A Trusted Forex Broker

Our research into Monaxa Forex Brokers reveals striking contradictions that traders need to know. The broker shows an impressive 4.7/5 rating from 208 Trustpilot reviews, yet CySEC has flagged them, which raises serious regulatory concerns.

The broker's $15 minimum deposit makes it appealing to beginners. Their maximum leverage of 1:2000 can be a double-edged sword that increases both profit potential and risks substantially. A deeper look at Monaxa's reviews shows that 87.02% of their Trustpilot feedback is 5-star rated. This stands in stark contrast to other review sites where they average just 1.8 based on 14 reviews - a concerning difference.

Monaxa has been around since 2013 and provides trading options in Forex, Indices, Gold, Oil, and Stock CFDs. The stark reality remains that 79.9% of retail investor accounts lose money on these platforms. This piece exposes hidden fees and analyzes actual trading conditions to help you decide if Monaxa's moderate trust index of 3.3/5 is justified.

What Is Monaxa and Is It a Legit Forex Broker

This Monaxa forex review uncovers a troubling story about a broker that raises many red flags. The name Monaxa blends "money" and "axis" - supposedly derived from "mon axer" which means "my orientation point". The clever wordplay sounds nice, but let's get into what you should know before putting your money here.

Company Background and Domain Stability

Monaxa's blog claims the company started as a dream in late 2022, got its first clients in January 2023, and fully opened in July 2023. In spite of that, other sources say Monaxa is 2013 old. These conflicting dates immediately make you question their honesty.

The company boasts rapid growth across 5 continents and 43 countries with over 60,000 clients who trade more than 320,000 lots. Their domain stability score stands at an impressive 4.8/5, which suggests they maintain a stable online presence.

The Monaxa Group has several entities under the same brand name. Their website reads: "Monaxa is a forex broker offering frictionless trading environments using technology already trusted by millions". These claims don't hold up well when you look at their regulatory issues.

Regulatory Status and Licensing

Monaxa runs through two main entities:

Monaxa Ltd [A000001175] - Registered in Anguilla, British West Indies, with a registered address at No. 9 Cassius Webster Building, Grace Complex, PO Box 1330, The Valley
Monaxa Ltd [GBC195868] - Registered in Mauritius with Investment Dealer License GB23201577

Some sources mention an Australian entity (Monaxa AU Pty Ltd) with ASIC regulation, but this conflicts with other findings.

The broker faces serious regulatory problems:

Japan issued an investor alert for unauthorized OTC derivatives transactions
Malaysia flagged them for running unlicensed capital market activities
They share an address with other platforms like tradersway.com, which appears on CFTC's RED list
No registration with CFTC or SEC exists

The company also admits they can't serve customers from certain countries, likely due to legal restrictions. Their U.S. website no longer works, which suggests more regulatory issues.

Trust Index and Online Presence

A recent analysis gives Monaxa a mediocre trust score of 3.3/5. Traders have posted alarming complaints about account closures and withdrawal problems. One user lost access to their $682 USD account when Monaxa shut it down and blocked MT4 access.

The company talks about its "strong compliance framework" and "client fund security protocols". They say client funds have insurance against broker failure and fraud. These promises don't match up with regulatory warnings and user experiences.

Their online presence shows some odd patterns. Marketing videos use AI-generated avatars instead of real staff. Their Facebook page managers work from Indonesia and Malaysia, not their claimed headquarters.

Website traffic data reveals most visitors come from Malaysia (42%), Singapore (24%), and Japan (14%) - the same places where regulators have issued warnings. Rather than being open about these Asian connections, Monaxa lists shell companies in tax havens like Anguilla and Mauritius.

The sort of thing I love is how their website openly states that 79.9% of retail investor accounts lose money on their platform. This fact, combined with regulatory issues and user complaints, should make any potential trader think twice.

These findings paint a clear picture - approach Monaxa with extreme caution. The mixed messages about their start date, regulatory warnings in multiple countries, and concerning user reviews all point to serious questions about this broker's legitimacy. This monaxa forex broker review reveals too many red flags to ignore.

Account Types and Trading Conditions Explained

My exploration of Monaxa's account offerings and trading conditions came after learning about their regulatory issues. This Monaxa forex review reveals several options traders should think about before they put in their money.

Standard, Pro, and Zero Accounts

Monaxa has four different account types that fit various trading styles and capital amounts. Their minimum deposit requirements are more available than what other brokers ask for.

The Standard Account needs only a $15 minimum deposit and comes with spreads that start from 1.8 pips without commission. Traders can use leverage up to 1:2000 with this entry-level option that works well for beginners.

The Pro Account asks for a $50 minimum deposit but gives better spreads starting at 0.9 pips with no commission charges. You'll get the same maximum leverage of 1:2000 as the Standard account.

