How did I first hear about Monfex?
I saw various advertisement on Facebook which were all sponsored posts, showing up intermittently on my newsfeed for a period of time, so thought I would check them out as I am always looking out for new brokers to recommend as well as become a client of.
What was my first impression of them?
I did not have a lot to go by in all honesty, other than the sponsored advertisements on Facebook which enough for me to be curious about them. From the sponsored posts, it appeared they were very much about crypto trading which drew me in further. It appeared they are fairly new to the industry which I deduced from the minimal advertisements displayed online, and the few comments I saw on forex forums in regards to them.
How easy is it to navigate the broker website?
On first perusal, the website looks rather simplistic, yet very appealing. The first thing that becomes apparent is that they appear to be a ‘go to’ broker for cryptocurrency trading. The layout is very clearly marked out making navigation a breeze.
Do they offer a good variety of tradable assets?
If you are a cryptocurrency only trader, Monfex could be suitable- Monfex do not offer a variety of assets, they only offer crypto coins versus the US dollar. They do not have a large variety, but they offer 12 crypto coins that you can trade against USD.
Do they offer different account types and what are the benefits?
No, Monfex offer one straight forward account for all, which allows cryptocurrency trading via their very own customized platform instead of the standard MT4.
I like the fact that Monfex seem to keep complications to a minimum which is refreshing as some brokers offer such an array of account types to choose from, with such similar trade conditions, which makes opting for the ‘right’ one, incredibly time consuming as well as confusing.
How competitive are their spreads?
Since I am an avid cryptocurrency trader, I am familiar with the average spreads you would expect to see from brokers who offer CFD cryptocurrency trading. I was absolutely astonished to see such spreads offered by Monfex as they are abnormally low across the board, on their platform. I have been with brokers in the past who offer crypto trading which have competitive spreads, but never have I EVER seen such low spreads on cryptocurrencies. It seems almost impossible they could be so low, especially with cryptocurrencies being highly volatile assets.
If Monfex are able to offer such low spreads, I can only assume this broker feel safe in the knowledge they make more money via in housing the majority if not all, of their clients’ trades. If you compare the average spreads with prices you find with alternative brokers, it really is mind blowing to think HOW the broker managed to offer such low spreads, and across all pairs.
What is their commission charge?
It struck me as odd and inexplicable that BTC USD is the only pair that comes with a trade commission charge, whilst all the others do not. It states on the website that if you are trading BTC/USD, the charge is 0.11%. Although this appears to be relatively low, the larger the trade size is, fees could really start racking up. Also, with Bitcoin being still one of the most popular and most traded cryptos, this is a very smooth way the broker has thought about making profits easily.
What is the maximum leverage they offer?
The maximum leverage offered by Monfex is 1:15. This is very much middle lane seeing that I have come across brokers offering double that for crypto trading, and likewise have seen brokers under ESMA regulation causing crypto trading caps to be are even lower.
Seeing as Monfex are not restricted by regulation, I can’t help but think 1:15 leverage is less than generous, and not only that, but also meaning it is a lot more challenging to make substantial profits.
I also did not like that fact that the homepage states clients are offered up to 50 times in leverage, however when you actually delve deeper on the page where the pairs are listed, it states that some pairs can be traded with 1:10 leverage, and others at 1:15 only (please see image above in the third column)
What documentation do I need to provide to open a live account?
You don’t! The great thing about Monfex is that you are not required to submit any document proof of ID or proof of residency, for the simple fact that this is a crypto only broker meaning you can deposit only via cryptocurrency, so you are trading anonymously.
This is really rather convenient for the client; however, some could argue that it is preferable for clients to be vetted for security of funds purposes.
How long does it take to open a live account?
First of all I want to mention here that Monfex have been quite manipulative with not offering a Demo account to practice on first, but instead, when you click ‘open account’ you are required only to fill out your name, email, and create a password and within about 10 seconds you are taken to the live platform. You will then receive an email almost instantaneously with a button to click on to verify your email address. After that, you simply input your password and you are ready to trade live.
This is by far the quickest account opening process I have ever experienced; however, I could not help but think that the urgency in the speed of this process reflected on the broker itself in the sense that they are very keen to get clients up and running asap, in order to deposit faster. Even the first email I received for them had an ‘inviting’ looking button to deposit funds, whilst not even having the account for more than 5 minutes.
