Monfex Review 2020

Monfex is an online trading broker that provides its clients with the state-of-the-art platforms for trading over 200 financial instruments with flexible leverage of up to 1:400. They offer a range of useful trading tools and educational materials. However, the broker is unregulated whilst they have limited account types and funding options.

Monfex Review 2020, Pros & Cons
  • Various trading platforms for desktop web & mobile
  • Over 200 financial instruments are available for trading
  • Selection of educational materials
  • Unregulated broker
  • No US clients are accepted
  • Limited trading account options
  • Limited account funding options

In this detailed Monfex review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.

Monfex is not ranked in our best forex brokers, best stockbrokers, best CFD brokers, best crypto brokers, or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Monfex

Monfex Review: Summary

Monfex is an online trading broker that offers well over 200 trading instruments across different asset classes, such as forex, indices, commodities, cryptocurrencies, and stocks, for trading online via user-friendly trading platforms. The broker caters to the trading needs of over 200,000 active traders across more than 25 countries. Clients get access to a range of useful trading tools and educational resources. No commissions are charged for deposits and withdrawals. There is also a 24/7 client support team to assist traders.

Monfex Review: Broker Features Overview

Monfex Review: Broker Features Overview

Monfex Review: Regulation

The Monfex website is owned and operated by SWISS-SVG HOLDING. The broker ensures the protection of clients’ funds by safekeeping them in cold storage. There is also the two factor authenticated to protects your accounts from being hacked. However, there is no regulatory information on the broker’s website. Most experts would not want to trade with an unregulated broker as they do not offer the same level of protection that a regulated broker can.

Monfex Review: Countries

Monfex allows traders from different parts of the world to open an account with them if their countries of residence permit online trading with international brokers. However, the broker states specifically that its products and services are not available for residents of the United States or any other jurisdiction where Monfex services are not offered.

Some Monfex features and products mentioned within this Monfex review may not be available to traders from specific countries due to legal restrictions.

If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.

Monfex Review: Trading Platforms

The broker provides traders with the popular and highly sophisticated MetaTrader 4 trading platform. It was developed in 2005 by the Russian software company, MetaQuotes. Due to its wide functionality, the MetaTrader 4 platform is popular with both beginners and experienced traders. It has an intuitive interface and rich functionality that allow you to carry out trading and conduct the necessary technical and fundamental market analyses. You can use ready-made trading strategies or develop your own using the built-in MQL4 programming language.

The MT4 platform is available as a desktop application for Windows and Mac computers and as a WebTrader that offers traders a unique opportunity to use the MetaTrader 4 platform directly from the monfex.com website. It can run directly on most modern web browsers like Chrome, Safari, Firefox, and Edge, without the need to install any additional software. There is also the MT4 mobile app, which is compatible with Android and iOS devices and can be downloaded from the respective app stores. The mobile trading app is handy and gives traders access to manage their accounts and place trades at any time and from anywhere in the world, provided there is an internet connection.

Monfex Review: MT4 Platforms

Monfex Review: MT4 Platforms

There is also the Monfex Trading platform; it is designed to provide its users with the lowest latencies and meet or exceed all industry standards. The system is designed to provide a user-friendly experience whilst maintaining the standards that institutional investors have come to expect. It is available as a web platform that requires no downloads or installations as it runs directly on most modern web browsers and operating systems, as well as a mobile platform that is designed for smartphones running on Android and iOS.

Monfex Review: Trading Tools

Monfex does not have any well-defined standalone trading tool. However, the MetaTrader 4 trading platform should have more than enough built-tools to enhance clients’ trading experience and help them achieve their trading goals.

Monfex Review: Education

The broker’s website has a vast array of educational resources that help to improve the trading skills and knowledge of users. They include:

Trading Academy

The Trading Academy teaches traders how to trade online with the broker. It has articles and guides on various trading topics, including how to use the Risk/Reward ratio in trading, how to develop a trading plan, Bitcoin trading guides, webinars, and much more.

Trading Blog

The blog gives traders industry updates, platform updates, market analysis, and other relevant information that keep clients in the know about the latest happenings in the financial markets.

Monfex Review: Trading Blog

Monfex Review: Trading Blog

Trading Tutorials

The tutorials provide traders with guidelines on how to use the Monfex trading platform. It has articles covering a range of topics, such as Bitcoin mining, How to trade cryptocurrencies, and more.

