Monfex Review – All You Need to Know About This Forex and Crypocurrency Broker

Monfex Rating

8.4

Trading Platform

9.0/10

Education

8.5/10

Customer Service

8.0/10

Account Types

8.5/10

Safety

8.0/10

Monfex Review

Amateur traders make the mistake of running to the first platform they learn of without making reasonable research on what is in their own interest. Their eagerness to trade makes them careless and they forget to save themselves the effects of a lot of errors that they are bound to make when they just run to any exchange or cryptocurrency platform. The most of the experienced traders will admit to being in this hasty category at some point but they learn the hard way that you need to be on the lookout for certain features and offers from a trading and exchange platform before registering with them. Some people might argue that this is inconsequential but when you are dealing with overcharged fees and unfair services or insecurity on a platform, you might wish you had done better while making your choice.

There are countless trading and exchange platforms out there and a trader should be on the lookout for the best and one of such platforms that can brag about providing premium services alongside the giants of the industry is Monfex.   

Monfex is a cryptocurrency trading platform that offers exchange services. It permits the trade of up to twelve coins which is more than what most other platforms offer. The least size of trade permit is 0.010 bitcoin. A sizeable volume of trade has been and is recorded by Monfex. Monfex allows the trade of cryptocurrencies against the United States’ Dollars. Traders can enjoy a leverage of up to 50. Of course if you have experienced or used a lot of platforms you would appreciate this sizeable leverage.  Traders and customers do not have to worry about the security of their funds as monfex provides them with a cold wallet with the foremost security measures to keep their funds. 

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Monfex stays ahead of their competition by fostering healthy business relations with other platforms and bigger crypto institutions to make it easy for their users to enjoy fair pricing and liquidity from these other institutions if and when they have the need to.  This attribute makes a monfex customer some sort of VIP player in the crypto trading business.

Monfex is somewhat discreet about the information about their background and their founders. It has been a source of concern to their many customers because it is rare for cryptocurrency platforms to keep their background discreet. However, this discreet nature is just an apparent attempt at modesty as there has been no report of scam or anything of such. There is no known identity of the platform’s administrators or where the company is based. 

Monfex is a fairly new crypto trading and exchange service. They have a large social media attention from a lot of people. The platform boasts of thousands of followers on Facebook. This social media following is a testimonial on its own about the interest of traders, customers and the general public on the platform. They make use of their social media space to educate and enlighten their followers. They also give trading tips and information about cryptocurrencies.  Announcements on their social media wall about webinars and other such activities are frequent.

Most people that want to be introduced to the world of cryptos and trading digital assets learn a lot from the educational and informative webinars and seminars hosted by Monfex. There are a lot of people that have benefitted from these programs and later on go ahead to become good traders on the Monfex platform. There are very few exchange platforms that are worried about educating their customers and traders. The most of them are only interested in the business and trade volumes that go on their platform so it is a plus for them.

Aside Facebook, the Monfex exchange platform has a YouTube channel that thousands of people are subscribed to. YouTube encourages the use of videos for entertainment or education so Monfex did just that. They guide and nurture budding traders on how to use their platform and be good at buying and selling cryptocurrencies. Added to their Facebook and YouTube social media outlets, Mofex makes use of blogs. They run a blog that provides informative and educational pieces and points of views. They offer tips and fun facts about cryptocurrency that traders and their customers will find very useful in their business. You can also enjoy tutorials on the blog on the best way to get the best out of the platform. You would think that a blog, Fcebook and YouTube would be more than enough information outlets for Monfex but they have a library packed with knowledgeable facts on crypto trading and exchange.

With the level of interest Monfex has invested in educating their customers and traders it is evident that they are not only interested in trades but enlightening people on the business and they are right to do so if the number of ignorant people as relates cryptocurrency is considered.

How to start on Monfex

Signing up at Monfex is really very simple. It does not require details that you would rather not give out. You need to fill out the spaces that demand your name and your phone number. Your email address and your country of residence is also needed during registration or signing up. Monfex does not let the people from United States to trade or make deposits. It is just their policy and they do not let it. 

After registration, the next step would be to get your account verified. The verification requires you provide legal forms of verification like Identity Cards issued officially or an international passport. They also expect that they are able to verify your place of residence by seeing an uploaded utility bill like electricity bill or water bill that is as recent as just three months. To be able to trade after registration and verification of your account, you will be required to put some cryptocurrencies. You are not able to trade unless you deposit cryptocurrency into your Monfex account. You are provided with an address that is generated by default so that you can transfer bitcoin or any crypto to your wallet. You can purchase bitcoin or other cryptos conveniently with a credit card through a platform known as Simplex.

Monfex allows a trader to only deposit cryptos and not fiat money at the platform. You can use other cryptos such as Tether, Ethereum and of course bitcoin in your accounts but Monfex hints on including fiat money to their trading platforms but till they do so, traders on the platform are limited to cryptocurrencies.         

Trading on Monfex

Most people assume trading of cryptocurrencies on every platform to mean the actual buying and selling of these digital currencies but it is actually not that. Like forex, you are only predicting the price of the cryptocurrencies against the United States’ Dollars. You do not get the cryptocurrency delivered to you. The logic behind this according to Monfex is that the delivery of these coins maybe at the risk of hacking. The compensation is perhaps the huge leverage that they offer their traders. This is the way trading works on Monfex once you begin.

