[Review] Monfex – should you invest?

[Review] Monfex – should you invest?

Reviews Trading software
21 June 2020 by CryptoTrader Team
547
Monfex is a relatively new project, as it appeared on the market at the end of 2018. In January 2019, a thread about a new trading platform – Monfex – appeared on the bitcointalk forum. Despite its short existence, the new platform aroused great interest. The recipients usually look for platforms that are easy to
monfex-reviews

Monfex is a relatively new project, as it appeared on the market at the end of 2018. In January 2019, a thread about a new trading platform – Monfex – appeared on the bitcointalk forum. Despite its short existence, the new platform aroused great interest. The recipients usually look for platforms that are easy to use, simple and clear. The second thing when it comes to choosing a trading platform is definitely the amount of commissions charged. Monfex users almost unanimously stated that the main panel is more intuitive and, most importantly, the competition charges higher fees.

Every year and even overnight, the crypto market is changing more and more. In the beginning, profits could be counted in hundreds of percent even on ordinary transactions, now unfortunately, such results are not achieved, although you never know what the future will bring.

At the end of 2017 it was loud about Bitcoin, then the market started to cool down and move into a lateral trend. Such a phenomenon caused stagnation, or mediocre profits and, in the worst case, losses.

The Monfex exchange is the answer to the market turmoil. It enables a high rate of return on investment.

Monfex – what is it?

Monfex is a trading platform with an uncomplicated and intuitive operation. It offers leveraged cryptographic trading. The platform presents a huge variety of possibilities, allowing you to play on 12 cryptovalots in pairs with USD on a leveraged lever up to x 50.

This is not an actual crypto trading, but a speculation about their prices against the USD. This is trading CFDs.

Negative opinions about Monfex?

There are sometimes negative opinions about this trading platform on the internet. We have tested it and it is a proven, reliable platform. So why these negative reviews? The probable cause is false opinions from owners of other trading platforms. Monfex stands out from the competition, so it is natural that some companies try to scare off potential investors with negative opinions.

Leverage trade

Though bitcoin trading is very easy to understand, it is more complicated and risky. On a regular stock exchange with 150 USD with 10% upward movement of BTC we will only gain 15 USD.

With the leverage, we invest only part of our funds, and the rest is borrowed from the intermediary. Thanks to this we have more money than we actually have. The size of such a loan depends on the size of the leverage.

Lever x10 at $150, 10% upward movement of BTC will allow us to make a profit of $1500. But let’s remember that this works both ways. When there is a 10% decrease in BTC’s price, we will lose 1500 USD. This shows how huge the leverage is and how much risk it involves. It should therefore be used with caution and headache.

The trade in price difference contracts is closely related to high risk. In a very short time we can either get very rich or lose all the cryptovalutes.

Monfex – registration and account management

Opening a Monfex account is done very easy, it’s like the blink of an eye. It is extremely simple, because all you have to do is: go to this page, enter your name, country of residence, e-mail, phone number and come up with a password to use. After pressing the “create an account” button, check your mailbox and open a message confirming the account creation.

Please click on the link in the email that takes us to the Monfex trading platform. You can use the platform from virtually anywhere in the world. The only exception to this is the United States of America, due to its internal policy on cryptic trading.

Deposit funds

When you open an account on the Monfex trading patform, you will need to make a deposit of funds that you will use when playing on leverage. The following are available: BTC, ETH, Tether and purchase directly with a payment card.

For BTC, ETH, Tether just press the yellow ‘deposit’ button at the top of the screen, then copy the address or use the QR code. You need to make a deposit of the selected cryptovalut to a given address. The minimum deposit is 0.01 BTC. After all steps have been taken, the funds should appear in the account within 1 hour.

How do I deposit FIAT currencies with my card?

If you want to buy a BTC, ETH, or Tether for FIAT, all you have to do is press “buy with a payment card”. The purchase is made thanks to Simplex, an in-house company with its own company in Israel. The security of transactions is guaranteed by the payment operator.

Simplex deducts 3.5% each time a transaction is made or every 10 USD, whichever is greater. Opinions about the presence of an intermediary are divided. Some people don’t mind the higher commissions, because they buy crypted ones immediately. Others prefer to buy cryptovalutes via the FIAT exchange. The daily limit is 20 000 USD and the monthly limit is 50 000 USD. The minimum purchase amount is 50 USD. Payments are made by Mastercard or Visa.

