Abstract：Does MONAXA give you numerous excuses upon fund withdrawal access requests? Has your forex trading account been blocked by the broker after constant follow-up with it on withdrawals? Does the MONAXA broker deduct your profit upon withdrawals? Did your deposit fail to pop up on the trading platform? Were you scammed in the name of fake bonus offers on deposits? Many traders have shared these experiences on broker review platforms. In this MONAXA review article, we have highlighted some of these. Take a look!
Does MONAXA give you numerous excuses upon fund withdrawal access requests? Has your forex trading account been blocked by the broker after constant follow-up with it on withdrawals? Does the MONAXA broker deduct your profit upon withdrawals? Did your deposit fail to pop up on the trading platform? Were you scammed in the name of fake bonus offers on deposits? Many traders have shared these experiences on broker review platforms. In this MONAXA review article, we have highlighted some of these. Take a look!
Top Forex Trading Complaints Against the MONAXA Broker
Withdrawals Virtually Impossible at MONAXA, Traders Allege
Multiple traders have raised objections to the MONAXA withdrawal process, calling it an outright failure. The complaints highlight the constant excuses the broker gives to traders for withdrawals. Excuses also include endless KYC verifications carried out by MONAXA, a trader claimed. As the pending request extends, the broker allegedly blocks the traders accounts and traps their hard-earned capital. Concerned by these, some traders left a negative MONAXA review online. Here are some of their comments, check them out!
The Profit Deduction Allegation on MONAXA
Traders also claim that MONAXA deliberately deducts profits from their trading account balance, leaving them with nothing. In one complaint, the trader generated profits and sought MONAXA fund withdrawal access after a week of trading. The broker asked for an ID, which the trader submitted. However, the broker allegedly deducted all the profits and returned only the principal to the trader. Sharing multiple complaints where traders have highlighted these grave issues.
Some More Denied Fund Withdrawal Instances
Acting as an alleged scam forex broker, MONAXA declines withdrawals without any logical reason. In some cases, the broker approves the withdrawal request but does not allow traders to access their funds in real-time. In some cases, the broker takes weeks to revert to the withdrawal requests. All these are alleged to be the broker‘s tactics to trap traders’ capital. Look at some more stunning withdrawal complaints against MONAXA, with the last one written in Hindi.
Investigating Fraud Instances in the Name of Fake MONAXA Bonus Offers
MONAXA has allegedly lured many traders into investing using fake bonus offers. In one of the MONAXA reviews, a trader shared that after claiming 100% bonus, the trader accused the broker of triggering almost 100 pips prior to the Non-farm Payrolls (NFP) release. The placement of two instant entries of 0.10 lot each led to an immediate floating loss of approximately USD 170. According to the trader, such issues do not exist elsewhere. Here are multiple complaints concerning the deposit bonus.
The Deposit Credit Failure Issue
A trader, a few months ago, reported a serious deposit credit failure issue with the MONAXA broker. While alleging, the trader commented that the deposit failed to reflect on the MONAXA login. Check out the traders allegation through this screenshot.
The Issue Concerning the MONAXA MT4 Platform
Traders also complain about the sudden closure of their MT4 platform by MONAXA, more so after depositing funds with the broker. Some traders even referred their friends and family members to the trading platform. All of their funds have reportedly been scammed. We have shared below a couple of complaints concerning this critical trading issue.
The Poor Customer Service Accusation
Many traders have blamed the lack of efficiency on the part of the brokers customer support team in resolving their trading queries. Whether it is MONAXA live chat or any other support team, they have all been ineffective, as per the multiple allegations by traders. Here are multiple allegations of poor customer support service.
MONAXA Review by WikiFX: Exploring the Broker‘s Regulation and Score Update
After carefully studying the complaints, the WikiFX team felt the need for an in-depth investigation into MONAXA’s regulatory status. True to our suspicion, the broker did not have a valid regulatory license from a competent financial authority, raising trading risks substantially for its clients. This made the team give it a score of just 2.24 out of 10.
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