Monaxa starts at a minimum deposit of USD 15, and XS has no stated minimum deposit on the Standard account. Both let you start small, but they publish spreads on different bases and structure their bonuses differently.
This article compares the two using the data confirmed on this site (Monaxa on 2 September 2026, XS on 2 August 2026) and sets out how to choose by conditions. By the end, you can narrow down the account that fits your funds and trading style.
Conclusion: compare Monaxa and XS by funds, cost and perks
- Minimum deposit: Monaxa starts at USD 15 (Standard and Cent). XS has no stated minimum on Standard and Cent
- Cost: Monaxa has a Zero account from 0.0 pips (USD 3.50 per side). XS publishes average spreads (1.1 pips on Standard)
- Leverage: both offer up to 1:2000*. The conditions that apply vary by account and balance
- Perks: Monaxa offers dedicated bonus accounts based on deposit size. XS gives credits for identity verification and a first deposit
The two brokers publish spreads on different bases, so numbers alone cannot rank them. Choose your shortlist by your funds and how often you trade. The figures shown on the sign-up screen and in the client portal take priority.
Monaxa vs XS minimum deposit: which is easier to start small?
| Account | Monaxa | XS |
|---|---|---|
| Standard | USD 15 | No stated minimum |
| Cent | USD 15 | No stated minimum (MT5 only) |
| Pro | USD 50 | USD 500 |
| Zero / Elite | USD 200 (Zero) | USD 500 (Elite) |
| VIP | None | USD 100,000 |
※ Monaxa has no account equivalent to XS VIP. The pairing of account names is a rough guide.
At the low end, XS Standard and Cent have no stated minimum. Monaxa starts at USD 15, which also suits a small start.
The gap is larger for Pro. Monaxa Pro is USD 50 and XS Pro is USD 500. If you want a mid-tier account with less capital, Monaxa is a candidate.
Monaxa vs XS spreads and commissions: watch the different bases
| Account | Monaxa | XS |
|---|---|---|
| Standard | From 1.8 pips, no commission | Average 1.1 pips, no commission |
| Cent | From 1.8 pips, no commission | Average 1.1 pips, no commission |
| Pro | From 0.9 pips, no commission | Average 0.7 pips, no commission |
| Zero / Elite | From 0.0 pips, USD 3.50 per side per lot (Zero) | Average 0.1 pips, USD 6 round turn (Elite) |
※ Monaxa's figure is the minimum spread on its official account types page. XS's figure is the average EURUSD spread published officially. The bases differ, so do not compare the numbers directly.
Monaxa's figure is a minimum spread, and it can widen depending on trading conditions. XS's figure is an average.
When comparing, look at the actual spread on the currency pair you trade. For accounts with a commission, think in terms of total cost: spread plus commission. Monaxa Zero's USD 3.50 per side comes to USD 7 round turn.
Leverage and stop out level: how Monaxa and XS differ
| Item | Monaxa | XS |
|---|---|---|
| Maximum leverage | Up to 1:2000* (Cent is 1:1000*) | Up to 1:2000* (as listed for Standard) |
| Loss cut related | Margin call 50% / stop out 20% | Check the account and the conditions that apply |
| Platforms | MT4 and MT5 on all accounts | MT5 only on Cent; MT4 and MT5 on the others (VIP is MT5 only) |
| Zero cut (negative balance protection) | Yes* | Yes* |
※ *Each broker's terms take priority over the conditions and exceptions. For XS Cent, Pro, Elite and VIP, the data confirmed on this site shows the maximum leverage as "check current terms".
A stop out is the forced closing of positions when the margin level falls to a set level. Monaxa publishes its level. For XS, check the detail page of each account.
Maximum leverage can be lowered by balance or trading volume. High leverage also magnifies losses, so use a lot size that is manageable for your funds.
Monaxa vs XS bonuses: only the always-available offers
| Perk | Amount | Main conditions |
|---|---|---|
| Monaxa Lifetime Bonus | 30% of the deposit (cumulative cap USD 6,000) | Applies to deposits into the dedicated Lifetime Bonus account. USD-denominated |
| Monaxa Welcome Bonus | USD 50 for a USD 25 deposit | Applies to the first deposit into the dedicated Welcome Bonus account. Not a no-deposit bonus |
| XS Account Opening Bonus | JPY 5,000 credit | Granted automatically when identity verification is complete. Withdrawal requires trading 5 lots or more |
| XS First Deposit Bonus | JPY 10,000 credit | First deposit of JPY 20,000 or more. Requires trading 5 lots or more within 60 days |
※ The bonus credit itself cannot be withdrawn. Withdrawing or transferring funds before you meet the conditions can cancel the credit.
