Monaxa is a forex and CFD broker that offers a wide range of financial products for traders. The broker focuses on providing an easy-to-use trading platform, competitive spreads, and good customer service. Despite being new to the industry, Monaxa is attracting the attention of traders with its user-friendly offerings.
Pro
- Low spreads start from 0 pips.
- The trading platform is easy to use.
- The various trading instruments include forex, stocks, and commodities.
- Responsive customer support.
Cons
- No supervision by the main authorities.
- Education and limited analytical tools.
- Choice of limited payment methods.
Trading Products
Monaxa offers a wide range of trading instruments such as currency pairs (forex), stocks of leading companies, commodities (gold, oil), and indices. This allows traders to diversify their portfolio and take advantage of various markets.
Trading Platform
Monaxa uses a simple and intuitive web-based trading platform. The platform is suitable for both beginners and experienced traders. While there is no mobile app, their web platform is designed to work well on mobile devices via a browser.
Spreads and Commissions
Monaxa offers very low spreads, starting from 0 pips for ECN accounts with low commissions. For standard accounts, spreads start at 1 pip with no commission. This makes Monaxa a good choice for traders who prioritize low trading costs.
Payment Method
Monaxa supports payment methods such as credit/debit cards, bank transfers, and some e-wallets. Deposits are processed instantly, while withdrawals usually take 1-3 business days depending on the chosen method. However, the choice of payment methods is limited compared to other brokers.
Customer Service
Monaxa customer support can be reached via email, phone, and live chat. Their support team is responsive and knowledgeable, helping to resolve any issues quickly. However, there is no 24/7 support, which may be a drawback for some merchants.
Conclusion
Monaxa is a broker that offers low spreads, a user-friendly platform, and a wide range of trading instruments. The broker is suitable for traders who are looking for low trading costs and a simple trading experience. However, the lack of a primary supervisor and limited payment method options may be a deterrent for some traders. Overall, Monaxa is a good choice for those who are just starting out or looking for a broker that is easy to use.
