Monfex review will introduce you to new cryptocurrencies trading platform. Trading cryptocurrencies has been popular for quite a while, and it is becoming more interesting to traders all over the world. Obviously, this makes more and more trading platforms appear on the market. Monfex is one of them, and what makes it interesting is the fact that it supports trading different cryptocurrencies against the USD. They claim to be the ones who will revolutionize crypto trading, and promise that you can create a trading account within 15 seconds.
In Monfex review you will find out whether these promises are true or not. Make sure to read everything you need to know about Monfex features, software, customer support and banking methods.
Monfex is owned and operated by TENB Ltd, , an International Business Company incorporated under the laws of Saint Vincent and the Grenadines (25024 IBC 2018).
Account Features
Monfex trading software gives traders a unique opportunity for traders not only to trade cryptocurrencies as assets, but also to make a deposit in Bitcoin, Ethereum and Tether. Traders can trade the following cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Ethereum Classic, Dash, Zcash, EOS, OmiseGo, NEO and Monero. All these can be traded against USD. The leverage goes up to x50. Minimum deposit with Monfex is 0.01 BTC. Great news is that there is no deposit fee, and that you can buy the cryptocurrency allowed for depositing in order to do so.
The minimum trade size ranges from 0.01 lot, but it is different for every asset. Leverage can go up to x50, but here are some more information on it (leverage at the moment of writing):
- Bitcoin x10
- Ethereum x10
- Ripple x10
- EOS x15
- Litecoin x10
- Bitcoin Cash x10
- Dash x15
- Ethereum Classic x15
- Zcash x15
- OmiseGo x15
- NEO x15
- Monero x15
Monfex Spreads
Comission on all cryptos was 0.11%
Here are some spreads on most popular pairs on the day of writing of this review:
- BTC/USD – 1.50
- ETH/USD – 0.25
- LTC/USD – 0.17
- BCH/USD – 0.57
- XRP/USD – 0.001
Monfex doesn’t have any specific account types you can choose from. All traders get the same treatment, no matter how much they deposit or how experienced they are.
Trading Software & Assets
Monfex does not specify what software is being used as a trading platform. The only information we were able to find is that it is web based and mobile responsive. This means you can trade from different devices as long as you know your username and password. You can also access the trading platform via your mobile browser, without downloading the app.
Monfex Demo Account
Once you register, you really get access to the trading platform within seconds (as long as you verify your email address). We were pleasantly surprised there is a Monfex demo account available, because it was not advertised on the website. To access your Monfex demo, simply click “Current account” at the top of the website and choose “Demo” in the menu. Monfex demo account comes equipped with incredible 1.000000 BTC – more than enough money to test the platform.
Support Information
Monfex customer support is available via live chat. You will find the live chat window at the bottom of a website. Before you talk to an agent, you will have to enter your name, address and type the inquiry. You can add an attachment as well. However, once you enter the trading platform the live chat window disappears.
There is also a phone number for the UK customers: +44 20 7979 5636
Traders can also take a look at the FAQ section. It is very detailed and traders will find many answers they are looking for. However, more educational materials can be found in other places as well. Make sure to take a look at Resources tab. There, you will find many videos, tutorials, financial dictionary, news and a knowledge base. Education may take some of your time, but it will definitely help you understand crypto trading much better.
Banking & Company Information
Monfex Deposit
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.
Monfex Withdrawal
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.
Pros:
- Free demo
Cons
- Withdrawal possible only in crypto
- Limited assets