Monaxa's bonuses apply to dedicated accounts, not to deposits into regular accounts such as Standard. Bonus accounts have a 30% stop out and dynamic leverage (maximum 1:500 to 1:50). Trading through a VPS is prohibited.
XS's bonuses apply to MT5 accounts. Only positions held for 2 minutes or more count toward trading volume. If you plan to use EAs or scalping, read the conditions first.
Monaxa or XS: how to choose by your conditions
| If you... | Candidate | Reason |
|---|---|---|
| Want to try with as little capital as possible | XS Standard and Cent / Monaxa Standard and Cent | XS has no stated minimum. Monaxa starts at USD 15 |
| Want a Pro-tier account with little capital | Monaxa Pro | Its minimum deposit is USD 50, lower than XS Pro |
| Want to receive credit without depositing | XS Account Opening Bonus | JPY 5,000 on identity verification. Monaxa's Welcome Bonus needs a deposit |
| Want a low-cost account that includes commission | Monaxa Zero / XS Elite | Both charge a commission. Compare total cost on the pair you trade |
| Want extra credit that scales with your deposit | Monaxa Lifetime Bonus | 30% of the deposit. Check the bonus account restrictions first |
Monaxa's bonus accounts have restrictions such as a VPS ban. If you plan to run EAs, you could choose a regular account instead. For both brokers, check the terms of use in their rules.
Four steps to check before choosing Monaxa or XS
- 01Decide how much you will deposit
Set your first deposit and the most you could add later. Once you have a rough figure, the candidate accounts narrow down.
- 02Check spreads on the pairs you trade
After opening an account, check the actual spread for each pair in the client portal or trading platform.
- 03Read the bonus conditions
Check the withdrawal conditions, expiry and eligible accounts first. Avoid withdrawing before you meet the conditions.
- 04Save the legal entity and terms shown at sign-up
Monaxa is presented as "Monaxa Ltd / Mauritius FSC (registration number GB23201577)". For XS, confirm the applicable entity on the sign-up screen.
Monaxa Ltd (service name Monaxa, overseas) is listed on the FSA (Japan's Financial Services Agency) list of unregistered operators, dated December 2024 in the Reiwa calendar (confirmed 17 October 2026). This is a notice that solicitation took place without registration. It is not a finding of fraud, and it means Japan's trust preservation and financial ADR do not apply. For both brokers, search the list yourself under the contracting entity's name.
Is Monaxa a scam? Checking withdrawal-refusal rumours against official information →
Frequently asked questions
Q. Which is better, Monaxa or XS?
A. Neither can be called better. Whether to start with XS Standard, which has no stated minimum deposit, or Monaxa from USD 15 depends on your funds. Spreads are published on different bases, so compare actual figures on the pairs you trade.
Q. Monaxa vs XS: which has the lower minimum deposit?
A. XS Standard and Cent have no stated minimum deposit. Monaxa Standard and Cent start at USD 15. For Pro, Monaxa is USD 50 and XS is USD 500, so Monaxa is lower.
Q. How do the Monaxa and XS bonuses differ?
A. Monaxa's bonuses are based on deposits into dedicated bonus accounts: 30% (cumulative cap USD 6,000) and USD 50 for a USD 25 deposit. XS gives a JPY 5,000 credit for identity verification and a JPY 10,000 credit for a first deposit of JPY 20,000 or more. In every case, withdrawal comes with trading conditions.
Q. Should I choose Monaxa or XS to start small with offshore forex?
A. If you want to try without depositing, the XS Account Opening Bonus is a candidate. Monaxa's Welcome Bonus requires a USD 25 deposit. Even when starting small, read the bonus account restrictions and trading conditions first.
Q. Is the leverage different between Monaxa and XS?
A. Both offer up to 1:2000*. Only Monaxa Cent is 1:1000*. It can change with balance, trading volume and instrument, so check the sign-up screen and the terms.
Sources and conditions
- Monaxa Official Japanese Site: Account Types (Japanese, checked 17 October 2026, some items only) →
- XS Official Japanese Site: Account Types (Japanese, checked 17 October 2026, Standard and Cent only) →
- Monaxa Official: Bonus Page (Japanese, checked by this site on 2 September 2026) →
- Japan FSA: Names of Persons Conducting Financial Instruments Business Without Registration (Japanese) →
- Monaxa Account Types and Trading Conditions (this site) →
- XS Account Types and Trading Conditions (this site) →
- Advertising disclosure and risk warning →
FX Textbook is an independent information site, not a broker or provider of personal investment advice. Forex and CFDs involve risk. You may lose some or all of your invested capital. No trading result is guaranteed.
NEXT STEP
Narrowed down your candidates? Check the account conditions.
The conditions of Monaxa's four accounts and XS's five accounts, and the steps to open an account, are set out on the broker pages.
Brokers covered in this column
Account types, trading conditions and current offers are on each broker page.