As already mentioned, the initial deposit is 0.01 BTC, but what to do in case you don’t have any Bitcoins lying around? You can also use fiat currencies for depositing. You can simply buy some Ethereum, Bitcoin or Tether with your Visa or MasterCard.
Monfex Deposit in Cryptocurrencies
In case you do have some cryptocurrencies (Bitcoin, Ethereum or Tether), you can also depsit them instead of fiat currencies. Once you log in into the trading interface, go to the top left corner. Simply choose the account in your cryptocurrency. You already have your unique deposit address. It was assigned to you upon registration. Simply send cryptocurrency of your choice to the wallet address. You can find your address by clicking the deposit button. A pop up with the address will show up and all you have to do is copy it to your wallet, or you can only scan the QR code by using your mobile phone. It takes around one hour for the desposit process to be completed. There are no fees charged for depositing, which is always a good thing to hear.
Make sure to follow all the detailed instruction, available on the website.
It is important to note how this broker is not mentioning withdrawals via credit cards, even though deposits via credit card is possible. All withdrawals are processed to your crypto wallet. Make sure to type your address correctly. Furthermore, it has to be a Bitcoin wallet, as no other types of wallets are mentioned. This can be somewhat confusing for traders who are only entering the world of crypto trading.
No withdrawal fees are charged by the broker, but Bitcoin network can charge you some. It takes up to 24 hours for a withdrawal to be processed.
Monfex Pros & Cons
This broker has some good sides and bad sides.
- Withdrawal possible only in crypto
- Limited assets