Is Monaxa Legit or Scam?
Monaxa presents itself as a regulated broker with a diverse range of features. However, a closer look reveals some red flags that raise concerns about its legitimacy. While regulation by ASIC adds some credibility, there are still reasons to be cautious.
This review will analyze Monaxa’s offerings and uncover potential risks to help you make an informed decision.
Company Overview
Founded | Within 1 year |
Registered Country/Region | Saint Vincent and the Grenadines |
Regulation | ASIC |
Market Instruments | Forex, commodities, indices, cryptocurrencies and shares |
Demo Account | N/A |
Leverage | 1:4000 |
EUR/USD Spread | From 1.8 pips (Std) |
Trading Platforms | MT4, cTrader, cTrader Copy |
Minimum Deposit | $15 |
Customer Support | Live chat, email |
Services or Products
Monaxa caters to various investor preferences by offering a comprehensive selection of trading instruments. Forex trading allows you to speculate on currency movements, while commodities trading provides exposure to assets like gold, oil, and natural gas. Stock indices offer a way to participate in the performance of a particular stock market, and cryptocurrency trading lets you tap into the ever-evolving digital currency market. Additionally, Monaxa allows you to trade individual shares of various companies, providing opportunities to capitalize on specific stocks you believe in.
If you have lost money to companies like GSPartners Global, or AAA Trading; please report it to us on our Report a Scam form.
Trading Platform & Leverages
The broker provides MT4, cTrader, and cTrader Copy platforms, catering to different trading styles. Leverage is high, reaching up to 1:4000, which can amplify both profits and losses significantly.
Spreads and Cost of Trading
Spreads vary depending on the account type, with the Standard account starting from 1.8 pips. Commissions are absent in Standard, Pro, and Cent accounts, but the Zero account with the tightest spreads charges a $6 commission per round turn lot.
License and Regulations
Legal Warning Against Monaxa
While ASIC regulation offers some assurance, Monaxa’s registration in Saint Vincent and the Grenadines, a country known for lax financial regulations, raises concerns.
Deposit and Withdrawal Methods
Deposits are possible through various methods like bank transfers and cryptocurrencies. The minimum deposit is $15 for Standard and Cent accounts, while others require $100. Both deposits and withdrawals may incur fees depending on the chosen method.
Monaxa Pros and Cons
Pros | Cons |
ASIC regulation | High leverage (risky) |
Wide range of instruments | Limited educational resources |
Multiple account types | Unclear about spreads and commissions for all account types |
MT4 and cTrader platforms | Registered in Saint Vincent and the Grenadines (lax regulations) |
Live chat support | Limited payment methods |
Why Dealing With An Unlicensed Broker Is Risky
Unlicensed brokers operate outside regulatory oversight, which means:
- They may not be required to segregate client funds, putting your money at risk.
- They may not be subject to strict reporting requirements, making it harder to track their activities.
- You may have limited recourse if you have a dispute with the broker.
Client Feedback
While some reviews praise Monaxa’s features, others raise concerns about withdrawal difficulties and unresponsive customer service. Due to the potential for manipulated reviews, it’s crucial to gather information from various sources.
How Can “Reviewsadvice” Help You If You Get Scammed?
Unfortunately, recovering funds lost to a scam broker can be challenging. However, “Reviewsadvice” can help you:
- Raise awareness: By sharing your experience, you can warn others about potential scams.
- Report the broker: You can report your experience to regulatory authorities to help them investigate the broker.
- Seek legal advice: Depending on the circumstances, legal action may be possible.
Our professionals will help you by providing a free consultation call and recovery service recommendations to help you in recover the lost funds or you Can report to us today by the below form.
File A Complaint Against Scammers
Final Thought
Monaxa’s ASIC regulation offers a layer of security, but its registration in Saint Vincent and the Grenadines and mixed client reviews raise red flags. Consider the potential risks before depositing funds. It’s advisable to prioritize brokers with strong regulatory oversight and a proven track record.
