Monaxa Review: How Reliable Are They?
Monaxa Review, Have you heard of Monaxa Ltd? This shady company claims to be based in the tropical paradise of St. Vincent and the Grenadines. Yet, don’t be fooled by its sunny facade. They lack proper licenses to trade in FX, thanks to the lax regulations of the island nation. However, there’s a twist to this tale.
Monaxa AU PTY LTD, another part of the same company, has somehow managed to obtain a license and registration from the stringent regulatory authorities in Australia. What’s the real story behind this mysterious enterprise? We’ve delved deep into Monaxa’s operations and put together an unbiased Monaxa review that reveals all you need to know.
|St. Vincent and the Grenadines
Regulation and Safety of Funds at Monaxa
The Monaxa Group comprises several companies with the same name. One of these is Monaxa Ltd, registered offshore in St. Vincent and the Grenadines. Regardless, the financial regulator in that jurisdiction, SVG FSA, does not regulate forex brokers nor issue licenses to them. This truly raises concerns about client safety. Therefore, trading with a broker based in St. Vincent and the Grenadines may not be a wise decision.
Nevertheless, some brokers still operate offshore for various reasons. Some countries have stringent rules that forbid brokers from providing certain benefits, such as bonuses and higher leverage. International brokers establish offshore branches to remain competitive.
On the other hand, Monaxa AU PTY Ltd is another member of the Monaxa Group, but it is regulated in Australia by the Australian Securities and Investment Commission (ASIC).
Monaxa Trading Software
So, with Monaxa, you get one trading platform called CTrader, which has a desktop, mobile, and web version. You can even download the software from a link provided on the website leading to the Google Play store.
Monaxa also offers CTrader Copy, which is additional tech that makes copy trading super easy and transparent. And if you’re wondering if you can download Monaxa’s mobile app, the answer is yes! CTrader Android and iOS versions are available, and you can use copy trading on mobile as well.
Mobile trading is great because you can make quick adjustments and trade on the go. And let us tell you, CTrader is a fantastic platform. It’s just as good as the popular MetaTrader platform. With fast execution speeds, many indicators, charting tools, and automation features, trading is effective. A built-in calendar adds trading convenience, for sure.
You only need to be careful because Monaxa is unregulated and unsafe. Beware of that. Also, make sure that you avoid another bogus company called Caplita.
Account Types Offered
Broker offers a variety of markets and 4 account types – Standard, Pro, Zero, and cCOPY.
- Standard account – requires a minimum deposit of $15.
- Pro account – has tighter spreads starting at 0.9 pips on EUR/USD.
- Zero account – requires a higher minimum deposit of $200, but has better spreads starting at 0 pips.
- cCOPY – requires a minimum deposit of $250.
Now let’s take a look at Monaxa’s trading instruments. They are as follows:
Deposit and Withdrawal Options
We examined withdrawal and deposit options that this company apparently includes. Notably, we found out that the broker only offers online banking, wire transfers, and USDT as payment methods. While these options are common, Monaxa does not support credit/debit card transactions. This is a significant disadvantage that you should remember. Yet, card transactions offer chargebacks, which can save lives when withdrawing funds.
Furthermore, the minimum withdrawal amount is 100 USD/GBP/EUR plus fees. Also, the processing time for withdrawals can take up to 24 hours. This can be crucial for traders who need quick access to their funds. What’s more, withdrawal fees can add up, making it less desirable for traders who wish to keep their costs low.
Monaxa’s withdrawal and deposit methods are adequate. Yet, some traders may find them less appealing due to the absence of credit/debit card options. Consider a broker’s payment options, associated fees, and processing times before choosing one.
How Does The Scam Actually Work?
Offshore brokers use fraudulent tricks to exploit unsuspecting traders. One common tactic is to offer unrealistic bonuses and prizes to lure traders into opening accounts. These bonuses often come with strict conditions. For example, one of those conditions may be high trading volume requirements or high fees.
Another trick is to use fake or misleading information to deceive traders into thinking they are dealing with a reputable broker. Offshore companies employ aggressive marketing techniques almost always. They often use cold-calling and spam emails to pressure traders into depositing money.
Offshore brokers manipulate trading platforms whenever they can. They can give traders false quotes, stop positions, or slow trades. They may also refuse to honor withdrawal requests or ask for excessive documentation to delay the process.
To protect yourself from fraudulent practices, research brokers before depositing funds. Also, make sure to avoid brokers with unrealistic bonuses, like Monaxa, and TigersFM. Keep a record of all communications and transactions with the broker. That can help with disputes or legal action later on.
Monaxa offers a range of trading accounts, access to many markets, and high leverage, but it is not the best option. That is due to limited deposit and withdrawal methods and high spreads. All of these things greatly impact profitability, by all means.
Also, a lack of regulatory protection puts clients’ funds at risk. So, look for more established brokerages with better regulation, wider payment options, and lower spreads. That will ensure a safer and more profitable trading experience.
Is Monaxa a reliable broker?
No, this broker is not reliable or safe. Please avoid it.
What is the minimum deposit at Monaxa?
The minimum amount you can deposit at Monaxa is $15.
Does Monaxa offer demo accounts?
No, they don't offer demo accounts. Beware of this.