Monaxa

Monaxa is an online forex and CFD broker registered in Anguilla (British Overseas Territory) and was founded in June 2020 according to corporate records, though its own marketing materials state a later operational launch in late 2022. The broker operates under the domain monaxa.com and offers trading services to retail clients globally. Monaxa is not regulated by any known financial authority, which is a significant factor for traders to consider.

Based on our research, Monaxa does not hold a licence from any major financial regulator such as the FCA, CySEC, ASIC, or the FSC of Anguilla. The broker’s registered address is in The Valley, Anguilla, a jurisdiction not known for robust forex regulation. The absence of a regulatory licence means there is no independent oversight of the broker’s operations, and client funds may not be protected by any compensation scheme. In FXCanary’s assessment, this lack of regulation is the most critical risk factor for potential clients.

Monaxa offers five account types: Cent, Standard, Pro, Zero (ECN), and cCOPY. The Cent account has a contract size of 1,000 units and a minimum deposit of $5, while Standard requires $15, Pro $50, Zero $200, and cCOPY $250. Spreads on the Cent account start from 1.8 pips, Standard from 1.8 pips, Pro from 0.9 pips, and Zero from 0 pips with a $10 commission per round turn lot. Leverage is available up to 2,000:1, and the stop-out level is 20% (or 35% with bonus). The cCOPY account is designed for copy trading and maintains similar conditions to the Standard account.

The broker provides the popular MetaTrader 4, MetaTrader 5, and cTrader platforms, which are available on desktop, web, and mobile devices. Monaxa also offers a proprietary copy trading platform. The range of tradeable instruments includes forex pairs, metals, and likely CFDs on indices, commodities, and cryptocurrencies, though specific instrument lists are not detailed. The Cent account is limited to forex and metals, while other accounts offer a broader selection.

Monaxa supports multiple deposit and withdrawal methods: cryptocurrency (USDT TRC-20), credit/debit cards, e-wallets, local online banking, and international bank wire. Minimum deposits are $15 for most methods (except $20 for USDT and $500 for bank wire). The broker claims to cover internal fees for card and e-wallet deposits, but bank wire fees are not covered. Withdrawals are processed within 15 minutes for crypto and instantly for cards/e-wallets, while bank wire takes 2-5 business days.

Monaxa appears to target a wide range of retail traders, from beginners (with its Cent account offering low minimum deposits and high leverage) to experienced traders (with its Zero ECN account for tight spreads). The copy trading service and prop trading challenge also cater to traders seeking passive income or funding opportunities. However, the broker’s unregulated status suggests it may appeal primarily to traders willing to accept higher risk for potentially higher rewards, or those in jurisdictions with limited access to regulated brokers.

Beyond trading accounts, Monaxa offers a prop trading program (EarnWorkz) where clients can pass challenges to manage simulated funds up to $200,000 and earn up to 90% profit share. The broker also provides an education marketplace and a loyalty program, though details are sparse. These additional services suggest an effort to diversify revenue and attract a broader client base beyond standard retail trading.