What is Monstrade？
Monstrade, an international broker with high number of trading instruments, was founded in 2012 and is registered in Serbia. Headquartered in Melbourne, Australia, Monstrade has over 400 employees in offices in Australia, England, and Hong Kong. The service of Monstrade is not available for residents of USA, Canada, Iran, and North Korea.
In our upcoming article, we aim to deliver an in-depth and meticulously structured assessment of the broker's services and offerings. For those intrigued by the intricacies of the platform, we encourage a thorough exploration of the article for valuable insights. Our comprehensive evaluation will conclude with a succinct summary, encapsulating the key characteristics of the broker for your convenience.
Pros & Cons
Pros:
Diverse Market Instruments: Monstrade offers a wide range of market instruments, including indices, forex, cryptocurrencies, energies, metals, and stocks, providing traders with various options for diversification.
Demo Account Availability: The availability of a demo account allows users to practice and familiarize themselves with the platform's features and trading conditions without risking real money.
Multiple Contact Channels: Monstrade provides various customer support channels, including a contact number, email, live chat, and presence on social media platforms, which can be beneficial for quick and convenient assistance.
Cons:
Market Instruments
Monstrade offers a diverse range of market instruments for trading.
Indices: Traders can engage in the trading of various stock indices, representing different segments of the financial markets.
Forex (Foreign Exchange): Monstrade allows trading in the forex market, where users can buy and sell different currency pairs.
Crypto: The platform provides the opportunity to trade cryptocurrencies, indicating the inclusion of digital assets like Bitcoin, Ethereum, and other popular cryptocurrencies.
Metals: This category likely includes precious metals such as gold, silver, platinum, and palladium traded in the spot market.
Energies: Traders can invest in ETFs and CFDs on energy commodities, such as heating oil, oil, natural gas, and ethanol.
Stocks: Users can invest in stocks at Monstrade and get an access to thousands of instruments right now.
Account Types
Monstrade offers 6 account types to suit different trading needs.
Demo Account: The minimum deposit requirement for Demo Account is $100. It provides an opportunity for beginners without experience to practice trading without the fear of financial loss.
Cent Account: With a minimum deposit requirement of $100, Cent Account is tailored for those who have a basic grasp of the platform and want to try actual operations.
Classic Account: With a minimum deposit requirement of $100, this account is a standard trading account catering to a broad range of traders. It is designed for those who have enough trading experience.
Prime Account: Prime Account is geared towards traders seeking enhanced features and benefits, such as lower spreads and priority support. The minimum deposit requirement for this account is $2500.
ECN Account: With a minimum deposit requirement of $10000, this account is designed for market professionals in exclusive conditions.
Islamic Account: With a minimum deposit requirement of $15000, this account is charged a fixed forex commission. It is designed to accommodate traders who adhere to Islamic principles, which prohibit the payment or receipt of interest.
How to open a Monstrade Account？
Follow these steps to seamlessly set up your account if you want to open an account.
Step 1: Click on the “Open Account” button.
Navigate to the platform's website and initiate the account creation process by clicking on the designated “Open Account” button.
Step 2: Provide the required information.
Fill in your essential details, including your first name, last name, email address, country of residence, phone number, and create a secure password.
Step 3: Agree to the Terms and Conditions.
Acknowledge and accept the platform's terms and conditions by ticking the relevant checkbox. It's important to review and understand these terms before proceeding.
Step 4: Complete the registration.
Finalize the registration process by clicking the “Sign Up” button. This action submits your information and completes the account creation procedure.
Leverage
Monstrade offers various leverage levels depending on the account type. This caters to different risk appetites and trading styles. Demo, Cent, and Islamic accounts have lower leverage of 1:100, making them suitable for beginners or those who prioritize capital preservation. Classic, Prime, and ECN accounts offer the highest leverage of 1:300, suggesting they are geared towards experienced traders comfortable with higher risks for potentially larger gains.
Like a double-edged sword, leverage can amplify both profits and losses. It is critical to select an account type and leverage level that aligns with your experience, risk tolerance, and trading goals. Start with lower leverage if you're new and gradually increase it as you gain experience and confidence.
Spreads & Commissions
Monstrade's fee structure revolves around variable spreads without additional commissions across all account types. This means the cost of trading depends on the current market conditions and the specific asset you're buying or selling, rather than a fixed fee on top. Spreads start from the values you mentioned, like 1.0 pip for Demo accounts and 0.6 pip for ECN accounts, but they can potentially widen as market volatility increases.
This approach offers some advantages, especially for beginners and traders who prioritize simplicity. The lack of commissions makes fee calculations straightforward and avoids surprises. Additionally, Demo accounts with wider spreads provide a safe space to practice without risking significant capital. For experienced traders, the commission-free structure can be competitive, particularly for less frequent trades on major currency pairs. However, the variable spreads might not be ideal for highly active traders who rely on tight margins and raw spreads.
It's important to keep in mind that even though Monstrade doesn't charge commissions, the potential for wider spreads during volatile periods can still impact your profitability. So, it's crucial to factor in this variability when making trading decisions and consider how it might affect your overall costs.
Trading Platforms
Monstrade uses MetaTrader 5 as the trading platform. MetaTrader 5 (MT5) is an advanced and versatile trading platform suitable for both novice and experienced traders. Boasting multi-asset capabilities, it allows users to trade Forex, CFDs, stocks, and futures seamlessly. With an extensive set of advanced charting tools, traders can conduct thorough technical analysis, while its automated trading features, including Expert Advisors (EAs) and copy trading, enable algorithmic strategies and provide access to the expertise of successful traders. The platform's mobile and web accessibility, integrated news feed, supportive online community, and multi-language support enhance its user-friendly nature, making MT5 a preferred choice for those seeking a comprehensive and efficient trading experience.
Deposits & Withdrawals
Monstrade provides a comprehensive array of payment options tailored to meet the diverse needs of its clients. Notably, the platform covers all deposit and withdrawal transfer fees associated with payments made via Neteller, Moneybookers, and major credit cards. Additionally, the zero fees policy extends to all deposits and withdrawals processed through wire transfer. For utmost convenience, electronic deposit methods, including credit cards and electronic wallets, are seamlessly processed, ensuring that funds automatically reflect in clients' accounts.
Customer Service
Monstrade offers comprehensive customer support to its clients. Clients can reach out to Monstrade through various channels.
Telephone: +44 7307 2709 61 or +44 7426 4540 28;
Email: support@monstrade.com;
Live Chat: https://monstrade.co/about/contact-us/contact;
Twitter: https://twitter.com/MonsTradeFX;
Telegram: Monstrade Support Telegram;
YouTube: https://www.youtube.com/@monstradefx;
Instagram:https://www.instagram.com/monstradefx/;
Conclusion
In conclusion, Monstrade, as a trading platform, offers a versatile array of market instruments and account types, providing a demo account, leveraging options, and access to the MetaTrader 5 platform.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2024-03-17 23:36
