Australia. They offer FX and CFD trading services.
Is Monaxa a Regulated Broker?
Even though they have different parts of the group, one based in SVG is not regulated. However, one part of the group Monaxa AU PTY LTD has an ASIC license.
Is Monaxa Available in the United States or the UK?
Thus, there is no information available about any restrictions for trading with these countries. However, regulation might limit them since the UK is not in the EU anymore.
Does Monaxa Offer a Demo Account?
No. Considering a very low minimum requirement, it is not necessary but some traders prefer access to a demo account.