Monaxa Review: Legit Broker or Just Another Scam?

In the Monaxa overview, we cover a Forex/CFD broker that offers clients trading on leading terminals, attractive deal conditions, and, of course, full fund security. Such claims are always tempting to believe, but far too often, similar statements come from scammers who create trading platforms solely to steal users’ money. Our goal was to determine whether this company is just another scam project and to provide you with arguments for and against working with it. The results have already been published, and we hope you find them useful.

Does Monaxa Show Any Risk Factors?

The first thing we examined and want to present to you is the official information about the broker. On its website, it claims that the Monaxa brand is used by a group of companies, which includes:

• Monaxa Ltd, a company registered in Anguilla (British West Indies) under number A000001175.
• Another entity registered in Mauritius with an Investment Dealer License № GB23201577 issued by the Financial Services Commission (FSC) of Mauritius.

Verifying this information is straightforward, as all data is publicly available. In the Anguilla business registry, the company Monaxa Ltd is indeed listed under the specified number.

It was registered in June 2023 and remains active to this day. Unfortunately, the public data does not include details about the permitted types of activities. Nevertheless, we still have a question for the project owners: why did they not obtain a local license?

The reason for this is easy to understand. The license issued by the Anguilla Financial Services Commission (AFSC), while considered offshore, can only be obtained if the broker meets fairly strict requirements. Specifically, the AFSC conducts due diligence checks on all key personnel, including directors and shareholders. The commission evaluates their financial status, experience, and reputation. Additionally, obtaining a license requires having a registered local agent, which allows the regulator to maintain stricter control over the company’s operations and take effective measures in case of violations. Another mechanism is the mandatory annual license renewal, which entails yearly inspections of the firm.

It seems that Monaxa was not satisfied with this approach from the local regulator, which is surprising because, according to the information on its official website, the project owners registered a company in Mauritius. It obtained a license from the local regulator there, which has even stricter requirements. However, let’s go step by step.

A check of the registration in Mauritius confirmed that the Monaxa company is listed in the registry. The company’s registration date is March 31, 2023, and the number and address match those published on the website.

A search in the local regulator’s databases also confirms the existence of the Investment Dealer license. According to it, the company is not allowed to act solely as an underwriter, while all other financial market activities are permitted.

However, we see that the platform did not rush to obtain this license either. The documents show that the company was registered in March 2023, but the Investment Dealer license was issued only 21 months after registration. Another interesting fact is that the address of the licensed company does not match the office address listed on the website or in the business registry. Such discrepancies are difficult to explain, and Monaxa’s support does not respond to these questions.

Note! Like most offshore brokers showing registrations in different countries and multiple licenses, this platform provides no evidence that both companies are actually related. At the same time, a search for companies named Monaxa worldwide adds a few more firms to the group, for example, in Australia, with information available in the ASIC registries.

The official data look quite interesting: the company operated without regulation from the beginning, then suddenly decided to comply with the law at the end of 2024 and obtained a license from the FSC of Mauritius. Of course, no attempt was made to approach reputable regulators like the FCA or CySEC, as this would significantly limit the broker’s freedom.

What kind of freedom are we talking about? For example, the freedom to offer clients leverage up to 1:2000. It is no secret to experienced traders that with such leverage, losing the entire deposit is easy and can happen within the first 2–3 trades. For beginners, the situation is even worse, as they will almost certainly deplete their deposit without proper risk management skills.

We also paid attention to Monaxa reviews online. Over its time in operation, the broker has accumulated quite a few reviews, for instance, 215 on Trustpilot. The first reviews appeared in the fall of 2023. This averages about two reviews per week, which is somewhat alarming. We see very high ratings (90% positive comments) and are confident that most of them were paid for. The reason is simple: users rarely leave positive feedback online. Negative reviews are much more common. Here, the pattern is reversed positivity far outweighs negativity, which is unnatural, and the comments themselves lack concrete facts. This gives us reason to believe that the project owners invest heavily in buying their reputation.

Note! Out of 17 negative reviews, more than 10 appeared in spring–summer 2025. The main complaints concern delayed withdrawals or blocked payments. Of course, company representatives promise to resolve issues quickly, but new complaints continue to appear regularly.

Another strong argument is the low ratings on specialized trading and investment portals. For example, WikiFX rated the broker at only 2.21 out of 10, and the site administration warns potential clients to exercise caution.

Let’s Break Down the Lifespan

It turns out that the broker’s actual time in operation online is not very long. We saw that the companies were registered in 2023, so they have existed for just over two years. The domain, however, is much older, having been registered back in 2013.

However, snapshots from the Web Archive show that the domain was listed for sale for several years, up through 2022. The first capture of the broker’s website on this domain was made in January 2023. This suggests that the platform began operating even before the official registration of the companies.

There is nothing particularly unusual about this. The first owner of the site was Monaxa Ltd, registered in Saint Vincent and the Grenadines under number 26883 BC 2022. As we can see, the broker started operating without a license and managed without one until December 2024. For some reason, it seems unlikely that the project owners had purely honorable intentions after such a start.

