Monfex review will tell you much useful information on this crypto broker. Monfex is a broker specialized in cryptocurrency trading that makes even depositing and withdrawing in cryptos possible. This is a very unusual feature, as many brokers offer only cryptos as assets, and not as a currency that can be used for payments. This broker is owned by TENB Ltd, Saint Vincent and the Grenadines (25024 IBC 2018).
This broker offers traders the possibility to trade popular cryptocurrencies against USD. Monfex review showed how this broker offers 12 different cryptocurrencies you can trade against USD. More on that, how to open an account, make a deposit and what trading with this broker is really like, find out in the review below.
Monfex is a broker that relies heavily on the trend of crypto trading. Traders can place trades for pairs containing cryptos, and make a deposit in three popular cryptocurrencies: Bitcoin, Ethereum and Tether. If you are here to trade cryptos, you should know how Monfex supports 12 different currencies:
- Bitcoin Cash
- Ethereum Classic
Leverage for pairs containing USD and one of this cryptos can be up to x50. However, during this review, the highest leverage we encountered was x15, while most popular cryptocurrencies had leverage x10.
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Minimum deposit with this broker is 0.01 BTC, and minimum trade can range from 0.01 lot, depending on the asset. All minimum trades per asset are as follows:
- Bitcoin 0.01
- Ethereum 1.00
- Ripple 100.00
- EOS 10.00
- Litecoin 1.00
- Bitcoin Cash 0.10
- Dash 1.00
- Ethereum Classic 10.00
- Zcash 1.00
- OmiseGO 10.00
- NEO 1.00
- Monero 1.00
According to the Monfex website, the leverage can go up to x50, depending on the asset. On the day of writing this review, maximum leverage was x15.
What we found interesting is the fact that this broker is not offering any specific account types, created to suit needs of different types of traders. Beginners and advanced traders, those with small funds and with a lot of money, all get same level of service. Traders who are planning to trade higher more often, might find that to be a problem, as they are used to some perks and privileges.
Monfex Demo Account
Monfex is using a proprietary software that is web-based. Traders only need to know their username and password, and they can easily access it from any device with internet connection. There is no need to download and install any programs. This web-based platform is also responsive to mobile phones, so you don’t have to download any apps either. However, an app would mean you get easier access when on the go.
When we opened our trading account to test the platform, we noticed how we can also use a Monfex demo. Monfex demo comes with virtual money (1.000000 BTC) you can use to test your strategies and learn more about the platform. Demo account is completely free, but it is not very visible on the trading interface. You can find it if you click “Current account” in the top bar, and then select it. We have to make one important remark about the demo: while this amount is more than enough to test it, it can also give traders a false sense of safety, as it is more than average trader is willing to spend on trading at once.
Traders can reach Monfex customer support:
- Via phone number for the UK +44 20 7979 5636
- Via live chat
Live chat is the fastest and often considered to be the most convenient way of communication with the broker. Monfex live chat can be found in the bottom right corner on the website, but it is not available on the trading interface.
You can also try to find the answer by yourself by browsing the “Resource” section. It contains many videos, tutorials, blog posts and articles that can come in handy. However, they all offer only general answers, just like the FAQ section. In case you have a specific question regarding your account, you will have to ask customer support for more information. Customer support is free of charge, as long as you don’t decide to use your phone, especially when it comes to international calls.
Monfex banking procedures are somewhat different than procedures with other brokers, because they support depositing and withdrawing in cryptos as well. Traders who don’t own any cryptocurrencies can use their Visa or MasterCard to to buy cryptos. Minimum deposit is 0.01 BTC.
Monfex Cryptocurrencies Deposit
If you already own some cryptocurrencies, depositing can be done more directly. However, Monfex accepts only deposits in Ethereum, Bitcoin and Tether. First, make sure to log in to the trading interface. Then, choose the cryptocurrency for your account. Bear in mind that upon registration you were credited with a unique deposit address. Now, use your personal crypto wallet to send the cryptocurrency deposit to your deposit address. You can do that by copying the address or by scanning the QR code in a pop up. The money will be visible on your trading account within an hour. You will be charged no fees for making a deposit.
When it comes to withdrawals, Monfex is a bit specific. For example, you can’t make a withdrawal to your credit card even if you used it for depositing. You can only get a withdrawal on your e wallet, and in bitcoins. This was a very unpleasant surprise, as we were expecting to get an opportunity to withdraw in other supported cryptos as well. We did not receive any complaints about the Monfex scam
All withdrawals are processed within 24 hours. Broker doesn’t charge any withdrawal fees.