Are desktop/mobile/web trader versions all available?
Yes, but only on their own platform. You are not able to trade with MT4 with Monfex. The platform itself is easy to navigate however in my opinion, I feel that they have simplified this platform in such a way that this could easily manipulate the trader’s mindset to make it appear to be a very straightforward experience with easy profit opportunities. whereas MT4 could appear to a little more corporate and thus potentially a little more intimitdating making clients really think about trading with caution.
Do they have a minimum/ maximum deposit requirement?
Yes, the minimum deposit is 0.001 BTC. Bear in mind you can fund your account with Bitcoin, Ethereum or Tether I feel this is a rather clever yet cheeky way to bump up the deposits as the value of bitcoin fluctuates.
At the time of this review being written, the value of Bitcoin was 9843.7, meaning the deposit requirement at that time, for me, would have been over $9.
Do they offer a bonus scheme?
I could not find anything on the website to insinuate that they offer bonus schemes of any kind, so I asked the live chat, however, I never got a direct response. As a result, I tried sending in an email and in return I received an email saying that my request had been received, with a ticket number, but I never actually received a response.
What are the deposit and withdrawal methods available?
One thing I do appreciate with Monfex is the fact they support Crypto deposits and withdrawals: You may choose to fund and withdraw to and from your account via Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
I like this innovative idea whereby cryptocurrency deposits are the only method in which you can deposit. I see this is a huge positive as typically speaking, and also in my experience with forex brokers, cryptocurrency deposits and withdrawals are faster than fiat methods such as bank card or bank wire. Also, you can track movement of funds via the blockchain which also gives people more insight into the whereabouts of their own money without having to deal with getting through to banks and then getting through to the correct department etc.
It is good to note as well that the client does not incur any deposit fees with these methods available.
What countries are restricted from trading with this broker?
I tried to ask this question via live chat, and yet again did not receive any response (consistently poor customer service) however, in regards to restricted countries, the only relevant information I could find was in the footer of the website.
Do they sell additional products/services/managed accounts?
I cannot see anywhere on the website that Monfex offer such services, nor on their platform do I see that they have incorporated signals etc. The annoying thing is that, since they have their own platform, they do not allow use of third party EAs as Metaquotes would, for example.
Managed accounts are also not offered by looks of things, and I assume not by the lack of response I received from their customer support team in regards to this question.
If assistance is required, how can you get in touch?
I would like to state here that the only correspondence I received from Monfex is a verification email when I signed up with them. Other than that, I have not been able to get in touch with their client support team AT ALL. This is absolutely unacceptable that the live chat seems to be permanently offline; all you get is a message saying you will receive an email response shortly (which I never received on multiple occasions). Likewise, I never had any emails answered over the course of 2 weeks.
It is also a little suspicious that Monfex do not even advertise their contactable hours, but instead state they will ‘be in touch as soon as possible’. This does not instil any confidence at all, and I found that to be one of the most off-putting factors into walking away form this broker, almost as quickly as I signed up.
What is the quality of customer service?
I think a more appropriate question would be: ‘Do they even HAVE a customer support team?’. I am absolutely astounded that over the course of two weeks I did not receive not even one response to any of my queries, so I dread to think what would happen if I needed intricate assistance on a complex trade query, for example. It is absolutely impossible to get hold of Monfex, so I wonder if they are too busy or simply do not care about their clients. I suspect the latter.
Needless to say, their customer support, or lack thereof, is atrocious.
Do they offer an IB affiliate programme?
Yes, Monfex offer a variety of marketing programmes to assist them in broadening their client base via their own clients. Of course, I was unable to get any further details in regards to any commission structures they offer as a result of their invisible customer support team. I could not find any information of the sort on their website, either. It seems that you must sign up as an affiliate, and then hope for the best.
What is my overall opinion of Monfex?
I cannot put into words my disbelief that a Forex broker can be so incommunicative with their clients. I have not been impressed at all by their lack of communication, nor by their offerings. Yes, their spreads are good, but in my opinion, a little too good to be true. This theory is concreted by the fact they offer none other than their very own tailor-made platform where easy manipulation of trade movement can occur, and clients can easily lose out on their trades.
I really struggle to find any positives about this broker that would lead me to recommend them to anyone, for the simple I do not believe they even meet the bare minimum of expectations when it comes to the industry of Forex brokers.