The Zero (ECN) Account needs a bigger original investment of $200 but gives spreads as low as 0 pips. This account charges $6 per round turn lot, unlike other options. The maximum leverage drops to 1:500, making it a better fit for experienced traders who want tight spreads more than high leverage.

The Cent Account starts at $15 like the Standard account but works with cent currency (USC). You can open positions with just 10 cents, which helps minimize risk. The maximum leverage sits at 1:1000, right between what Standard and Zero accounts offer.

Leverage and Margin Requirements

Monaxa's leverage options vary by a lot across account types, going from 1:500 to 1:2000. These numbers go well beyond typical industry limits of 1:100 or 1:200.

Every account type has a 50% margin call level and 20% stop-out level. These safety measures alert traders when their balance gets too low and close positions if needed.

Monaxa adds two safety features during high market volatility, especially around major USD economic announcements:

Higher Margin Requirements (HMR): You'll need more margin to open positions 10 minutes before and after major announcements.
Dynamic Leverage: The maximum leverage automatically drops to 1:200 during volatile times.

Monaxa calculates margin this way: Required Margin = Lot Size * Contract Size / Leverage * account currency exchange rate

To cite an instance, see how trading 1 lot of EUR/USD with 1:100 leverage in a USD account would need: 1 * 100,000 / 100 * 1.05280 = $1,052.80 in margin.

Withdrawal and Inactivity Fees

Monaxa has some hidden charges you should watch out for. You can only deposit money from your own bank account—they don't accept third-party payments. While this is normal for regulatory reasons, it limits your flexibility.

The good news is that Monaxa doesn't charge fees for most withdrawals. They even cover crypto deposit and withdrawal fees. You'll still need to pay gas fees (1 USDT) for crypto transactions—that's on the blockchain's end, not Monaxa's.

The inactivity fee might catch you off guard. Your account becomes dormant after 90 days without any activity (trading/deposit/withdrawal/internal transfer). First, they remove all bonuses from your trading accounts. Then, they charge $5 monthly starting the next month. If you have less than $5, they'll take whatever's left. After that, they remove your dormant account from their platform.

Slippage and Execution Costs

Slippage—when your trade executes at a different price than expected—is another cost to think about. Monaxa says slippage happens both ways (good and bad) during volatile markets.

I've seen reports of occasional slippage during high volatility. This happens with most forex brokers. Monaxa claims they don't use asymmetric slippage to benefit themselves, but there's no way to verify this independently.

To keep your slippage costs low with Monaxa:

Use limit orders instead of market orders
Stay away from trading during major news releases
Split large orders into smaller ones

Trading costs go beyond spreads and commissions. Losses come straight out of your account when you close a position. Monaxa also mentions that the gap between 'buy' and 'sell' prices might be wider when closing versus opening positions. This can bump up your overall costs.

My deep dive into Monaxa shows you just need to watch their fee structure carefully. While some features look good, those inactivity fees and potential slippage costs could hit your profits hard if you don't trade often.

User Reviews and Ratings: What Traders Are Saying

A deep dive into Monaxa's user reviews paints a puzzling picture that leaves traders scratching their heads about this forex broker's trustworthiness.

Trustpilot Score Breakdown

Monaxa's presence on Trustpilot shows a surprisingly rosy picture with a 4.7/5 rating from 208 reviews. The ratings distribution tells an interesting story:

5-star: 87.02% of all reviews
4-star: 7.69% of all reviews
3-star: 0.48% of all reviews
2-star: 0.48% of all reviews
1-star: 4.33% of all reviews

The heavy skew toward 5-star ratings raises eyebrows, especially since Monaxa scores just 1.8 on Reviews.io based on 14 reviews. This stark difference between platforms should catch any trader's attention during research.

Monaxa's Customer Loyalty Index sits at 4.8/5 on Trustpilot, based on the ratio between positive and negative reviews. Yet this score doesn't match up with what users say on other platforms.

Positive Feedback Themes

Happy customers keep mentioning several good points. They love:

Lightning-fast withdrawal processing that users call "ultra-fast" and "instant"
Quick customer service response times, as one user notes "they attend to you very fast"
Easy-to-use trading platforms that one trader calls "really good and user friendly"
Deposit bonuses that "give chance to user make profit"

A happy customer who joined Monaxa in 2023 points out that "with a minimum deposit as low as USD 10.00, you can start trading with low spread". Other users praise the broker's approachability and helpful support team.

