General Information & Regulation
Monfex says it is a UK-based forex and CFD broker offering more than 200 financial instruments. The Monfex website is not quite informative, with the company behind it not disclosed to all. Also, there is zero evidence that Monfex is regulated, so it is unsafe to trade with this broker.
Monfex offers 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 minimum initial deposit required by Monfex is $250 to start a real trading account. Although this is reasonable, traders are not advised to register accounts here given the fact that Monfex is unregulated.
Trading leverage varies depending on particular instruments, with leverage up to 1:400 for major pairs, 1:20 for stocks, Gold & Silver 1:400, oil 1:20, leverage for indices up to 1:50, Cryptos 1:20. Since leverage can amplify gains as well as losses, it is essential for traders to choose the proper amount.
Micro Trade Size
The minimum trading size allowed by Monfex is 0.01 lot, which sounds friendly to beginners.
Spreads & Commissions
Monfex does not show its spread conditions on its website, unless you log in a real trading account. Unregulated brokers love to hide their real trading fees to scam traders.
Trading Platform Available
What Monfex offers its traders is not the MT4 or MT5 trading platform, only a web and mobile platform.
The minimum deposit is 250 USD. Payments options offered by Monfex is limited, and traders can fund their accounts through Visa/MasterCard or Wire Transfer. Monfex Claims that it does not charge any fee for deposit and withdrawal.
Monfex‘s 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 brokers website. Besides, Monfex is also available on social media handles: Facebook, Instagram, Twitter, and Telegram.