ExposureAlert Pakitan Traders: Successive Complaints Raise Concerns About Monaxa Broker
Alert for Pakistani traders: Concerns rise over Monaxa Broker. Traders report issues. Stay cautious with your investments.
Average transaction speed (ms)
Saint Vincent and the Grenadines
Pyramid scheme complaint
Avoide this Monaxa Broker This broker has done SCAM with me and my friends also, He close my account Mt4 107931 , my fund about 800 USD in the account but they close and disable mt4 also ,,, , I always referred to couple of friends and family members,,,, but they SCAM 800 USD , this amount is big amount for me, return my amount and close my account
Hi All Traders Avoid This borker Please! Monaxa broker has done SCAM with me and my friends also ,,,,, He close my account Mt4 103379 , my fund about 682 USD in the account but they close and disable mt4 also ,,, , I always referred to couple of friends and family members,This broker is a biggest scam in market,,,,,, but they SCAM 682USD , this amount is big amount for me return my amount and close my account
Hi Avoid All Traders: This Monaxa brooker is a biggest scam in market,,, Monaxa broker has done SCAM with me and my friends also ,,,,, He close my account Mt4 107048 , my fund about 590USD in the account but they close and disable mt4 also ,,, , I always referred to couple of friends and family members,,,, but they SCAM 107048 USD , this amount is big amount for me,,return my amount and close my account
BIGGEST SCAM BROkER MONAXA BROKER SCAM FUND Hi Avoid All Traders: This brooker is a biggest scam in market Hi All traders,,, Monaxa broker has done SCAM with me and my friends also ,,,,, He close my account Mt4 106743 , my fund about 1071 USD in the account but they close and disable mt4 also ,,, , I always referred to couple of friends and family members,,,, but they SCAM 1071USD , this amount is big amount for me,,return my amount and close my account
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
|Monaxa Review Summary in 10 Points|
|Founded||Within 1 year|
|Registered Country/Region||Saint Vincent and the Grenadines|
|Market Instruments||Forex, commodities, indices, cryptocurrencies and shares|
|EUR/USD Spread||From 1.8 pips (Std)|
|Trading Platforms||MT4, cTrader, cTrader Copy|
|Customer Support||Live chat, email|
Monaxa is a regulated multi-asset broker registered in Saint Vincent and the Grenadines. It offers a wide range of trading instruments, including forex, commodities, indices, cryptocurrencies, and shares. The company also offers a number of trading platforms, including MetaTrader 4 (MT4) and cTrader.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
|• Regulated by ASIC||• Wide spreads for the Standard account|
|• Diverse range of trading instruments||• Limited payment methods|
|• Multiple account types||• Limited educational resources|
|• Commission-free accounts offered|
|• MT4 and cTrader supported|
|• Various trading tools|
|• Low minimum deposit|
|• Live chat|
There are many alternative brokers to Monaxa depending on the specific needs and preferences of the trader. Some popular options include:
Forex.com: A well-established and reputable broker with a wide range of trading tools and assets, suitable for traders of all levels.
Exness: A reliable broker known for its competitive spreads, efficient execution, and excellent customer service, ideal for traders seeking a user-friendly trading experience.
Hantec Markets: A trusted broker offering a comprehensive selection of trading platforms and educational resources, making it a good choice for traders looking to expand their knowledge and skills.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Monaxa is regulated by Australia Securities & Investment Commission (ASIC, License No. 001301357). Being regulated by ASIC generally adds a level of credibility and trustworthiness to a company. Regulatory oversight helps ensure that the broker adheres to certain standards and practices, including client fund segregation, transparency in operations, and compliance with relevant laws and regulations.
However, no investment is entirely risk-free, and it's crucial to exercise caution and prudence when engaging with any financial service provider. Always be cautious of potential scams and conduct thorough due diligence before making any financial decisions.
Monaxa provides a diverse range of trading instruments covering various asset classes to cater to the preferences and needs of its clients. These instruments include forex pairs, encompassing major, minor, and exotic currency pairs, allowing traders to participate in the global foreign exchange market.
Additionally, Monaxa offers commodities trading, enabling investors to trade precious metals, energy products, agricultural goods, and more. The platform also facilitates trading in indices, allowing clients to speculate on the performance of stock market indices from around the world.
Furthermore, Monaxa provides exposure to the ever-expanding cryptocurrency market, enabling users to trade popular digital assets like Bitcoin, Ethereum, and others. Lastly, the platform offers shares trading, allowing investors to buy and sell stocks of various companies, providing opportunities to participate in the equity markets.
Monaxa offers a range of trading accounts designed to accommodate traders of different experience levels and trading preferences. The Standard account is a popular choice for many, requiring a minimum deposit of $15, making it accessible to a wide range of traders. The Pro account is tailored for seasoned traders who may require additional features and benefits, with a minimum deposit requirement of $50.
For professional traders seeking more competitive trading conditions, the Zero account offers lower spreads and requires a higher minimum deposit of $200. On the other hand, Monaxa also caters to beginners with the Cent account, which has a minimum deposit requirement of $15 and is suitable for those starting with smaller investments.
Monaxa provides its clients with the option of flexible leverage, with ratios that can go as high as 1:4000. Leverage allows traders to control positions larger than their initial investment, amplifying potential profits but also increasing the risk of losses. With leverage up to 1:4000, Monaxa offers a significant opportunity for traders to magnify their exposure to the financial markets. This high level of leverage can be appealing to some traders seeking the potential for substantial gains with relatively small capital investments.
However, it's important to note that such high leverage also entails heightened risk, as even small market movements can lead to significant losses. As a result, Monaxa encourages responsible trading practices and advises traders to carefully manage their risk exposure when utilizing leverage at such high levels. It's crucial for traders to have a clear understanding of leverage and its implications before using it in their trading strategies.