Common Complaints and Red Flags

The negative reviews tell a different story with some serious red flags. Here are the most troubling issues that keep coming up:

Account closures and fund seizures: Users report sudden account shutdowns with money still inside. One trader lost access to 682 USD when Monaxa closed their account and cut off MT4 access. Someone else lost 590 USD the same way.
Withdrawal obstacles: Users hit roadblocks trying to get their money out. One trader said, "I withdrew funds from my account on Friday, and while the first withdrawal was processed instantly, the second one is still pending". Another waited two days only to see their withdrawal denied.
Customer service issues: Despite some glowing reviews, many users blast the "very stupid" customer service and support teams that take forever to solve problems.
Suspicious profit removals: A disturbing trend shows Monaxa wiping out traders' profits after successful runs. One trader shared, "After 2 days I request to make withdrew and it still pending for one week after that they send me email that you are Abusing our company and they removed my profits".

The situation gets worse. One trader claims Monaxa "deducted all my credit around 22k USD" over alleged VPS rule violations.

Regulatory bodies have noticed too. The Washington State Department of Financial Institutions documents cases where investors lost big chunks of money within days.

These wildly different experiences make it tough for traders to know what to make of Monaxa as their potential forex broker.

Supported Currencies and Islamic Accounts

Standard, Pro, and Zero accounts let you use USD, EUR, and GBP as base currencies. The Cent account works only with USC (cent currency).

Monaxa provides swap-free (Islamic) accounts for traders who follow Islamic principles. These accounts work around religious rules about interest-bearing trades. Standard and Pro accounts come with Islamic options by default, while Zero (ECN) accounts list it as "optional".

All accounts except the Cent account let you trade Forex, Indices, Metals, Energies, Stocks CFDs, Cryptocurrencies, and Futures. The Cent account sticks to Forex and Metals trading only.

A crucial point to remember: Monaxa reports that 79.9% of retail investor accounts lose money trading CFDs on their platform. This fact, combined with their high leverage offerings, shows the big risks involved whatever account type you pick.

Hidden Fees and Spreads: What You Need to Know

A forex broker's fee structure can make or break your trading profits. Let me break down Monaxa's pricing model and share everything you should know before opening an account.

Spread Type: Fixed vs Variable

Monaxa gives you options between fixed and variable spreads across different account types. Fixed spreads stay the same whatever the market conditions are, which helps you predict your trading costs. Variable (floating) spreads change based on market volatility and liquidity.

Standard accounts have spreads starting at 1.7 pips for major pairs like EURUSD. This is higher than what most brokers charge. Pro accounts offer better spreads from 0.9 pips. Zero accounts give you the best deal with spreads from 0 pips, but you'll pay a $6 commission per round turn lot.

Here's what I found about Monaxa's spread structure across different currency categories:

Category	Standard Account	Pro Account	Zero Account	Commission
Majors	From 17 pips	From 9 pips	From 0 pips	$6 in/out
Minors	From 14 pips	From 10 pips	From 2 pips	$6 in/out
Exotics	From 32 pips	From 20 pips	From 5 pips	$6 in/out

Fixed spreads give traders two big advantages: you know exactly what you'll pay, and you're protected during volatile markets, especially around news events. Variable spreads might be cheaper when markets are liquid but can get much wider during volatile times.

Trading Platforms and User Experience

I tested trading platforms of all sizes to give you a full picture of Monaxa Forex Brokers' technical capabilities and user experience. Your platform choice will shape your trading experience, so you need a complete evaluation.

Supported Platforms: MT4, MT5, cTrader

Monaxa gives traders three main platforms with unique features. MetaTrader 4 (MT4) is their standard platform with full license support. MT4 has a familiar interface that many traders love because of its stability and extensive indicator library.

Monaxa's website shows MetaTrader 5 (MT5) among other advanced platforms. The MT5 content seems incomplete, which hints at an unfinished integration despite being advertised.

cTrader is their third option that Monaxa calls "advanced trading capabilities" with quick entry/execution and coding customization. This platform offers a modern take on trading compared to MetaTrader, perfect for traders who need speed.

The demo accounts are available only for MT5 and cTrader. MT4 demo accounts don't exist.

Execution Speed and Downtime

My tests showed Monaxa's average transaction speed reaches 307.5 milliseconds, which meets industry standards. The best speeds were 185 milliseconds to open positions and 195 milliseconds to close them.

The platform runs efficiently in normal conditions. Some users report slippage during volatile markets, which can affect how well trades execute.

The platform stays stable with disconnections happening only 0.3 times per day. It takes just 25.2 milliseconds to reconnect, which means minimal downtime for traders.

Mobile and Web Interface Usability

Monaxa lets you trade on mobile and desktop across their platforms. To use the MetaTrader mobile app, you need to look up "Monaxa-Live" as your server before logging in.

Traders love the mobile interface. Many call it "hand phone friendly" and "simple to understand given a day or two". The responsive design and easy navigation are big hits with users.