As mentioned earlier most of the trades are cryptos versus the United States Dollars. To initiate a trade you choose to buy or sell on the side of the trading dashboard often times it is the left. While you select what type of trade you want to initiate on the dashboard, in the same breath you may as well decide what amount of leverage you want. Completing these steps is vital to make your trades and deal productive. It is one thing to want to trade and it is another to know how to trade especially if you want to get it right. It is fairly easy to navigate through the User-Interface but you need to know how to do it.

On the trading dashboard you have access to useful information such as the history of trades. You can set up your dashboard so that all you see are data that makes your trade easy.  When you are uncertain, you can practice on a demo account which is funded with one bitcoin. You can attempt trades with the real prices.

Monfex Charges

Monfex as a trading platform does not charge traders or customers when they make deposits into their accounts. Most other platforms charge a fee which they often refer to as deposit fee. You do not buy cryptos or bitcoin from Monfex directly. You buy through a third party platform. This third party platform is known as Simplex. An extra charge is procured when you transact with Simplex, they charge three and half percent or ten dollars on every transaction. You cannot purchase more than twenty thousand dollars daily when you are buying from Simplex. In a month you can transact with Simplex on a maximum tune of fifty thousand dollars. The least transaction on Simplex is set at fifty dollars.

 A customer or trader should be intentional about finding out the fees or charges on transaction on Monfex. They are there but not very clear. The clear examples of charges include a 0.075% fee per trade as a non-negotiable commission. This commission is one of the lowest by any platform. The transaction charges of other platforms per trade scare potential traders and customers away. Fortunately for traders on the lookout for fair and low transaction prices there is Monfex. Traders need not worry about liquidation as there are a lot of transactions going on every day on the platform. The spread offered by Monfex is substantially low. The result of this is the liquidity enjoyed by customers in the crypto market.

It is also important to note that there is a fee for making use of leverage. This fee is called the financing rate. For every time you make use of leverage you pay the financing rate. Financing rate could go for different names such as SWAP rate or rollover rate. When you hold a market position open over a night you get to pay a financing fee. The financing rates are flexible and are not constant.  

Customer support system on Monfex

The first support Monex provides for traders and customers is the guidance and tutoring materials they provide.  This service and support can never be underplayed. They make these tutorials easy to comprehend and the trading dashboard easy to navigate all the time. They even teach from the scratch, a total newbie could pick up so much knowledge and materials that you can transform into a good trader. You can learn everything about how crypto works and what makes a person a good trader, the important things in the business. Unlike some platforms with a language bias like Lbank, Monfex has their website translated to different languages, up to six of them that include; German, English, Spanish, Mandarin, and Portuguese. 

Whenever issues arise or a customer has questions that the FAQs do not address then they reach to the customer help hotline, a UK phone number. The contact page on the site is there to offer further assistance to you if you would rather write to them or you could reach for support on Telegram as well. They call it a hotline for a reason which is that it is available around the clock, all year around.   

Feedback is not slow or stifled since they are not a lot of people too much for them to handle at a time. The users are just enough that the customer support system can handle every complaint ticket effectively.

Safety and security on Monfex   

Most people are a deterred from trading on most platforms because they are concerned about the safety of their funds. There are countless stories of experiences of people who have had a bad run with security and lost a lot of their money. It is almost impossible to calm people’s worries and concerns about that problem but there are sites that have taken a lot of precautions to make sure that there are not such occurrences on their platform. Monfex tries to put every possible check to protect the funds of their customers. They provide a cold wallet for the traders or users to store their bitcoin deposits. The needed funds for operations are the only ones that are kept hot.  

Monfex also makes use of the two-factor verification as an extra step towards shielding you from any forms of hacking or attempt to access your account. Any unwarranted third party access is not allowed. You cannot also withdraw funds from your account except a form with questions only the account owner should have answers to has been filled completely. These extra covers are put in place to make sure that funds only leave your account with your authorization.

The SSL of the site is coded to protect the traffic flowing through it. The traffic and transactions that are carried out on the site is monitored by Monfex. Whenever there is a fraudulent activity, the system notices it and prevents it. Their system is program to keep tabs on the security outfits and where there is a loophole so that they can cover it.   

 Merits of Monfex

  • Monfex takes very low commissions when compare to other platforms doing the same thing in the industry. The fees and charges they take for transactions are fairly easy on the trader.
  • Customer Hotline: Monfex exchange has a hotline that is always open around the clock to cater to the problems and needs of the customers. They can deal with issues as rapidly as possible once they are contacted. The UK hotline is ever functional and answers all the questions that could be a source of worry to a customer at a particular time. The solution proffering hotline is the best any customer on any platform could ask for.
  • Other platforms have a rigorous Know-Your-Customer verification that is necessary for even deposits and withdrawals but Monfex does not demand the extra personal information and processes involved in the KYC. You can withdraw and deposit easily.

Demerits

  • Not having credible information that is not based speculations about the company spooks a lot of people and makes them feel unsafe with the platform. That verifiable background that most other platforms have is one of the reasons the customers are comfortable with them but Monfex does not have that.
  • Most traders would want to transact using fiat money and other digital assets that are not cryptos but Monfex does not permit that. Cryptocurrency is the only acceptable deposit mode that is allowed on Monfex and nothing else.
  • There is no place for users from the United States. Some other platforms have this problem but it is discriminatory and the US market makes up a large chunk of the enlightened members of the crypto community. So if you are a user from US it is best to try other platforms as Monfex has you restricted.

Summarily, Monfex on its own is a growing exchange and crypto trading platform that is trying to offer their best services to the teeming number of customers they are having.

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