Monaxa provides varying spreads and commissions across its different account types to cater to the diverse needs of traders. The Standard and Cent accounts offer spreads starting from 1.8 pips, making them suitable for traders who prioritize lower entry costs. The Pro account features tighter spreads, starting from 0.9 pips, appealing to seasoned traders seeking more competitive trading conditions. For professional traders aiming for the tightest spreads possible, the Zero account provides spreads starting from 0 pips, allowing for direct access to interbank liquidity.
Notably, the Standard, Pro, and Cent accounts do not charge any commissions, ensuring transparency in trading costs. Conversely, the Zero account implements a commission of $6 round turn lot, which is a standard practice for accounts with exceptionally low or zero spreads.
Below is a comparison table about spreads and commissions charged by different brokers:
|Monaxa||From 1.8 pips (Std)||0 (Std)|
|Exness||From 0.0 pips||0|
|Hantec Markets||0.6 pips||N/A|
Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions.
Monaxa offers its clients several advanced and user-friendly trading platforms to cater to different trading styles and preferences. The MetaTrader 4 (MT4) platform is a widely recognized and popular choice among traders, providing a comprehensive set of tools for technical analysis, automated trading, and access to a vast library of indicators and expert advisors.
Additionally, Monaxa offers the cTrader platform, known for its intuitive interface and fast execution speed, making it suitable for both beginners and experienced traders.
For those interested in copy trading, cTrader Copy allows clients to follow and replicate the trades of successful traders.
These platforms are available on multiple devices, including desktop computers, web browsers, and mobile devices, ensuring traders can stay connected to the markets and manage their trades from anywhere at any time.
See the trading platform comparison table below:
|Monaxa||MT4, cTrader and cTrader Copy|
|Forex.com||Forex.com and MT5|
|Exness||MT4/5, own platform|
Monaxa provides a comprehensive suite of trading tools to empower its users in navigating the financial markets with confidence. The Economic Calendar keeps traders informed about critical economic events and announcements, allowing them to stay ahead of potential market movements.
The Monaxa Divergence Trend Reversal Indicator aids in identifying trend reversals and divergence patterns, helping traders make timely decisions for entry and exit points.
The Monaxa Technical Confluence Indicator combines various technical analysis elements, enhancing the precision of trading strategies.
Additionally, the Monaxa Market Insights Trading Tool delivers valuable market analysis and trends to keep traders well-informed.
Though trading signals are currently not available, Monaxa's commitment to upcoming trading tutorials suggests a focus on educating and empowering traders for improved performance.
With these cutting-edge trading tools, Monaxa seeks to offer a seamless and informed trading experience for its users.
Monaxa offers its clients several convenient deposit and withdrawal methods to facilitate smooth transactions. Traders can fund their accounts using Local Bank transfers, Bank Wire transfers, and cryptocurrencies, among other methods that may be available based on the country of residence.
The minimum deposit and withdrawal amounts for all payment methods are set at 100 USD/EUR/GBP. However, opening a Standard or Cent account requires a lower initial deposit of 15 USD.
Notably, Monaxa does not charge any Crypto Wallet deposit and withdrawal fees, but traders should be aware that processing fees are subject to change by the Payment Service Provider (PSP). For cryptocurrency deposits, the fees are specified for each supported cryptocurrency, ranging from 1% for certain currencies like Binance USD, TRON, Bitcoin, and Binance Coin, to a minimal fee of 0.001 for ETH, 5 USDC for USD Coin, and 5 USDT for USDT.
Deposits are processed instantly, allowing clients to start trading promptly, while withdrawals may take up to 24 working hours to be completed.
Monaxa demonstrates a commitment to providing responsive and accessible customer service to its clients. During weekdays, from 10 AM to 12 AM GMT+8, traders can take advantage of the real-time chat feature to seek immediate assistance with their inquiries and concerns. For less urgent matters, clients can reach out via email (email@example.com) and expect a reply within 48 hours.
Furthermore, Monaxa extends its customer support presence to various social media platforms such as Twitter, Facebook, Instagram, YouTube, and LinkedIn, making it easier for clients to engage and communicate with the broker. In addition to direct contact options, Monaxa offers a comprehensive FAQs section to address common questions and provide self-help resources.
This diverse and accessible customer service approach underscores Monaxa's focus on delivering a positive and supportive trading experience, with channels available to accommodate different communication preferences and time zones.
Overall, Monaxa's regulatory status with the Australian Securities & Investment Commission (ASIC) provides a level of assurance regarding its credibility and adherence to regulatory standards. It is a good option for traders who are looking for a wide range of trading instruments and multiple trading platforms including MT4, cTrader, and cTrader Copy. Ultimately, the decision of whether or not to trade with Monaxa is a personal one. You should carefully consider all of the factors involved before making a decision, including the pros and cons listed above.
|Q 1:||Is Monaxa regulated？|
|A 1:||Yes. It is regulated by Australia Securities & Investment Commission (ASIC, License No. 001301357).|
|Q 2:||Does Monaxa offer the industry leading MT4 & MT5？|
|A 2:||Yes. It supports MT4, cTrader, and cTrader Copy.|
|Q 3:||What is the minimum deposit for Monaxa？|
|A 3:||The minimum initial deposit to open an account is $15.|
|Q 4:||Is Monaxa a good broker for beginners？|
|A 4:||No. It is not a good choice for beginners. Though it offers wide range of trading instruments with competitive trading conditions through the leading MT4 and cTrader platforms, it lacks valid regulation currently.|
Alert for Pakistani traders: Concerns rise over Monaxa Broker. Traders report issues. Stay cautious with your investments.
Sort by content
Write a review