Key Insights
- Monaxa has secured a South Africa licence and is preparing to apply for MiFID II authorisation in Europe.
- The broker still operates with offshore registrations but is expanding services with PAMM accounts, crypto trading, and plans for prop trading.
- CEO Chris Trikomitis, formerly at Exness, is steering Monaxa’s onshore shift as rivals scale back in Europe.
JOHANESBURG – (MaketsXplora) Monaxa, a relatively new player in the contracts for differences (CFDs) industry, is making a decisive shift from offshore operations toward more established regulatory jurisdictions. The broker has secured a licence in South Africa and is now preparing an application for MiFID II authorisation in Europe.
The move was confirmed by Chief Executive Officer Chris Trikomitis in a LinkedIn post. “Monaxa has recently been
approved for our South African licence,” he said, adding that the company would “progress with our European entity.” It remains unclear whether Monaxa will apply for its MiFID II licence in Cyprus, home to many CFD brokers, or choose another European base.
Monaxa South Africa Licence Signals New Strategy
Monaxa’s current operations rely heavily on offshore registrations. The broker holds an investment dealer licence in Mauritius and is also registered in Anguilla, a British Overseas Territory in the Eastern Caribbean. It continues to use these entities to service clients while it develops its onshore strategy.
Despite its offshore beginnings, Monaxa has moved quickly to expand both its structure and product suite. The broker has rolled out a PAMM (Percentage Allocation Management Module) system and recently added cryptocurrency trading. In addition, it has announced plans to enter the rapidly growing prop trading sector, although those services have yet to be launched.
The timing of Monaxa’s South African licence is notable. While the firm seeks to grow its footprint in Europe, several larger competitors have withdrawn from the region. BDSwiss, for example, surrendered its Cyprus licence and now operates solely under offshore frameworks. Exness and RoboMarkets, meanwhile, have shifted away from European retail clients, catering only to institutions.
South Africa has become an attractive alternative, with regulators there providing a stable framework for brokers seeking credibility without the restrictive rules seen in parts of Europe.
Leadership and Group Structure
Monaxa appointed Trikomitis, the former Established Markets Director at Exness, as CEO in 2023, only months after his departure from the Cyprus-based giant. Under his leadership, Monaxa has positioned itself as a multi-entity brand. According to company disclosures, Monaxa Limited is registered with the Financial Services Authority of St. Vincent and the Grenadines, while Monaxa AU PTY Limited falls under the oversight of the Australian Securities and Investments Commission (ASIC).
Monaxa Ltd [A000001175] is also registered in Anguilla, with a head office at Cassius Webster Building, Grace Complex, PO Box 1330, The Valley, AI-2640. Meanwhile, Monaxa Ltd [GBC195868] is regulated by the Financial Services Commission (FSC) of Mauritius under Investment Dealer Licence GB23201577.
The broker has sought to cultivate a positive image among retail traders. It currently holds a 4.4 out of 5 score on Trustpilot. Its brand name itself—Monaxa—is a deliberate fusion of “money” and “axis,” and also carries a secondary resonance with the French phrase “mon axer,” meaning “my orientation point.”