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monexfx -

Score

1.53 /10
Danger

monexfx

Japan

5-10 years

Suspicious Regulatory License

High potential risk

https://www.monexfx.co.jp

Influence

C

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Score

Regulatory Index0.00

Business Index7.15

Risk Management Index0.00

Software Index4.00

License Index0.00

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Website

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

MONEX, Inc

Company Abbreviation

monexfx

Platform registered country and region

Japan

Company website

Company summary

Pyramid scheme complaint

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Warning: Low score, please stay away! 3
Previous Detection : 2024-11-12
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The JapanFSA regulation (license number: 関東財務局長(金商)第165号) claimed by this broker is suspected to be clone. Please be aware of the risk!

WikiFX Verification

Data Source WikiFX Data provide
Updated: 2024-11-12
monexfx · Company summary

Note: monexfx's official website: https://www.monexfx.co.jp/ is currently inaccessible normally.

monexfx Review Summary
Founded/
Registered Country/RegionJapan
RegulationFSA (Suspicious clone)
Market Instruments2,000+ CFDs on stocks, commodities, indices, currency pairs and futures contracts like Bitcoin
Demo Account❌
Leverage/
SpreadFrom 0.2 pips (trading between 1,000 to 10,000 currency units)
Trading Platform/
Min Deposit/
Customer SupportService time: 8: 00-17: 00 (Weekdays)
Phone: 0120-911-440
Address: 〒107-6025 1-12-32 Akasaka, Minato-ku, Tokyo

MonexFX, an online securities company under the ownership of Monex Group, Inc. (Securities Code 8698), positions itself as a provider of diverse trading instruments across financial markets. MonexFX implements a dynamic pricing model, tailored to transaction volume at order placement. FSA is under scrutiny, with suspicions raised regarding the authenticity of the license. Moreover, the unavailability of their official website adds to uncertainties surrounding the reliability and credibility of their trading platform.

MonexFX

Pros and Cons

ProsCons
Various trading instrumentsNon-functional website
Tight spreadsLack of transparency
No valid regulation
No demo accounts

Is monexfx Legit?

Caution should be exercised when considering involvement with monexfx, as there are red flags surrounding the legitimacy of their claimed regulatory status. The license purportedly issued by the Financial Services Agency (FSA), specifically the Retail Forex License with license number 関東財務局長(金商)第165号, is under suspicion of being a clone or counterfeit.

Regulatory AuthorityFinancial Services Agency (FSA)
Current StatusSuspicious Clone
Regulated byJapan
Licensed Institutionマネックス証券株式会社
Licensed TypeRetail Forex License
Licensed Number関東財務局長(金商)第165号
Suspicious clone FSA license

What Can I Trade on monexfx?

monexfx claims to offer more than 2,000 trading instruments in financial markets, including CFDs on stocks, commodities, indices, currency pairs and futures contracts like Bitcoin.

Tradable InstrumentsSupported
CFDs✔
Forex✔
Commodities✔
Indices✔
Stocks✔
Futures contracts✔
Cryptocrrencies❌
Bonds❌
Options❌
ETFs❌

Spread

The spread varies in accordance with the volume of the order. When your trading funds is between 1,000 to 10,000 currency units, the spread starts from 0.2 pips. From 11,000 to 1,000,000 currency units, the spread is 0.3 pips. For 1,001,000 to 2,000,000 currency units, the spread is 0.5 pips.

Deposit and Withdrawal

monexfx accepts payments via bank transfers and Quick Deposit Service, including credit/debit cards, e-wallets, and online payment platforms.

Trading Time

The trading hours will change depending on winter time and daylight saving time as shown in the table below.

Winter Time (US Standard Time)Daylight Saving Time (US Summer Time)
PeriodThe day after the first Sunday in November - the second Saturday in March2nd Sunday in March - 1st Sunday in November
Trading TimeMonday 7:00 to Saturday 6:55 Japan timeMonday 7:00 to Saturday 5:55 Japan time
Batch Processing TimeTuesday - Saturday 6:55 - 7:10 Japan timeTuesday - Saturday 5:55 - 6:10 Japan time

News

NewsMonex Group Makes Bid For FTX Japan

Monex Group, located in Tokyo, is interested in acquiring the Japanese arm of collapsed cryptocurrency exchange FTX.

WikiFX
2023-01-17 14:09
Monex Group Makes Bid For FTX Japan
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User comment

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Comments

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CVB85250
more than one year
I've setup a withdrawal from my account, I've received an automated text message that money will arrive in my account in 2-3 days. They blocked the withdrawal, apparently due to not verifying with me the new account setup. However, they send no message that the withdrawal was blocked, no phone call for 3 days. I had to call them to understand what happened. They verified account, and informed me now it will take up to 5 days for the transfer. This is extremely unprofessional.
I've setup a withdrawal from my account, I've received an automated text message that money will arrive in my account in 2-3 days. They blocked the withdrawal, apparently due to not verifying with me the new account setup. However, they send no message that the withdrawal was blocked, no phone call for 3 days. I had to call them to understand what happened. They verified account, and informed me now it will take up to 5 days for the transfer. This is extremely unprofessional.
Translate to English
2024-03-28 11:52
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FX1568987003
more than one year
The user interface is user-friendly, but customer support is slow. Trade execution speed varies, and reliability raises concerns. It's suitable for beginners, but advanced traders may find limitations.
The user interface is user-friendly, but customer support is slow. Trade execution speed varies, and reliability raises concerns. It's suitable for beginners, but advanced traders may find limitations.
Translate to English
2023-12-20 23:51
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