Is Monaxa Legit or a Scam?
Monaxa presents a complex picture, with aspects raising both red flags and offering a degree of legitimacy. While a part of the company operates under the trusted Australian Securities and Investments Commission (ASIC) license, another arm functions under the jurisdiction of Saint Vincent and the Grenadines (SVG), which lacks the same level of regulatory oversight. This creates a situation where Monaxa’s safety and reliability hinge heavily on which entity you interact with.
What is Monaxa?
Monaxa is a forex and CFD broker offering trading in various instruments, including currencies, commodities, indices, shares, and cryptocurrencies. They provide access to the cTrader platform, known for its features and mobile compatibility.
Monaxa Details
Broker status: | Regulated / Offshore Broker |
Regulated by: | ASIC |
Websites: | Monaxa.com |
Regulators’ Complaints: | N/A |
Owned by: | Monaxa Group |
Headquarters Country: | Australia / St. Vincent and Grenadines |
Foundation year: | 2013 |
Supported Platforms: | cTrader |
Minimum Deposit: | $15 |
Cryptocurrencies: | Yes – BTC, XRP, ADA |
Types of Assets: | Forex, Commodities, Indices, Shares, Cryptocurrencies |
Maximum Leverage: | 1:4000 |
Free Demo Account: | No |
Accepts US clients: | Yes |
Deposits and Withdrawals
Monaxa accepts deposits and withdrawals via bank transfers and crypto transfers. They do not cover transaction fees, and withdrawals must be made using the same method as the deposit. Processing times vary depending on the chosen method.
Account Types
Monaxa offers three account types: Standard, PRO, and ZERO. The primary difference lies in spreads, with the ZERO account offering the tightest spreads at 0.0 pips.
Red Flags and Warning Signs
Several aspects of Monaxa raise concerns:
- Split Regulation: The lack of consistent regulation across the company creates uncertainty and potential risks.
- High Leverage: The SVG entity’s leverage of up to 1:4000 is exceptionally high and can lead to significant losses.
- Limited Payment Methods: The lack of diverse payment options restricts user convenience.
- No Demo Account: The absence of a demo account hinders potential users from testing the platform before committing real funds.
- Negative Reviews: Online sources report negative experiences with Monaxa, highlighting issues like withdrawal difficulties and unresponsive customer service.
Customer Complaints and Negative Reviews
It’s crucial to acknowledge and consider customer complaints and negative reviews when evaluating a broker. These reviews can reveal potential issues with the platform’s reliability, customer service, and overall user experience.
Got Scammed by Monaxa? We Help Victims!
If you suspect you have fallen victim to a scam involving Monaxa, it’s essential to seek help. Consider reaching out to:
- Regulatory authorities: Report the issue to the relevant regulatory body, such as ASIC if you believe the Australian entity was involved.
- Fraud recovery specialists: Seek assistance from professionals specializing in recovering funds lost to scams.
Remember, exercising caution and conducting thorough research is paramount before choosing a broker to safeguard your financial well-being.
We can help you by providing a free consultation call and professional guidance to help you. Also, we can provide you with some recovery service recommendations to help you in recovering the lost funds.
If you’ve experienced financial losses with companies like TranzactCard, HeroFX, or QxBroker, please report it using the form below.
