Monaxa Forex Broker Review Fees & Safety Checks Revealed

Need help deciding if Monaxa is the right forex broker for you? The platform shows an impressive 4.7 out of 5 rating on Trustpilot, and 87% of users rate it with five stars. But there's more you should think about.

Monaxa offers some appealing features - a $15 minimum deposit and 1:2000 maximum leverage. Our review shows that their trust index sits at 3.3 out of 5, while customer loyalty scores high at 4.8 out of 5. The broker managed to keep a strong online presence since 2013. Their website attracts 72,000 monthly visitors who spend about 3 minutes browsing. We found that there was some regulatory issues that need a closer look, including CySEC flags. This complete Monaxa forex review will help you decide if this Anguilla-based broker is worth your investment.

Is Monaxa a Safe Forex Broker?

My analysis of Monaxa's safety credentials shows a complex regulatory setup that traders need to review carefully. The monaxa forex broker review brought several key factors to light about how well your funds might be protected.

Regulatory Licenses and Oversight

Monaxa Group runs through multiple entities with different levels of regulatory oversight. Official records show Monaxa Ltd's registration in Anguilla under number A000001175. The company also has another Monaxa Ltd entity that the Financial Services Commission (FSC) of Mauritius regulates, with Investment Dealer License GB23201577.

This setup with two entities creates regulatory confusion. Reports about Monaxa's operations don't match up:

• Some sources say Monaxa started in 2022 from Saint Vincent and the Grenadines
• Other records point to 2013 as the founding year
• A few sources mention regulation by the Australian Securities and Investments Commission (ASIC) with license 001301357

The biggest red flag comes from regulatory warnings against Monaxa. Japanese authorities flagged the company for OTC derivatives solicitation without proper registration. Malaysian regulators also warned about unlicensed capital market activities. So traders from these countries should be extra careful.

Domain Stability and Age

A broker's domain age tells us a lot about their market stability and dedication. Monaxa sends mixed signals here. Some sources suggest the company has stayed in the market for a while, which points to stability and market adaptability.

The company's actual start date remains unclear, with claims varying between 2013 and 2022. This unclear timeline raises questions about how long they've really been around. Yet, their moderate score of 3.3/5 suggests many customers feel satisfied with their service.

Negative Balance Protection and Compensation Schemes

The good news is that Monaxa provides Negative Balance Protection for all account types. This safety net makes sure you can't lose more than what you put in, whatever the market conditions. Their protection system works through:

1. Real-time monitoring of account balances
2. Automatic stop-outs when equity drops below limits
3. Balance reset to zero if extreme market gaps cause negative balances

Monaxa claims several measures to protect client funds:

• Client money stays separate from company funds in segregated accounts
• Insurance covers broker insolvency and fraud
• They pay insurance premiums quarterly
• Regular checks and strong cybersecurity measures protect funds

Reviewers worry about these protections' effectiveness, especially for entities under lighter regulation. The weak regulatory oversight of some Monaxa entities raises valid concerns about fund safety and accountability.

To conclude, Monaxa offers key safety features like negative balance protection and insurance coverage. However, their complex regulatory structure and warning notices mean you should think carefully before trusting them with your money.

Monaxa Account Types and Trading Conditions

Monaxa gives traders several account options that match different trading styles, experience levels, and capital needs. My thorough analysis of their platform shows what each account type brings and how it compares to industry standards.

Standard, Pro, and Zero Accounts Compared

Monaxa has four distinct account types. The Standard account is perfect for beginners with a minimum deposit of just USD 15.00. This account has spreads starting from 1.8 pips and lets you use leverage up to 1:2000. The execution speeds are not as quick as other premium accounts.

The Pro account needs a USD 50.00 minimum deposit. Traders get tighter spreads from 0.9 pips and the same high leverage cap of 1:2000. This account works best for experienced traders who want better conditions without putting in too much capital.

The Zero (ECN) account gives near-institutional conditions to serious traders. Spreads start as low as 0 pips, but there's a USD 6.00 commission per round turn lot. You need a higher minimum deposit of USD 200.00. The leverage caps at 1:500, which balances risk management and trading power.

The Cent account starts at USD 15.00 and uses contract sizes of 1,000 units instead of the standard 100,000. This account works in cent currency (USC). Traders can place orders as small as 10 cents. New traders love this account to test strategies with minimal risk.

Leverage, Margin Call, and Spread Types

Each account type has different leverage options. Standard and Pro accounts go up to 1:2000, Zero accounts stop at 1:500, and Cent accounts reach 1:1000. A USD 100.00 deposit with 1:2000 leverage lets you control a USD 200,000.00 position. This magnifies both potential profits and risks.

Risk management stays consistent across accounts. Margin call levels sit at 50% and stop-out levels at 20%. Your equity dropping to 50% of required margin triggers a margin call notification. Positions close automatically when equity hits 20% of required margin.

