Monaxa Review: Safety Concerns and Regulatory Twists
Have you ever heard of Monaxa Forex broker? This company claims to be in the sunny St. Vincent and the Grenadines, but it lacks the necessary licenses to trade FX. The island’s lax regulations raise big concerns about client safety.
There’s a twist, though – Monaxa AU PTY Ltd, another part of the same business, is regulated in Australia. What’s the real story? We’ve turned every stone to provide you with an unbiased Monaxa review. Stay tuned for more interesting facts!
|St. Vincent and the Grenadines
|Financial Authorities Warnings
|No official warnings
|If withdrawal is possible
|If Active on Social Media:
|Malaysia, France, Belgium, Thailand, Indonesia
|No regulation and offshore headquarters
|MT4 and CTrader platforms
Monaxa Ltd, positioned in St. Vincent and the Grenadines, works in a regulatory grey area. So, forget about Monaxa regulation! The absence of oversight here raises worries about client safety. This is a fact!
The Monaxa Group has a bunch of companies, one being Monaxa Ltd in SVG. As we mentioned before, the SVG FSA doesn’t bother regulating forex brokers or handing out licenses. That’s a red flag for your safety! So, think twice before trading with a St. Vincent and the Grenadines-based broker.
But wait, some brokers still go offshore for a reason. In some places, rules tie brokers’ hands, stopping them from giving interesting perks like bonuses and high leverage. So, these global brokers set up websites offshore to keep things competitive.
Now, let’s talk about Monaxa AU PTY Ltd, another Monaxa Group player. Unlike its offshore partner, it plays by the rules in Australia, regulated by the Australian Securities and Investment Commission (ASIC). That’s the kind of setup that gives clients a sense of security.
Monaxa’s Trading Platforms
Speaking of trading platforms, this company truly made an effort. First, we can talk about the potential of CTrader. This is a user-friendly trading platform available on desktop, mobile, and web interfaces. Here, you can dive into the world of copy trading with CTrader Copy, as it has many great features.
What’s more, this company also supports the popular MetaTrader 4 platform. We all know that this platform offers many superb services. Namely, we are talking about trading signals, market analysis, and different indicators.
Mobile trading adds flexibility too, but remember, the lack of regulation is a red flag. And yes, steer clear of another questionable broker named PhoenixTB.
Diverse Account Types
This trading company tries to attract traders with 4 unique account types. They are as follows:
- Standard – $15
- Pro – $50
- Zero – $200
- Cent – $15
Each account comes with its own minimum deposit and distinct features, with a spread starting at 1.8, and a margin call at 50%. Speaking of minimum internal transfer, it is set at $1.
Trading Instruments Here
We can see that they included a variety of instruments. Those instruments are as follows:
The Monaxa broker offers limited options when it comes to payment. We can see that they support online banking, wire transfers, and USDT.
Keep in mind that credit/debit cards are not supported. Before proceeding, consider withdrawal fees, processing times, and the minimum amounts you’d have to deposit. In our opinion, this shady company is not worth your time and money.
Monaxa’s Money Moves
When it comes to trading, ensuring the safety of your funds and understanding payment methods is crucial. Now, this broker doesn’t bother with transaction fees, which is a relief!
But when it’s time to actually withdraw those earnings, you can only do it using the same method you used to deposit. Be prepared for endless waiting. What’s more, considering the reputation here, you may never see your funds again.
This broker talks about facilitating bank transfers and crypto transactions. But hang on, there’s a catch here. Notably, you need a minimum of 100 units to withdraw, and don’t expect the broker to cover those fees! Also, they say that your banking details must mention your account info.
Revealing the Scam Tactics
Scam brokers often try to trick traders with promises of unrealistically high returns, playing on the natural desire for quick profits. Another red flag is the lack of transparency. There are often vague terms, hidden fees, and unclear withdrawal conditions. These are their go-to moves!
Some even manipulate trades, setting losses for traders while pocketing gains for themselves. Watch out for pressure tactics too; aggressive sales pitches and constant pushiness are classic signs. As you start exploring such companies, keep an eye out for these red flags to avoid scams and ensure a safe experience.
What is there to know about Monaxa reviews? Checking Trustpilot, it seems that this questionable broker has managed to snag a few positive reviews. We see a 4.2-star rating from 7 individuals.
However, it’s crucial to remain cautious as the overall reputation of this broker remains suspicious. When it comes to your finances, it’s advisable to opt for firms with a solid 4.5-star rating or higher. This is crucial for better security and reliability.
Tip: Rayz Liquidity Corp is a trading platform that uses computer software to carry out trades in a networked setting. People can trade crypto, indices, bonds, commodities, etc. What’s more, the broker offers various programs for crypto trading and cashback. Still, we should note that they lack the necessary regulations.
Boost Your Trading Game
Are you interested in raking in profits through online trading? It’s a breeze! We’re here to guide you through the process. You can contact us for free consultations on the leading forex and crypto trading platforms.
Besides that, keep an eye out for our latest endeavor – the AI Analysis Tool! This innovative software crunches historical asset prices, the latest news, and other relevant data. Moreover, this tool is there to provide insightful forecasts of potential price changes.
As we look at what this platform offers, it’s important to be cautious. Rather than promoting a shady company, let’s focus on the fact that savvy customers should choose the best deal.
One notable option is our AI Analysis Tool. This advanced tool helps improve your trading strategy by predicting price changes based on historical and current data. Make sure you test it out!
Is Monaxa Broker Legit?
No, this broker is not reliable or legitimate. It’s a wise move to avoid it.
How to Withdraw From My Monaxa Account?
Considering their poor reputation, we doubt that withdrawals are possible.
Is Monaxa Regulated?
No, this shady broker is not regulated.