You can use all the functionalities of the Monfex platform after the purchase has been booked or after confirmation of funds on the blockchain.

Monfex withdrawal

The simplicity of withdrawals from Monfex can be compared to the simplicity of deposit execution. To do this, just go to the menu and click on “withdraw”. You will be prompted to enter your BTC address to which you want to send bitcoins. The funds usually go into your account within 48h.

Monfex – trading

Initially, like all new activities, trading on the Monfex platform may seem a bit complicated. However, you just need to familiarize yourself with the current rules, and the problems of mastering the leverage will disappear.

What’s important, before buying on Monfex consider how many contracts and for what amount you want to buy, bearing in mind that the minimum purchase amount is 0.01 BTC.

Suppose we want to buy 1 contract for bitcoin,a  its price is 10 000 USD with x20 leverage. After the conversion, it appears that we will need $500 for this. Assuming further that the price of bitcoin will increase to 11 000 USD in 10 days, this will give us a 10% increase. The total profit will therefore be 2 000 USD, from which the commissions should be deducted.

Fees and commissions

The first fee is charged when concluding and closing a contract. This fee is 0.11% of the bitcoin price, i.e. 11 USD (10 000 USD * 0.11% – price when concluding the contract) + 12.1USD (11 000 USD * 0.11% – price when closing the contract)

11 USD + 12,1 USD = 23,1 USD

The other fee is the cost of leverage. It is charged for each day of an open contract and, according to Monfex, is 0.069% of the bitcoin price. In our example it will therefore be $6.9 per day, or $69 per 10 days.

The pure profit is therefore 2 000 USD – 23.1 USD -69 USD = 1907.9 USD. In case the liquidation level falls below 90% of the invested amount, our position will be liquidated.

Cryptovalent pairs on Monfex

On the Monfex trading platform there are 12 different cryptovalut paired with USD, which allow you to play with leverage. Available cryptovalute pairs:

  • BTC/USD
  • XRP/USD
  • ETH/USD
  • EOS/USD
  • BCH/USD
  • LTC/USD
  • OMG/USD
  • DASH/USD
  • ETC/USD
  • NEO/USD
  • ZEC/USD
  • XMR/USD

The most significant difference between playing on the leaver and futures contracts is the lack of time limit. This means that a contract purchased on the Monfex platform never expires and can be terminated at any time.

There is also a demo version of the platform, which allows the new user to get used to the available options and prevent the invested capital from being wasted, as in the demo version you receive 1 virtual bitcoin per start.

Monfex – reviews

An unquestionable advantage of the Monfex trading platform is its intuitiveness. Whether registration, withdrawals or deposits do not require a KYC procedure and clients remain anonymous.

Newcomers can count on technical support by phone 24 hours a day, 7 days a week. Educational materials, which allow you to better find yourself in the world of cryptography and to deepen your knowledge, are available in the “resources” tab.

According to the experts, one of the biggest advantages are low fees and commissions related to leveraged games. The Monfex trading platform will attract even more users due to the introduction of Telegram instant messenger contracts.

Another advantage is the “social trading” option, which will be implemented soon. This will allow contracts to be concluded directly between users.

Review of the Monfex trading platform

Trading platforms seem to be too complicated to handle for new investors. Instead of being alienated, it’s better to look for one that is clear and transparent.

Nearly all newcomers have pointed out the clarity of the Monfex platform. Using it is extremely simple and intuitive.

The users’ attention was also drawn to the approach to fees and commissions. The costs in Monfex are very low compared to competitive trading platforms. This has attracted huge numbers of people. Any unknowns can be explained over the phone. Technical support is available 24 hours a day, 7 days a week.

If you want to start your adventure with crypto, you can use the demo version. New users will then receive 1 virtual bitcoin, which will serve as a learning tool. You can then learn more about the available options on Monfex and in case of failure this will save new users’ private money.

Monfex is a trading platform that allows you to play with leverage. There are 12 different cryptovalent pairs available, all with USD. This platform is used to speculate on prices and therefore you can neither buy nor sell crypto.

The new “social trading” option, which will be available in the near future, will allow you to play directly between users. This will certainly be a great variety.

These numerous advantages speak for themselves. Before starting the first operations, it is best to study the knowledge, read all educational aids from the “resources” tab, and if necessary ask questions to technical support, so as to be 100% sure of your actions. Don’t forget to set up your action plan and stick to it. Don’t be discouraged by the first failure and draw the right conclusions from each one.

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