Monaxa uses variable spread pricing on all accounts. Major pairs like EUR/USD have spreads as low as 1.7 pips on Standard accounts, 0.9 pips on Pro accounts, and 0 pips on Zero accounts. Exotic pairs such as USD/TRY show wider spreads of 420 pips, 360 pips, and 512.7 pips respectively. These wider spreads reflect higher volatility and lower liquidity.

Islamic Account Availability

Muslim traders can use swap-free trading options on most accounts. Standard, Pro, and Cent accounts come as Islamic (swap-free) by default. These accounts don't charge or pay interest for overnight positions.

The Zero account differs by making Islamic trading optional. Monaxa's FAQ states that "all accounts are swap free by default except for Zero account type". Islamic accounts replace traditional swap fees with a daily administrative fee for positions held overnight past a grace period.

This review shows that Monaxa's account structure fits various trading styles. Higher-tier accounts give better trading conditions through improved spreads and faster execution speed.

Monaxa Fees and Cost Structure Explained

The broker's fee structure plays a vital role in your trading journey. This Monaxa forex broker review takes a closer look at the costs you'll face while trading on their platform. These fees will affect your bottom line and can make a big difference in your long-term profits.

Minimum Deposit Requirements

Monaxa offers a tiered deposit structure that works well for traders of all budget levels. The Standard account needs just USD 15.00 to start, making it available to beginners who want to test the waters. The Cent account also starts at USD 15.00 and uses cent-denominated currency for micro-position sizing.

Traders looking for better conditions can open a Pro account with USD 50.00. The Zero (ECN) account needs a higher deposit of USD 200.00 to start. Your future deposits can be as low as USD 15.00 for any account type, which gives you more flexibility with your funding.

Trading Fees and Spreads

We found that spreads and commissions make up most trading costs. The Standard account spreads start from 1.8 pips on major currency pairs. This is slightly above the market average of 1.5 pips. The Pro account gives you better rates with spreads from 0.9 pips. The Zero account offers spreads as low as 0 pips but charges a USD 6.00 commission per round turn lot.

Monaxa has an inactivity fee for dormant accounts. Your account will be charged USD 3.00 after 90 days without activity. Additional USD 3.00 fees apply every 30 days after that. Accounts with less than USD 3.00 will lose their entire balance.

Withdrawal and Deposit Charges

Monaxa covers most payment fees for deposits and withdrawals. Crypto deposits start at 20 USDT and process within 15 minutes. Card payments, e-wallets, and local online banking options need just USD 15.00 minimum. These deposits process instantly.

Bank wire transfers are different. They need at least USD 500.00 and take 2-5 business days. Monaxa doesn't cover international wire transfer fees.

Crypto withdrawals can take up to 24 working hours. E-wallet withdrawals usually happen instantly. Monaxa pays the fees for all deposit methods except international wires. You'll still need to cover gas fees for crypto transactions, which cost about 1 USDT.

The platform requires withdrawals through your original deposit method. This rule is strict for crypto deposits - you must withdraw to the same wallet up to your deposited amount.

User Reviews and Trust Ratings

A broker's reputation depends heavily on user feedback. My analysis of Monaxa's online reviews shows some interesting contradictions that need a closer look.

Trustpilot and Reviews.io Ratings Breakdown

Monaxa's Trustpilot performance looks excellent with a 4.7 out of 5 rating from 208 reviews. The ratings show 87.02% five-star, 7.69% four-star, 0.48% three-star, 0.48% two-star, and 4.33% one-star reviews. These numbers stand in stark contrast to Reviews.io, where the broker has just 1.8 out of 5 stars from 14 reviewers. Only 21% of users recommend the broker on this platform.

Customer Loyalty and Complaint Resolution

The numbers tell an interesting story. Monaxa maintains a strong Customer Loyalty Index of 4.8/5 despite the mixed ratings across platforms. The company responds to 63% of negative reviews, which shows some effort to address customer concerns. Their selective response pattern raises questions about how they handle customer problems, especially withdrawal issues.

Common Praise and Complaints

Users often praise the broker for "fast withdrawals," "great service," and call it the "best broker". These positive reviews look suspicious because they share similar writing styles, lack detail, and come from accounts that have posted only one review. Most reviews don't mention specific trading instruments or give real examples of good service.

The negative reviews paint a different picture. They contain more details and emotional responses, often about withdrawal problems. One user reported a declined withdrawal without explanation. Another claimed Monaxa "closed my account Mt4 107931" while holding "78000 USD". Several users warn about fake positive reviews, with one claiming the broker offered a "10USD no deposit bonus" for good feedback.

The gap between vague positive reviews and detailed negative complaints suggests traders should be extra careful with this broker.