Monfex Review: Trading Tutorials

Monfex Review: Trading Tutorials

Monfex Cocktails

This is a perfect mix of trending news, top investing stories, and best trading ideas delivered to you, fresh, each week.

There is also the Financial Dictionary, which contains a glossary of trading terminologies and their definitions, and the Crypto Knowledgebase that offers knowledge on blockchain and cryptocurrencies.

Monfex Review: Trading Instruments

Monfex is an online trading broker that offers well over 200 trading instruments across different asset classes, such as forex, indices, commodities, cryptocurrencies, and stocks, for trading online via its user-friendly trading platform, long or short with a leverage of up to 1:400. Traders get access to the most liquid Forex pairs: Euro, Pound sterling, New Zealand dollar, Australian dollar, and more, as well as CFDs on the most popular stocks and shares: Apple, Amazon, Google, Tesla, etc. Available Cryptocurrencies include Bitcoin, Ethereum, Litecoin, Ripple, EOS, Monero, and more. Client’s can also trade CFDs on the most profitable commodities, such as Gold, Silver, Oil, Natural Gas, and Palladium, along with the most popular indices, like the Dow Jones, S&P 500, DAX, FTSE, etc.

Monfex Review: Trading Accounts & Fees

The broker provides clients with the Monfex Live trading account. It is quick and easy to set up, and it offers the dual authentication, also known as 2FA or two-step verification, which is an industry-standard authentication scheme that makes users provide two separate authentication factors before allowing access to accounts. This is far more secure than simple password protection and can be set up easily in minutes.

Monfex Review: Customer Service

Monfex provides clients with a professional customer support team that is on hand to offer knowledgeable and prompt response to clients’ general, technical, or account-related inquiries. The Customer Services Team is available 24/7 and can be reached via Telephone and the Live Chat function on the broker’s website, as well as by filling the ’Get in Touch’ form on the broker’s website. The broker is also available on social media handles: Facebook, Instagram, Twitter, and Telegram.

Monfex Review: Deposit & Withdrawal

Monfex accepts a wide variety of account funding and withdrawal methods, including:

  • Bank wire transfer
  • Credit/Debit cards — including Visa and MasterCard
  • Cryptocurrencies — such as Bitcoin, Ethereum, and more

The various payment methods have different processing times. Additional fees may be charged when using certain payment methods.

Unless otherwise agreed, withdrawals from the Account may only be made in the same currency in which the respective deposit was made. In addition, when you deposit or withdraw money for trading purposes using alternative payment methods, you should be aware that additional fees and restrictions may apply. Withdrawals are subjected to withdrawals processing and handling fees. Those fees will be deducted from the transferred withdrawn amount. Without derogating the foregoing, Monfex may execute withdrawals to a different facility than the one used for the deposit, subject to Anti Money-Laundering regulations. Furthermore, when it comes to withdrawals, Clients may be required to present additional information and documents.

Monfex Review: Payment Methods

Monfex Review: Payment Methods

As broker fees can vary and change, there may be additional fees that are not listed in this Monfex review. It is imperative to ensure that you check and understand all of the latest information before you open a Monfex broker account for online trading.

Monfex Review: Account Opening

Opening a live trading account with the broker is quick and easy. Firstly, click on the ‘register’ icon on the broker’s website and fill the form accordingly whilst supplying the required relevant information and checking the appropriate boxes, thus agreeing to the broker’s privacy policy and terms of service. The account opening form is as shown below:

Monfex Review: Broker Account Opening

Monfex Review: Broker Account Opening

Then you will have to confirm your identity by uploading the relevant KYC documents. Once your account has been created and verified, you can proceed to fund your account and begin trading online when you feel ready to do so.

It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.

Monfex Review: Conclusion

Overall, Monfex is an online trading broker that offers over 200 financial instruments for trading online via sophisticated trading platforms. The broker caters to the trading needs of over 200 active traders across more than 25 countries. Clients get access to a range of useful trading tools and educational resources. No commissions are charged for deposits and withdrawals. There is also a 24/7 client support team to assist traders. However, the broker is not regulated by any known financial authority, and it has limited trading account options.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Min $100 Deposit

Monfex is an online trading broker that provides its clients with intuitive trading platforms for trading over 200 financial instruments with flexible leverage. The broker offers various trading tools & educational materials but they are unregulated.