Is Monaxa a licensed broker, and are my trades protected under regulatory oversight?

Dear Investor,

Monaxa previously claimed to be regulated by the Australian Securities and Investments Commission (ASIC). However, while there is indeed a licence record for a company named Monaxa with ASIC, as of 14 June 2024, its licence status has been marked as 'ceased'. This indicates that, even if this Monaxa was previously licensed by ASIC, it is no longer under ASIC supervision.

The company currently claims to be registered and regulated by the Financial Services Commission (FSC) of the Republic of Mauritius, under license number GB23201577. While we have confirmed the existence of a matching entity in the FSC’s database, it is important to note that the FSC does not publicly disclose the domain names or websites associated with licensed entities. This lack of transparency makes it difficult to independently verify the company's claims.

Given these concerns, we strongly advise investors to exercise caution when considering engagement with this broker, in order to avoid potential risks.