What Does the Monaxa.com Website Reveal?

The broker’s official website certainly looks quite original. Its design reminded us of a set of bright promotional cards laid out on a white sheet of paper. The problem is that these cards contain very little important information. The same can be said about most of the pages on Monaxa’s website.

Indeed, the homepage resembles more of an advertising presentation than an informational portal. However, there are also some quality informational pages on the site. Unfortunately, not all questions traders are interested in are addressed, and some content may even confuse users:

• The main menu does not include a page dedicated to the company. It can only be accessed via a link in the footer, and the amount of information there is laughably small. For example, it contains no details about the company’s founding date, history, team, or future plans. Moreover, the broker does not even display payment details, let alone financial statements. Of course, disclosure requirements vary between regulators. However, a broker seeking recognition and trust from clients should understand what matters most to them.
• In the “Acadamis” section, some materials are available that could be interesting and useful not only for beginners but also for experienced traders. Unfortunately, access is only granted after registration, and it is far from free, even for existing clients. Such treatment of those who bring their own funds to the platform is rare. It seems the company is willing to profit by any available means.
• In the “Blog,” the platform staff published only 20 posts over two years, and the latest events on the “Events” page are dated June 2024. Clearly, the staff either lacks the time or the resources to maintain the site’s content and keep it up to date. This is, however, a common issue among offshore brokers, whose primary goal is to maximize profits for the owners.

For the sake of objectivity, it should be noted that the Monaxa website is noticeably better than many similar platforms with offshore licenses. However, we would not give it a high rating, it is decent but unremarkable, a mediocre middle-ground.

Is the Broker Offering Fair or Risky Terms for Traders?

Trading conditions on the Monaxa website are described in fairly good detail. We started by examining the account types.

The broker offers four accounts in total:

• Standard, with a minimum deposit of $15, leverage up to 1:2000, and spreads starting from 1.8 pips.
• Pro, which requires a minimum deposit of $50. Leverage is also up to 1:2000, and spreads start from 0.9 pips.
• Zero (ECN), with a minimum deposit of $200. Trading is conducted with zero spreads, but a full trading commission of $6 per standard lot applies. Leverage is up to 1:500.
• Cent, where funds are denominated in cents. The minimum deposit is $15, and spreads start from 1.8 pips, the same as the Standard account. Leverage is 1:1000.

For all accounts, the Margin Call level is set at 50% and Stop Out at 20%. The maximum trade volume is 100 lots, and the maximum number of simultaneously open positions and pending orders is 200. The standard lot size for all accounts except Cent is 100,000 units of the base currency, and for Cent, it is 1,000 units.

Some trading parameters are detailed on separate pages. For example, on the Leverage page (under the Trading menu), it is explained that the available leverage depends on the trading instrument and the account equity. In MetaTrader 4/5, leverage of 1:2000 is only available for major and minor pairs and only when equity is between $0 and $499. In cTrader, leverage depends on the total volume of open positions; for 1:2000, it must not exceed 1.5 standard lots.

Information on spreads is provided in detail on the Trading – Assets & Class pages. This is generally sufficient to estimate intraday trading costs. However, the broker does not disclose swap rates, citing that they can be checked in the terminals. As a result, unregistered users cannot fully evaluate potential profits or losses when trading with Monaxa.

Overall, the broker’s trading conditions are comparable to those offered by the most popular regulated brokers. A serious drawback, however, is the extremely high leverage available on all accounts combined with a relatively low Stop Out level. After automatic position closures, traders are left with almost no margin to enter the market again. With such leverage, the majority of trades, especially for beginners, will inevitably be closed automatically. 

Technical Support Analysis of Monaxa

The broker’s contact information, however, is much less impressive. Starting with company addresses: for the firm registered in Anguilla, no physical office address is provided, only a P.O. box. The Mauritius company has no address listed at all, and as mentioned earlier, the addresses in the commercial register and the regulator’s database do not match. In short, we strongly doubt you would be able to locate a physical office. Contacts are limited to online channels.

Even those are sparse. The broker does not publish phone numbers, which again supports the assumption that no offices exist. However, there are two online chat options, one with a company operator and one with an AI bot, which can also answer questions about the broker’s operations. We are skeptical about the bot’s ability to solve trading issues, but it is still better than waiting several hours for an operator’s response.

The broker also provides a support email and even a contact form, although the latter is strangely located on the About Us page. Judging by online reviews, the staff respond to emails or form submissions even faster than via the chat.

Monaxa also has social media profiles. However, they do not appear very popular. For example, the X (Twitter) account was created in October 2022 and has only 53 followers. The YouTube channel was also created in fall 2022 (November) and has slightly more followers — 382. The main issue seems to be insufficient attention from the staff. Publishing only 121 videos in almost three years makes it hard to attract a significant audience.