We are looking at a brokerage platform registered in Anguilla and the Republic of Mauritius. It offers clients a variety of options and additional services, including education, copy-trading, bonuses, and partnership programs. However, the main question remains — is this a scam, and can the broker be trusted? In this Monaxa review, we will try to find out.
Brief Overview
- 🖥Official Website: https://monaxa.com
- ✈️Contact Address: No. 9 Cassius Webster Building, Grace Complex, PO Box 1330, The Valley, AI-2640, Anguilla
- 📞Customer Support: support@monaxa.com
- 🔐Licensing and Accreditation: –
- ⏳Track Record: 2023
- 🧰Specialization: brokerage service
- 🤝Terms of Cooperation: $15, 1:2000
- 💰Additional Services: education, PAMM, bonuses, partnership program
Monaxa.com Examination
The official website does not look as templated as most other brokers. Clearly, the creators put some effort into making it unique, but it still has its flaws.
Monaxa uses a combination of black, white, and yellow colors. The structure is clear and logical: at the top of the page, there’s a classic menu with the main sections, a language switcher (9 languages are supported), and in the footer, there are legal details and a risk warning. However, the quality content suffers. For instance, the “About Us” section contains no information about the company’s founding date, names of executives, or business model. Instead, it tells clients what the company’s name stands for.
The graphics and images deserve special mention. It feels like visiting an online casino or e-commerce site, happy people in T-shirts and jeans, smiling broadly while holding laptops or smartphones. It definitely does not resemble a serious brokerage firm.
So overall, Monaxa’s official website cannot be praised. Yes, it contains the bare essentials like legal details and trading conditions, but many important aspects are still missing.
Company Contacts
If you want to contact the broker’s representatives, there are several ways to do it:
- Email.
- Online chat.
- Social media.
There’s nothing particularly suspicious here, but it’s worth noting that responses in the live chat are slow, and sometimes questions are completely ignored. In addition, the company has very few followers and little activity on social media. Monaxa clearly lacks popularity.
Key Conditions
Let’s take a closer look at the trading conditions. Maybe something suspicious will turn up. Monaxa offers several account types, which differ in commissions, spreads, and minimum deposit requirements:
- Cent. Minimum deposit of $15; leverage up to 1:1000. Account balance is in cents.
- Standard. Same deposit requirement, spreads from 1.8, no commission, leverage up to 1:2000.
- Pro. From $50, bid/ask from 0.9 pips.
- Zero (ECN). At least $200, $6 commission.
Other conditions are the same across all accounts: lot size from 0.01; negative balance protection, swap-free, margin call/stop out at 50%/20%, and account currencies in USD, EUR, or GBP. Monaxa allows trading on several platforms: MetaTrader 4/5 or cTrader.
The broker aggressively promotes its bonuses. Clients can receive: a 100% bonus on deposits up to $500; a 50% bonus up to $1,000, or a 30% bonus up to $20,000. However, bonus terms are unfavorable:
- Any withdrawal will lead to a proportional or full cancellation of the bonus.
- The bonus is voided for any “suspicious” activity (as defined by the company): identical orders from different accounts, risk-free trading, internal hedging, matching IP addresses, etc.
- Participating in the bonus program disqualifies clients from receiving IB (Introducing Broker) commissions.
- Scalping, high-frequency trading, arbitrage, or hedging result in the bonus, profits, and even the account itself being nullified or blocked.
In short, this is just another tool to tie traders’ hands. At any moment, Monaxa can claim you violated the bonus rules and freeze your account.
Exposing Monaxa
At this point, we cannot definitively claim that this is a fraudulent or dangerous platform. The official website looks standard, the contact details appear to be legitimate, and the trading conditions raise no immediate concerns. However, the legal information needs to be verified before making any conclusions about whether the company can be trusted.
The firm lists its legal entities as Monaxa Ltd, registered in Anguilla and the Republic of Mauritius. This is indeed true — we checked the regulators’ registries. For example, the MFSC license was obtained in 2023. However, this does not provide any real guarantee of reliability.
Licenses from offshore regulators like the FSC of Mauritius or the FSRC of Anguilla are considered weak because these jurisdictions do not impose strict supervisory standards, transparency requirements, or client protection rules on brokers. Unlike top-tier regulators such as the FCA, ASIC, or CySEC, offshore authorities do not monitor financial reporting, do not verify order execution models, do not require segregation of client funds, and do not mandate participation in compensation schemes. This means a broker can freely manage client funds, use a B-book model (trading against the client), and still remain technically “licensed”.
For traders, this presents high risks: in cases of disputes, fraud, or account blocking, there is virtually nowhere to turn for protection. These regulators do not handle individual complaints and do not initiate investigations in response to violations. Moreover, Monaxa could suddenly cease operations or simply ignore client inquiries without consequences. Therefore, trading with offshore companies always carries an elevated risk of losing funds with no legal recourse.
In addition, in April 2025, the Washington State Department of Financial Institutions (USA) issued a warning. The company offers over-the-counter (OTC, CFD) trading without registration, and access is prohibited to U.S. clients. There were complaints about early losses, for example, a $500 drop in just a few days. More details can be found on the official website of the Washington State Department of Financial Institutions.
What Reviews Do Users Leave?
There are hundreds of reviews about Monaxa online, which is surprising given that most of them are positive. However, many of these favorable reviews read like: “The best broker”, “fast deposit and withdraw”, and similar generic phrases. There is no concrete evidence that the company actually processes withdrawals for traders. This strongly resembles fake comments aimed at boosting the platform’s online reputation.
Conclusions
Monaxa is an offshore broker with attractive trading conditions but questionable reliability. Its licenses are weak; client protection is minimal, and the bonus terms are burdensome. The risk of losing funds here far outweighs any potential gains. We do not recommend using this platform for trading.
Pros/Cons
- There is registration of legal entities in Anguilla and Mauritius.
- Small initial deposit.
- Lack of a license from reputable regulators.
- Warning from the Washington State Department of Financial Institutions.
- Fake positive reviews.
- The broker is not popular among traders.
I also want to file a complaint against this company. They are dishonest, have high spreads, and have constant technical issues. On top of that, they issue bonuses without the client’s consent. At any moment, you could find yourself trapped with no way to withdraw your funds. I do not recommend this platform.
You are taking a serious risk by trading with Monaxa. Real reviews of the broker are full of complaints and negativity. People face issues with everything — trading, customer support, the platform itself, and withdrawals. I also believe this is a scam. At the very least, the liquidity is fake.