Is Monaxa safe and legit？ Full review
Monaxa is an Anguilla-based broker established in 2022 and regulated by South Africa's Financial Sector Conduct Authority (FSCA). It holds an overall influence rating of B and a trading environment grade of B, with particularly strong marks for slippage and disconnection handling, though speed, cost, and swap performance score lower. The broker offers four account types with a minimum deposit starting at $15, maximum leverage up to 1:2,000, and full support for hedging, scalping, and EA trading. Trading is available on CTrader, MT4, and MT5, plus a mobile app and desktop access, and the software experience is rated highly. Customer service covers 11 languages, but response times may be lengthy. Its influence is mainly distributed across Brazil, Canada, Cyprus, Spain, the United Kingdom, Italy, Japan, Malaysia, the Netherlands, and Saudi Arabia. Regulated by the FSCA with a full license for MT4/5 trading platforms and multiple account types, the broker has also drawn multiple regulatory disclosures and a high number of user complaints.
Regulatory Compliance and Security
Monaxa is regulated by the Financial Sector Conduct Authority of South Africa, and the regulatory status is fully compliant with a safety level of Level 1.
However, the broker carries 3 regulatory disclosures. The Cyprus Securities and Exchange Commission issued two warnings regarding unregulated entities in which monaxa.com was listed among domains not owned or operated by authorized Cyprus Investment Firms, dated January 31, 2025 and August 14, 2025. Japan's Financial Services Agency also flagged Monaxa Ltd. as an unregistered entity engaged in financial instruments business, effective December 1, 2024.
Account Type
All accounts support lock-up positions, scalping and EA trading.
Trading Environment
Monaxa has a trading environment rating of B, with the specific breakdown indicators as follows:
Speed Details:
- Fastest speed: 437.0 ms (opening 437.0 / closing 515.0)
- Slowest speed: 1873.0 ms (opening 1811.0 / closing 1873.0)
Cost Details:
- Gold (XAU): Average Cost 19.11 USD/Lot
- Crude Oil (WH): Average Cost 0.0 USD/Lot
Swap Details:
- Crude Oil Long: -8.6 USD/Lot / Short: -0.51 USD/Lot
- Gold Long: -53.95 USD/Lot / Short: 11.93 USD/Lot
Test Data: 106 users participated in the test, with a total of 2,673 transactions and occupied margin of $418,147 USD. It ranks 85th among 115 brokers in the comprehensive ranking.
Trading software
Monaxa supports the CTrader, MT4 and MT5 platforms (with a full license for MT4/5), and offers Mobile App and PC access. Android, MacOS, Web, and other applications are not supported. The review notes that the platform is highly customizable, available in multiple languages, and has clear expense reports with a good search function, but lacks two-step login and biometric authentication. The software experience is rated as "Perfect".
MT4/5 Server Distribution:
- MT4 Servers: Monaxa-Real 1 (Sweden, United Kingdom, Luxembourg, Australia, Singapore, Germany)
- MT5 Servers: Monaxa-Demo and Monaxa-MT5 (Germany, Australia, United Kingdom, Sweden, China Hong Kong, Malta)
Mobile Support:
Customer Service
Customer support is available in 11 languages, covering Arabic, English, Spanish, Japanese, Portuguese, Vietnamese, and Chinese (Simplified). You can contact them via Email or IM App for answers to most inquiries; however, please note that response times may be lengthy.
⚠️ Page prompt: In the last 3 months, please be aware and do not be scammed!
Influence
Influence Rating: B. Key influence distribution regions include Brazil, Canada, Cyprus, Spain, United Kingdom, Italy, Japan, Malaysia, Netherlands, and Saudi Arabia. Average Influence Index: 6.22.
2-5 years
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