Monaxa’s Online Presence and Market Popularity

A broker's digital presence is a vital way to learn about its market position and credibility. This Monaxa forex broker review analyzes the company's online footprint to help you understand where it stands in the market.

Web Traffic and Bounce Rate

Monaxa shows steady web traffic patterns that are moderate in volume. The official website gets about 72,000 monthly visitors, which shows decent market interest without being a game-changer. Users spend around 3 minutes on the site, which means they actively participate with the content instead of leaving right away.

The visitor distribution tells us where Monaxa performs best. Most users come from Asian and Middle Eastern countries, with Vietnam, Thailand, and Malaysia leading the pack. This focus is different from Western-oriented brokers and points to a strategy targeting emerging markets.

Backlink Profile and Referring Domains

Monaxa's SEO strength shows a growing but modest backlink structure. The domain connects with about 500-600 referring domains - nowhere near what market leaders achieve with their thousands of connections.

These backlinks range in quality significantly. Some links come from trusted financial sites and forex directories, while others are from less reliable sources. The link growth rate shows uneven patterns, and occasional spikes suggest planned SEO campaigns rather than natural growth.

Social Media and Customer Support Channels

Monaxa exists on several social platforms with mixed levels of engagement. Their most active channels are:

• Twitter: Market updates flow regularly but followers rarely interact
• Telegram: The community thrives here with higher engagement
• YouTube: Educational videos and platform tutorials appear occasionally

Support options include email, live chat, and phone, with live chat responses coming fastest (usually within 5 minutes during business hours). The support team works mainly in English, which might challenge clients from their core Asian markets.

This 3-year-old broker's online presence shows it's still growing rather than leading the market. Potential traders should keep this in mind when making their decision.

Conclusion

I've really looked at Monaxa from every angle, and this broker paints quite a mixed picture that we just need to think over. Monaxa has some attractive features with minimal deposits starting at $15 and impressive leverage options up to 1:2000. However, there are several red flags we can't ignore.

The regulatory situation is the most important concern here. Trust takes a hit due to mixed messages about when they started, multiple office locations, and regulatory warnings from countries like Japan and Malaysia. It also seems fishy that their Trustpilot score (4.7/5) is nowhere near their Reviews.io rating (1.8/5). This suggests they might be gaming their online reviews, especially since many positive reviews come from first-time reviewers who all sound suspiciously alike.

In spite of that, Monaxa does bring some good things to the table. They offer various account types that fit different trading styles. The Cent account lets beginners trade with minimal risk. The broker covers most deposit and withdrawal fees, except international wire transfers, which makes transactions budget-friendly for most payment methods.

The platform gets about 72,000 monthly visitors who spend around 3 minutes per session. This shows decent market interest, though we noticed it's mostly from Asian and Middle Eastern regions rather than worldwide. This regional focus might explain why they're newer compared to other brokers.

The sort of thing I love about Monaxa is that it could work well for experienced traders who understand the risks of less regulated brokers. However, beginners should be extra careful, especially given the worrying withdrawal complaints from multiple users. For risk-averse traders, the mix of regulatory questions, conflicting reviews, and withdrawal issues overshadows the attractive trading conditions. Experienced traders might find value here if they keep their exposure limited and test withdrawals thoroughly before putting in serious money.

FAQs

Q1. Is Monaxa a regulated forex broker? Monaxa's regulatory status is complex. While it claims registration in Anguilla and regulation by the Financial Services Commission of Mauritius, there are conflicting reports about its operations and regulatory warnings in some countries. Traders should exercise caution and conduct thorough research before engaging with this broker.

Q2. What are the minimum deposit requirements for Monaxa accounts? Monaxa offers various account types with different minimum deposit requirements. The Standard and Cent accounts have a $15 minimum deposit, the Pro account requires $50, and the Zero (ECN) account has a $200 minimum deposit. Subsequent deposits for all accounts can be as low as $15.

Q3. How does Monaxa protect traders from negative balances? Monaxa provides Negative Balance Protection across all account types. This feature ensures that traders cannot lose more than their deposited funds, regardless of market volatility. The protection works through real-time monitoring of account balances and automatic stop-outs when equity falls below certain thresholds.

Q4. What are the typical spreads offered by Monaxa? Spreads vary depending on the account type. The Standard account offers spreads starting from 1.8 pips, the Pro account from 0.9 pips, and the Zero account provides spreads as low as 0 pips but with a $6 commission per round turn lot. These spreads are for major currency pairs and may be wider for exotic pairs.

Q5. How reliable are Monaxa's customer reviews? Customer reviews for Monaxa are contradictory. While the broker has a high rating on Trustpilot (4.7/5), it scores poorly on Reviews.io (1.8/5). Many positive reviews appear suspiciously similar and come from one-time reviewers, while negative reviews often cite withdrawal issues. Potential clients should approach these reviews with skepticism and conduct thorough due diligence.