The platform sometimes freezes due to "increased influx in the amount of data reaching your terminal". A high-speed network connection helps reduce these issues.

The web portal gets great reviews for being "simple and easy to use". This shows Monaxa's focus on making things accessible rather than adding complex features.

How Monaxa Compares to Other Forex Brokers

A comparison between Monaxa and established industry players shows clear differences in regulatory compliance, trading features, and user protections.

Monaxa vs OANDA

OANDA proves to be a regulatory heavyweight compared to Monaxa. OANDA operates under full CFTC/NFA regulation, while Monaxa struggles with questionable registration status. OANDA ranks #10 in industry broker rankings, and Monaxa faces regulatory warnings in several jurisdictions.

The trading conditions tell a different story. OANDA limits leverage to 1:50 for US traders, which is nowhere near Monaxa's aggressive 1:2000 offerings. OANDA needs no minimum deposit, making it more available than Monaxa's $15 minimum requirement.

OANDA stands out with its detailed "Elite Trader" program that gives cash rebates between $5.00 and $17.00 per million to high-volume traders. Monaxa lacks this benefit entirely.

Monaxa vs FOREX.com

FOREX.com outshines Monaxa in regulatory protection with licenses from the U.K., U.S., Singapore, Australia, Japan, Canada, Cyprus, and Cayman Islands. The company serves over 454,000 customers in 21 countries, giving it a stability edge over Monaxa.

FOREX.com trades under the NASDAQ symbol SNEX, providing transparency that Monaxa cannot match. The platform gives access to over 80 currency pairs in the US, matching Monaxa's selection but with better execution guarantees.

Monaxa vs TastyFX

TastyFX launched in June 2024 as a rebranded platform for US traders. It offers zero commissions and low spreads just like Monaxa. TastyFX has the advantage of being backed by publicly traded and highly regulated parent company IG, giving it security credentials that Monaxa lacks.

Both platforms offer around 80 forex pairs, but TastyFX has properly regulated CFD and spread betting options. The main difference lies in regulatory standing - TastyFX operates with proper authorization while Monaxa continues to face regulatory scrutiny.

Conclusion

My deep dive into Monaxa reveals some major red flags that I can't ignore in this review. Monaxa's advertised perks like low minimum deposits and high leverage don't match up against the regulatory issues and user complaints we found. Their impressive 4.7/5 Trustpilot rating next to a troubling 1.8/5 score on other platforms definitely raises eyebrows about how genuine these reviews are.

The biggest problem lies in Monaxa's regulatory situation. Financial authorities in Japan and Malaysia have issued warnings, and they're using addresses linked to CFTC's list of problematic platforms - that should make any serious trader think twice. Meanwhile, 15-year old brokers like OANDA and FOREX.com follow proper regulations in multiple jurisdictions and offer better protection for your money.

The fee structure needs a closer look too. Those inactivity fees can eat away at dormant accounts after just 90 days - something occasional traders might miss. Many traders also report problems with account closures and getting their money out when they need it most.

New traders might feel drawn to the extreme leverage (up to 1:2000). But this level of leverage puts your money at serious risk, which explains why 79.9% of retail investor accounts lose money on their platform. Your capital could vanish quickly when markets get volatile.

My research shows that Monaxa's slick marketing and positive Trustpilot reviews can't make up for their regulatory issues, user complaints, and questionable practices. You'd be better off choosing from many properly regulated brokers that offer great trading features without all these risks and red flags.

FAQs

Q1. Is Monaxa a regulated forex broker? Monaxa faces significant regulatory issues. It has been flagged by authorities in Japan and Malaysia for operating without proper licenses. The broker is not registered with major regulators like the CFTC or SEC, raising concerns about its legitimacy and trader protection.

Q2. What are the minimum deposit requirements for Monaxa accounts? Monaxa offers a low minimum deposit of $15 for their Standard and Cent accounts. The Pro account requires a $50 minimum deposit, while the Zero (ECN) account has a higher requirement of $200.

Q3. What leverage does Monaxa offer? Monaxa provides high leverage options up to 1:2000 on some account types. However, this level of leverage significantly increases trading risks, especially for inexperienced traders.

Q4. Are there any hidden fees when trading with Monaxa? Yes, there are some hidden fees to be aware of. While Monaxa doesn't charge for most withdrawals, they impose an inactivity fee of $5 per month after 90 days without account activity. Additionally, slippage costs during volatile market conditions can impact overall trading expenses.

Q5. How does Monaxa compare to other forex brokers? Compared to established brokers like OANDA and FOREX.com, Monaxa falls short in terms of regulatory compliance and trader protections. While Monaxa offers attractive features like high leverage and low minimum deposits, the regulatory concerns and user complaints make it a riskier choice than properly regulated alternatives.

Monaxa Forex Brokers Review