Monyxa: review of feedback and partnership reliability
Information page about Monyxa company
Monyxa is a brokerage service for trading on financial markets, including currency, stock, and cryptocurrency. You have the opportunity to use the assistance of a personal manager, copy successful trades of other traders, or trade independently. How professional is this, and what real clients write — everything else below.
Data on the official website
However, upon closer inspection, it becomes clear that the translation leaves much to be desired. In fact, the translation into Russian is simply automatic and does not differ in good quality.
It turned out that Monyxa is registered in the company registers of three countries: the UK, UAE, St. Vincent and the Grenadines. But it is worth noting that anyone interested can open a company in St. Vincent and the Grenadines after paying a certain amount. At the same time, brokerage activities in this country are not licensed at all.
Regarding the UK, the registered Monyxa does not carry out brokerage activities here. In this country, this requires an FCA license, which this company does not have.
The situation with the “representation” in Dubai also turned out to be quite strange. Scammers took the data of another company engaged in event organization and marketing, hoping that no one would check the information in the Arabic registers.
Thus, out of the three mentioned companies, two are not related to trading. Scammers are trying to deceive as many people as possible by presenting a beautiful story. When registering the Monyxa domain, the owners concealed all contact details.
Financial regulators’ licenses
The monyxa.com website does not mention the presence of licenses. This is due to their absence. The London and Dubai companies do not fall under licensing, as their activities do not require it. The company from St. Vincent and the Grenadines cannot obtain a license due to the financial regulator’s decision to cancel this process since 2018.
In the case of providing services to Russian clients, a broker would have to obtain a license from the local regulator — the Central Bank. Checking the registers did not show the presence of a license for Monyxa; instead, a warning about the organization was revealed.
The regulator included Monyxa in the list of firms suspected of illegal activities. Accordingly, the website of such scammers will soon be blocked by Roskomnadzor.
Trading on the Monyxa platform: review of conditions
Among the advantages of the Monyxa trading platform, scammers note free registration, the availability of a demo account with $100,000, commission-free withdrawals, and the use of MetaTrader 5 as a platform. However, they remain silent about high spreads from 2 to 10 points and an entry fee of at least $500.
More favorable conditions are provided in expensive tariffs, but the entry threshold is much higher. If a client deposits $50,000, they may be offered a spread of 0.8 points and a leverage of 1:500, which could ultimately lead to the loss of the entire deposit.
Like most scammers, Monyxa has developed a referral program. Rewards are given for invited friends. It seems that there is no other way to attract clients to such a scam.
One of the listed advantages is also the accrual of bonuses from 10 to 40% of the deposit. However, for this, the client will have to open new trades, fulfill the conditions of the bonus program, and risk their own funds.
Reviews of cooperation with Monyxa
Reviews of the Monyxa company are quite rare. Poor localization of the website in Russian language repels many potential clients. However, those who still took the risk and shared their experience left some comments.
Summing up the experts’ conclusions
After studying the documents and registering as an intermediary, it can be stated that this is a fraudulent organization. Confirmation of this is the inclusion of Monyxa in the Central Bank’s blacklist and reviews of disappointed users. It is advisable to avoid cooperating with Monyxa, as it is a typical deception.
